Declared Dividend • May 22
Dividend of NT$4.20 announced Shareholders will receive a dividend of NT$4.20. Ex-date: 7th July 2026 Payment date: 24th July 2026 Dividend yield will be 1.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (278% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.9% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 06
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$2.00 (up from NT$1.57 in 1Q 2025). Revenue: NT$5.29b (up 13% from 1Q 2025). Net income: NT$1.01b (up 33% from 1Q 2025). Profit margin: 19% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 14% p.a. on average during the next 2 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 15% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$182, 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 286% over the past three years. Major Estimate Revision • Mar 31
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$21.0b to NT$22.5b. EPS estimate increased from NT$6.64 to NT$7.87 per share. Net income forecast to grow 29% next year vs 48% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$106 to NT$157. Share price rose 19% to NT$151 over the past week. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$149, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 212% over the past three years. Announcement • Mar 10
Sigurd Microelectronics Corporation, Annual General Meeting, May 29, 2026 Sigurd Microelectronics Corporation, Annual General Meeting, May 29, 2026. Location: no,65, kuang fu n. rd., hukou township, hsinchu county Taiwan Reported Earnings • Mar 10
Full year 2025 earnings released: EPS: NT$6.14 (vs NT$5.89 in FY 2024) Full year 2025 results: EPS: NT$6.14 (up from NT$5.89 in FY 2024). Revenue: NT$19.6b (up 7.5% from FY 2024). Net income: NT$2.95b (up 6.6% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$151, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 227% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$62.42 per share. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$136, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 222% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$61.21 per share. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$115, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 177% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$60.43 per share. New Risk • Dec 01
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 6.6% 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 (6.6% average weekly change). Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: NT$1.68 (vs NT$1.02 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.68 (up from NT$1.02 in 3Q 2024). Revenue: NT$4.85b (up 5.8% from 3Q 2024). Net income: NT$803.6m (up 66% from 3Q 2024). Profit margin: 17% (up from 11% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.5% 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 5% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.70 (down from NT$1.62 in 2Q 2024). Revenue: NT$4.78b (up 5.1% from 2Q 2024). Net income: NT$335.6m (down 56% from 2Q 2024). Profit margin: 7.0% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 6.5% 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 fallen by 10% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 01
Upcoming dividend of NT$4.04 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.3%). Declared Dividend • May 31
Dividend increased to NT$4.00 Dividend of NT$4.00 is 54% higher than last year. Ex-date: 8th July 2025 Payment date: 25th July 2025 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 30
Sigurd Microelectronics Corporation Announces Cash Dividend, Payable on July 25, 2025 Sigurd Microelectronics Corporation announced Cash payment of approximately TWD 4.0 per share to shareholders (total TWD 1,935,649,301) Distribution method:(1) Cash dividends distributed to shareholders from earnings of TWD 1,209,780,813(2) Cash payment of TWD 725,868,488 from capital reserve. Ex-rights (ex-dividend) trading date is July 8, 2025. Ex-rights (ex-dividend) record date is July 14, 2025. Payment date of common stock cash dividend distribution is July 25, 2025. Reported Earnings • May 06
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$1.57. Revenue: NT$4.68b (up 13% from 1Q 2024). Net income: NT$757.4m (up 1.8% from 1Q 2024). Profit margin: 16% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Announcement • Apr 27
Sigurd Microelectronics Corporation to Report Q1, 2025 Results on May 05, 2025 Sigurd Microelectronics Corporation announced that they will report Q1, 2025 results on May 05, 2025 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$62.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$64.75 per share. Announcement • Mar 03
Sigurd Microelectronics Corporation, Annual General Meeting, May 29, 2025 Sigurd Microelectronics Corporation, Annual General Meeting, May 29, 2025. Location: no,68, chung shan rd., jhudong township, hsinchu county Taiwan Reported Earnings • Mar 03
