Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$103, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 68% over the past three years. Declared Dividend • May 22
Dividend increased to NT$4.50 Dividend of NT$4.50 is 41% higher than last year. Ex-date: 5th June 2026 Payment date: 2nd July 2026 Dividend yield will be 3.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 42% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$139, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 41x in the Semiconductor industry in Taiwan. Total returns to shareholders of 133% over the past three years. New Risk • May 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 9.4% 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 cash flows (94% cash payout ratio). Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.26 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$130.7m (up 4.9% from 1Q 2025). Net income: NT$58.4m (up 36% from 1Q 2025). Profit margin: 45% (up from 35% in 1Q 2025). Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$90.00, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 44% over the past three years. New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (NT$2.44b market cap, or US$77.0m). Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: NT$5.98 (vs NT$4.25 in FY 2024) Full year 2025 results: EPS: NT$5.98 (up from NT$4.25 in FY 2024). Revenue: NT$540.6m (up 4.9% from FY 2024). Net income: NT$204.3m (up 41% from FY 2024). Profit margin: 38% (up from 28% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Announcement • Feb 13
Feature Integration Technology Inc., Annual General Meeting, May 20, 2026 Feature Integration Technology Inc., Annual General Meeting, May 20, 2026. Location: 7 floor no,10, t`ai yuan 2nd st., jhubei city, hsinchu county Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$1.14 (vs NT$0.94 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.14 (up from NT$0.94 in 3Q 2024). Revenue: NT$144.2m (up 8.0% from 3Q 2024). Net income: NT$38.9m (up 22% from 3Q 2024). Profit margin: 27% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$1.34 (vs NT$1.32 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.34 (up from NT$1.32 in 2Q 2024). Revenue: NT$138.0m (up 1.2% from 2Q 2024). Net income: NT$45.9m (up 1.7% from 2Q 2024). Profit margin: 33% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Jun 05
Upcoming dividend of NT$3.20 per share Eligible shareholders must have bought the stock before 12 June 2025. Payment date: 03 July 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.4%). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.26 (vs NT$0.96 in 1Q 2024) First quarter 2025 results: EPS: NT$1.26 (up from NT$0.96 in 1Q 2024). Revenue: NT$124.6m (up 6.5% from 1Q 2024). Net income: NT$43.0m (up 31% from 1Q 2024). Profit margin: 35% (up from 28% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Buy Or Sell Opportunity • Apr 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to NT$61.10. The fair value is estimated to be NT$77.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Earnings per share has declined by 7.6%. New Risk • Apr 14
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 8.5% 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: 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 (8.5% average weekly change). Market cap is less than US$100m (NT$2.03b market cap, or US$62.4m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$54.60, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 23% over the past three years. Buy Or Sell Opportunity • Mar 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to NT$64.50. The fair value is estimated to be NT$82.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.5% over the last 3 years. Earnings per share has declined by 7.6%. Announcement • Feb 19
Feature Integration Technology Inc., Annual General Meeting, May 22, 2025 Feature Integration Technology Inc., Annual General Meeting, May 22, 2025, at 09:30 Taipei Standard Time. Location: 7 floor no,10, t`ai yuan 2nd st., jhubei city, hsinchu county Taiwan Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.32 (vs NT$0.86 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.32 (up from NT$0.86 in 2Q 2023). Revenue: NT$136.4m (up 33% from 2Q 2023). Net income: NT$45.1m (up 53% from 2Q 2023). Profit margin: 33% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.96 (vs NT$0.72 in 1Q 2023) First quarter 2024 results: EPS: NT$0.96 (up from NT$0.72 in 1Q 2023). Revenue: NT$117.0m (up 16% from 1Q 2023). Net income: NT$32.8m (up 33% from 1Q 2023). Profit margin: 28% (up from 24% 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 3% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: NT$3.31 (vs NT$4.77 in FY 2022) Full year 2023 results: EPS: NT$3.31 (down from NT$4.77 in FY 2022). Revenue: NT$408.6m (down 23% from FY 2022). Net income: NT$113.1m (down 23% from FY 2022). Profit margin: 28% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 24
Feature Integration Technology Inc., Annual General Meeting, May 24, 2024 Feature Integration Technology Inc., Annual General Meeting, May 24, 2024. New Risk • Jan 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 5.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 197% Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (NT$2.45b market cap, or US$78.4m). New Risk • Dec 01
