Buy Or Sell Opportunity • Jun 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to NT$24.50. The fair value is estimated to be NT$31.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 47%. New Risk • May 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (95% cash payout ratio). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$0.22 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$0.22 in 1Q 2025). Revenue: NT$1.60b (up NT$1.44b from 1Q 2025). Net income: NT$421.9m (up NT$381.4m from 1Q 2025). Profit margin: 26% (up from 25% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$25.15. The fair value is estimated to be NT$32.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 42%. Buy Or Sell Opportunity • Apr 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to NT$26.80. The fair value is estimated to be NT$33.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 42%. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$28.75, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 38x in the Semiconductor industry in Taiwan. Total returns to shareholders of 182% over the past three years. Upcoming Dividend • Mar 19
Upcoming dividend of NT$3.20 per share Eligible shareholders must have bought the stock before 26 March 2026. Payment date: 30 April 2026. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (1.4%). New Risk • Mar 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: NT$4.05 (vs NT$2.21 in FY 2024) Full year 2025 results: EPS: NT$4.05 (up from NT$2.21 in FY 2024). Revenue: NT$2.70b (up 79% from FY 2024). Net income: NT$755.0m (up 83% from FY 2024). Profit margin: 28% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 37% per year. Declared Dividend • Mar 04
Dividend increased to NT$3.20 Dividend of NT$3.20 is 78% higher than last year. Ex-date: 26th March 2026 Payment date: 30th April 2026 Dividend yield will be 9.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 21% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 52% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$2.58 (vs NT$0.74 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.58 (up from NT$0.74 in 3Q 2024). Revenue: NT$1.58b (up 288% from 3Q 2024). Net income: NT$480.8m (up 249% from 3Q 2024). Profit margin: 30% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.13 (vs NT$0.42 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.13 (down from NT$0.42 in 2Q 2024). Revenue: NT$144.5m (down 51% from 2Q 2024). Net income: NT$24.5m (down 69% from 2Q 2024). Profit margin: 17% (down from 27% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.22 (vs NT$0.84 in 1Q 2024) First quarter 2025 results: EPS: NT$0.22 (down from NT$0.84 in 1Q 2024). Revenue: NT$162.3m (down 75% from 1Q 2024). Net income: NT$40.5m (down 74% from 1Q 2024). Profit margin: 25% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Golden Long Teng Development Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Golden Long Teng Development Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Buy Or Sell Opportunity • Apr 15
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$26.00. The fair value is estimated to be NT$21.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 57%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$22.95, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 95% over the past three years. New Risk • Mar 26
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 14
Golden Long Teng Development Co., Ltd., Annual General Meeting, May 27, 2025 Golden Long Teng Development Co., Ltd., Annual General Meeting, May 27, 2025, at 10:00 Taipei Standard Time. Location: no,486, yu ch`eng rd., zuoying district, kaohsiung city Taiwan Declared Dividend • Mar 13
Dividend increased to NT$1.80 Dividend of NT$1.80 is 13% higher than last year. Ex-date: 27th March 2025 Payment date: 30th April 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 22% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 12
Golden Long Teng Development Co., Ltd. Announces Cash Dividend, Payable on April 30, 2025 Golden Long Teng Development Co., Ltd. announced cash dividends of TWD 335,357,777 (TWD 1.8 per share) of common stock. Ex-rights (Ex-dividend) date: March 27, 2025. Ex-rights (Ex-dividend) record date: April 2, 2025. Payment date of cash dividend distribution: April 30, 2025. Announcement • Mar 04
Golden Long Teng Development Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Golden Long Teng Development Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.74 (vs NT$0.082 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.74 (up from NT$0.082 in 3Q 2023). Revenue: NT$406.8m (up 223% from 3Q 2023). Net income: NT$137.8m (up NT$122.6m from 3Q 2023). Profit margin: 34% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Golden Long Teng Development Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Golden Long Teng Development Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$35.00, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 143% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.15, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 369% over the past three years. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.004 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.43 (up from NT$0.004 in 2Q 2023). Revenue: NT$295.9m (up 464% from 2Q 2023). Net income: NT$79.3m (up NT$78.5m from 2Q 2023). Profit margin: 27% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risks High level of debt (122% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jul 27
Golden Long Teng Development Co., Ltd. to Report Q2, 2024 Results on Aug 05, 2024 Golden Long Teng Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 05, 2024 Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$47.65, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 334% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$38.00, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 252% over the past three years. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: NT$0.84 (vs NT$0.092 in 1Q 2023) First quarter 2024 results: EPS: NT$0.84 (up from NT$0.092 in 1Q 2023). Revenue: NT$638.5m (up 309% from 1Q 2023). Net income: NT$156.9m (up NT$139.7m from 1Q 2023). Profit margin: 25% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$32.65, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 203% over the past three years. Announcement • May 02
