Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$207, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 35x in the Semiconductor industry in Taiwan. Total returns to shareholders of 239% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$173 per share. New Risk • Jul 02
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 12% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jun 23
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 94% to NT$194. The fair value is estimated to be NT$151, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.8%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 139% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$160, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 157% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$148 per share. Price Target Changed • Jun 05
Price target increased by 7.3% to NT$138 Up from NT$128, the current price target is an average from 5 analysts. New target price is 17% below last closing price of NT$166. Stock is up 226% over the past year. The company is forecast to post earnings per share of NT$4.77 for next year compared to NT$3.12 last year. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$163, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 155% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$82.92 per share. Reported Earnings • May 15
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: NT$0.75 (up from NT$0.72 in 1Q 2025). Revenue: NT$3.42b (up 11% from 1Q 2025). Net income: NT$287.8m (up 4.0% from 1Q 2025). Profit margin: 8.4% (down from 9.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 12% 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 5% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$120, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 102% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$97.19 per share. Price Target Changed • May 11
Price target increased by 13% to NT$115 Up from NT$102, the current price target is an average from 5 analysts. New target price is 5.7% above last closing price of NT$109. Stock is up 136% over the past year. The company is forecast to post earnings per share of NT$5.09 for next year compared to NT$3.12 last year. Buy Or Sell Opportunity • May 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$109. The fair value is estimated to be NT$88.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.3%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$100.00, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$93.99 per share. Price Target Changed • Apr 21
Price target increased by 11% to NT$108 Up from NT$97.25, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$110. Stock is up 163% over the past year. The company is forecast to post earnings per share of NT$5.05 for next year compared to NT$3.12 last year. Buy Or Sell Opportunity • Apr 17
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to NT$118. The fair value is estimated to be NT$94.10, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.3%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Price Target Changed • Apr 14
Price target increased by 8.5% to NT$102 Up from NT$93.75, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$99.00. Stock is up 116% over the past year. The company is forecast to post earnings per share of NT$4.12 for next year compared to NT$3.12 last year. Upcoming Dividend • Apr 09
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$105, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$75.48 per share. Buy Or Sell Opportunity • Apr 02
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$95.40. The fair value is estimated to be NT$74.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.3%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. New Risk • Mar 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 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 (9.5% average weekly change). Reported Earnings • Mar 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$3.12 (up from NT$2.40 in FY 2024). Revenue: NT$13.1b (up 4.4% from FY 2024). Net income: NT$1.19b (up 30% from FY 2024). Profit margin: 9.1% (up from 7.3% in FY 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 12%. Revenue is forecast to grow 13% 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 fallen by 8% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Mar 11
PANJIT International Inc., Annual General Meeting, Jun 18, 2026 PANJIT International Inc., Annual General Meeting, Jun 18, 2026, at 09:00 Taipei Standard Time. Location: 9 floor no,266, ch`eng kung 1st rd., cianjin district, kaohsiung city Taiwan Buy Or Sell Opportunity • Mar 11
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to NT$91.80. The fair value is estimated to be NT$72.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 75% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$91.60, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$58.30 per share. Price Target Changed • Nov 14
Price target increased by 7.4% to NT$93.75 Up from NT$87.25, the current price target is an average from 4 analysts. New target price is 13% above last closing price of NT$82.60. Stock is up 59% over the past year. The company is forecast to post earnings per share of NT$3.05 for next year compared to NT$2.40 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: NT$0.79 (up from NT$0.66 in 3Q 2024). Revenue: NT$3.27b (down 2.0% from 3Q 2024). Net income: NT$303.3m (up 20% from 3Q 2024). Profit margin: 9.3% (up from 7.6% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.0%. Revenue is forecast to grow 11% 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 23% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$80.10, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$58.52 per share. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$84.80, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$52.97 per share. Price Target Changed • Sep 13
