Valuation Update With 7 Day Price Move • 8h
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$170, the stock trades at a trailing P/E ratio of 25.1x. Average forward P/E is 33x in the Semiconductor industry in Taiwan. Total returns to shareholders of 179% over the past three years. New Risk • Jun 19
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 9.6% 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 Earnings have declined by 0.2% per year over the past 5 years. 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 (9.6% average weekly change). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$155, the stock trades at a trailing P/E ratio of 22.9x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$151, the stock trades at a trailing P/E ratio of 22.3x. Average forward P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 132% over the past three years. New Risk • May 13
New major risk - Revenue and earnings growth Earnings have declined by 0.2% 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 Risk Earnings have declined by 0.2% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$2.01 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00. Revenue: NT$396.3m (up 2.4% from 1Q 2025). Net income: NT$85.4m (up 23% from 1Q 2025). Profit margin: 22% (up from 18% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$134, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$112, the stock trades at a trailing P/E ratio of 17.7x. Average forward P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 73% over the past three years. Buy Or Sell Opportunity • Apr 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to NT$112. The fair value is estimated to be NT$92.29, however this is not to be taken as a sell 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 4.3%. Upcoming Dividend • Mar 20
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 28 April 2026. The company is paying out more than 100% of its profits and is paying out 83% of its cash flow. Trailing yield: 7.5%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$6.32 (vs NT$8.22 in FY 2024) Full year 2025 results: EPS: NT$6.32 (down from NT$8.22 in FY 2024). Revenue: NT$1.50b (up 3.9% from FY 2024). Net income: NT$218.4m (down 23% from FY 2024). Profit margin: 14% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% 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 4% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Mar 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.18b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 93% Minor Risk Market cap is less than US$100m (NT$3.18b market cap, or US$99.8m). Declared Dividend • Feb 28
Dividend reduced to NT$4.00 Dividend of NT$4.00 is 43% lower than last year. Ex-date: 27th March 2026 Payment date: 28th April 2026 Dividend yield will be 4.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) nor is it adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 23% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control, which is more than the 14% EPS growth achieved over the last 5 years. Announcement • Feb 27
Cystech Electronics Corp. announces Annual dividend, payable on April 28, 2026 Cystech Electronics Corp. announced Annual dividend of TWD 4.0000 per share payable on April 28, 2026, ex-date on March 27, 2026 and record date on March 30, 2026. Announcement • Feb 26
Cystech Electronics Corp., Annual General Meeting, May 29, 2026 Cystech Electronics Corp., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: b2 floor building. l no,716, chung cheng rd., jhonghe district, new taipei city Taiwan Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$99.50, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total returns to shareholders of 64% over the past three years. Buy Or Sell Opportunity • Feb 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to NT$94.30. The fair value is estimated to be NT$77.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 6.3%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.88 (vs NT$1.99 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.88 (down from NT$1.99 in 3Q 2024). Revenue: NT$357.3m (down 14% from 3Q 2024). Net income: NT$65.2m (down 5.1% from 3Q 2024). Profit margin: 18% (up from 17% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 15
Now 20% overvalued Over the last 90 days, the stock has fallen 12% to NT$70.00. The fair value is estimated to be NT$58.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has declined by 8.3%. Buy Or Sell Opportunity • Sep 18
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to NT$71.20. The fair value is estimated to be NT$59.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has declined by 8.3%. Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: NT$0.45 (vs NT$2.11 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.45 (down from NT$2.11 in 2Q 2024). Revenue: NT$412.7m (up 22% from 2Q 2024). Net income: NT$15.7m (down 79% from 2Q 2024). Profit margin: 3.8% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% 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. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: NT$2.01 (vs NT$1.92 in 1Q 2024) First quarter 2025 results: EPS: NT$2.01 (up from NT$1.92 in 1Q 2024). Revenue: NT$386.9m (up 29% from 1Q 2024). Net income: NT$69.4m (up 5.4% from 1Q 2024). Profit margin: 18% (down from 22% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 2% per year, which means it is well ahead of earnings. New Risk • Apr 10
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 7.9% 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 (7.9% average weekly change). Market cap is less than US$100m (NT$2.64b market cap, or US$80.5m). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$90.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 25% over the past three years. New Risk • Mar 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.24b (US$97.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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. Market cap is less than US$100m (NT$3.24b market cap, or US$97.6m). Upcoming Dividend • Mar 20
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 25 April 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (2.3%). Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$8.22 (vs NT$5.48 in FY 2023) Full year 2024 results: EPS: NT$8.22 (up from NT$5.48 in FY 2023). Revenue: NT$1.45b (up 7.5% from FY 2023). Net income: NT$283.4m (up 50% from FY 2023). Profit margin: 20% (up from 14% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.99 (vs NT$2.07 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.99 (down from NT$2.07 in 3Q 2023). Revenue: NT$416.2m (up 25% from 3Q 2023). Net income: NT$68.7m (down 3.4% from 3Q 2023). Profit margin: 17% (down from 21% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.19b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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$3.19b market cap, or US$99.3m). New Risk • Sep 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 7.4% 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 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 (7.4% average weekly change). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$2.11 (vs NT$2.04 in 2Q 2023) Second quarter 2024 results: EPS: NT$2.11 (up from NT$2.04 in 2Q 2023). Revenue: NT$338.3m (down 3.6% from 2Q 2023). Net income: NT$72.7m (up 3.7% from 2Q 2023). Profit margin: 22% (up from 20% in 2Q 2023). The increase in margin was driven by lower expenses. 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 8% per year. Upcoming Dividend • Jun 17
