New Risk • Jul 28
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 9.2% 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 Risks Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks High level of debt (87% net debt to equity). 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 (9.2% average weekly change). New Risk • Jun 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks High level of debt (62% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.54 (vs NT$1.20 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.54 (up from NT$1.20 loss in 1Q 2025). Revenue: NT$1.54b (down 5.5% from 1Q 2025). Net income: NT$149.5m (up NT$406.4m from 1Q 2025). Profit margin: 9.7% (up from net loss in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Mar 27
Taiwan Mask Corporation, Annual General Meeting, Jun 18, 2026 Taiwan Mask Corporation, Annual General Meeting, Jun 18, 2026. Location: 2 floor no,2, chan yeh 1st rd., east district, hsinchu city Taiwan Reported Earnings • Mar 17
Full year 2025 earnings released: NT$4.88 loss per share (vs NT$2.21 loss in FY 2024) Full year 2025 results: NT$4.88 loss per share (further deteriorated from NT$2.21 loss in FY 2024). Revenue: NT$6.04b (down 20% from FY 2024). Net loss: NT$1.17b (loss widened 148% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. New Risk • Feb 24
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 7.3% 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: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks High level of debt (172% net debt to equity). 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 (7.3% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). New Risk • Nov 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 45% per year over the past 5 years. Minor Risks High level of debt (172% net debt to equity). 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 (30% increase in shares outstanding). Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.62 loss per share (vs NT$0.96 loss in 3Q 2024) Third quarter 2025 results: NT$0.62 loss per share (improved from NT$0.96 loss in 3Q 2024). Revenue: NT$1.45b (down 19% from 3Q 2024). Net loss: NT$158.4m (loss narrowed 23% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$1.85 loss per share (vs NT$1.15 loss in 2Q 2024) Second quarter 2025 results: NT$1.85 loss per share (further deteriorated from NT$1.15 loss in 2Q 2024). Revenue: NT$1.59b (down 20% from 2Q 2024). Net loss: NT$395.8m (loss widened 62% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. New Risk • Jun 25
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 8.9% 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: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.9% average weekly change). Board Change • May 29
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Hui-Fen Chan was the last independent director to join the board, commencing their role in 2022. 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 • May 16
First quarter 2025 earnings released: NT$1.20 loss per share (vs NT$3.16 profit in 1Q 2024) First quarter 2025 results: NT$1.20 loss per share (down from NT$3.16 profit in 1Q 2024). Revenue: NT$1.63b (down 12% from 1Q 2024). Net loss: NT$256.9m (down 138% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Apr 27
Taiwan Mask Corporation to Report Q1, 2025 Results on May 05, 2025 Taiwan Mask Corporation announced that they will report Q1, 2025 results on May 05, 2025 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 8.1% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 3.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • Mar 30
Full year 2024 earnings released: NT$2.21 loss per share (vs NT$1.75 profit in FY 2023) Full year 2024 results: NT$2.21 loss per share (down from NT$1.75 profit in FY 2023). Revenue: NT$7.56b (up 5.0% from FY 2023). Net loss: NT$472.5m (down 229% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 25% per year. Announcement • Mar 14
Taiwan Mask Corporation, Annual General Meeting, May 28, 2025 Taiwan Mask Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,36, k`o yen rd., jhunan township hsinchu science park, miaoli county Taiwan Announcement • Mar 13
Taiwan Mask Corporation announced a financing transaction Taiwan Mask Corporation announced a private placement of ordinary shares and domestic convertible bonds on March 12, 2025. The bonds are zero coupon. The securities has transfer restrictions Announcement • Mar 05
Taiwan Mask Corporation to Report Fiscal Year 2024 Results on Mar 12, 2025 Taiwan Mask Corporation announced that they will report fiscal year 2024 results on Mar 12, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: NT$0.96 loss per share (vs NT$0.40 loss in 3Q 2023) Third quarter 2024 results: NT$0.96 loss per share (further deteriorated from NT$0.40 loss in 3Q 2023). Revenue: NT$1.80b (down 8.1% from 3Q 2023). Net loss: NT$205.0m (loss widened 140% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 20% per year. Announcement • Oct 31
Taiwan Mask Corporation to Report Q3, 2024 Results on Nov 06, 2024 Taiwan Mask Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Announcement • Sep 21
Taiwan Mask Corporation Announces Change in Representative of Corporation Director Taiwan Mask Corporation announced Change in representative of corporation director. Name of the new position holder: Chung, Chien-Ming and Cheng, Chien-Li. Effective date of the new appointment is September 20, 2024. New Risk • Aug 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 84% 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: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.3% net profit margin). Shareholders have been diluted in the past year (3.9% increase in shares outstanding). New Risk • Aug 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.3% Last year net profit margin: 21% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.3% net profit margin). Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Upcoming Dividend • Aug 26
