Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$260, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$202, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 108% over the past three years. Major Estimate Revision • Feb 12
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$7.56b to NT$8.74b. EPS estimate increased from NT$5.23 to NT$7.34 per share. Net income forecast to grow 47% next year vs 42% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$151 to NT$176. Share price rose 9.7% to NT$176 over the past week. Announcement • Feb 06
Xintec Inc., Annual General Meeting, May 28, 2026 Xintec Inc., Annual General Meeting, May 28, 2026. Location: b1 floor no,23, chi lin rd., jhongli district, taoyuan city Taiwan New Risk • Feb 06
New major risk - Revenue and earnings growth Earnings have declined by 8.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.5% per year over the past 5 years. High level of non-cash earnings (38% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Reported Earnings • Feb 06
Full year 2025 earnings released: EPS: NT$4.99 (vs NT$6.15 in FY 2024) Full year 2025 results: EPS: NT$4.99 (down from NT$6.15 in FY 2024). Revenue: NT$7.24b (up 2.5% from FY 2024). Net income: NT$1.35b (down 19% from FY 2024). Profit margin: 19% (down from 24% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Jan 12
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 6.5% 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 High level of non-cash earnings (31% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$168, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$177 per share. Buy Or Sell Opportunity • Dec 01
Now 22% undervalued Over the last 90 days, the stock has risen 6.4% to NT$141. The fair value is estimated to be NT$181, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.6%. Revenue is forecast to grow by 5.5% in a year. Earnings are forecast to grow by 2.9% in the next year. Buy Or Sell Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to NT$139. The fair value is estimated to be NT$177, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.6%. Revenue is forecast to grow by 5.5% in a year. Earnings are forecast to grow by 2.9% in the next year. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.59 (vs NT$2.07 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.59 (down from NT$2.07 in 3Q 2024). Revenue: NT$2.09b (down 3.5% from 3Q 2024). Net income: NT$432.5m (down 23% from 3Q 2024). Profit margin: 21% (down from 26% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. 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 15% per year, which means it is well ahead of earnings. New Risk • Sep 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (39% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Aug 18
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 6.0% 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 High level of non-cash earnings (39% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$0.24 (vs NT$1.20 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.24 (down from NT$1.20 in 2Q 2024). Revenue: NT$1.54b (down 6.4% from 2Q 2024). Net income: NT$64.7m (down 80% from 2Q 2024). Profit margin: 4.2% (down from 20% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Jun 27
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 9.0% 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 High level of non-cash earnings (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Upcoming Dividend • Jun 18
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.3%). Declared Dividend • Jun 04
Dividend of NT$2.50 announced Shareholders will receive a dividend of NT$2.50. Ex-date: 24th June 2025 Payment date: 18th July 2025 Dividend yield will be 1.8%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (41% 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 9.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Jun 03
Xintec Inc. Announces Cash Dividend, Payable on July 18, 2025 Xintec Inc. at its meeting held on June 2, 2025, announced total cash dividend of TWD 678,410,790, payable on July 18, 2025. Ex-rights (Ex-dividend) date: June 24, 2025 and Ex-rights (Ex-dividend) record date: June 30, 2025. Announcement • May 30
Xintec Inc. Announces the Change in the Members of ESG Committee ESG Committee has announced changes of ESG Committee members. The previous position holders were CH Chen, Chairman & President of Xintec; Mike Liang, Chairman of Phoenix Silicon International Corporation; and Robert Hsieh, Former Finance Vice President of VIS. The new position holders are CH Chen, Chairman & President of Xintec; Mike Liang, Chairman of Phoenix Silicon International Corporation; and Yu-Shih Lee, Associate Professor, Department of Business Administration, Chung Yuan Christian University. The effective date of the new member is May 29, 2025. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$1.26 (up from NT$1.20 in 1Q 2024). Revenue: NT$1.55b (up 7.0% from 1Q 2024). Net income: NT$342.3m (up 5.0% from 1Q 2024). Profit margin: 22% (in line with 1Q 2024). Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$124, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 9.2% over the past three years. New Risk • Mar 31
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 7.8% 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 Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). High level of non-cash earnings (22% accrual ratio). Reported Earnings • Mar 05
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$6.15 (up from NT$5.07 in FY 2023). Revenue: NT$7.06b (up 11% from FY 2023). Net income: NT$1.67b (up 21% from FY 2023). Profit margin: 24% (up from 22% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 6.0%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 20
Consensus revenue estimates fall by 33% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$11.0b to NT$7.35b. EPS estimate fell from NT$8.68 to NT$6.19 per share. Net income forecast to grow 1.6% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$148 to NT$167. Share price was steady at NT$187 over the past week. Announcement • Feb 07
