Reported Earnings • May 12
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$1.87 (up from NT$1.01 in 1Q 2025). Revenue: NT$10.2b (up 39% from 1Q 2025). Net income: NT$2.29b (up 85% from 1Q 2025). Profit margin: 22% (up from 17% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Semiconductor industry in Taiwan. 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 88% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$333, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 720% over the past three years. Reported Earnings • Mar 10
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$6.51 (up from NT$3.64 in FY 2024). Revenue: NT$34.9b (up 30% from FY 2024). Net income: NT$7.96b (up 79% from FY 2024). Profit margin: 23% (up from 17% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 09
King Yuan Electronics Co., Ltd., Annual General Meeting, May 29, 2026 King Yuan Electronics Co., Ltd., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,6, yu yueh st., toufen city, miaoli county Taiwan Price Target Changed • Mar 09
Price target increased by 15% to NT$339 Up from NT$294, the current price target is an average from 14 analysts. New target price is 25% above last closing price of NT$272. Stock is up 162% over the past year. The company is forecast to post earnings per share of NT$9.06 for next year compared to NT$3.64 last year. Price Target Changed • Feb 04
Price target increased by 9.3% to NT$287 Up from NT$263, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of NT$297. Stock is up 193% over the past year. The company is forecast to post earnings per share of NT$9.06 for next year compared to NT$3.64 last year. Price Target Changed • Feb 02
Price target increased by 9.3% to NT$287 Up from NT$263, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of NT$285. Stock is up 178% over the past year. The company is forecast to post earnings per share of NT$9.06 for next year compared to NT$3.64 last year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$310, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 803% over the past three years. Price Target Changed • Jan 27
Price target increased by 10% to NT$271 Up from NT$246, the current price target is an average from 13 analysts. New target price is 9.7% below last closing price of NT$300. Stock is up 164% over the past year. The company is forecast to post earnings per share of NT$9.06 for next year compared to NT$3.64 last year. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$268, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 724% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$121 per share. New Risk • Dec 23
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 8.2% 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 Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). High level of non-cash earnings (40% accrual ratio). Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$1.88 (up from NT$1.10 in 3Q 2024). Revenue: NT$9.29b (up 32% from 3Q 2024). Net income: NT$2.30b (up 71% from 3Q 2024). Profit margin: 25% (up from 19% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 29% p.a. on average during the next 3 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 5% per year but the company’s share price has increased by 80% per year, which means it is well ahead of earnings. Price Target Changed • Nov 05
Price target increased by 13% to NT$184 Up from NT$163, the current price target is an average from 12 analysts. New target price is 17% below last closing price of NT$221. Stock is up 61% over the past year. The company is forecast to post earnings per share of NT$8.48 for next year compared to NT$3.64 last year. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$207, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 605% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$324 per share. Price Target Changed • Oct 20
Price target increased by 7.6% to NT$163 Up from NT$152, the current price target is an average from 11 analysts. New target price is 8.8% below last closing price of NT$179. Stock is up 37% over the past year. The company is forecast to post earnings per share of NT$8.32 for next year compared to NT$3.64 last year. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$156, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 384% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$304 per share. Reported Earnings • Aug 13
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: NT$1.78 (up from NT$0.89 in 2Q 2024). Revenue: NT$8.36b (up 28% from 2Q 2024). Net income: NT$2.18b (up 100% from 2Q 2024). Profit margin: 26% (up from 17% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 55% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$140, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 316% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$190 per share. Price Target Changed • Aug 09
