New Risk • Apr 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 25% per year over the past 5 years. Reported Earnings • Apr 02
Full year 2025 earnings released: NT$0.71 loss per share (vs NT$1.34 profit in FY 2024) Full year 2025 results: NT$0.71 loss per share (down from NT$1.34 profit in FY 2024). Revenue: NT$2.18b (up 11% from FY 2024). Net loss: NT$36.7m (down 157% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 143 percentage points per year, which is a significant difference in performance. New Risk • Feb 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 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 21% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). New Risk • Nov 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 21% per year over the past 5 years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.59 (vs NT$0.28 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.59 (up from NT$0.28 in 3Q 2024). Revenue: NT$576.9m (up 11% from 3Q 2024). Net income: NT$30.5m (up 125% from 3Q 2024). Profit margin: 5.3% (up from 2.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. New Risk • Aug 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 16% per year over the past 5 years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.28 loss per share (vs NT$0.87 profit in 2Q 2024) Second quarter 2025 results: NT$0.28 loss per share (down from NT$0.87 profit in 2Q 2024). Revenue: NT$544.8m (up 7.0% from 2Q 2024). Net loss: NT$14.7m (down 136% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 02
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 05 August 2025. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.3%). Declared Dividend • Jun 12
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 78% lower than last year. Ex-date: 9th July 2025 Payment date: 5th August 2025 Dividend yield will be 0.8%, which is lower than the industry average of 3.0%. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.94 loss per share (vs NT$0.20 loss in 1Q 2024) First quarter 2025 results: NT$0.94 loss per share (further deteriorated from NT$0.20 loss in 1Q 2024). Revenue: NT$464.7m (up 6.9% from 1Q 2024). Net loss: NT$48.9m (loss widened 411% from 1Q 2024). 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 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 17
Msscorps Co., Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Msscorps Co., Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to NT$98.60, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total loss to shareholders of 36% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$1.34 (down from NT$5.59 in FY 2023). Revenue: NT$1.97b (up 4.6% from FY 2023). Net income: NT$65.0m (down 75% from FY 2023). Profit margin: 3.3% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 41%. Over the last 3 years on average, earnings per share has fallen by 28% 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 07
Msscorps Co., Ltd., Annual General Meeting, Jun 10, 2025 Msscorps Co., Ltd., Annual General Meeting, Jun 10, 2025. Location: 2 floor no,1, kung yeh tung 2nd rd., hsinchu city Taiwan Announcement • Feb 25
Msscorps Co., Ltd. to Report Q4, 2024 Results on Mar 06, 2025 Msscorps Co., Ltd. announced that they will report Q4, 2024 results on Mar 06, 2025 Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$143, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total loss to shareholders of 7.8% over the past three years. Announcement • Jan 23
Msscorps Co., Ltd. Provides Earnings Guidance for the Full Year 2025 Msscorps Co., Ltd. provided earnings guidance for the full year 2025. Revenue is expected to grow at double-digit on 2025 and its profit are expected to double. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$177, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 14% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$0.28 (down from NT$1.54 in 3Q 2023). Revenue: NT$518.5m (up 3.7% from 3Q 2023). Net income: NT$13.6m (down 81% from 3Q 2023). Profit margin: 2.6% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 75%. 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 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Oct 29
Msscorps Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Msscorps Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 New Risk • Oct 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% 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: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. High level of non-cash earnings (41% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (9.2% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$200, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$168, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 13% over the past three years. New Risk • Sep 16
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 7.7% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. High level of non-cash earnings (41% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (9.2% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.87 (vs NT$1.74 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.87 (down from NT$1.74 in 2Q 2023). Revenue: NT$509.3m (up 1.1% from 2Q 2023). Net income: NT$40.7m (down 50% from 2Q 2023). Profit margin: 8.0% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Aug 10
