Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$294, the stock trades at a trailing P/E ratio of 40.8x. Average forward P/E is 35x in the Semiconductor industry in Taiwan. Total returns to shareholders of 282% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$281, the stock trades at a trailing P/E ratio of 38.6x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 266% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of NT$4.22 per share Eligible shareholders must have bought the stock before 16 June 2026. Payment date: 15 July 2026. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.0%). Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$2.56 (vs NT$1.20 in 1Q 2025) First quarter 2026 results: EPS: NT$2.56 (up from NT$1.20 in 1Q 2025). Revenue: NT$651.6m (up 38% from 1Q 2025). Net income: NT$131.8m (up 108% from 1Q 2025). Profit margin: 20% (up from 13% in 1Q 2025). The increase in margin was driven by higher revenue. 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 38% per year, which means it is well ahead of earnings. New Risk • May 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.3% 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 Dividend is not well covered by cash flows (194% cash payout ratio). Share price has been volatile over the past 3 months (9.3% average weekly change). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$237, the stock trades at a trailing P/E ratio of 39.9x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 219% over the past three years. Reported Earnings • Mar 26
Full year 2025 earnings released: EPS: NT$5.89 (vs NT$7.50 in FY 2024) Full year 2025 results: EPS: NT$5.89 (down from NT$7.50 in FY 2024). Revenue: NT$2.14b (up 6.8% from FY 2024). Net income: NT$305.3m (down 19% from FY 2024). Profit margin: 14% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$155, the stock trades at a trailing P/E ratio of 26.9x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 112% over the past three years. Price Target Changed • Mar 20
Price target increased by 21% to NT$169 Up from NT$140, the current price target is provided by 1 analyst. New target price is 24% above last closing price of NT$136. The company posted earnings per share of NT$7.50 last year. Announcement • Mar 17
Feedback Technology Corp., Annual General Meeting, Jun 16, 2026 Feedback Technology Corp., Annual General Meeting, Jun 16, 2026. Location: 4 floor no,221, niu p`u s. rd., hsinchu city Taiwan Buy Or Sell Opportunity • Mar 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to NT$137. The fair value is estimated to be NT$114, 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 19%. Buy Or Sell Opportunity • Feb 24
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to NT$146. The fair value is estimated to be NT$116, 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 19%. Buy Or Sell Opportunity • Jan 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$138. The fair value is estimated to be NT$114, 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 19%. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$2.04 (vs NT$1.76 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.04 (up from NT$1.76 in 3Q 2024). Revenue: NT$558.2m (up 8.2% from 3Q 2024). Net income: NT$104.6m (up 16% from 3Q 2024). Profit margin: 19% (up from 18% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% 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 19% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$118, 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 76% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.74 (vs NT$1.93 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.74 (down from NT$1.93 in 2Q 2024). Revenue: NT$550.8m (up 6.6% from 2Q 2024). Net income: NT$38.3m (down 59% from 2Q 2024). Profit margin: 6.9% (down from 18% 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 17% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • May 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 107% Cash payout ratio: 138% Dividend yield: 7.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$1.20 (vs NT$2.17 in 1Q 2024) First quarter 2025 results: EPS: NT$1.20 (down from NT$2.17 in 1Q 2024). Revenue: NT$472.2m (down 2.1% from 1Q 2024). Net income: NT$63.4m (down 39% from 1Q 2024). Profit margin: 13% (down from 22% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 09
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 16 April 2025. Payment date: 20 May 2025. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (5.7%). Higher than average of industry peers (2.7%). Declared Dividend • Mar 20
Dividend increased to NT$8.00 Dividend of NT$8.00 is 33% higher than last year. Ex-date: 16th April 2025 Payment date: 20th May 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but not covered by cash flows (167% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 17
Feedback Technology Corp., Annual General Meeting, Jun 16, 2025 Feedback Technology Corp., Annual General Meeting, Jun 16, 2025. Location: 4 floor no,221, niu p`u s. rd., hsinchu city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.76 (vs NT$1.77 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.76. Revenue: NT$515.9m (up 17% from 3Q 2023). Net income: NT$90.4m (up 6.5% from 3Q 2023). Profit margin: 18% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. New Risk • Oct 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Dividend is not well covered by cash flows (97% cash payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.93 (vs NT$1.85 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.93 (up from NT$1.85 in 2Q 2023). Revenue: NT$517.0m (up 10.0% from 2Q 2023). Net income: NT$92.5m (up 4.4% from 2Q 2023). Profit margin: 18% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 35% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 05