Price target increased by 16% to NT$141 Up from NT$121, the current price target is an average from 12 analysts. New target price is 5.2% above last closing price of NT$134. Stock is up 18% over the past year. The company is forecast to post earnings per share of NT$8.43 for next year compared to NT$3.64 last year. Buy Or Sell Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock has risen 32% to NT$110. The fair value is estimated to be NT$137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 105% in the next 2 years. Declared Dividend • Jun 22
Dividend increased to NT$4.00 Dividend of NT$4.00 is 25% higher than last year. Ex-date: 10th July 2025 Payment date: 8th August 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 9 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 97% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 21
King Yuan Electronics Co., Ltd. Announces Cash Dividend, Payable on August 8, 2025 King Yuan Electronics Co., Ltd. announced cash dividend of common stock is TWD 4,890,980,260. Ex-rights (ex-dividend) trading date is July 10, 2025. Ex-rights (ex-dividend) record date is July 16, 2025. Payment date of common stock cash dividend distribution is August 8, 2025. Buy Or Sell Opportunity • Jun 11
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$99.70. The fair value is estimated to be NT$125, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 52% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$1.01 (up from NT$0.80 in 1Q 2024). Revenue: NT$7.32b (up 22% from 1Q 2024). Net income: NT$1.24b (up 27% from 1Q 2024). Profit margin: 17% (in line with 1Q 2024). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. 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 32% per year, which means it is well ahead of earnings. Price Target Changed • May 10
Price target decreased by 7.7% to NT$124 Down from NT$135, the current price target is an average from 12 analysts. New target price is 38% above last closing price of NT$89.80. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of NT$8.26 for next year compared to NT$3.64 last year. Announcement • May 01
King Yuan Electronics Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 King Yuan Electronics Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$74.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 115% over the past three years. New Risk • Feb 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 108% Dividend yield: 3.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$6.36. Revenue: NT$26.9b (down 19% from FY 2023). Net income: NT$4.44b (down 24% from FY 2023). Profit margin: 17% (down from 18% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 9.5%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Major Estimate Revision • Feb 25
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from NT$7.84 to NT$8.84. Revenue forecast steady at NT$35.6b. Net income forecast to grow 55% next year vs 29% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$147 to NT$143. Share price fell 3.5% to NT$111 over the past week. Announcement • Feb 24
King Yuan Electronics Co., Ltd., Annual General Meeting, May 27, 2025 King Yuan Electronics Co., Ltd., Annual General Meeting, May 27, 2025. Location: 2 floor no,6, yu yueh st., toufen city, miaoli county Taiwan Announcement • Feb 14
King Yuan Electronics Co., Ltd. to Report Q4, 2024 Results on Feb 21, 2025 King Yuan Electronics Co., Ltd. announced that they will report Q4, 2024 results on Feb 21, 2025 Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.11 (down from NT$1.26 in 3Q 2023). Revenue: NT$7.04b (down 18% from 3Q 2023). Net income: NT$1.35b (down 12% from 3Q 2023). Profit margin: 19% (up from 18% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 09
Price target increased by 7.9% to NT$140 Up from NT$129, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of NT$140. Stock is up 70% over the past year. The company is forecast to post earnings per share of NT$8.09 for next year compared to NT$4.78 last year. Announcement • Nov 09
King Yuan Electronics Co., Ltd. Appoints Gauss Chang as Chief Sustainability Officer King Yuan Electronics Co., Ltd. appointed Gauss Chang, President of KYEC as Chief Sustainability Officer, Effective November 8, 2024. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$126, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 286% over the past three years. Major Estimate Revision • Aug 19
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$33.0b to NT$29.1b. EPS estimate fell from NT$7.70 to NT$7.59 per share. Net income forecast to grow 48% next year vs 30% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$110 to NT$122. Share price rose 3.0% to NT$122 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$0.89 (down from NT$1.26 in 2Q 2023). Revenue: NT$6.54b (down 20% from 2Q 2023). Net income: NT$1.09b (down 30% from 2Q 2023). Profit margin: 17% (down from 19% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 10
Price target increased by 8.2% to NT$119 Up from NT$110, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$114. Stock is up 83% over the past year. The company is forecast to post earnings per share of NT$8.11 for next year compared to NT$4.78 last year. Announcement • Aug 09