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$5.89 (up from NT$3.80 in FY 2023). Revenue: NT$18.2b (up 18% from FY 2023). Net income: NT$2.77b (up 60% from FY 2023). Profit margin: 15% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Revenue is forecast to grow 6.6% 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 14% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Mar 01
Sigurd Microelectronics Corporation Proposes Cash Dividend for 2024 Sigurd Microelectronics Corporation proposed to distribution of cash dividends from earnings for 2024: shareholders of approximately TWD 4.0 per share (total TWD 1,935,649,301). Appropriations of earnings in cash dividends to shareholders (TWD per share):2.5; Total amount of cash distributed to shareholders TWD 1,209,780,813. Cash distributed from legal reserve and capital surplus to shareholders (TWD per share):1.5. Total amount of cash distributed to shareholders TWD 725,868,488. Announcement • Feb 21
Sigurd Microelectronics Corporation to Report Fiscal Year 2024 Results on Feb 27, 2025 Sigurd Microelectronics Corporation announced that they will report fiscal year 2024 results on Feb 27, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$1.02 (vs NT$1.61 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.02 (down from NT$1.61 in 3Q 2023). Revenue: NT$4.59b (up 11% from 3Q 2023). Net income: NT$482.9m (down 34% from 3Q 2023). Profit margin: 11% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Oct 22
Sigurd Microelectronics Corporation to Report Q3, 2024 Results on Oct 29, 2024 Sigurd Microelectronics Corporation announced that they will report Q3, 2024 results on Oct 29, 2024 New Risk • Aug 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% 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. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Buy Or Sell Opportunity • Jul 31
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at NT$77.20. The fair value is estimated to be NT$62.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has declined by 9.1%. Announcement • Jul 23
Sigurd Microelectronics Corporation to Report Q2, 2024 Results on Jul 30, 2024 Sigurd Microelectronics Corporation announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Jul 30, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.0%). Announcement • May 25
Sigurd Microelectronics Corporation Approves Cash Dividends for the Year 2023, Payable on July 19, 2024 Sigurd Microelectronics Corporation announced important resolutions of the company's 2023 General Meeting of Shareholders. Date of the shareholders meeting is May 24, 2024. Acknowledged the 2023 surplus distribution: The company handled the procedure in accordance with the provisions of the company's articles of association, and allocated cash dividends of TWD 1,222,309,176 to shareholders of approximately TWD 2.68 per share. Ex-rights (ex-dividend) trading date is June 27, 2024. Ex-rights (ex-dividend) record date is July 5, 2024. Payment date of common stock cash dividend distribution is July 19, 2024. Buy Or Sell Opportunity • May 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$77.70. The fair value is estimated to be NT$64.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has declined by 9.1%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to decline by 0.04% in the next year. Reported Earnings • May 03
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$1.62 (up from NT$0.49 in 1Q 2023). Revenue: NT$4.16b (up 15% from 1Q 2023). Net income: NT$744.2m (up 230% from 1Q 2023). Profit margin: 18% (up from 6.2% in 1Q 2023). Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Revenue is forecast to grow 12% 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 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Apr 24
Sigurd Microelectronics Corporation to Report Q1, 2024 Results on Apr 30, 2024 Sigurd Microelectronics Corporation announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: NT$3.80 (vs NT$6.68 in FY 2022) Full year 2023 results: EPS: NT$3.80 (down from NT$6.68 in FY 2022). Revenue: NT$15.5b (down 17% from FY 2022). Net income: NT$1.74b (down 43% from FY 2022). Profit margin: 11% (down from 16% in FY 2022). The decrease in margin was 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 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 27
Sigurd Microelectronics Corporation, Annual General Meeting, Apr 25, 2024 Sigurd Microelectronics Corporation, Annual General Meeting, Apr 25, 2024. Location: No. 436 SEC. 1, PEI-SHING RD. CHU-TUNG Hsin-Chu Taiwan Agenda: To consider Business Report of the year 2023; to consider Supervisor's Review Report of the year 2023; and to consider Director's and Supervisor's Remuneration and Employee Remuneration Distribution Case of the year 2023. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: NT$1.61 (vs NT$2.17 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.61 (down from NT$2.17 in 3Q 2022). Revenue: NT$4.13b (down 14% from 3Q 2022). Net income: NT$735.7m (down 25% from 3Q 2022). Profit margin: 18% (down from 21% in 3Q 2022). The decrease in margin was driven by lower revenue. 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 16% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 02
