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$172, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 100% over the past three years. Price Target Changed • Jun 09
Price target increased by 14% to NT$158 Up from NT$138, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$161. Stock is up 26% over the past year. The company is forecast to post earnings per share of NT$9.54 for next year compared to NT$8.53 last year. Announcement • May 22
ELAN Microelectronics Corporation to Report Q1, 2026 Results on Jun 08, 2026 ELAN Microelectronics Corporation announced that they will report Q1, 2026 results on Jun 08, 2026 Reported Earnings • May 13
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: NT$2.00 (up from NT$1.92 in 1Q 2025). Revenue: NT$3.22b (up 3.4% from 1Q 2025). Net income: NT$705.0m (up 29% from 1Q 2025). Profit margin: 22% (up from 18% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 10% 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 16% per year whereas the company’s share price has increased by 13% per year. Declared Dividend • Mar 14
Final dividend of NT$4.42 announced Shareholders will receive a dividend of NT$4.42. Ex-date: 26th March 2026 Payment date: 22nd April 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (251% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Mar 12
Price target increased by 7.5% to NT$143 Up from NT$133, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$142. Stock is down 8.4% over the past year. The company is forecast to post earnings per share of NT$9.53 for next year compared to NT$8.53 last year. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$8.53 (vs NT$9.57 in FY 2024) Full year 2025 results: EPS: NT$8.53 (down from NT$9.57 in FY 2024). Revenue: NT$12.3b (down 2.9% from FY 2024). Net income: NT$2.44b (down 11% from FY 2024). Profit margin: 20% (down from 22% in FY 2024). Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Announcement • Mar 04
ELAN Microelectronics Corporation, Annual General Meeting, May 27, 2026 ELAN Microelectronics Corporation, Annual General Meeting, May 27, 2026. Location: 1 floor no,12, ch`uang hsin 1st rd., hsinchu science park, hsinchu county Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released Third quarter 2025 results: Net income: (down NT$711.7m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (339% cash payout ratio). Announcement • Oct 24
ELAN Microelectronics Corporation to Report Q3, 2025 Results on Nov 06, 2025 ELAN Microelectronics Corporation announced that they will report Q3, 2025 results on Nov 06, 2025 Price Target Changed • Oct 03
Price target increased by 7.9% to NT$137 Up from NT$127, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$136. Stock is down 5.9% over the past year. The company is forecast to post earnings per share of NT$7.89 for next year compared to NT$9.57 last year. Major Estimate Revision • Sep 12
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$12.4b to NT$12.5b. EPS estimate increased from NT$7.13 to NT$7.89 per share. Net income forecast to grow 10% next year vs 28% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$127 unchanged from last update. Share price fell 3.0% to NT$130 over the past week. Declared Dividend • Sep 11
First half dividend of NT$2.64 announced Shareholders will receive a dividend of NT$2.64. Ex-date: 25th September 2025 Payment date: 22nd October 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not covered by cash flows (339% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.6% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: NT$1.24 (down from NT$2.58 in 2Q 2024). Revenue: NT$3.03b (down 3.8% from 2Q 2024). Net income: NT$353.8m (down 52% from 2Q 2024). Profit margin: 12% (down from 23% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.0%. Revenue is forecast to grow 3.6% 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 7% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (143% cash payout ratio). Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$13.1b to NT$12.7b. EPS estimate also fell from NT$9.47 per share to NT$7.35 per share. Net income forecast to shrink 7.2% next year vs 14% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$133 to NT$130. Share price fell 7.0% to NT$120 over the past week. Price Target Changed • Jun 06
Price target decreased by 9.1% to NT$141 Down from NT$155, the current price target is an average from 3 analysts. New target price is 9.8% above last closing price of NT$128. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$9.46 for next year compared to NT$9.57 last year. New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (143% cash payout ratio). Reported Earnings • May 13
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$1.92 (down from NT$2.40 in 1Q 2024). Revenue: NT$3.12b (flat on 1Q 2024). Net income: NT$548.4m (down 20% from 1Q 2024). Profit margin: 18% (down from 22% in 1Q 2024). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 5.8% 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 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 7.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.7% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (118% cash payout ratio). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$129, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$97.27 per share. Announcement • Apr 29
ELAN Microelectronics Corporation to Report Q1, 2025 Results on May 06, 2025 ELAN Microelectronics Corporation announced that they will report Q1, 2025 results on May 06, 2025 Buy Or Sell Opportunity • Apr 15
Now 23% overvalued Over the last 90 days, the stock has fallen 18% to NT$119. The fair value is estimated to be NT$96.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Price Target Changed • Apr 09
