Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$472, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 335% over the past three years. New Risk • Jun 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 128% 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 (128% accrual ratio). Minor Risks Dividend is not well covered by cash flows (97% cash payout ratio). Share price has been volatile over the past 3 months (10% average weekly change). Declared Dividend • May 20
Dividend increased to NT$15.00 Dividend of NT$15.00 is 50% higher than last year. Ex-date: 2nd June 2026 Payment date: 26th June 2026 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not adequately covered by cash flows (97% cash payout ratio). The dividend has increased by an average of 30% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$4.00 (vs NT$3.37 in 1Q 2025) First quarter 2026 results: EPS: NT$4.00 (up from NT$3.37 in 1Q 2025). Revenue: NT$657.6m (up 14% from 1Q 2025). Net income: NT$173.9m (up 33% from 1Q 2025). Profit margin: 26% (up from 23% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 17
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to NT$431. The fair value is estimated to be NT$337, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$17.36 (vs NT$14.34 in FY 2024) Full year 2025 results: EPS: NT$17.36 (up from NT$14.34 in FY 2024). Revenue: NT$2.58b (up 20% from FY 2024). Net income: NT$672.7m (up 31% from FY 2024). Profit margin: 26% (up from 24% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 11
Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, May 26, 2026 Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, May 26, 2026, at 10:00 Taipei Standard Time. Location: 2 floor no,106, kung yuan rd., jhunan township, miaoli county Taiwan Buy Or Sell Opportunity • Mar 04
Now 22% undervalued Over the last 90 days, the stock has risen 38% to NT$311. The fair value is estimated to be NT$397, 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 22%. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$354, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 232% over the past three years. Buy Or Sell Opportunity • Jan 22
Now 21% undervalued Over the last 90 days, the stock has risen 37% to NT$314. The fair value is estimated to be NT$398, 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 22%. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$337, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 247% over the past three years. New Risk • Dec 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$268, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 213% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$4.25 (vs NT$3.94 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.25 (up from NT$3.94 in 3Q 2024). Revenue: NT$598.8m (down 8.7% from 3Q 2024). Net income: NT$164.5m (up 20% from 3Q 2024). Profit margin: 28% (up from 21% in 3Q 2024). The increase in margin was driven by lower expenses. 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. Buy Or Sell Opportunity • Nov 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$229. The fair value is estimated to be NT$289, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Oct 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to NT$239. The fair value is estimated to be NT$300, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$4.48 (vs NT$3.89 in 2Q 2024) Second quarter 2025 results: EPS: NT$4.48 (up from NT$3.89 in 2Q 2024). Revenue: NT$696.8m (up 30% from 2Q 2024). Net income: NT$173.6m (up 28% from 2Q 2024). Profit margin: 25% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 08
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 7.5% 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 (7.5% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$241, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 147% over the past three years. Declared Dividend • May 17
Dividend increased to NT$10.00 Dividend of NT$10.00 is 67% higher than last year. Ex-date: 2nd June 2025 Payment date: 20th June 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 11% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$3.37 (vs NT$2.17 in 1Q 2024) First quarter 2025 results: EPS: NT$3.37 (up from NT$2.17 in 1Q 2024). Revenue: NT$575.5m (up 56% from 1Q 2024). Net income: NT$130.4m (up 73% from 1Q 2024). Profit margin: 23% (up from 20% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. 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$156, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 52% over the past three years. New Risk • Apr 07
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$14.34 (vs NT$7.82 in FY 2023) Full year 2024 results: EPS: NT$14.34 (up from NT$7.82 in FY 2023). Revenue: NT$2.15b (up 57% from FY 2023). Net income: NT$513.3m (up 89% from FY 2023). Profit margin: 24% (up from 20% in FY 2023). 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 only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 07
Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, May 27, 2025 Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, May 27, 2025. Location: 2 floor no,106, kung yuan rd., jhunan township, miaoli county Taiwan New Risk • Dec 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$3.94 (vs NT$2.65 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.94 (up from NT$2.65 in 3Q 2023). Revenue: NT$655.9m (up 50% from 3Q 2023). Net income: NT$137.6m (up 49% from 3Q 2023). Profit margin: 21% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Nov 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to NT$272, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 65% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$3.89 (vs NT$1.32 in 2Q 2023) Second quarter 2024 results: EPS: NT$3.89 (up from NT$1.32 in 2Q 2023). Revenue: NT$535.5m (up 104% from 2Q 2023). Net income: NT$135.3m (up 195% from 2Q 2023). Profit margin: 25% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. New Risk • Aug 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 7.5% 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 Dividend is not well covered by cash flows (98% cash payout ratio). Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$178, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 5.5% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$203, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$169, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 29% over the past three years. Upcoming Dividend • May 28
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 28 June 2024. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.3%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$2.17 (vs NT$2.39 in 1Q 2023) First quarter 2024 results: EPS: NT$2.17 (down from NT$2.39 in 1Q 2023). Revenue: NT$368.2m (up 6.4% from 1Q 2023). Net income: NT$75.2m (down 9.3% from 1Q 2023). Profit margin: 20% (down from 24% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$7.82 (vs NT$10.08 in FY 2022) Full year 2023 results: EPS: NT$7.82 (down from NT$10.08 in FY 2022). Revenue: NT$1.37b (down 3.2% from FY 2022). Net income: NT$271.6m (down 22% from FY 2022). Profit margin: 20% (down from 25% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, May 31, 2024 Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, May 31, 2024. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$1.32 (vs NT$2.60 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.32 (down from NT$2.60 in 2Q 2022). Revenue: NT$262.0m (down 25% from 2Q 2022). Net income: NT$45.9m (down 49% from 2Q 2022). Profit margin: 18% (down from 26% in 2Q 2022). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jun 26