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$1.92 (vs NT$1.27 in 1Q 2023) First quarter 2024 results: EPS: NT$1.92 (up from NT$1.27 in 1Q 2023). Revenue: NT$301.0m (down 9.9% from 1Q 2023). Net income: NT$65.9m (up 51% from 1Q 2023). Profit margin: 22% (up from 13% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$5.48 (vs NT$8.91 in FY 2022) Full year 2023 results: EPS: NT$5.48 (down from NT$8.91 in FY 2022). Revenue: NT$1.34b (down 21% from FY 2022). Net income: NT$188.4m (down 38% from FY 2022). Profit margin: 14% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. 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 18% per year, which means it is significantly lagging earnings. Announcement • Mar 14
Cystech Electronics Corp., Annual General Meeting, May 30, 2024 Cystech Electronics Corp., Annual General Meeting, May 30, 2024. Buy Or Sell Opportunity • Mar 05
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$87.00. The fair value is estimated to be NT$71.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$2.04 (vs NT$2.89 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.04 (down from NT$2.89 in 2Q 2022). Revenue: NT$351.0m (down 24% from 2Q 2022). Net income: NT$70.1m (down 30% from 2Q 2022). Profit margin: 20% (down from 22% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 18
Upcoming dividend of NT$6.00 per share at 7.5% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 15 August 2023. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 7.5%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.1%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$8.91 (vs NT$7.40 in FY 2021) Full year 2022 results: EPS: NT$8.91 (up from NT$7.40 in FY 2021). Revenue: NT$1.70b (up 4.3% from FY 2021). Net income: NT$305.5m (up 21% from FY 2021). Profit margin: 18% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 39% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.88 (vs NT$2.08 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.88 (down from NT$2.08 in 3Q 2021). Revenue: NT$406.9m (down 6.7% from 3Q 2021). Net income: NT$65.0m (down 9.7% from 3Q 2021). Profit margin: 16% (in line with 3Q 2021). 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 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.88 (vs NT$2.08 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.88 (down from NT$2.08 in 3Q 2021). Revenue: NT$406.9m (down 6.7% from 3Q 2021). Net income: NT$65.0m (down 9.7% from 3Q 2021). Profit margin: 16% (in line with 3Q 2021). 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 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 15% share price gain to NT$65.30, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 67% over the past three years. Upcoming Dividend • Aug 16
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (3.5%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$2.51 (vs NT$1.81 in 1Q 2021) First quarter 2022 results: EPS: NT$2.51 (up from NT$1.81 in 1Q 2021). Revenue: NT$418.8m (up 15% from 1Q 2021). Net income: NT$82.9m (up 46% from 1Q 2021). Profit margin: 20% (up from 16% 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 48% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Cystech Electronics Corp., Annual General Meeting, Jun 17, 2022 Cystech Electronics Corp., Annual General Meeting, Jun 17, 2022. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$7.77 (vs NT$4.17 in FY 2020) Full year 2021 results: EPS: NT$7.77 (up from NT$4.17 in FY 2020). Revenue: NT$1.63b (up 36% from FY 2020). Net income: NT$253.0m (up 112% from FY 2020). Profit margin: 16% (up from 10.0% 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 45% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.18 (vs NT$1.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$436.2m (up 36% from 3Q 2020). Net income: NT$71.9m (up 124% from 3Q 2020). Profit margin: 17% (up from 10.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 32% per year. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$1.92 (vs NT$0.56 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$381.1m (up 42% from 2Q 2020). Net income: NT$63.1m (up 296% from 2Q 2020). Profit margin: 17% (up from 6.0% in 2Q 2020). The increase in margin was 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 35% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 03
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 10 August 2021. Payment date: 31 August 2021. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 18% share price gain to NT$148, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 20% share price gain to NT$118, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 122% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.81 (vs NT$0.78 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$365.4m (up 38% from 1Q 2020). Net income: NT$56.8m (up 155% from 1Q 2020). Profit margin: 16% (up from 8.4% 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 13% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$85.60, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 91% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$4.17 (vs NT$3.26 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$1.19b (up 18% from FY 2019). Net income: NT$119.3m (up 28% from FY 2019). Profit margin: 10.0% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improved over the past week After last week's 21% share price gain to NT$158, the stock is trading at a trailing P/E ratio of 43.5x, up from the previous P/E ratio of 36x. This compares to an average P/E of 27x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 378%. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 21% share price gain to NT$105, the stock is trading at a trailing P/E ratio of 28.9x, up from the previous P/E ratio of 24x. 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 236%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$95.70 The company is up 38% from its price of NT$69.10 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 35% over the same period. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 20% share price gain to NT$87.50, the stock is trading at a trailing P/E ratio of 24.1x, up from the previous P/E ratio of 20.1x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 205%. Is New 90 Day High Low • Feb 03
New 90-day high: NT$76.50 The company is up 8.0% from its price of NT$70.60 on 05 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 37% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: NT$73.20 The company is up 4.0% from its price of NT$70.20 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 28
New 90-day high: NT$73.00 The company is up 5.0% from its price of NT$69.50 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. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$1.12 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$319.7m (up 20% from 3Q 2019). Net income: NT$32.1m (up 26% from 3Q 2019). Profit margin: 10.0% (in line with 3Q 2019). 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 38% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Sep 18
New 90-day high: NT$72.10 The company is up 24% from its price of NT$58.00 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 31% over the same period.