Price target decreased by 7.6% to NT$155 Down from NT$167, the current price target is an average from 5 analysts. New target price is 52% above last closing price of NT$102. Stock is down 36% over the past year. The company is forecast to post earnings per share of NT$10.19 for next year compared to NT$9.57 last year. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$113, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$97.05 per share. Declared Dividend • Mar 13
Final dividend of NT$3.76 announced Shareholders will receive a dividend of NT$3.76. Ex-date: 27th March 2025 Payment date: 17th April 2025 Dividend yield will be 5.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 03
ELAN Microelectronics Corporation, Annual General Meeting, May 28, 2025 ELAN Microelectronics Corporation, Annual General Meeting, May 28, 2025. Location: 1 floor no,12, ch`uang hsin 1st rd., hsinchu science park, hsinchu county Taiwan Announcement • Feb 19
ELAN Microelectronics Corporation to Report Q4, 2024 Results on Feb 27, 2025 ELAN Microelectronics Corporation announced that they will report Q4, 2024 results at 1:30 PM, Taipei Standard Time on Feb 27, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$2.49 (down from NT$2.69 in 3Q 2023). Revenue: NT$3.40b (down 2.8% from 3Q 2023). Net income: NT$711.7m (down 7.0% from 3Q 2023). Profit margin: 21% (down from 22% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 5.2%. Revenue is forecast to grow 8.2% 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 fallen by 32% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 5.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.3% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Oct 26
ELAN Microelectronics Corporation to Report Q3, 2024 Results on Nov 05, 2024 ELAN Microelectronics Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 Declared Dividend • Sep 11
First half dividend of NT$4.07 announced Shareholders will receive a dividend of NT$4.07. Ex-date: 25th September 2024 Payment date: 18th October 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Sep 03
Price target decreased by 12% to NT$169 Down from NT$191, the current price target is an average from 5 analysts. New target price is 17% above last closing price of NT$144. Stock is up 7.5% over the past year. The company is forecast to post earnings per share of NT$9.25 for next year compared to NT$7.53 last year. Buy Or Sell Opportunity • Aug 29
Now 21% overvalued Over the last 90 days, the stock has fallen 8.9% to NT$149. The fair value is estimated to be NT$123, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 36%. Revenue is forecast to grow by 5.2% in a year. Earnings are forecast to decline by 1.1% in the next year. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: NT$2.58 (up from NT$1.74 in 2Q 2023). Revenue: NT$3.15b (up 3.6% from 2Q 2023). Net income: NT$738.4m (up 49% from 2Q 2023). Profit margin: 23% (up from 16% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 13% 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 36% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Aug 03
ELAN Microelectronics Corporation to Report Q2, 2024 Results on Aug 12, 2024 ELAN Microelectronics Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Announcement • May 31
ELAN Microelectronics Corporation Announces Board Changes ELAN Microelectronics Corporation announced the company's list of newly-elected directors: Title and name of the previous position holder: Independent director: Tang, Chuan-Yi; Independent director: Shaw, Ming-Fu. Resume of the previous position holder: Independent director: Tang, Chuan-Yi; President of Providence University; Independent director: Shaw, Ming-Fu; Associate Professor of Dept. of Economics, National Chengchi University. Title and name of the new position holder: Independent director: Tsai, Chuang-Chuang; Independent director: Tsai, Cherng-Ru. Resume of the new position holder: Independent director: Tsai, Chuang-Chuang; Director, AUO Corporation; Independent director: Tsai, Cherng-Ru; Director, Fubon Financial Holding Venture Capital Co. Ltd. Effective date of the new appointment is May 30, 2024. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$2.40 (vs NT$1.08 in 1Q 2023) First quarter 2024 results: EPS: NT$2.40 (up from NT$1.08 in 1Q 2023). Revenue: NT$3.11b (up 29% from 1Q 2023). Net income: NT$682.7m (up 123% from 1Q 2023). Profit margin: 22% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% 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 fallen by 37% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
ELAN Microelectronics Corporation to Report Q1, 2024 Results on May 02, 2024 ELAN Microelectronics Corporation announced that they will report Q1, 2024 results on May 02, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of NT$3.05 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (2.4%). Declared Dividend • Mar 15
Dividend of NT$3.05 announced Shareholders will receive a dividend of NT$3.05. Ex-date: 28th March 2024 Payment date: 26th April 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (143% earnings payout ratio). However, it is well covered by cash flows (37% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 59% to bring the payout ratio under control. EPS is expected to grow by 34% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$7.53 (down from NT$7.56 in FY 2022). Revenue: NT$12.1b (down 7.5% from FY 2022). Net income: NT$2.14b (flat on FY 2022). Profit margin: 18% (up from 17% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 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 32% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 23