Upcoming dividend of NT$8.00 per share at 5.5% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 28 July 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$118, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 6.6% over the past year. Buying Opportunity • May 10
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be NT$171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 24%. Buying Opportunity • Apr 13
Now 21% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be NT$172, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Mar 26
Full year 2022 earnings released: EPS: NT$10.08 (vs NT$7.08 in FY 2021) Full year 2022 results: EPS: NT$10.08 (up from NT$7.08 in FY 2021). Revenue: NT$1.42b (up 30% from FY 2021). Net income: NT$350.1m (up 52% from FY 2021). Profit margin: 25% (up from 21% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$148, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 15x in the Semiconductor industry in Taiwan. Total loss to shareholders of 8.5% over the past year. Buying Opportunity • Mar 13
Now 21% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be NT$160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 22%. Buying Opportunity • Feb 21
Now 20% undervalued Over the last 90 days, the stock is up 41%. The fair value is estimated to be NT$160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 22%. Buying Opportunity • Feb 02
Now 20% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be NT$163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 22%. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 18% share price gain to NT$116, 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 loss to shareholders of 38% over the past year. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 18% share price gain to NT$110, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total loss to shareholders of 47% over the past year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$2.32 (vs NT$1.40 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.32 (up from NT$1.40 in 3Q 2021). Revenue: NT$357.5m (up 40% from 3Q 2021). Net income: NT$80.7m (up 82% from 3Q 2021). Profit margin: 23% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$2.32 (vs NT$1.40 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.32 (up from NT$1.40 in 3Q 2021). Revenue: NT$357.5m (up 40% from 3Q 2021). Net income: NT$80.7m (up 82% from 3Q 2021). Profit margin: 23% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$89.70, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total loss to shareholders of 61% over the past year. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 19% share price gain to NT$136, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 17% share price gain to NT$123, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total loss to shareholders of 38% over the past year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.60 (vs NT$1.70 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.60 (up from NT$1.70 in 2Q 2021). Revenue: NT$348.8m (up 44% from 2Q 2021). Net income: NT$90.4m (up 68% from 2Q 2021). Profit margin: 26% (up from 22% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$95.00, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total loss to shareholders of 46% over the past year. Upcoming Dividend • Jul 05
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 02 August 2022. Payout ratio is a comfortable 66% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$142, the stock trades at a trailing P/E ratio of 19.5x. Average forward P/E is 12x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$2.03 (vs NT$1.55 in 1Q 2021) First quarter 2022 results: EPS: NT$2.03 (up from NT$1.55 in 1Q 2021). Revenue: NT$304.8m (up 39% from 1Q 2021). Net income: NT$70.6m (up 45% from 1Q 2021). Profit margin: 23% (up from 22% in 1Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$120, the stock trades at a trailing P/E ratio of 18.1x. Average forward P/E is 13x in the Semiconductor industry in Taiwan. Total loss to shareholders of 16% over the past year. Buying Opportunity • Apr 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be NT$152, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$7.08 (vs NT$5.19 in FY 2020) Full year 2021 results: EPS: NT$7.08 (up from NT$5.19 in FY 2020). Revenue: NT$1.09b (up 49% from FY 2020). Net income: NT$229.7m (up 44% from FY 2020). Profit margin: 21% (in line with FY 2020). Over the next year, revenue is forecast to grow 91%, compared to a 24% growth forecast for the industry in Taiwan. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.40 (vs NT$1.20 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$256.0m (up 42% from 3Q 2020). Net income: NT$44.4m (up 17% from 3Q 2020). Profit margin: 17% (down from 21% in 3Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 18% share price gain to NT$229, the stock trades at a trailing P/E ratio of 40.5x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 160% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$1.70 (vs NT$1.14 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$243.1m (up 54% from 2Q 2020). Net income: NT$53.8m (up 54% from 2Q 2020). Profit margin: 22% (in line with 2Q 2020). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 19% share price gain to NT$217, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 16% share price gain to NT$191, the stock trades at a trailing P/E ratio of 37.5x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 21% share price gain to NT$159, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$123, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Reported Earnings • Apr 20
Full year 2020 earnings released: EPS NT$5.19 (vs NT$4.90 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$730.2m (up 5.1% from FY 2019). Net income: NT$160.0m (up 17% from FY 2019). Profit margin: 22% (up from 20% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 22% share price gain to NT$158, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$114, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Announcement • Mar 17
Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, Jun 03, 2021 Brillian Network & Automation Integrated System Co. Ltd., Annual General Meeting, Jun 03, 2021. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 16% share price gain to NT$102, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 29x in the Semiconductor industry in Taiwan. Is New 90 Day High Low • Feb 20
New 90-day high: NT$94.30 The company is up 8.0% from its price of NT$87.20 on 20 November 2020. The Taiwanese market is up 18% 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.