Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$265, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 55% over the past three years. New Risk • Mar 31
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 8.6% 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (110% payout ratio). Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (7.3% net profit margin). Major Estimate Revision • Mar 21
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from NT$11.50 to NT$9.24. Revenue forecast unchanged from NT$6.10b at last update. Net income forecast to grow 56% next year vs 48% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$239 to NT$261. Share price rose 22% to NT$230 over the past week. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$230, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 38% over the past three years. Reported Earnings • Mar 18
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$6.10 (down from NT$10.39 in FY 2024). Revenue: NT$5.55b (up 8.5% from FY 2024). Net income: NT$407.1m (down 41% from FY 2024). Profit margin: 7.3% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • Mar 10
Price target decreased by 7.6% to NT$239 Down from NT$258, the current price target is an average from 2 analysts. New target price is 29% above last closing price of NT$186. Stock is down 7.9% over the past year. The company is forecast to post earnings per share of NT$6.93 for next year compared to NT$10.39 last year. Announcement • Mar 09
Materials Analysis Technology Inc., Annual General Meeting, Jun 18, 2026 Materials Analysis Technology Inc., Annual General Meeting, Jun 18, 2026. Location: no,1, li hsing 1st rd., hsinchu science park, hsinchu city Taiwan Price Target Changed • Feb 07
Price target increased by 9.6% to NT$258 Up from NT$235, the current price target is an average from 2 analysts. New target price is 21% above last closing price of NT$214. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.93 for next year compared to NT$10.39 last year. Buy Or Sell Opportunity • Jan 27
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$205. The fair value is estimated to be NT$168, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 82% in the next year. Major Estimate Revision • Dec 11
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$5.63b to NT$5.57b. EPS estimate also fell from NT$9.05 per share to NT$6.88 per share. Net income forecast to grow 82% next year vs 36% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$229 to NT$235. Share price was steady at NT$207 over the past week. Buy Or Sell Opportunity • Dec 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to NT$207. The fair value is estimated to be NT$171, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 90% in the next year. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$2.11 (vs NT$2.87 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.11 (down from NT$2.87 in 3Q 2024). Revenue: NT$1.46b (up 8.7% from 3Q 2024). Net income: NT$141.7m (down 26% from 3Q 2024). Profit margin: 9.7% (down from 14% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% 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 11% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 28
Now 21% undervalued Over the last 90 days, the stock has risen 4.6% to NT$203. The fair value is estimated to be NT$256, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 62% in the next year. Buy Or Sell Opportunity • Oct 13
Now 21% undervalued Over the last 90 days, the stock has risen 5.5% to NT$202. The fair value is estimated to be NT$255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 62% in the next year. Buy Or Sell Opportunity • Sep 20
Now 20% undervalued Over the last 90 days, the stock has risen 26% to NT$209. The fair value is estimated to be NT$261, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 62% in the next year. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$5.55b to NT$5.63b. EPS estimate increased from NT$8.46 to NT$9.92 per share. Net income forecast to grow 62% next year vs 20% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$217 to NT$232. Share price fell 5.0% to NT$190 over the past week. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: NT$1.38 (vs NT$3.30 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.38 (down from NT$3.30 in 2Q 2024). Revenue: NT$1.37b (up 8.3% from 2Q 2024). Net income: NT$91.9m (down 58% from 2Q 2024). Profit margin: 6.7% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% 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 4% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. New Risk • Aug 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 342% Dividend yield: 3.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 342% Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (9.0% net profit margin). Upcoming Dividend • Jul 16
Upcoming dividend of NT$6.94 per share Eligible shareholders must have bought the stock before 23 July 2025. Payment date: 22 August 2025. Payout ratio is on the higher end at 77% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). New Risk • Jul 15
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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$182, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$117 per share. Price Target Changed • Jul 10
Price target decreased by 8.3% to NT$214 Down from NT$233, the current price target is an average from 4 analysts. New target price is 16% above last closing price of NT$185. Stock is down 36% over the past year. The company is forecast to post earnings per share of NT$8.46 for next year compared to NT$10.39 last year. Declared Dividend • Jun 28
Dividend reduced to NT$6.94 Dividend of NT$6.94 is 22% lower than last year. Ex-date: 23rd July 2025 Payment date: 22nd August 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (77% 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 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$167, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$114 per share. Major Estimate Revision • Jun 05
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$5.80b to NT$5.57b. EPS estimate also fell from NT$11.60 per share to NT$8.97 per share. Net income forecast to grow 16% next year vs 17% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$233 to NT$217. Share price was steady at NT$147 over the past week. Reported Earnings • May 15