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: 12% Last year net profit margin: 18% 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: Minor Risks Dividend is not well covered by earnings (98% payout ratio). Profit margins are more than 30% lower than last year (12% net profit margin). Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: NT$1.13 (vs NT$2.18 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.13 (down from NT$2.18 in 2Q 2022). Revenue: NT$3.72b (down 28% from 2Q 2022). Net income: NT$515.7m (down 48% from 2Q 2022). Profit margin: 14% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$4.20 per share at 7.2% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 16 August 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 7.2%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Announcement • Jun 16
Sigurd Microelectronics Corporation Announces Cash Dividend, Payable on 16 August 2023 Sigurd Microelectronics Corporation announced cash dividends is TWD 1,918,312,284 (TWD 4.2 per share), Payment date of cash dividend distribution: 16 August 2023. Ex dividend date is 2 August 2023. Reported Earnings • Mar 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$6.68 (up from NT$6.25 in FY 2021). Revenue: NT$18.7b (up 12% from FY 2021). Net income: NT$3.03b (up 8.8% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 6.4% 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 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Dec 21
Sigurd Microelectronics Corporation Announces Executive Changes Sigurd Microelectronics Corporation board of directors approved the change of the chief internal auditor. Name, title, and resume of the previous position holder: Lin, Chen Chu/Senior Director. Name, title, and resume of the new position holder: Chen Yu Hui/Audit department director Reason for the change: position adjustment. Effective date is December 20, 2022. Board Change • Nov 16
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. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Min-Kai Lin was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 05
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.17 (up from NT$1.92 in 3Q 2021). Revenue: NT$4.78b (up 2.2% from 3Q 2021). Net income: NT$983.5m (up 15% from 3Q 2021). Profit margin: 21% (up from 18% in 3Q 2021). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: NT$2.18 (vs NT$1.55 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.18 (up from NT$1.55 in 2Q 2021). Revenue: NT$5.15b (up 23% from 2Q 2021). Net income: NT$986.7m (up 44% from 2Q 2021). Profit margin: 19% (up from 16% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.1%, compared to a 21% growth forecast for the 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 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$4.13 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 03 August 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (4.1%). Price Target Changed • Jul 05
Price target decreased to NT$62.50 Down from NT$77.00, the current price target is an average from 2 analysts. New target price is 19% above last closing price of NT$52.50. Stock is down 9.9% over the past year. The company is forecast to post earnings per share of NT$7.21 for next year compared to NT$6.25 last year. Announcement • Jun 10
Sigurd Microelectronics Corporation Approves Cash Dividend Sigurd Microelectronics Corporation at its 2022 General Meeting of Shareholders held on June 9, 2022 approved to distribute cash to shareholders. The company handled the procedure in accordance with the provisions of the company's articles of association, and allocated cash dividends of TWD 1,369,427,232 to shareholders of approximately TWD 3.0 per share. Pass the cash distribution from capital reserve: The company intends to allocate TWD 502,123,318 from the capital reserve that generated by the premium from the conversion of convertible corporate bonds into ordinary shares (belonging to the tax-exempt part of capital reserve), with a cash distribution of approximately TWD 1.1 per share. Reported Earnings • Apr 28
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.82 (up from NT$1.27 in 1Q 2021). Revenue: NT$4.62b (up 32% from 1Q 2021). Net income: NT$821.5m (up 47% from 1Q 2021). Profit margin: 18% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 12%, compared to a 24% 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. 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. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Min-Kai Lin was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 11