Msscorps Co., Ltd. Resolves to Appoint the 2 Term Remuneration Committee Members Msscorps Co., Ltd. resolved to appoint the 2 term Remuneration Committee members. Date of occurrence of the change: August 9, 2024. Name of the functional committees: Remuneration Committee. Name of the previous position holder: Tsui, Chang-Feng; Yuan, Hung-Chang; Chan, Ting-Hsun. Resume of the previous position holder: Tsui, Chang-Feng /Secretary General of Alumni Association, Chung Hua University; Yuan, Hung-Chang /Director and President of Taiwan J Pharmaceuticals Co., Ltd; Chan, Ting-Hsun /CPA of Lan-Jai CPAs Firm. Name of the new position holder: Wang, Chien-Min; Yang, Chia-Ling. Resume of the new position holder: Wang, Chien-Min /Attorney-at-law, W.S.C Attorneys at Law; Yang, Chia-Ling /Yang & Associates Law Firm Attorney-at-law of Formosa Transnational. Reason for the change: term expired. Effective date of the new member: August 9, 2024. Original term: July 9,2021 to June 30, 2024. Announcement • Jul 31
Msscorps Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Msscorps Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 04
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 31 July 2024. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.1%). Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: NT$0.20 loss per share (down from NT$0.77 profit in 1Q 2023). Revenue: NT$434.9m (up 6.6% from 1Q 2023). Net loss: NT$9.56m (down 127% from profit in 1Q 2023). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) were also behind analyst expectations. Announcement • Apr 26
Msscorps Co., Ltd. to Report Q1, 2024 Results on May 03, 2024 Msscorps Co., Ltd. announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Mar 06
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$5.59 (down from NT$6.67 in FY 2022). Revenue: NT$1.88b (up 8.9% from FY 2022). Net income: NT$261.3m (down 9.3% from FY 2022). Profit margin: 14% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 12%. New Risk • Jan 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.5% 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 Dividend is not well covered by cash flows (432% cash payout ratio). Share price has been volatile over the past 3 months (5.5% average weekly change). Buying Opportunity • Jan 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 18% in the next year. Buying Opportunity • Dec 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be NT$171, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 18% in the next year. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$155, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 32% over the past year. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$1.73 (vs NT$1.40 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.73 (up from NT$1.40 in 2Q 2022). Revenue: NT$503.6m (up 20% from 2Q 2022). Net income: NT$81.2m (up 40% from 2Q 2022). Profit margin: 16% (up from 14% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. New Risk • Jul 11
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 6.1% 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 Dividend is not well covered by cash flows (174% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (13% increase in shares outstanding). Upcoming Dividend • Jun 14
Upcoming dividend of NT$5.50 per share at 2.9% yield Eligible shareholders must have bought the stock before 21 June 2023. Payment date: 20 July 2023. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). In line with average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$168, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 13% over the past year. Reported Earnings • Mar 29
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$6.67 (up from NT$6.21 in FY 2021). Revenue: NT$1.73b (up 18% from FY 2021). Net income: NT$288.0m (up 14% from FY 2021). Profit margin: 17% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.7%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.80 (vs NT$2.05 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.80 (down from NT$2.05 in 3Q 2021). Revenue: NT$458.5m (up 14% from 3Q 2021). Net income: NT$78.0m (down 8.0% from 3Q 2021). Profit margin: 17% (down from 21% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.80 (vs NT$2.05 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.80 (down from NT$2.05 in 3Q 2021). Revenue: NT$458.5m (up 14% from 3Q 2021). Net income: NT$78.0m (down 8.0% from 3Q 2021). Profit margin: 17% (down from 21% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$78.70, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total loss to shareholders of 49% over the past year. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$111, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total loss to shareholders of 31% over the past year. Announcement • Sep 02
Msscorps Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 487.9 million. Msscorps Co., Ltd. has completed a Follow-on Equity Offering in the amount of TWD 487.9 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,135,000
Price\Range: TWD 100
Security Name: Shares
Security Type: Common Stock
Securities Offered: 3,744,000
Price\Range: TWD 100 Upcoming Dividend • Jul 05
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 12 July 2022. Payment date: 01 August 2022. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (4.0%). Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: NT$6.21 (vs NT$4.05 in FY 2020) Full year 2021 results: EPS: NT$6.21 (up from NT$4.05 in FY 2020). Revenue: NT$1.47b (up 32% from FY 2020). Net income: NT$252.5m (up 59% from FY 2020). Profit margin: 17% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Announcement • Apr 02
Msscorps Co., Ltd., Annual General Meeting, Jun 27, 2022 Msscorps Co., Ltd., Annual General Meeting, Jun 27, 2022. 