Xintec Inc., Annual General Meeting, May 29, 2025 Xintec Inc., Annual General Meeting, May 29, 2025. Location: b1 floor no,23, chi lin rd., jhongli district, taoyuan city Taiwan Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$233, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$190, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 42% over the past three years. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: NT$2.07 (up from NT$1.89 in 3Q 2023). Revenue: NT$2.17b (up 15% from 3Q 2023). Net income: NT$561.8m (up 9.3% from 3Q 2023). Profit margin: 26% (down from 27% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.2%. Earnings per share (EPS) exceeded analyst estimates by 7.9%. Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$233, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 75% over the past three years. Price Target Changed • Aug 20
Price target increased by 45% to NT$186 Up from NT$129, the current price target is an average from 3 analysts. New target price is 30% below last closing price of NT$268. Stock is up 143% over the past year. The company is forecast to post earnings per share of NT$6.09 for next year compared to NT$5.07 last year. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.20 (up from NT$0.73 in 2Q 2023). Revenue: NT$1.64b (up 17% from 2Q 2023). Net income: NT$324.5m (up 63% from 2Q 2023). Profit margin: 20% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Aug 01
Xintec Inc. to Report Q2, 2024 Results on Aug 08, 2024 Xintec Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$235, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 50% over the past three years. New Risk • Jul 30
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 8.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$207, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 20% over the past three years. New Risk • Jun 20
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 6.6% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$158, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 1.1% over the past three years. Declared Dividend • Jun 05
Dividend of NT$2.00 announced Shareholders will receive a dividend of NT$2.00. Ex-date: 24th June 2024 Payment date: 19th July 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.2% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 12
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$1.20 (up from NT$0.84 in 1Q 2023). Revenue: NT$1.44b (up 9.8% from 1Q 2023). Net income: NT$326.1m (up 43% from 1Q 2023). Profit margin: 23% (up from 17% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 03
Xintec Inc. to Report Q1, 2024 Results on May 09, 2024 Xintec Inc. announced that they will report Q1, 2024 results on May 09, 2024 Announcement • Feb 07
Xintec Inc., Annual General Meeting, May 30, 2024 Xintec Inc., Annual General Meeting, May 30, 2024. Location: B1, No.23, Jilin Rd., Zhongli Dist Taoyuan City Taiwan Agenda: To report the business of 2023; to consider audit Committee's review report; to report 2023 employees' profit sharing bonus and directors' compensation; to report 2023 directors' compensation contents; to accept the 2023 Business Report and Financial Statements; to accept the proposal for distribution of 2023 earnings; and to consider other matters. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: NT$1.89 (vs NT$2.22 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.89 (down from NT$2.22 in 3Q 2022). Revenue: NT$1.88b (down 11% from 3Q 2022). Net income: NT$513.9m (down 15% from 3Q 2022). Profit margin: 27% (down from 28% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. New Risk • Nov 06
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 5.8% 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: 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 (5.8% average weekly change). Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$0.73 (down from NT$2.10 in 2Q 2022). Revenue: NT$1.41b (down 34% from 2Q 2022). Net income: NT$199.1m (down 65% from 2Q 2022). Profit margin: 14% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 46%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 13
Upcoming dividend of NT$3.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 17 July 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$128, the stock trades at a trailing P/E ratio of 18.7x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$106 per share. Price Target Changed • Feb 21
Price target decreased by 7.4% to NT$119 Down from NT$129, the current price target is an average from 2 analysts. New target price is 14% above last closing price of NT$104. Stock is down 13% over the past year. The company is forecast to post earnings per share of NT$6.25 for next year compared to NT$7.31 last year. Reported Earnings • Feb 14
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$7.31 (up from NT$6.92 in FY 2021). Revenue: NT$7.73b (flat on FY 2021). Net income: NT$1.98b (up 5.7% from FY 2021). Profit margin: 26% (up from 25% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.9%. Revenue is expected to decline by 7.5% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 8.1%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 03
Price target decreased to NT$118 Down from NT$129, the current price target is an average from 2 analysts. New target price is 8.3% above last closing price of NT$109. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$6.94 for next year compared to NT$6.92 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Representative Director Y. J. Wang was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.22 (up from NT$2.16 in 3Q 2021). Revenue: NT$2.12b (down 3.2% from 3Q 2021). Net income: NT$603.6m (up 3.2% from 3Q 2021). Profit margin: 28% (up from 27% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 10%. Revenue is expected to decline by 6.9% p.a. on average during the next 3 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 9.8%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be NT$120, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 4.0% in a year. Earnings is forecast to decline by 5.5% in the next year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$103, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$94.66 per share. Major Estimate Revision • Aug 12