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.76 (down from NT$2.11 in 1Q 2024). Revenue: NT$1.24b (up 2.7% from 1Q 2024). Net income: NT$50.4m (down 64% from 1Q 2024). Profit margin: 4.1% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 52%. Revenue is forecast to grow 16% 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 increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 10
Now 28% overvalued Over the last 90 days, the stock has fallen 39% to NT$153. The fair value is estimated to be NT$119, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 4.5%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 43% in the next 2 years. 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$144, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share. Major Estimate Revision • Mar 14
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$6.09b to NT$5.85b. EPS estimate also fell from NT$14.62 per share to NT$11.81 per share. Net income forecast to grow 14% next year vs 19% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$311 to NT$287. Share price fell 8.0% to NT$195 over the past week. Announcement • Mar 10
Materials Analysis Technology Inc., Annual General Meeting, Jun 17, 2025 Materials Analysis Technology Inc., Annual General Meeting, Jun 17, 2025. Location: no,1, li hsing 1st rd., hsinchu science park, hsinchu city Taiwan Price Target Changed • Mar 10
Price target decreased by 7.8% to NT$287 Down from NT$312, the current price target is an average from 3 analysts. New target price is 39% above last closing price of NT$207. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$11.81 for next year compared to NT$10.39 last year. Reported Earnings • Mar 09
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$10.39. Revenue: NT$5.11b (up 6.3% from FY 2023). Net income: NT$688.1m (flat on FY 2023). Profit margin: 14% (in line with FY 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$2.87 (up from NT$2.68 in 3Q 2023). Revenue: NT$1.34b (up 10.0% from 3Q 2023). Net income: NT$190.6m (up 10% from 3Q 2023). Profit margin: 14% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.4%. Revenue is forecast to grow 17% 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 increased by 7% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 25
Materials Analysis Technology Inc. to Report Q3, 2024 Results on Nov 01, 2024 Materials Analysis Technology Inc. announced that they will report Q3, 2024 results on Nov 01, 2024 Announcement • Jul 24
Materials Analysis Technology Inc. to Report Q2, 2024 Results on Aug 02, 2024 Materials Analysis Technology Inc. announced that they will report Q2, 2024 results on Aug 02, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of NT$8.93 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 15 August 2024. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.0%). Declared Dividend • Jun 19
Dividend increased to NT$9.00 Dividend of NT$9.00 is 11% higher than last year. Ex-date: 12th July 2024 Payment date: 15th August 2024 Dividend yield will be 3.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$2.11 (down from NT$2.45 in 1Q 2023). Revenue: NT$1.21b (up 5.6% from 1Q 2023). Net income: NT$138.8m (down 8.4% from 1Q 2023). Profit margin: 12% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 20% 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 increased by 13% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
Materials Analysis Technology Inc. to Report Q1, 2024 Results on May 03, 2024 Materials Analysis Technology Inc. announced that they will report Q1, 2024 results on May 03, 2024 Buy Or Sell Opportunity • Apr 22
Now 21% undervalued Over the last 90 days, the stock has risen 10% to NT$280. The fair value is estimated to be NT$355, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 44% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Reported Earnings • Mar 16
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$10.81 (up from NT$10.12 in FY 2022). Revenue: NT$4.81b (up 21% from FY 2022). Net income: NT$686.2m (up 9.4% from FY 2022). Profit margin: 14% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% 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 increased by 18% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 07
Now 20% undervalued Over the last 90 days, the stock has risen 22% to NT$289. The fair value is estimated to be NT$362, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 45% in the next 2 years. Price Target Changed • Feb 16
Price target increased by 7.1% to NT$300 Up from NT$280, the current price target is an average from 2 analysts. New target price is 14% above last closing price of NT$264. Stock is up 43% over the past year. The company is forecast to post earnings per share of NT$10.69 for next year compared to NT$10.12 last year. Price Target Changed • Nov 06
Price target decreased by 10% to NT$260 Down from NT$290, the current price target is an average from 3 analysts. New target price is 18% above last closing price of NT$221. Stock is up 62% over the past year. The company is forecast to post earnings per share of NT$11.36 for next year compared to NT$10.12 last year. Reported Earnings • Nov 06
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: NT$2.68 (down from NT$2.97 in 3Q 2022). Revenue: NT$1.22b (up 16% from 3Q 2022). Net income: NT$173.2m (down 5.5% from 3Q 2022). Profit margin: 14% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 04
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 7.9% 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 (7.9% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Shareholders have been diluted in the past year (12% increase in shares outstanding). New Risk • Aug 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Share price has been volatile over the past 3 months (8.1% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Price Target Changed • Aug 09
Price target increased by 23% to NT$290 Up from NT$236, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$283. Stock is up 140% over the past year. The company is forecast to post earnings per share of NT$12.70 for next year compared to NT$10.12 last year. Reported Earnings • Aug 06
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$3.35 (up from NT$1.64 in 2Q 2022). Revenue: NT$1.21b (up 36% from 2Q 2022). Net income: NT$206.9m (up 103% from 2Q 2022). Profit margin: 17% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. 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 41% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Upcoming Dividend • Jun 26