Price target increased by 9.0% to NT$76.67 Up from NT$70.33, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$73.20. Stock is up 36% over the past year. The company is forecast to post earnings per share of NT$3.08 for next year compared to NT$2.40 last year. New Risk • Sep 12
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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$59.20, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$31.77 per share. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$0.66 (down from NT$0.74 in 2Q 2024). Revenue: NT$3.40b (up 3.6% from 2Q 2024). Net income: NT$251.8m (down 11% from 2Q 2024). Profit margin: 7.4% (down from 8.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 3.6%. Revenue is forecast to grow 11% 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 34% 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. Upcoming Dividend • Jul 03
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 10 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 53% and the cash payout ratio is 80%. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). Announcement • Jun 21
Panjit International Inc. Approves Cash Dividend for 2024 Panjit International Inc. reported 2024 cash dividend distribution of TWD 1.4 per share at the annual general shareholder's meeting held on June 20, 2025. New Risk • Jun 04
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 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.6% average weekly change). Major Estimate Revision • May 28
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$13.9b to NT$13.3b. EPS estimate also fell from NT$3.63 per share to NT$3.20 per share. Net income forecast to grow 28% next year vs 16% growth forecast for Semiconductor industry in Taiwan. Consensus price target of NT$71.00 unchanged from last update. Share price was steady at NT$51.00 over the past week. Price Target Changed • May 27
Price target decreased by 7.2% to NT$71.00 Down from NT$76.50, the current price target is an average from 3 analysts. New target price is 37% above last closing price of NT$51.80. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$3.19 for next year compared to NT$2.40 last year. Price Target Changed • May 22
Price target decreased by 7.2% to NT$71.00 Down from NT$76.50, the current price target is an average from 3 analysts. New target price is 32% above last closing price of NT$53.60. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of NT$3.19 for next year compared to NT$2.40 last year. Reported Earnings • May 17
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: NT$0.72 (up from NT$0.47 in 1Q 2024). Revenue: NT$3.07b (up 5.6% from 1Q 2024). Net income: NT$276.6m (up 55% from 1Q 2024). Profit margin: 9.0% (up from 6.1% in 1Q 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 20%. Revenue is forecast to grow 11% 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 41% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • May 01
Panjit International Inc. to Report Q1, 2025 Results on May 09, 2025 Panjit International Inc. announced that they will report Q1, 2025 results on May 09, 2025 New Risk • Apr 15
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 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.6% average weekly change). 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$42.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$29.40 per share. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$2.40 (vs NT$2.15 in FY 2023) Full year 2024 results: EPS: NT$2.40 (up from NT$2.15 in FY 2023). Revenue: NT$12.5b (down 1.3% from FY 2023). Net income: NT$918.5m (up 12% from FY 2023). Profit margin: 7.3% (up from 6.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 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 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Panjit International Inc., Annual General Meeting, Jun 20, 2025 Panjit International Inc., Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: 9 floor no,266, ch`eng kung 1st rd., cianjin district, kaohsiung city Taiwan Announcement • Feb 28
Panjit International Inc. to Report Fiscal Year 2024 Results on Mar 07, 2025 Panjit International Inc. announced that they will report fiscal year 2024 results on Mar 07, 2025 Buy Or Sell Opportunity • Feb 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 3.5% to NT$53.20. The fair value is estimated to be NT$43.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 96% in the next 2 years. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.66 (up from NT$0.64 in 3Q 2023). Revenue: NT$3.34b (up 1.9% from 3Q 2023). Net income: NT$253.5m (up 3.9% from 3Q 2023). Profit margin: 7.6% (up from 7.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 13%. 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 fallen by 40% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Nov 01
Panjit International Inc. to Report Q3, 2024 Results on Nov 08, 2024 Panjit International Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 Buy Or Sell Opportunity • Sep 09