Golden Long Teng Development Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Golden Long Teng Development Co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 New Risk • Apr 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Upcoming Dividend • Mar 26
Upcoming dividend of NT$1.60 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 30 April 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (2.4%). New Risk • Mar 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 6.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 13
Golden Long Teng Development Co., Ltd. Announces Cash Dividend, Payable on April 30, 2024 Golden Long Teng Development Co., Ltd. announced cash dividends of TWD 298,095,802 (TWD 1.6 per share) of common stock. Ex-rights (Ex-dividend) date: April 2, 2024, Ex-rights (Ex-dividend) record date is April 9, 2024 and Payment date of cash dividend distribution is April 30, 2024. Announcement • Mar 12
Golden Long Teng Development Co., Ltd., Annual General Meeting, Jun 03, 2024 Golden Long Teng Development Co., Ltd., Annual General Meeting, Jun 03, 2024. Location: No. 486, Yucheng Rd Zuoying Dist Kaohsiung City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee’ Review Report on the 2023 Financial Statements; to consider Report on 2023 Compensation of Employees and Directors; to consider Distribution of 2023 Earnings of cash dividend Report; to consider 2023 Business Report and Financial Statements; and to consider proposal for distribution of 2023 earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$21.50, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 92% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.005 (vs NT$0.067 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.005 (up from NT$0.067 loss in 2Q 2022). Revenue: NT$52.4m (up 231% from 2Q 2022). Net income: NT$806.0k (up NT$9.33m from 2Q 2022). Profit margin: 1.5% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 08
Upcoming dividend of NT$0.30 per share at 2.0% yield Eligible shareholders must have bought the stock before 15 August 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.3%). Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$0.61 (vs NT$1.70 in FY 2021) Full year 2022 results: EPS: NT$0.61 (down from NT$1.70 in FY 2021). Revenue: NT$1.06b (down 29% from FY 2021). Net income: NT$87.3m (down 59% from FY 2021). Profit margin: 8.2% (down from 14% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 22
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 04 October 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.4%). In line with average of industry peers (3.5%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.07 loss per share (vs NT$0.81 profit in 2Q 2021) Second quarter 2022 results: NT$0.07 loss per share (down from NT$0.81 profit in 2Q 2021). Revenue: NT$15.9m (down 98% from 2Q 2021). Net loss: NT$8.53m (down 109% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.03 (vs NT$0.63 in 1Q 2021) First quarter 2022 results: EPS: NT$0.03 (down from NT$0.63 in 1Q 2021). Revenue: NT$50.2m (down 90% from 1Q 2021). Net income: NT$3.92m (down 95% from 1Q 2021). Profit margin: 7.8% (down from 14% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Mar 15
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.78 (up from NT$0.49 in FY 2020). Revenue: NT$1.49b (up 84% from FY 2020). Net income: NT$214.5m (up 267% from FY 2020). Profit margin: 14% (up from 7.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.23 (vs NT$0.096 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$174.9m (up 24% from 3Q 2020). Net income: NT$28.1m (up 143% from 3Q 2020). Profit margin: 16% (up from 8.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 20% share price gain to NT$19.00, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 20% share price gain to NT$16.40, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Aug 16
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 15 September 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (2.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.81 (vs NT$0.088 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$654.8m (up 294% from 2Q 2020). Net income: NT$97.2m (up NT$86.6m from 2Q 2020). Profit margin: 15% (up from 6.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.63 (vs NT$0.068 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$520.4m (up 248% from 1Q 2020). Net income: NT$75.4m (up NT$67.3m from 1Q 2020). Profit margin: 14% (up from 5.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$0.49 (vs NT$1.44 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$812.1m (down 45% from FY 2019). Net income: NT$58.5m (down 56% from FY 2019). Profit margin: 7.2% (down from 8.9% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 11% per year. Announcement • Mar 12
Golden Long Teng Development Co., Ltd., Annual General Meeting, May 31, 2021 Golden Long Teng Development Co., Ltd., Annual General Meeting, May 31, 2021. Is New 90 Day High Low • Jan 31
New 90-day low: NT$13.60 The company is down 1.0% from its price of NT$13.70 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 36% over the same period. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 16% share price gain to NT$16.00, the stock is trading at a trailing P/E ratio of 40x, up from the previous P/E ratio of 34.4x. This compares to an average P/E of 24x in the Semiconductor industry in Taiwan. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Dec 02
New 90-day high: NT$15.20 The company is up 8.0% from its price of NT$14.05 on 03 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 16% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.10 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$141.6m (down 43% from 3Q 2019). Net income: NT$11.6m (down 36% from 3Q 2019). Profit margin: 8.2% (up from 7.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. 