King Yuan Electronics Co., Ltd. Announces Change of Chief Information Security Officer, Effective September 1, 2024 King Yuan Electronics Co., Ltd. announced change of chief information security officer. Name, title, and resume of the previous position holder: Gauss Chang, President of KYEC. Name, title, and resume of the new position holder: Steven Chang, Senior Vice President of KYEC. Effective date: September 1, 2024. Announcement • Aug 01
King Yuan Electronics Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 King Yuan Electronics Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$131, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 258% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$225 per share. Buy Or Sell Opportunity • Jul 03
Now 47% undervalued Over the last 90 days, the stock has risen 9.9% to NT$117. The fair value is estimated to be NT$220, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Declared Dividend • Jul 01
Dividend of NT$3.20 announced Shareholders will receive a dividend of NT$3.20. Ex-date: 16th July 2024 Payment date: 14th August 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 20
Price target increased by 9.9% to NT$99.79 Up from NT$90.78, the current price target is an average from 9 analysts. New target price is 11% below last closing price of NT$112. Stock is up 100% over the past year. The company is forecast to post earnings per share of NT$7.67 for next year compared to NT$4.78 last year. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$104, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 199% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$86.13 per share. Buy Or Sell Opportunity • Jun 18
Now 20% overvalued Over the last 90 days, the stock has fallen 3.7% to NT$104. The fair value is estimated to be NT$86.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 9.1% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Announcement • Jun 01
King Yuan Electronics Co., Ltd. Elects Gauss Chang as Natural-Person Director King Yuan Electronics Co., Ltd. at its AGM held on May 31, 2024 elected Gauss Chang, President, King Yuan Electronics Co., Ltd. as Natural-person Director. Effective date of the new appointment is May 31, 2024. Reason for the change: The Company’s 15th-term Board of Directors is composed of nine directors (including three independent directors). Because there is one director vacancy, a director by-election at 2024 Annual General Shareholders' Meeting. Original term is from May 30, 2023 to May 29, 2026. Reported Earnings • May 08
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$1.12 (up from NT$0.97 in 1Q 2023). Revenue: NT$8.21b (up 5.8% from 1Q 2023). Net income: NT$1.37b (up 15% from 1Q 2023). Profit margin: 17% (up from 15% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 06
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$37.7b to NT$35.1b. EPS estimate rose from NT$5.94 to NT$6.74. Net income forecast to grow 44% next year vs 35% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$103 to NT$98.30. Share price fell 5.5% to NT$93.50 over the past week. Major Estimate Revision • May 04
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from NT$37.7b to NT$36.1b. EPS estimate rose from NT$5.94 to NT$6.60. Net income forecast to grow 33% next year vs 35% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$103 to NT$100. Share price fell 2.1% to NT$93.50 over the past week. Announcement • Apr 28
King Yuan Electronics Co., Ltd. to Report Q1, 2024 Results on May 03, 2024 King Yuan Electronics Co., Ltd. announced that they will report Q1, 2024 results on May 03, 2024 Price Target Changed • Mar 22
Price target increased by 9.9% to NT$104 Up from NT$94.50, the current price target is an average from 10 analysts. New target price is 5.5% below last closing price of NT$110. Stock is up 124% over the past year. The company is forecast to post earnings per share of NT$6.00 for next year compared to NT$4.78 last year. Price Target Changed • Mar 19
Price target increased by 8.8% to NT$96.80 Up from NT$88.95, the current price target is an average from 10 analysts. New target price is 11% below last closing price of NT$109. Stock is up 120% over the past year. The company is forecast to post earnings per share of NT$5.78 for next year compared to NT$4.78 last year. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$105, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 218% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$113 per share. Reported Earnings • Feb 29
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$4.78 (down from NT$5.59 in FY 2022). Revenue: NT$33.0b (down 10% from FY 2022). Net income: NT$5.84b (down 15% from FY 2022). Profit margin: 18% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 24
