Reported Earnings • May 09
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$1.05b (down 25% from 1Q 2025). Net income: NT$51.2m (up 7.8% from 1Q 2025). Profit margin: 4.9% (up from 3.4% in 1Q 2025). The increase in margin was driven by lower expenses. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$1.34 (vs NT$4.11 in FY 2024) Full year 2025 results: EPS: NT$1.34 (down from NT$4.11 in FY 2024). Revenue: NT$5.35b (down 23% from FY 2024). Net income: NT$172.3m (down 67% from FY 2024). Profit margin: 3.2% (down from 7.6% in FY 2024). The decrease in margin was driven by lower revenue. 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 14% per year, which means it has not declined as severely as earnings. New Risk • Mar 13
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: 3.2% Last year net profit margin: 7.6% 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 Earnings have declined by 34% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (105% payout ratio). Profit margins are more than 30% lower than last year (3.2% net profit margin). Announcement • Mar 06
Global Lighting Technologies Inc., Annual General Meeting, May 26, 2026 Global Lighting Technologies Inc., Annual General Meeting, May 26, 2026. Location: no,99, sec.1 ling hang n. rd., jhongli district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.62 (vs NT$0.77 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.62 (down from NT$0.77 in 3Q 2024). Revenue: NT$1.41b (down 28% from 3Q 2024). Net income: NT$79.4m (down 20% from 3Q 2024). Profit margin: 5.6% (up from 5.0% in 3Q 2024). The increase in margin was driven by lower expenses. 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 14% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 10
Now 20% undervalued Over the last 90 days, the stock has risen 14% to NT$47.90. The fair value is estimated to be NT$60.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 38%. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$49.00, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total loss to shareholders of 5.5% over the past three years. Reported Earnings • Sep 01
Second quarter 2025 earnings released: EPS: NT$0.04 (vs NT$1.27 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.04 (down from NT$1.27 in 2Q 2024). Revenue: NT$1.44b (down 20% from 2Q 2024). Net income: NT$5.96m (down 96% from 2Q 2024). Profit margin: 0.4% (down from 9.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% 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. Buy Or Sell Opportunity • Aug 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to NT$40.45. The fair value is estimated to be NT$50.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 37%. Buy Or Sell Opportunity • Jun 16
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to NT$39.90. The fair value is estimated to be NT$52.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 37%. Upcoming Dividend • Jun 09
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.4%). Announcement • May 30
Global Lighting Technologies Inc. Announces Cash Dividend Distribution for Common Shares, Payable on July 11, 2025 Global Lighting Technologies Inc. announced cash dividend distribution for common shares is TWD 283,501,000, TWD 2.2 per share will be distributed. Ex-rights (ex-dividend) trading date is June 16, 2025. Ex-rights (ex-dividend) record date of June 22, 2025. Payment date of common stock cash dividend distribution on July 11, 2025. Date of the resolution by the board of directors or shareholders meeting or decision by the Company is May 29, 2025. Announcement • May 29
Global Lighting Technologies Inc. Approves the Election of Directors Global Lighting Technologies Inc. approved the election of Director: Wistron Corproation Representative: Jiann-Shiun Lin; Director: Mark Richard Pratt; Independent Director: Ya-Hui Chuang, at the 2025 Annual General
Shareholders' Meeting held on May 28, 2025. Buy Or Sell Opportunity • May 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to NT$41.50. The fair value is estimated to be NT$52.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 37%. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.37 (vs NT$1.00 in 1Q 2024) First quarter 2025 results: EPS: NT$0.37 (down from NT$1.00 in 1Q 2024). Revenue: NT$1.39b (down 1.1% from 1Q 2024). Net income: NT$47.5m (down 63% from 1Q 2024). Profit margin: 3.4% (down from 9.2% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. 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. Buy Or Sell Opportunity • May 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$44.05. The fair value is estimated to be NT$56.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 38%. Announcement • May 01
Global Lighting Technologies Inc. to Report Q1, 2025 Results on May 08, 2025 Global Lighting Technologies Inc. announced that they will report Q1, 2025 results on May 08, 2025 Buy Or Sell Opportunity • Apr 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to NT$42.55. The fair value is estimated to be NT$56.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 38%. Reported Earnings • Mar 08
Full year 2024 earnings released: EPS: NT$4.10 (vs NT$2.57 in FY 2023) Full year 2024 results: EPS: NT$4.10 (up from NT$2.57 in FY 2023). Revenue: NT$6.95b (up 17% from FY 2023). Net income: NT$528.9m (up 60% from FY 2023). Profit margin: 7.6% (up from 5.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 03
Global Lighting Technologies Inc., Annual General Meeting, May 28, 2025 Global Lighting Technologies Inc., Annual General Meeting, May 28, 2025. Location: no,99, sec.1 ling hang n. rd., jhongli district, taoyuan city Taiwan Announcement • Feb 20