Price target increased by 15% to NT$181 Up from NT$158, the current price target is an average from 2 analysts. New target price is 10% above last closing price of NT$164. Stock is up 51% over the past year. The company is forecast to post earnings per share of NT$7.23 for next year compared to NT$7.56 last year. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: NT$2.69 (up from NT$1.83 in 3Q 2022). Revenue: NT$3.50b (up 24% from 3Q 2022). Net income: NT$765.7m (up 47% from 3Q 2022). Profit margin: 22% (up from 19% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.7%. Revenue is forecast to grow 12% 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 fallen by 25% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Major Estimate Revision • Nov 06
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$11.8b to NT$12.0b. EPS estimate increased from NT$6.30 to NT$7.06 per share. Net income forecast to grow 67% next year vs 9.1% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$145 to NT$160. Share price fell 4.4% to NT$140 over the past week. Announcement • Nov 03
ELAN Microelectronics Corporation Provides Earnings Guidance for the Fourth Quarter of 2023 ELAN Microelectronics Corporation provided earnings guidance for the fourth quarter of 2023. For the quarter, the company expects revenue is expected to be between TWD 2,900 million and TWD 3,100 million; Operating profit margin is expected to be between 20.3% and 24%. New Risk • Nov 03
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 5.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 168% Cash payout ratio: 378% High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Upcoming Dividend • Sep 29
Upcoming dividend of NT$2.05 per share at 3.1% yield Eligible shareholders must have bought the stock before 06 October 2023. Payment date: 31 October 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.4%). Announcement • Sep 05
ELAN Microelectronics Corporation Announces Dividend for the First Half Year of 2023, Payable on October 31, 2023 ELAN Microelectronics Corporation announced dividend of TWD 607,760,784 (TWD 2 per share) for the first half year of 2023. Ex-rights (ex-dividend) trading date is October 6, 2023. Ex-rights (ex-dividend) record date: October 16, 2023. Payment date of cash dividend distribution: October 31, 2023. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.74 (down from NT$2.76 in 2Q 2022). Revenue: NT$3.04b (down 27% from 2Q 2022). Net income: NT$494.8m (down 37% from 2Q 2022). Profit margin: 16% (down from 19% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.1%. Revenue is forecast to grow 12% 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 fallen by 13% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 04
Price target increased by 8.7% to NT$104 Up from NT$96.00, the current price target is an average from 3 analysts. New target price is 15% below last closing price of NT$123. Stock is up 21% over the past year. The company is forecast to post earnings per share of NT$6.43 for next year compared to NT$7.56 last year. Upcoming Dividend • Jul 31
Upcoming dividend of NT$3.07 per share at 5.2% yield Eligible shareholders must have bought the stock before 07 August 2023. Payment date: 29 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.2%). Announcement • Jul 23
Elan Microelectronics Corporation Announces Cash Dividend, Payable on August 29, 2023 ELAN Microelectronics Corporation announced Cash dividends of TWD 3 per share. Ex-rights (ex-dividend) trading date is August 7, 2023. Ex-rights (ex-dividend) record date is August 13, 2023. Payment date of cash dividend distribution is August 29, 2023. The distribution of 2022 earnings amounted to TWD 1,823,282,352 (with a cash dividend of TWD 6 per ordinary share). The first distribution of TWD 911,641,176(with a cash dividend of TWD 3 per common share) was made on April 26, 2023. Currently, the company plans to make the second distribution of TWD 911,641,176 (with a cash dividend of TWD 3 per ordinary share). Upcoming Dividend • Mar 23
Upcoming dividend of NT$3.07 per share at 5.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 April 2023. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 01
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$7.56 (down from NT$17.64 in FY 2021). Revenue: NT$13.0b (down 29% from FY 2021). Net income: NT$2.15b (down 58% from FY 2021). Profit margin: 17% (down from 28% in FY 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.9%. Revenue is forecast to stay flat during the next 2 years compared to a 8.2% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$107, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$87.30 per share. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Fang-Cheng Lu was the last independent director to join the board, commencing their role in 2021. 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 miss analyst expectations Third quarter 2022 results: EPS: NT$1.83 (down from NT$4.70 in 3Q 2021). Revenue: NT$2.82b (down 43% from 3Q 2021). Net income: NT$521.8m (down 62% from 3Q 2021). Profit margin: 19% (down from 27% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to stay flat 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 26% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Nov 05
ELAN Microelectronics Corporation Revenue Guidance for the Fourth Quarter of 2022 ELAN Microelectronics Corporation announced that for the fourth quarter of 2022 to be as follows: Revenue is expected to be between TWD 1,800 million and TWD 2,000 million. Major Estimate Revision • Nov 05
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$13.9b to NT$13.0b. EPS estimate also fell from NT$9.97 per share to NT$7.14 per share. Net income forecast to shrink 54% next year vs 6.3% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$128 to NT$71.33. Share price was steady at NT$79.50 over the past week. Buying Opportunity • Nov 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be NT$101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to decline by 12% in 2 years. Earnings is forecast to decline by 24% in the next 2 years. Announcement • Aug 23