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 6.7% 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 (6.7% average weekly change). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$2.17 (vs NT$1.36 in 1Q 2023) First quarter 2024 results: EPS: NT$2.17 (up from NT$1.36 in 1Q 2023). Revenue: NT$482.4m (up 12% from 1Q 2023). Net income: NT$104.0m (up 65% from 1Q 2023). Profit margin: 22% (up from 15% 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 16% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 10
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 17 April 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.6%). Higher than average of industry peers (2.3%). Announcement • Mar 29
Feedback Technology Corp., Annual General Meeting, Jun 17, 2024 Feedback Technology Corp., Annual General Meeting, Jun 17, 2024. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: NT$5.98 (vs NT$9.83 in FY 2022) Full year 2023 results: EPS: NT$5.98 (down from NT$9.83 in FY 2022). Revenue: NT$1.81b (down 9.6% from FY 2022). Net income: NT$284.7m (down 36% from FY 2022). Profit margin: 16% (down from 22% 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 23% per year whereas the company’s share price has increased by 21% per year. Buy Or Sell Opportunity • Jan 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.4% to NT$92.20. The fair value is estimated to be NT$76.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$1.85 (vs NT$2.27 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.85 (down from NT$2.27 in 2Q 2022). Revenue: NT$470.1m (down 1.8% from 2Q 2022). Net income: NT$88.6m (down 13% from 2Q 2022). Profit margin: 19% (down from 21% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$7.00 per share at 7.4% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 10 August 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 75% respectively. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.3%). Buying Opportunity • Apr 20
Now 22% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be NT$135, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 46%. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$105, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 141% over the past three years. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 19% share price gain to NT$93.80, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 71% over the past three years. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). VP & Director Willy Lee was the last director to join the board, commencing their role in 2021. 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 13
Third quarter 2022 earnings released: EPS: NT$3.64 (vs NT$2.10 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.64 (up from NT$2.10 in 3Q 2021). Revenue: NT$529.8m (up 18% from 3Q 2021). Net income: NT$166.0m (up 75% from 3Q 2021). Profit margin: 31% (up from 21% in 3Q 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 only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$2.27 (vs NT$0.84 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.27 (up from NT$0.84 in 2Q 2021). Revenue: NT$478.9m (up 39% from 2Q 2021). Net income: NT$102.3m (up 168% from 2Q 2021). Profit margin: 21% (up from 11% in 2Q 2021). 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 only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of NT$3.91 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 16 August 2022. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (3.8%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$2.16 (vs NT$0.65 in 1Q 2021) First quarter 2022 results: EPS: NT$2.16 (up from NT$0.65 in 1Q 2021). Revenue: NT$475.1m (up 40% from 1Q 2021). Net income: NT$96.2m (up 225% from 1Q 2021). Profit margin: 20% (up from 8.7% 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 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). VP & Director Willy Lee was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$78.00, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 21% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$2.10 (vs NT$0.65 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$450.6m (up 42% from 3Q 2020). Net income: NT$95.1m (up 232% from 3Q 2020). Profit margin: 21% (up from 9.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.84 (vs NT$1.95 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$343.5m (down 2.2% from 2Q 2020). Net income: NT$38.2m (down 55% from 2Q 2020). Profit margin: 11% (down from 24% in 2Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 11
Upcoming dividend of NT$2.58 per share Eligible shareholders must have bought the stock before 18 August 2021. Payment date: 08 September 2021. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.1%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.65 (vs NT$0.40 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$338.9m (up 5.3% from 1Q 2020). Net income: NT$29.6m (up 71% from 1Q 2020). Profit margin: 8.7% (up from 5.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. 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$59.50, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 38% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$4.00 (vs NT$3.30 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.31b (up 9.4% from FY 2019). Net income: NT$176.9m (up 21% from FY 2019). Profit margin: 14% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day low: NT$66.60 The company is down 2.0% from its price of NT$68.20 on 04 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 35% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: NT$75.20 The company is up 1.0% from its price of NT$74.60 on 04 September 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 16% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.65 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$317.1m (up 9.4% from 3Q 2019). Net income: NT$28.7m (down 41% from 3Q 2019). Profit margin: 9.0% (down from 17% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 31
New 90-day low: NT$66.10 The company is down 17% from its price of NT$79.70 on 31 July 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 1.0% over the same period.