Global Lighting Technologies Inc. to Report Fiscal Year 2024 Results on Feb 27, 2025 Global Lighting Technologies Inc. announced that they will report fiscal year 2024 results on Feb 27, 2025 New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 6.1% 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 6.1% per year over the past 5 years. 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 (6.8% average weekly change). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.77 (vs NT$1.23 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.77 (down from NT$1.23 in 3Q 2023). Revenue: NT$1.97b (up 28% from 3Q 2023). Net income: NT$99.2m (down 38% from 3Q 2023). Profit margin: 5.0% (down from 10% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% 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 fallen by 40% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Nov 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: 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 (6.7% average weekly change). Announcement • Oct 30
Global Lighting Technologies Inc. to Report Q3, 2024 Results on Nov 05, 2024 Global Lighting Technologies Inc. announced that they will report Q3, 2024 results on Nov 05, 2024 Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$69.90, the stock trades at a trailing P/E ratio of 18.5x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 8.9% over the past three years. Buy Or Sell Opportunity • Aug 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to NT$58.00. The fair value is estimated to be NT$72.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Earnings per share has declined by 39%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.27 (vs NT$1.82 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.27 (down from NT$1.82 in 2Q 2023). Revenue: NT$1.81b (up 2.9% from 2Q 2023). Net income: NT$163.2m (down 30% from 2Q 2023). Profit margin: 9.0% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% 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 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Aug 06
Global Lighting Technologies Inc. to Report Q2, 2024 Results on Aug 13, 2024 Global Lighting Technologies Inc. announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jul 12
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 19 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (1.9%). Reported Earnings • Jun 20
First quarter 2024 earnings released: EPS: NT$1.00 (vs NT$0.77 loss in 1Q 2023) First quarter 2024 results: EPS: NT$1.00 (up from NT$0.77 loss in 1Q 2023). Revenue: NT$1.41b (up 30% from 1Q 2023). Net income: NT$129.0m (up NT$227.9m from 1Q 2023). Profit margin: 9.2% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 11
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 63% lower than last year. Ex-date: 19th July 2024 Payment date: 16th August 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 09
Now 21% undervalued Over the last 90 days, the stock has risen 34% to NT$65.80. The fair value is estimated to be NT$83.66, however this is not to be taken as a buy 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 34%. Announcement • May 01
Global Lighting Technologies Inc. to Report Q1, 2024 Results on May 07, 2024 Global Lighting Technologies Inc. announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$2.57 (vs NT$8.05 in FY 2022) Full year 2023 results: EPS: NT$2.57 (down from NT$8.05 in FY 2022). Revenue: NT$5.94b (down 39% from FY 2022). Net income: NT$331.4m (down 68% from FY 2022). Profit margin: 5.6% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% 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 • Feb 27
Global Lighting Technologies Inc., Annual General Meeting, May 28, 2024 Global Lighting Technologies Inc., Annual General Meeting, May 28, 2024. Location: No.168, Sec.1, Yanping Rd., Pingzhen Dist., Taiwan, R.o.c. Taiwan Agenda: To consider report of the business of 2023; to consider audit committee's review report; to consider report of the compensation for the employees and director's of 2023; to consider report of the amendments to the Code of Ethics and Conduct; to consider Report the amendments to the Ethics Corporate Management Best Practice Principles; to consider Adoption of the Business Report and Financial Statements of 2023; to consider adoption of the proposal for distribution of 2023 profits; and to consider other matters. Announcement • Nov 03
Global Lighting Technologies Inc. Announces Management Changes Global Lighting Technologies Inc. announced the new replacement of the Company's Chief Plant Manager. Name, title, and resume of the previous position holder: Fleming Lin, Chief Plant Manager of Global Lighting Technologies Inc. Name, title, and resume of the new position holder: Joe Song, Chungli Plant Manager of Global Lighting Technologies Inc. (Taiwan). Effective date is November 2, 2023. Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: NT$1.82 (vs NT$0.43 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.82 (up from NT$0.43 in 2Q 2022). Revenue: NT$1.76b (down 4.5% from 2Q 2022). Net income: NT$234.6m (up 320% from 2Q 2022). Profit margin: 13% (up from 3.0% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 10
Upcoming dividend of NT$4.00 per share at 6.9% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Announcement • Jun 29
Global Lighting Technologies Inc. Announces Cash Dividend Distribution, Payable on August 11, 2023 Global Lighting Technologies Inc. announced cash dividend distribution for common shares is TWD 515,456,364, TWD 4 per share will be distributed. Payment date of cash dividend distribution on August 11, 2023. Ex-rights (ex-dividend) record date of July 23, 2023. Buying Opportunity • May 10
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$71.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 18%. Buying Opportunity • Apr 21
Now 21% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be NT$71.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 18%. Buying Opportunity • Dec 29