King Yuan Electronics Co., Ltd., Annual General Meeting, May 31, 2024 King Yuan Electronics Co., Ltd., Annual General Meeting, May 31, 2024. Location: Grand Royal Hotel, R205 Conference Room 2F., No.6, Yule St., Toufen City Miaoli County Taiwan Agenda: To consider the Company's 2023 Business Overview; to consider the audit Committee's report of the 2023 Audited Financial Reports; to consider the Company's 2023 Distribution of Employee and Director Remuneration; to consider the amendments to the Company's Rules of Procedure for Board of Directors Meetings; to consider the Company's 2023 Business Report and Financial Statement; to consider the Company's 2023 Distribution of Earnings; to approve the lifting of non competition restrictions for directors; to consider the motion of amendment to the Company's Articles of Incorporation; and to consider other matters. Price Target Changed • Nov 04
Price target increased by 14% to NT$78.45 Up from NT$68.76, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$80.70. Stock is up 143% over the past year. The company is forecast to post earnings per share of NT$4.66 for next year compared to NT$5.59 last year. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$76.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 192% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$78.25 per share. New Risk • Aug 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 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buying Opportunity • Aug 18
Now 21% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be NT$78.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Announcement • Aug 10
King Yuan Electronics Co., Ltd. Announces Change of President, Appointment Effective on September 1, 2023 King Yuan Electronics Co., Ltd. announced change of company's president. Name of the previous position holder: An-Hsuan Liu. Resume of the previous position holder: President of KYEC. Name of the new position holder: Gauss Chang. Resume of the new position holder: Executive Vice President of KYEC. Effective date of the new appointment: September 1, 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$1.26 (down from NT$1.65 in 2Q 2022). Revenue: NT$8.17b (down 18% from 2Q 2022). Net income: NT$1.54b (down 23% from 2Q 2022). Profit margin: 19% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Price Target Changed • Aug 05
Price target increased by 10% to NT$60.89 Up from NT$55.14, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$60.40. Stock is up 51% over the past year. The company is forecast to post earnings per share of NT$4.42 for next year compared to NT$5.59 last year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$3.50 per share at 5.8% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Buying Opportunity • Jun 01
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be NT$66.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$53.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$66.19 per share. Reported Earnings • Mar 15
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$5.59 (up from NT$4.23 in FY 2021). Revenue: NT$36.8b (up 9.0% from FY 2021). Net income: NT$6.84b (up 32% from FY 2021). Profit margin: 19% (up from 15% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Semiconductor industry in Taiwan. 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 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$48.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$44.55 per share. Price Target Changed • Mar 03
Price target increased by 11% to NT$43.86 Up from NT$39.64, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of NT$45.20. Stock is up 3.0% over the past year. The company is forecast to post earnings per share of NT$5.44 for next year compared to NT$4.23 last year. Price Target Changed • Nov 16
Price target decreased to NT$39.64 Down from NT$43.67, the current price target is an average from 7 analysts. New target price is 10% above last closing price of NT$35.90. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$5.39 for next year compared to NT$4.23 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Hsiu-Ming Wang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$1.22 (down from NT$1.25 in 3Q 2021). Revenue: NT$9.02b (flat on 3Q 2021). Net income: NT$1.50b (down 1.6% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.5%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 08
Price target decreased to NT$40.50 Down from NT$43.67, the current price target is an average from 7 analysts. New target price is 21% above last closing price of NT$33.50. Stock is down 20% over the past year. The company is forecast to post earnings per share of NT$5.38 for next year compared to NT$4.23 last year. Announcement • Oct 07
King Yuan Electronics Co., Ltd. Announces Executive Changes King Yuan Electronics Co., Ltd. announced the change of Chief Information Security Officer. Name, title, and resume of the previous position holder: K.K Lee, Senior Vice President of Administrative Center of the Company. Name, title, and resume of the new position holder: An-Hsuan Liu, President of the Company. Reason for the change: position adjustment. Effective date: October 6, 2022. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: NT$1.65 (up from NT$0.71 in 2Q 2021). Revenue: NT$9.93b (up 31% from 2Q 2021). Net income: NT$2.01b (up 133% from 2Q 2021). Profit margin: 20% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.4%. Over the next year, revenue is forecast to stay flat compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.