ELAN Microelectronics Corporation (TWSE:2458) agreed to acquire Vertex Growth(SG)LP for $0.07 million. ELAN Microelectronics Corporation (TWSE:2458) agreed to acquire Vertex Growth(SG)LP for $0.07 million on August 22, 2022. The board approved the transaction of December 21, 2021. Reported Earnings • Aug 16
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: NT$2.75 (down from NT$4.53 in 2Q 2021). Revenue: NT$4.15b (down 18% from 2Q 2021). Net income: NT$784.0m (down 41% from 2Q 2021). Profit margin: 19% (down from 26% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 15% compared to a 20% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 06
Consensus revenue estimates fall by 16% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$18.6b to NT$15.6b. EPS estimate fell from NT$14.74 to NT$11.23 per share. Net income forecast to shrink 26% next year vs 6.9% growth forecast for Semiconductor industry in Taiwan . Consensus price target down from NT$183 to NT$151. Share price fell 6.5% to NT$102 over the past week. Price Target Changed • Aug 03
Price target decreased to NT$155 Down from NT$183, the current price target is an average from 4 analysts. New target price is 51% above last closing price of NT$103. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$13.54 for next year compared to NT$17.64 last year. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 24% share price decline to NT$107, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 84% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$177 per share. Upcoming Dividend • Jun 30
Upcoming dividend of NT$13.81 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 27 July 2022. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 9.7%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.6%). Buying Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$183, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 3.0% in a year. Earnings is forecast to decline by 6.2% in the next year. Board Change • May 31
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Fang-Cheng Lu was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • May 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$183, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 3.0% in a year. Earnings is forecast to decline by 6.2% in the next year. Reported Earnings • May 13
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$2.81 (down from NT$3.77 in 1Q 2021). Revenue: NT$4.10b (down 1.4% from 1Q 2021). Net income: NT$798.3m (down 27% from 1Q 2021). Profit margin: 20% (down from 27% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 3.0%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 11
Price target decreased to NT$183 Down from NT$199, the current price target is an average from 2 analysts. New target price is 14% above last closing price of NT$161. Stock is down 19% over the past year. The company is forecast to post earnings per share of NT$15.65 for next year compared to NT$17.64 last year. Reported Earnings • Feb 28
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$17.64 (up from NT$11.14 in FY 2020). Revenue: NT$18.3b (up 21% from FY 2020). Net income: NT$5.10b (up 57% from FY 2020). Profit margin: 28% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 5.8%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
ELAN Microelectronics Corporation, Annual General Meeting, Jun 15, 2022 ELAN Microelectronics Corporation, Annual General Meeting, Jun 15, 2022. Location: at 1F., No.12, Innovation 1st Rd. Hsinchu Science Park Hsinchu City Taiwan Agenda: To consider the 2021 business report; to consider the audit committee's review of the 2021 annual final accounting books and statements; to consider the report on 2021 employees and directors remuneration; to consider the report on status of share buyback program; to acknowledgement of the 2021 annual final accounting books and statements; to acknowledgement of the 2021 earnings distribution; to consider the discussion of amendments to the company's articles of incorporation; and to consider the other matters. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$4.70 (vs NT$3.71 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$4.97b (up 5.7% from 3Q 2020). Net income: NT$1.36b (up 26% from 3Q 2020). Profit margin: 27% (up from 23% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 09
Price target decreased to NT$199 Down from NT$216, the current price target is an average from 5 analysts. New target price is 23% above last closing price of NT$162. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$16.31 for next year compared to NT$11.14 last year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$4.53 (vs NT$3.15 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$5.04b (up 42% from 2Q 2020). Net income: NT$1.32b (up 44% from 2Q 2020). Profit margin: 26% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 04
Price target decreased to NT$218 Down from NT$239, the current price target is an average from 6 analysts. New target price is 27% above last closing price of NT$172. Stock is up 13% over the past year. Upcoming Dividend • Jul 15
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 22 July 2021. Payment date: 11 August 2021. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.1%). Reported Earnings • May 13
First quarter 2021 earnings released: EPS NT$3.77 (vs NT$0.18 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.16b (up 88% from 1Q 2020). Net income: NT$1.10b (up NT$1.05b from 1Q 2020). Profit margin: 27% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 44% per year. Major Estimate Revision • May 02
Consensus EPS estimates increase to NT$17.07 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$19.0b to NT$19.5b. EPS estimate increased from NT$15.49 to NT$17.07 per share. Net income forecast to grow 49% next year vs 35% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$198 to NT$226. Share price was steady at NT$215 over the past week. 