Upcoming dividend of NT$8.08 per share at 3.4% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 04 August 2023. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.2%). Announcement • Jun 15
Materials Analysis Technology Inc. Approves Cash Dividend, Payable on August 4, 2023 Materials Analysis Technology Inc. announced he original cash distribution of TWD 6.0 per share of capital reserves and TWD 2.0 in cash dividends per share amounted to TWD 498,505,256. After adjustment, the cash distribution of TWD 6.05656787 per capital reserve and TWD 2.01885596 in cash dividends per share amounted to TWD 498,505,256. .Ex-rights (Ex-dividend) date: July 3, 2023. Payment date of cash dividend distribution August 4, 2023. Shareholders’ meeting, or of the decision by the company June 14, 2023. Price Target Changed • Jun 07
Price target increased by 23% to NT$194 Up from NT$158, the current price target is an average from 2 analysts. New target price is 16% below last closing price of NT$232. Stock is up 91% over the past year. The company is forecast to post earnings per share of NT$12.45 for next year compared to NT$10.12 last year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$214, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 206% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$10.12 (up from NT$9.48 in FY 2021). Revenue: NT$3.97b (up 18% from FY 2021). Net income: NT$627.5m (up 7.0% from FY 2021). Profit margin: 16% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 15% share price gain to NT$167, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 120% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$2.97 (up from NT$2.29 in 3Q 2021). Revenue: NT$1.05b (up 16% from 3Q 2021). Net income: NT$183.3m (up 30% from 3Q 2021). Profit margin: 17% (up from 16% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.9%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$118, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 80% over the past three years. Price Target Changed • Oct 07
Price target decreased to NT$145 Down from NT$158, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$145. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$9.59 for next year compared to NT$9.48 last year. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: NT$1.64 (vs NT$2.46 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.64 (down from NT$2.46 in 2Q 2021). Revenue: NT$889.6m (up 9.8% from 2Q 2021). Net income: NT$102.0m (down 33% from 2Q 2021). Profit margin: 12% (down from 19% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 24%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be NT$150, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 45% in 2 years. Earnings is forecast to grow by 29% in the next 2 years. Major Estimate Revision • Jul 27
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$4.12b to NT$4.02b. EPS estimate also fell from NT$11.70 per share to NT$10.13 per share. Net income forecast to grow 11% next year vs 11% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$165 to NT$158. Share price was steady at NT$119 over the past week. Buying Opportunity • Jun 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 24% in a year. Earnings is forecast to grow by 26% in the next year. Price Target Changed • Apr 27
Price target increased to NT$190 Up from NT$165, the current price target is provided by 1 analyst. New target price is 47% above last closing price of NT$129. Stock is down 6.2% over the past year. The company is forecast to post earnings per share of NT$11.94 for next year compared to NT$9.48 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 07
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (2.4%). Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$2.29 (vs NT$2.15 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$905.2m (up 11% from 3Q 2020). Net income: NT$141.0m (up 5.2% from 3Q 2020). Profit margin: 16% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 15% share price gain to NT$162, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 269% over the past three years. Upcoming Dividend • Sep 08
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 15 October 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$2.46 (vs NT$0.94 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$810.2m (up 8.9% from 2Q 2020). Net income: NT$151.4m (up 159% from 2Q 2020). Profit margin: 19% (up from 7.9% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 19% share price gain to NT$162, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 143% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$112, the stock trades at a trailing P/E ratio of 16.4x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$1.75 (vs NT$1.11 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$731.5m (up 8.0% from 1Q 2020). Net income: NT$109.0m (up 58% from 1Q 2020). Profit margin: 15% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$139, the stock trades at a trailing P/E ratio of 22.5x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 101% over the past three years. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS NT$6.18 (vs NT$3.95 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.06b (up 21% from FY 2019). Net income: NT$385.1m (up 57% from FY 2019). Profit margin: 13% (up from 9.7% 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 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS NT$6.18 (vs NT$3.95 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.06b (up 21% from FY 2019). Net income: NT$385.1m (up 57% from FY 2019). Profit margin: 13% (up from 9.7% 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 9% per year whereas the company’s share price has increased by 13% per year. Is New 90 Day High Low • Mar 04
New 90-day high: NT$116 The company is up 30% from its price of NT$89.50 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 24% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: NT$92.20 The company is up 8.0% from its price of NT$85.40 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 33% over the same period. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$2.15 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$818.3m (up 25% from 3Q 2019). Net income: NT$134.0m (up 200% from 3Q 2019). Profit margin: 16% (up from 6.8% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has remained flat.