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be NT$68.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 30%. 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. Representative Director Jiann-Shiun Lin was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$3.83 (vs NT$2.88 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.83 (up from NT$2.88 in 3Q 2021). Revenue: NT$3.18b (up 14% from 3Q 2021). Net income: NT$494.4m (up 31% from 3Q 2021). Profit margin: 16% (up from 14% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to NT$57.50, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total loss to shareholders of 26% over the past three years. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: NT$0.43 (vs NT$2.06 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.43 (down from NT$2.06 in 2Q 2021). Revenue: NT$1.84b (down 33% from 2Q 2021). Net income: NT$55.8m (down 79% from 2Q 2021). Profit margin: 3.0% (down from 9.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be NT$75.97, 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 54%. Upcoming Dividend • Jul 19
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 22 August 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (3.7%). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Executive Chairman Mang-Shiang Lee was the last director to join the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.94 (down from NT$2.49 in 1Q 2021). Revenue: NT$2.44b (down 8.6% from 1Q 2021). Net income: NT$249.4m (down 23% from 1Q 2021). Profit margin: 10% (down from 12% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 28%. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director K. Tsai was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 16
Global Lighting Technologies Inc. Announces the Retirement of Ching-Lin Wang as Group CTO Global Lighting Technologies Inc. announced the retirement of Ching-Lin Wang as Group CTO of the company. Effective date is April 15, 2022. Buying Opportunity • Mar 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be NT$91.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% per annum over the last 3 years. Earnings per share has grown by 65% per annum over the last 3 years. Reported Earnings • Mar 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$9.74 (down from NT$10.35 in FY 2020). Revenue: NT$10.9b (down 2.9% from FY 2020). Net income: NT$1.28b (down 5.9% from FY 2020). Profit margin: 12% (in line with FY 2020). Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 28%. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
Global Lighting Technologies Inc. Announces the Adjustment of the Company's CEO Global Lighting Technologies Inc. announced the adjustment of the company's CEO. Type of personnel changed (please enter: spokesperson, acting spokesperson, important personnel (CEO, COO, CMO, CSO, etc.),financial officer, accounting officer, corporate governance officer,research and development officer, chief internal auditor, or designated and non-designated representatives): CEO. Date of occurrence of the change: February 24, 2022. Name, title, and resume of the previous position holder: Mang-Shiang Lee/Chairman and Group CEO of the Company. Reason for the change: position adjustment. Effective date: February 24, 2022. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$2.88 (vs NT$3.55 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$2.79b (down 19% from 3Q 2020). Net income: NT$376.4m (down 19% from 3Q 2020). Profit margin: 14% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 08
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 08 October 2021. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 19
Second quarter 2021 earnings released: EPS NT$2.06 (vs NT$2.82 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.73b (down 6.0% from 2Q 2020). Net income: NT$270.2m (down 27% from 2Q 2020). Profit margin: 9.9% (down from 13% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 15% share price gain to NT$106, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total returns to shareholders of 197% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$83.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 148% over the past three years. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS NT$2.49 (vs NT$0.76 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.67b (up 94% from 1Q 2020). Net income: NT$325.5m (up 227% from 1Q 2020). Profit margin: 12% (up from 7.2% 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 85% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS NT$10.35 (vs NT$2.63 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$11.2b (up 112% from FY 2019). Net income: NT$1.36b (up 293% from FY 2019). Profit margin: 12% (up from 6.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 10%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Is New 90 Day High Low • Feb 01
New 90-day low: NT$101 The company is down 3.0% from its price of NT$104 on 03 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 35% over the same period. Price Target Changed • Nov 17
Price target lowered to NT$142 Down from NT$164, the current price target is provided by 1 analyst. The new target price is 20% above the current share price of NT$119. As of last close, the stock is up 24% over the past year. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$3.55 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.43b (up 137% from 3Q 2019). Net income: NT$465.2m (up 221% from 3Q 2019). Profit margin: 14% (up from 10.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 17%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Is New 90 Day High Low • Sep 24
New 90-day low: NT$105 The company is down 21% from its price of NT$132 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 26% over the same period.