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$7.42b to NT$7.55b. EPS estimate increased from NT$5.64 to NT$7.10 per share. Net income forecast to grow 16% next year vs 2.0% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$129 to NT$125. Share price fell 7.0% to NT$121 over the past week. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$112, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 184% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$118 per share. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$122, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 271% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$116 per share. Upcoming Dividend • Jun 08
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 13 July 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (3.0%). Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.31 (down from NT$2.17 in 1Q 2021). Revenue: NT$1.67b (down 21% from 1Q 2021). Net income: NT$356.0m (down 40% from 1Q 2021). Profit margin: 21% (down from 28% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 57%. Over the next year, revenue is forecast to grow 3.1%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$117 Down from NT$150, the current price target is an average from 3 analysts. New target price is 11% below last closing price of NT$132. Stock is down 17% over the past year. The company is forecast to post earnings per share of NT$5.62 for next year compared to NT$6.92 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Representative Director Y. J. Wang was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$8.19b to NT$7.43b. EPS estimate also fell from NT$7.29 per share to NT$5.62 per share. Net income forecast to shrink 19% next year vs 30% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$150 to NT$117. Share price fell 9.8% to NT$120 over the past week. Reported Earnings • Feb 17
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$6.92 (up from NT$6.37 in FY 2020). Revenue: NT$7.67b (up 5.4% from FY 2020). Net income: NT$1.88b (up 8.7% from FY 2020). Profit margin: 25% (in line with FY 2020). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 6.8%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Xintec Inc., Annual General Meeting, May 26, 2022 Xintec Inc., Annual General Meeting, May 26, 2022. Location: B1, No.23, Jilin Rd., Zhongli Dist. Taoyuan City Taiwan Agenda: To report the business of 2021; to consider audit committee's review report; to consider to report 2021 employees' profit sharing bonus and directors' compensation; to report 2021 directors' compensation contents; to accept the 2021 business report and financial statements; to accept the proposal for distribution of 2021 earnings; to elect directors; and to release the prohibition on directors and its representative from participation in competitive. Board Change • Jan 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Representative Director Y. J. Wang was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Representative Director Y. J. Wang was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$138, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 296% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$187 per share. Upcoming Dividend • Aug 24
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 24 September 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$135, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 202% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$177 per share. Price Target Changed • Aug 14
Price target decreased to NT$166 Down from NT$183, the current price target is an average from 2 analysts. New target price is 16% above last closing price of NT$143. Stock is up 13% over the past year. Major Estimate Revision • Aug 13
Consensus EPS estimates fall to NT$7.08 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$8.47b to NT$7.84b. EPS estimate also fell from NT$8.02 to NT$7.08. Net income forecast to shrink 8.1% next year vs 41% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$183 to NT$175. Share price fell 4.2% to NT$159 over the past week. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 18% share price gain to NT$154, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 120% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$208 per share. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$127, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$209 per share. Major Estimate Revision • Apr 14
Consensus EPS estimates fall to NT$8.54 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from NT$9.01b to NT$8.47b. EPS estimate also fell from NT$10.60 to NT$8.54. Net income forecast to grow 34% next year vs 32% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$200 to NT$177. Share price fell 4.5% to NT$168 over the past week. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS NT$6.37 (vs NT$0.67 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$7.28b (up 56% from FY 2019). Net income: NT$1.73b (up NT$1.55b from FY 2019). Profit margin: 24% (up from 3.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 24%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Announcement • Feb 24
Xintec Inc., Annual General Meeting, May 27, 2021 Xintec Inc., Annual General Meeting, May 27, 2021. Location: B1, No.23, Jilin Rd., Zhongli Dist Taoyuan City Taiwan Agenda: To consider the business of 2020; to Audit Committee's review report; to accept the 2020 Business Report and Financial Statements; to accept the proposal for distribution of 2020 earnings; and to consider other matter. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS NT$6.37 (vs NT$0.67 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$7.28b (up 56% from FY 2019). Net income: NT$1.73b (up NT$1.55b from FY 2019). Profit margin: 24% (up from 3.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth.