Buy Or Sell Opportunity • May 27
Now 25% undervalued The stock has been flat over the last 90 days, currently trading at NT$315. The fair value is estimated to be NT$418, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 6.5%. Revenue is forecast to grow by 16% in a year. Earnings are forecast to grow by 28% in the next year. New Risk • May 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.7% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.7% net profit margin). Upcoming Dividend • May 20
Upcoming dividend of NT$10.98 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (1.1%). Buy Or Sell Opportunity • Mar 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to NT$307. The fair value is estimated to be NT$255, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 7.4% in the next year. Reported Earnings • Mar 08
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$21.44 (down from NT$25.22 in FY 2024). Revenue: NT$20.8b (up 27% from FY 2024). Net income: NT$2.34b (down 11% from FY 2024). Profit margin: 11% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. 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 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 02
Foxsemicon Integrated Technology Inc., Annual General Meeting, May 27, 2026 Foxsemicon Integrated Technology Inc., Annual General Meeting, May 27, 2026. Location: 2 floor no,16, k`o chung rd., jhunan township hsinchu science park, miaoli county Taiwan Announcement • Feb 27
Foxsemicon Integrated Technology Inc. announces Annual dividend, payable on June 22, 2026 Foxsemicon Integrated Technology Inc. announced Annual dividend of TWD 11.0000 per share payable on June 22, 2026, ex-date on May 27, 2026 and record date on May 28, 2026. Buy Or Sell Opportunity • Feb 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to NT$318. The fair value is estimated to be NT$264, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 10% in a year. Earnings are forecast to decline by 3.3% in the next year. New Risk • Jan 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% 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 1.2% per year for the foreseeable future. High level of non-cash earnings (35% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Dec 24
Price target decreased by 9.2% to NT$331 Down from NT$365, the current price target is an average from 2 analysts. New target price is 16% above last closing price of NT$286. Stock is down 8.3% over the past year. The company is forecast to post earnings per share of NT$21.51 for next year compared to NT$25.22 last year. New Risk • Dec 02
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: Major Risk High level of non-cash earnings (35% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Nov 12
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: NT$6.10 (up from NT$5.52 in 3Q 2024). Revenue: NT$5.54b (up 20% from 3Q 2024). Net income: NT$667.0m (up 15% from 3Q 2024). Profit margin: 12% (in line with 3Q 2024). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 7.2% 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 increased by 1% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: NT$3.41 (vs NT$6.75 in 2Q 2024) Second quarter 2025 results: EPS: NT$3.41 (down from NT$6.75 in 2Q 2024). Revenue: NT$5.20b (up 40% from 2Q 2024). Net income: NT$368.6m (down 47% from 2Q 2024). Profit margin: 7.1% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 13% 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 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of NT$14.42 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.3%). Announcement • Jun 05
Foxsemicon Integrated Technology Inc. Approves Cash Dividend Foxsemicon Integrated Technology Inc. approved cash dividend. Type and monetary amount of original dividend distribution: Total cash dividend TWD 1,564,135,097, TWD 14.5 per share. Type and monetary amount of dividend distribution after the change: Total cash dividend TWD 1,564,135,097, TWD 14.42492117 per share. Reason for the change: Due to the execution of employee stockoptions and the convertible bonds be transferred to common stocks. The total amount of outstanding shares of common stock has changed. Therefore, the company adjusts the payout ratio of cash dividend. Date of the resolution of the board of directors or shareholders meeting: June 4, 2025. Reported Earnings • May 14
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: NT$6.71 (up from NT$5.52 in 1Q 2024). Revenue: NT$4.87b (up 47% from 1Q 2024). Net income: NT$724.0m (up 33% from 1Q 2024). Profit margin: 15% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 9.2% 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 increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 08
Now 22% overvalued Over the last 90 days, the stock has fallen 5.9% to NT$296. The fair value is estimated to be NT$243, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Announcement • May 03
Foxsemicon Integrated Technology Inc. to Report Q1, 2025 Results on May 09, 2025 Foxsemicon Integrated Technology Inc. announced that they will report Q1, 2025 results on May 09, 2025 Announcement • Apr 24
Foxsemicon Integrated Technology Inc. (TWSE:3413) agreed to acquire 51% stake in Fairtech Corporation for TWD 2.0 billion. Foxsemicon Integrated Technology Inc. (TWSE:3413) agreed to acquire 51% stake in Fairtech Corporation for TWD 2.0 billion on April 23, 2025. A cash consideration of TWD 2.01 billion valued at TWD 138 per share will be paid by Foxsemicon Integrated Technology Inc. As part of consideration, TWD 2.01 billion is paid towards common equity of Fairtech Corporation. The transaction has been approved by the board of Foxsemicon Integrated Technology Inc. The transaction will be financed through equity investment of TWD 2.01 billion. 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$226, 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 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$251 per share. Declared Dividend • Feb 28
Dividend increased to NT$14.50 Dividend of NT$14.50 is 28% higher than last year. Ex-date: 20th June 2025 Payment date: 18th July 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (466% cash payout ratio). The dividend has increased by an average of 29% 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 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 19
Foxsemicon Integrated Technology Inc. to Report Q4, 2024 Results on Feb 26, 2025 Foxsemicon Integrated Technology Inc. announced that they will report Q4, 2024 results at 9:00 AM, Taipei Standard Time on Feb 26, 2025 Board Change • Jan 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. President, GM & Director Yao-Quan Qiu was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$306. The fair value is estimated to be NT$386, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Nov 08
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$5.52 (up from NT$4.87 in 3Q 2023). Revenue: NT$4.61b (up 55% from 3Q 2023). Net income: NT$581.9m (up 23% from 3Q 2023). Profit margin: 13% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 12% p.a. on average during the next 2 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 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 31
Foxsemicon Integrated Technology Inc. to Report Q3, 2024 Results on Nov 06, 2024 Foxsemicon Integrated Technology Inc. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$365, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x 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$255 per share. Major Estimate Revision • Sep 07
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$15.0b to NT$15.8b. EPS estimate increased from NT$21.05 to NT$24.48 per share. Net income forecast to grow 13% next year vs 31% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$365 to NT$390. Share price was steady at NT$345 over the past week. New Risk • Aug 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks 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 (8.4% average weekly change). Shareholders have been diluted in the past year (5.7% increase in shares outstanding). Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$6.75 (up from NT$6.24 in 2Q 2023). Revenue: NT$3.72b (up 13% from 2Q 2023). Net income: NT$696.3m (up 15% from 2Q 2023). Profit margin: 19% (in line with 2Q 2023). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 14% 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 increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 02
Foxsemicon Integrated Technology Inc. to Report Q2, 2024 Results on Aug 09, 2024 Foxsemicon Integrated Technology Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 New Risk • Jul 26
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). Price Target Changed • Jul 24
Price target decreased by 15% to NT$349 Down from NT$410, the current price target is an average from 3 analysts. New target price is 7.4% above last closing price of NT$325. Stock is up 79% over the past year. The company is forecast to post earnings per share of NT$21.04 for next year compared to NT$20.48 last year. Price Target Changed • Jul 08
Price target increased by 16% to NT$410 Up from NT$353, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$397. Stock is up 119% over the past year. The company is forecast to post earnings per share of NT$21.04 for next year compared to NT$20.48 last year. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$364, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$159 per share. Upcoming Dividend • Jun 18
Upcoming dividend of NT$11.30 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Reported Earnings • May 18
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$5.52 (up from NT$4.15 in 1Q 2023). Revenue: NT$3.32b (down 2.4% from 1Q 2023). Net income: NT$545.5m (up 35% from 1Q 2023). Profit margin: 16% (up from 12% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. 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 increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • May 05