Now 21% overvalued Over the last 90 days, the stock has fallen 8.1% to NT$53.60. The fair value is estimated to be NT$44.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 91% in the next 2 years. Buy Or Sell Opportunity • Aug 19
Now 21% overvalued Over the last 90 days, the stock has fallen 5.3% to NT$53.40. The fair value is estimated to be NT$44.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 91% in the next 2 years. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$0.74 (down from NT$0.79 in 2Q 2023). Revenue: NT$3.28b (down 7.4% from 2Q 2023). Net income: NT$282.0m (down 6.6% from 2Q 2023). Profit margin: 8.6% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 12% 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 33% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • Aug 02
Panjit International Inc. to Report Q2, 2024 Results on Aug 09, 2024 Panjit International Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Declared Dividend • Jul 17
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 60% lower than last year. Ex-date: 2nd August 2024 Payment date: 30th August 2024 Dividend yield will be 1.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 100% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: NT$0.47 (vs NT$0.34 in 1Q 2023) First quarter 2024 results: EPS: NT$0.47 (up from NT$0.34 in 1Q 2023). Revenue: NT$2.91b (up 1.6% from 1Q 2023). Net income: NT$178.6m (up 37% from 1Q 2023). Profit margin: 6.1% (up from 4.6% in 1Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 02
Panjit International Inc. to Report Q1, 2024 Results on May 09, 2024 Panjit International Inc. announced that they will report Q1, 2024 results on May 09, 2024 Announcement • Mar 15
Panjit International Inc., Annual General Meeting, Jun 13, 2024 Panjit International Inc., Annual General Meeting, Jun 13, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$2.15 (vs NT$4.60 in FY 2022) Full year 2023 results: EPS: NT$2.15 (down from NT$4.60 in FY 2022). Revenue: NT$12.7b (down 3.9% from FY 2022). Net income: NT$820.8m (down 53% from FY 2022). Profit margin: 6.5% (down from 13% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 13% 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 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Mar 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 116% Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 139% Cash payout ratio: 116% Minor Risk Profit margins are more than 30% lower than last year (6.5% net profit margin). Announcement • Jan 27
Panjit International Inc. Announces to Establish and Appoint Members of the Sustainable Development Committee PANJIT INTERNATIONAL INC. announced the Board to establish the Sustainable Development Committee and to appoint members of the Sustainable Development Committee. Name and resume of the new position holder: FANG, MING-CHING /Chairperson and President of the Company; CHEN, YI-CHENG /Independent director of the Company; FAN, LIANG-FU /Independent director of the Company; ZHU, JUN-XIONG /Independent director of the Company; DAI, YI-ZHI /Independent director of the Company. Effective date of the new member is January 26, 2024. New Risk • Aug 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 136% Dividend yield: 4.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 136% Minor Risk Profit margins are more than 30% lower than last year (8.1% net profit margin). Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$0.79 (vs NT$1.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.79 (down from NT$1.49 in 2Q 2022). Revenue: NT$3.54b (up 1.6% from 2Q 2022). Net income: NT$301.8m (down 47% from 2Q 2022). Profit margin: 8.5% (down from 16% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 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 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 21
Upcoming dividend of NT$3.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 30 August 2023. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Announcement • Jul 12
Panjit International Inc. Announces Cash Dividend for the Year 2022, Payable on August 30, 2023 Panjit International Inc. announced cash dividend distribution of earnings: TWD 1,146,344,781 (TWD 3 per share) for 2022. Ex-rights (ex-dividend) trading date: July 28, 2023. Ex-rights (ex-dividend) record date: August 5, 2023. Payment date of cash dividend distribution: August 30, 2023. Announcement • Jul 04
Panjit International Inc. Announces on Behalf of Major Subsidiary Pan Jit Electronics (Wuxi) Co.,Ltd Resolves the Cash Distribution of Earned Surplus Panjit International Inc. announced on behalf of major subsidiary PAN JIT ELECTRONICS (WUXI) CO.,LTD the board of directors resolved the cash distribution of earned surplus. The total amount of cash distributed to shareholders is RMB 14,431,400. Reported Earnings • Mar 14
Full year 2022 earnings released: EPS: NT$4.60 (vs NT$5.66 in FY 2021) Full year 2022 results: EPS: NT$4.60 (down from NT$5.66 in FY 2021). Revenue: NT$13.2b (down 4.6% from FY 2021). Net income: NT$1.76b (down 8.8% from FY 2021). Profit margin: 13% (in line with FY 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 2 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 42% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$94.50 Down from NT$110, the current price target is an average from 2 analysts. New target price is 56% above last closing price of NT$60.40. Stock is down 41% over the past year. The company is forecast to post earnings per share of NT$6.14 for next year compared to NT$5.66 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. 4 non-independent directors. Independent Director Chen Shizhen 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 13