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 02 September 2024. Payment date: 27 September 2024. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.4%). Higher than average of industry peers (2.1%). 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$60.60, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 26% over the past three years. 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: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Announcement • Jul 31
Taiwan Mask Corporation to Report Q2, 2024 Results on Aug 07, 2024 Taiwan Mask Corporation announced that they will report Q2, 2024 results on Aug 07, 2024 Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$3.16 (vs NT$1.01 in 1Q 2023) First quarter 2024 results: EPS: NT$3.16 (up from NT$1.01 in 1Q 2023). Revenue: NT$1.85b (up 18% from 1Q 2023). Net income: NT$674.2m (up 224% from 1Q 2023). Profit margin: 36% (up from 13% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$1.75 (vs NT$3.37 in FY 2022) Full year 2023 results: EPS: NT$1.75 (down from NT$3.37 in FY 2022). Revenue: NT$7.20b (down 7.0% from FY 2022). Net income: NT$366.1m (down 48% from FY 2022). Profit margin: 5.1% (down from 9.1% in FY 2022). The decrease in margin was driven by lower revenue. 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. Announcement • Mar 07
Taiwan Mask Corporation, Annual General Meeting, May 27, 2024 Taiwan Mask Corporation, Annual General Meeting, May 27, 2024. Location: No.188, SECTION 2, ZHONGHUA ROAD, HSINCHU AMBASSADOR Hsinchu 13F Meeting room Hsinchu Taiwan Agenda: To consider the Company’s 2023 Business Report; to Report on the Audit Committee’s review of the Company's 2023 business and accounting reports ; to Report on the Company’s distribution of employees and directors’ profit sharing remuneration for 2023; to Report on the 2023 profit and distribution of cash from capital surplus; to Report on the endorsement and guarantee of the Company and its subsidiaries for the year ended December 31, 2023; to Report on the Company's secured corporate bonds; to Report on the status of the issue of common shares by private placement approved by the annual general meeting in 2024; and to consider other matters if any. New Risk • Dec 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Upcoming Dividend • Jul 13
Upcoming dividend of NT$2.50 per share at 3.1% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.2%). Announcement • Jun 27
Taiwan Mask Corporation Announces Cash Dividend, Payable on August 18, 2023 Taiwan Mask Corporation announced distribution of dividends: The total amount of cash dividends issued by the surplus is TWD 572,664,293, and TWD 2.3 per share. The total amount of cash distributed from capital surplus is TWD 49,796,895, and TWD 0.2 per share. Ex-rights (ex-dividend) trading date is July 20, 2023. Ex-rights (ex-dividend) record date is July 28, 2023. Payment date of cash dividend distribution is August 18, 2023. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$3.37 (vs NT$5.65 in FY 2021) Full year 2022 results: EPS: NT$3.37 (down from NT$5.65 in FY 2021). Revenue: NT$7.74b (up 27% from FY 2021). Net income: NT$703.5m (down 41% from FY 2021). Profit margin: 9.1% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. 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 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 17% share price gain to NT$85.40, the stock trades at a trailing P/E ratio of 52.5x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 188% over the past three years. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: NT$2.93 (vs NT$2.82 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.93. Revenue: NT$2.07b (up 28% from 3Q 2021). Net income: NT$599.6m (flat on 3Q 2021). Profit margin: 29% (down from 37% in 3Q 2021). Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman of the Board Sean Chen is the most experienced director on the board, commencing their role in 2020. Independent Director Hui-Fen Chan was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$50.10, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 69% over the past three years. 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$62.10, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 114% over the past three years. Upcoming Dividend • Aug 10
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 17 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.6%). Announcement • Jul 23
Taiwan Mask Corporation Announces Cash Dividend, Payable on September 23, 2022 Taiwan Mask Corporation announced cash dividend of TWD 241,188,535, and TWD 1 per share, ex-rights (ex-dividend) trading date is August 17, 2022, ex-rights (ex-dividend) record date is August 23, 2022 and payment date of cash dividend is September 23, 2022. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$64.20, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 191% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$79.80, the stock trades at a trailing P/E ratio of 27.2x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 276% over the past three years. Announcement • May 28
Taiwan Mask Corporation announced a financing transaction Taiwan Mask Corporation announced a private placement of not more than 125,000,000 common shares on May 26, 2022. The transaction has been approved by board of directors of the company. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Chairman of the Board Cheng-Hsiang Chen is the most experienced director on the board, commencing their role in 2020. Independent Director Peter Cheng was the last independent 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. Lack of board continuity. Lack of experienced directors. Announcement • Mar 06