Foxsemicon Integrated Technology Inc. to Report Q1, 2024 Results on May 10, 2024 Foxsemicon Integrated Technology Inc. announced that they will report Q1, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$291, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$155 per share. Major Estimate Revision • Mar 19
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$13.7b to NT$14.7b. EPS estimate increased from NT$17.41 to NT$20.77 per share. Net income forecast to grow 1.5% next year vs 24% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$212 to NT$251. Share price rose 17% to NT$291 over the past week. Price Target Changed • Mar 14
Price target increased by 13% to NT$234 Up from NT$207, the current price target is an average from 4 analysts. New target price is 11% below last closing price of NT$263. Stock is up 37% over the past year. The company is forecast to post earnings per share of NT$20.80 for next year compared to NT$20.48 last year. Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: NT$20.48 (vs NT$24.64 in FY 2022) Full year 2023 results: EPS: NT$20.48 (down from NT$24.64 in FY 2022). Revenue: NT$13.1b (down 12% from FY 2022). Net income: NT$1.99b (down 14% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue is forecast to grow 9.1% 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 increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 02
Dividend reduced to NT$12.00 Dividend of NT$12.00 is 13% lower than last year. Ex-date: 25th June 2024 Payment date: 15th July 2024 Dividend yield will be 4.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 35% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$4.87 (down from NT$8.14 in 3Q 2022). Revenue: NT$2.98b (down 27% from 3Q 2022). Net income: NT$473.4m (down 40% from 3Q 2022). Profit margin: 16% (down from 19% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 7.8% 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 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 26
Upcoming dividend of NT$13.79 per share at 6.7% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Major Estimate Revision • Jun 09
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$12.9b to NT$12.7b. EPS estimate also fell from NT$18.72 per share to NT$16.53 per share. Net income forecast to shrink 22% next year vs 13% decline forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$217 to NT$207. Share price was steady at NT$196 over the past week. Announcement • Jun 06
Foxsemicon Integrated Technology Inc. Announces Dividend, Payable on July 31, 2023 Foxsemicon Integrated Technology Inc. announces dividend of TWD 13.8 per share. Ex-rights (ex-dividend) trading date is July 4, 2023. Ex-rights (ex-dividend) record date is July 9, 2023Payment date of cash dividend distribution is July 31, 2023. Announcement • May 31
Foxsemicon Integrated Technology Inc. Announces Executive Changes Foxsemicon Integrated Technology Inc. appointed Young-Way Liu, Kevin Chiu and Jong-Khing Huang as directors; Hsi-Chih Chen, Kang-Chih Li and Ya-Hui Huang as independent directors at its shareholders meeting held on May 30, 2023. Reported Earnings • Apr 22
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$24.64 (up from NT$17.01 in FY 2021). Revenue: NT$14.8b (up 21% from FY 2021). Net income: NT$2.32b (up 56% from FY 2021). Profit margin: 16% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 1.5% 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 30% 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 • Mar 09
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$15.2b to NT$12.9b. EPS estimate fell from NT$22.24 to NT$17.22 per share. Net income forecast to shrink 16% next year vs 18% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$217 unchanged from last update. Share price fell 4.1% to NT$197 over the past week. Buying Opportunity • Feb 10
Now 20% undervalued Over the last 90 days, the stock is up 8.7%. The fair value is estimated to be NT$250, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 3.1% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$8.14 (up from NT$4.88 in 3Q 2021). Revenue: NT$4.06b (up 28% from 3Q 2021). Net income: NT$787.2m (up 84% from 3Q 2021). Profit margin: 19% (up from 14% in 3Q 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 5.2%. Revenue is forecast to grow 6.8% 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 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target decreased to NT$216 Down from NT$261, the current price target is an average from 2 analysts. New target price is 14% above last closing price of NT$189. Stock is down 16% over the past year. The company is forecast to post earnings per share of NT$25.88 for next year compared to NT$17.01 last year. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$8.14 (up from NT$4.88 in 3Q 2021). Revenue: NT$4.06b (up 28% from 3Q 2021). Net income: NT$787.2m (up 84% from 3Q 2021). Profit margin: 19% (up from 14% in 3Q 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 5.2%. Revenue is forecast to grow 6.8% 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 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 21