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$1.11 (down from NT$1.88 in 3Q 2021). Revenue: NT$3.17b (down 14% from 3Q 2021). Net income: NT$425.6m (down 32% from 3Q 2021). Profit margin: 13% (down from 17% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$49.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 92% over the past three years. Major Estimate Revision • Sep 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$15.5b to NT$13.9b. EPS estimate unchanged from NT$6.14 per share at last update. Semiconductor industry in Taiwan expected to see average net income decline 5.3% next year. Consensus price target down from NT$110 to NT$94.50. Share price fell 8.1% to NT$57.00 over the past week. Price Target Changed • Sep 29
Price target decreased to NT$94.50 Down from NT$115, the current price target is an average from 2 analysts. New target price is 69% above last closing price of NT$56.00. Stock is down 37% over the past year. The company is forecast to post earnings per share of NT$6.14 for next year compared to NT$5.66 last year. Board Change • Sep 07
Less than half of directors are independent Following Institutional Director Hong-Guang Lin's arrival on 01 September 2022, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chen Shizhen 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 • Aug 13
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: NT$1.49. Revenue: NT$3.49b (down 3.3% from 2Q 2021). Net income: NT$570.3m (up 1.3% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 20% growth forecast for the industry in Taiwan. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$56.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 104% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 01 August 2022. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$69.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 171% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.60 (up from NT$0.88 in 1Q 2021). Revenue: NT$3.72b (up 19% from 1Q 2021). Net income: NT$612.3m (up 110% from 1Q 2021). Profit margin: 17% (up from 9.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 11%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 43% per year. Reported Earnings • Mar 31
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$5.66 (up from NT$2.70 in FY 2020). Revenue: NT$13.9b (up 32% from FY 2020). Net income: NT$1.93b (up 115% from FY 2020). Profit margin: 14% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 16%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$105, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 239% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$153 per share. Price Target Changed • Nov 17
Price target increased to NT$117 Up from NT$104, the current price target is an average from 2 analysts. New target price is 15% above last closing price of NT$102. Stock is up 158% over the past year. The company is forecast to post earnings per share of NT$5.82 for next year compared to NT$2.70 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.88 (vs NT$0.85 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.70b (up 34% from 3Q 2020). Net income: NT$623.8m (up 122% from 3Q 2020). Profit margin: 17% (up from 10% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 17% share price gain to NT$124, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 381% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$228 per share. Price Target Changed • Oct 29
Price target increased to NT$104 Up from NT$88.40, the current price target is an average from 2 analysts. New target price is 7.8% below last closing price of NT$113. Stock is up 212% over the past year. The company is forecast to post earnings per share of NT$6.08 for next year compared to NT$2.70 last year. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$94.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 281% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$94.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 177% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 18% share price gain to NT$108, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 176% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$208 per share. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.69 (vs NT$0.89 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$3.60b (up 40% from 2Q 2020). Net income: NT$562.9m (up 90% from 2Q 2020). Profit margin: 16% (up from 12% in 2Q 2020). The increase in margin was driven by higher revenue. 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 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 03 September 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (2.2%). Major Estimate Revision • Jul 10
Consensus EPS estimates increase to NT$5.83 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$13.7b to NT$13.9b. EPS estimate increased from NT$4.72 to NT$5.83 per share. Net income forecast to grow 89% next year vs 35% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$74.40 to NT$87.73. Share price rose 9.6% to NT$96.00 over the past week. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to NT$93.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$46.87 per share. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improved over the past week After last week's 22% share price gain to NT$68.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$47.22 per share. 