Taiwan Mask Corporation, Annual General Meeting, May 26, 2022 Taiwan Mask Corporation, Annual General Meeting, May 26, 2022. Location: No.1, Industrial East 2nd Road, Hsinchu Science Park (Baja Hall, 4F, Science and Technology Living Hall) Hsinchu City Taiwan Agenda: To consider 2021 business report; to consider Audit Committee's report of the 2021 audited financial reports; to consider 2021 distributable compensation for employees and directors; to consider 2021 endorsement guarantee processing situation report; to consider 28th the share repurchase implement report; to consider Report of the CB3 conversion; and to consider other matters. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$111, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 556% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$2.82 (vs NT$1.27 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.61b (up 40% from 3Q 2020). Net income: NT$602.5m (up 125% from 3Q 2020). Profit margin: 37% (up from 23% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 77% per year whereas the company’s share price has increased by 73% per year. Executive Departure • Sep 10
Independent Director Yu-Chiun Wu has left the company On the 6th of September, Yu-Chiun Wu's tenure as Independent Director ended after 4.2 years in the role. We don't have any record of a personal shareholding under Yu-Chiun's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.58 years, which is considered inexperienced in the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 22% share price gain to NT$89.00, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 205% over the past three years. Reported Earnings • Aug 12
Second quarter 2021 earnings released: NT$0.10 loss per share (vs NT$0.66 profit in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$1.49b (up 36% from 2Q 2020). Net loss: NT$20.6m (down 115% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$81.50, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 168% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 19% share price gain to NT$112, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 262% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 24 August 2021. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 22% share price gain to NT$75.60, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 214% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.64 (vs NT$1.09 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.28b (up 15% from 1Q 2020). Net income: NT$336.2m (up NT$552.2m from 1Q 2020). Profit margin: 26% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 18
Executive Vice General Manager has left the company On the 16th of April, Vincent Tsai's tenure in the role of Executive Vice General Manager ended. We don't have any record of a personal shareholding under Vincent's name. A total of 4 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 23% share price gain to NT$90.00, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 450% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$3.34 (vs NT$2.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.67b (up 35% from FY 2019). Net income: NT$683.9m (up 59% from FY 2019). Profit margin: 15% (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 increased by 59% per year whereas the company’s share price has increased by 60% per year. Executive Departure • Mar 18
Independent Director has left the company On the 15th of March, Hsin Chen's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Hsin's name. A total of 3 executives have left over the last 12 months. Announcement • Mar 17
Taiwan Mask Corporation Announces the Death of Hsin Chen as Independent Director Taiwan Mask Corporation announced the death of Hsin Chen as an Independent Director March 15, 2021. Hsin Chen was also a member of audit committee and remuneration committee. Announcement • Mar 16
Taiwan Mask Corporation, Annual General Meeting, May 31, 2021 Taiwan Mask Corporation, Annual General Meeting, May 31, 2021. Location: No.1, Gongye E. 2nd Rd., Hsinchu Science Park (2F, Meeting Room: Darwin) Taiwan Taiwan Agenda: To consider 2020 Business Report; to consider the Audit Committee Review Report on 2020 Financial Statements; to consider 2020 employees profit sharing bonus and directors compensation; to consider 2020 Making Endorsements and Guarantees; to revise the Guidelines for the Adoption of Codes of Ethical Conduct; to consider 26th and 27th shares repurchase execution report; to report on the establishment of Charity Foundation; to report on the TMC's third domestic unsecured conversion corporate bond handling situation. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 18% share price gain to NT$54.20, the stock is trading at a trailing P/E ratio of 35.4x, up from the previous P/E ratio of 30x. 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 202%. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 23% share price gain to NT$50.40, the stock is trading at a trailing P/E ratio of 32.9x, up from the previous P/E ratio of 26.7x. 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 197%. Is New 90 Day High Low • Feb 18
New 90-day high: NT$45.90 The company is up 35% from its price of NT$34.00 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Semiconductor industry, which is also up 35% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 16% share price gain to NT$41.30, the stock is trading at a trailing P/E ratio of 27x, up from the previous P/E ratio of 23.3x. This compares to an average P/E of 25x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 156%. Is New 90 Day High Low • Dec 07
New 90-day high: NT$37.55 The company is up 20% from its price of NT$31.20 on 08 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 17% share price gain to NT$34.80, the stock is trading at a trailing P/E ratio of 22.7x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 22x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 98%. Is New 90 Day High Low • Nov 16
New 90-day high: NT$32.70 The company is up 11% from its price of NT$29.55 on 18 August 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 5.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$1.27 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.15b (up 14% from 3Q 2019). Net income: NT$268.4m (up 106% from 3Q 2019). Profit margin: 23% (up from 13% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 25
New 90-day low: NT$26.55 The company is down 2.0% from its price of NT$27.20 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 23% over the same period. 