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$6.25 (up from NT$4.22 in FY 2020). Revenue: NT$16.7b (up 34% from FY 2020). Net income: NT$2.79b (up 56% from FY 2020). Profit margin: 17% (up from 14% 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 6.0%. Over the next year, revenue is forecast to grow 17%, compared to a 24% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 25% per year. Announcement • Mar 10
Sigurd Microelectronics Corporation Proposes Cash Dividend The board of directors of Sigurd Microelectronics Corporation proposed to distribute cash to shareholders of approximately TWD 4.1 per share (total TWD 1,871,550,550); The distribution method is (1) distribution of cash dividends from earnings: TWD 1,369,427,232 (approximately TWD 3.0 in cash per share) (2) Cash distribution from capital reserve: TWD 502,123,318 (approximately TWD 1.1 in cash per share), at its AGM to be held on June 6, 2022. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$1.92 (vs NT$1.19 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$4.68b (up 42% from 3Q 2020). Net income: NT$857.3m (up 71% from 3Q 2020). Profit margin: 18% (up from 15% 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 23% per year whereas the company’s share price has increased by 28% per year. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$59.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 103% over the past three years. Upcoming Dividend • Aug 09
Upcoming dividend of NT$2.87 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 03 September 2021. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS NT$1.55 (vs NT$1.09 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: NT$4.21b (up 45% from 2Q 2020). Net income: NT$684.6m (up 49% from 2Q 2020). Profit margin: 16% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 06
Price target increased to NT$75.50 Up from NT$63.67, the current price target is an average from 2 analysts. New target price is 5.4% above last closing price of NT$71.60. Stock is up 61% over the past year. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS NT$1.27 (vs NT$0.80 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$3.50b (up 29% from 1Q 2020). Net income: NT$557.8m (up 66% from 1Q 2020). Profit margin: 16% (up from 12% 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 14% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS NT$4.22 (vs NT$3.26 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$12.4b (up 24% from FY 2019). Net income: NT$1.78b (up 38% from FY 2019). Profit margin: 14% (up from 13% 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 12% per year and the company’s share price has also increased by 12% per year. Announcement • Mar 20
Sigurd Microelectronics Corporation, Annual General Meeting, Jun 10, 2021 Sigurd Microelectronics Corporation, Annual General Meeting, Jun 10, 2021. Is New 90 Day High Low • Mar 16
New 90-day high: NT$52.60 The company is up 15% from a price of NT$45.80 on 16 December 2020. Performed similarly to the Taiwanese market which is up 15% over the last 90 days. Lagged the Semiconductor industry, which is up 21% over the same period. Simply Wall St's valuation model estimates the intrinsic value at NT$92.95 per share. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS NT$4.22 (vs NT$3.26 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$12.4b (up 24% from FY 2019). Net income: NT$1.78b (up 38% from FY 2019). Profit margin: 14% (up from 13% 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 12% per year whereas the company’s share price has increased by 11% per year. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 8.1%, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Is New 90 Day High Low • Jan 21
New 90-day high: NT$51.50 The company is up 32% from its price of NT$39.05 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$155 per share. Is New 90 Day High Low • Jan 05
New 90-day high: NT$48.25 The company is up 23% from its price of NT$39.30 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$154 per share. Is New 90 Day High Low • Dec 04
New 90-day high: NT$45.45 The company is up 14% from its price of NT$39.85 on 04 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$127 per share. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$1.19 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.30b (up 30% from 3Q 2019). Net income: NT$501.3m (up 38% from 3Q 2019). Profit margin: 15% (up from 14% 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 13% per year whereas the company’s share price has increased by 11% per year. Is New 90 Day High Low • Sep 24
New 90-day low: NT$37.80 The company is down 5.0% from its price of NT$39.95 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.