Price target decreased to NT$216 Down from NT$269, the current price target is an average from 2 analysts. New target price is 26% above last closing price of NT$171. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$25.88 for next year compared to NT$17.01 last year. Major Estimate Revision • Sep 13
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$13.9b to NT$14.7b. EPS estimate increased from NT$21.07 to NT$25.22 per share. Net income forecast to grow 27% next year vs 3.6% decline forecast for Semiconductor industry in Taiwan. Consensus price target of NT$269 unchanged from last update. Share price rose 12% to NT$219 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$6.26 (up from NT$4.57 in 2Q 2021). Revenue: NT$3.20b (up 6.3% from 2Q 2021). Net income: NT$591.3m (up 47% from 2Q 2021). Profit margin: 19% (up from 13% in 2Q 2021). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Over the next year, revenue is forecast to grow 15%, 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 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 21
Upcoming dividend of NT$8.69 per share Eligible shareholders must have bought the stock before 28 June 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.4%). Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$5.93 (up from NT$3.45 in 1Q 2021). Revenue: NT$3.41b (up 26% from 1Q 2021). Net income: NT$524.3m (up 75% from 1Q 2021). Profit margin: 15% (up from 11% in 1Q 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 11%. Over the next year, revenue is forecast to grow 15%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$17.01 (up from NT$14.91 in FY 2020). Revenue: NT$12.2b (up 23% from FY 2020). Net income: NT$1.49b (up 21% from FY 2020). Profit margin: 12% (in line with FY 2020). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 13%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$224, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 77% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$4.88 (vs NT$4.03 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.18b (up 20% from 3Q 2020). Net income: NT$428.6m (up 29% from 3Q 2020). Profit margin: 14% (up from 13% 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 12% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 18
Upcoming dividend of NT$6.98 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 23 September 2021. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$4.57 (vs NT$4.68 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$3.01b (up 13% from 2Q 2020). Net income: NT$401.0m (up 3.6% from 2Q 2020). Profit margin: 13% (down from 15% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$3.45 (vs NT$2.86 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: NT$2.70b (up 29% from 1Q 2020). Net income: NT$299.1m (up 27% from 1Q 2020). Profit margin: 11% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 17% share price gain to NT$273, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 36% over the past three years. Announcement • Mar 09
Foxsemicon Integrated Technology Inc., Annual General Meeting, May 25, 2021 Foxsemicon Integrated Technology Inc., Annual General Meeting, May 25, 2021. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.0006%. Earnings per share (EPS) missed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 15%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS NT$14.91 (vs NT$7.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$9.94b (up 36% from FY 2019). Net income: NT$1.23b (up 90% from FY 2019). Profit margin: 12% (up from 8.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Is New 90 Day High Low • Feb 24
New 90-day high: NT$259 The company is up 26% from its price of NT$205 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 33% over the same period. Announcement • Feb 10
SmartBreast Announces Molecular Breast Imaging Partnership with Foxsemicon Integrated Technology Inc SmartBreast Corporation announced that it has formed a partnership with FoxSemicon Integrated Technologies Inc. (FITI) to manufacture Molecular Breast Imaging (MBI) systems. FITI has invested substantially in SmartBreast and will be the contract manufacturer for two MBI systems recently acquired by SmartBreast: the GE Healthcare Discovery NM 750b and the Dilon Technologies D6800. SmartBreast will rebrand the two systems as "EVE CLEAR SCAN™" e750 and e680, respectively. Together, SmartBreast and FITI will co-develop and manufacture innovative, cost-effective, next-generation MBI systems to further increase the efficacy of detecting cancer in the earlier stage. The company will integrate stereotactic MBI-guided biopsy and 3D-MBI technology to further enhance functionality. Is New 90 Day High Low • Jan 14
New 90-day high: NT$232 The company is up 29% from its price of NT$179 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 34% over the same period.