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 5.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 197% Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (NT$2.57b market cap, or US$81.7m). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.86 (vs NT$1.50 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.86 (down from NT$1.50 in 2Q 2022). Revenue: NT$102.8m (down 33% from 2Q 2022). Net income: NT$29.5m (down 34% from 2Q 2022). Profit margin: 29% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 126% Dividend yield: 5.1% 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 Risks Share price has been highly volatile over the past 3 months (7.9% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 126% Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$2.34b market cap, or US$74.8m). Upcoming Dividend • Jun 28
Upcoming dividend of NT$3.50 per share at 2.8% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 27 July 2023. Payout ratio is a comfortable 46% and the cash payout ratio is 82%. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). New Risk • Jun 17
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 Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (NT$2.95b market cap, or US$96.1m). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$86.50, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 295% over the past three years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$75.40, the stock trades at a trailing P/E ratio of 17.6x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 368% over the past three years. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: NT$4.77 (vs NT$3.95 in FY 2021) Full year 2022 results: EPS: NT$4.77 (up from NT$3.95 in FY 2021). Revenue: NT$527.9m (down 5.4% from FY 2021). Net income: NT$145.9m (up 25% from FY 2021). Profit margin: 28% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 44% per year. Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be NT$73.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 46%. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$49.00, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 295% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: NT$154.4m (up 4.3% from 2Q 2021). Net income: NT$44.7m (up 32% from 2Q 2021). Profit margin: 29% (up from 23% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$58.90, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 385% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (6.2%). Higher than average of industry peers (3.3%). Reported Earnings • Jun 02
First quarter 2022 earnings released: EPS: NT$1.67 (vs NT$0.81 in 1Q 2021) First quarter 2022 results: EPS: NT$1.67 (up from NT$0.81 in 1Q 2021). Revenue: NT$161.7m (up 35% from 1Q 2021). Net income: NT$49.7m (up 107% from 1Q 2021). Profit margin: 31% (up from 20% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: NT$3.95 (vs NT$1.90 in FY 2020) Full year 2021 results: EPS: NT$3.95 (up from NT$1.90 in FY 2020). Revenue: NT$558.4m (up 47% from FY 2020). Net income: NT$117.1m (up 110% from FY 2020). Profit margin: 21% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 19
Feature Integration Technology Inc., Annual General Meeting, May 24, 2022 Feature Integration Technology Inc., Annual General Meeting, May 24, 2022. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 20% share price gain to NT$82.30, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 653% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$53.70, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 412% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 16% share price gain to NT$52.20, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 365% over the past three years. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 21% share price gain to NT$51.10, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 358% over the past three years. Upcoming Dividend • Jul 16
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 23 July 2021. Payment date: 13 August 2021. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$34.20, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 219% over the past three years. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS NT$1.90 (vs NT$1.51 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$379.3m (up 18% from FY 2019). Net income: NT$55.7m (up 19% from FY 2019). Profit margin: 15% (in line with FY 2019). 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 43% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$42.20, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 291% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 21% share price gain to NT$41.05, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 353% over the past three years. Announcement • Feb 27
Feature Integration Technology Inc., Annual General Meeting, May 28, 2021 Feature Integration Technology Inc., Annual General Meeting, May 28, 2021. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 29% share price gain to NT$33.00, the stock is trading at a trailing P/E ratio of 16.3x, up from the previous P/E ratio of 12.6x. This compares to an average P/E of 28x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 211%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$29.10 The company is up 26% from its price of NT$23.05 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: NT$26.25 The company is up 19% from its price of NT$22.10 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 34% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: NT$25.15 The company is up 10.0% from its price of NT$22.80 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$25.00 The company is up 7.0% from its price of NT$23.45 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 22% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: NT$22.90 The company is down 14% from its price of NT$26.50 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 28% over the same period.