Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$298, the stock trades at a trailing P/E ratio of 51x. Average trailing P/E is 50x in the Semiconductor industry in Taiwan. Total returns to shareholders of 216% over the past three years. Declared Dividend • Jun 26
Dividend increased to NT$5.00 Dividend of NT$5.00 is 57% higher than last year. Ex-date: 9th July 2026 Payment date: 29th July 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (134% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$185, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 45x in the Semiconductor industry in Taiwan. Total returns to shareholders of 98% over the past three years. New Risk • Jun 10
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 9.4% 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 Earnings have declined by 0.06% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (134% cash payout ratio). Share price has been volatile over the past 3 months (9.4% average weekly change). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$160, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 41x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.45 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$781.5m (up 9.2% from 1Q 2025). Net income: NT$186.3m (up 8.6% from 1Q 2025). Profit margin: 24% (in line with 1Q 2025). New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 1.2% 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 1.2% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (108% cash payout ratio). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$128, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$113, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 19% over the past three years. Announcement • Feb 26
Advanced Power Electronics Co., Ltd., Annual General Meeting, May 27, 2026 Advanced Power Electronics Co., Ltd., Annual General Meeting, May 27, 2026. Location: 17- floor building. d no,93, sec.1 hsin t`ai 5th rd., sijhih district, new taipei city Taiwan Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$5.73 (vs NT$4.80 in FY 2024) Full year 2025 results: EPS: NT$5.73 (up from NT$4.80 in FY 2024). Revenue: NT$3.10b (up 6.4% from FY 2024). Net income: NT$679.0m (up 20% from FY 2024). Profit margin: 22% (up from 19% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Price Target Changed • Dec 12
Price target increased by 17% to NT$110 Up from NT$94.00, the current price target is provided by 1 analyst. New target price is 24% above last closing price of NT$88.80. Stock is down 1.0% over the past year. The company is forecast to post earnings per share of NT$5.55 for next year compared to NT$4.80 last year. New Risk • Nov 29
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). Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: NT$1.93 (up from NT$1.31 in 3Q 2024). Revenue: NT$830.1m (up 2.8% from 3Q 2024). Net income: NT$228.4m (up 47% from 3Q 2024). Profit margin: 28% (up from 19% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 20% 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 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$106, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$50.77 per share. Major Estimate Revision • Aug 04
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$3.79b to NT$3.38b. EPS estimate fell from NT$6.39 to NT$5.55 per share. Net income forecast to grow 24% next year vs 17% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$93.50. Share price fell 9.1% to NT$78.90 over the past week. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.67 (down from NT$1.15 in 2Q 2024). Revenue: NT$818.2m (up 12% from 2Q 2024). Net income: NT$79.4m (down 42% from 2Q 2024). Profit margin: 9.7% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 17% 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 35% 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. Declared Dividend • Jun 22
Dividend increased to NT$3.19 Dividend of NT$3.19 is 28% higher than last year. Ex-date: 8th July 2025 Payment date: 28th July 2025 Dividend yield will be 3.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.7% over the next year, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$69.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past three years. Announcement • Apr 10
Advanced Power Electronics Co., Ltd. to Report Q1, 2025 Results on Apr 17, 2025 Advanced Power Electronics Co., Ltd. announced that they will report Q1, 2025 results on Apr 17, 2025 New Risk • Apr 07
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 6.4% 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 (6.4% average weekly change). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$80.70, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Semiconductor industry in Taiwan. Total loss to shareholders of 18% over the past three years. Reported Earnings • Mar 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$4.80 (up from NT$2.83 in FY 2023). Revenue: NT$2.92b (up 2.4% from FY 2023). Net income: NT$565.2m (up 71% from FY 2023). Profit margin: 19% (up from 12% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 03
Advanced Power Electronics Co., Ltd., Annual General Meeting, May 29, 2025 Advanced Power Electronics Co., Ltd., Annual General Meeting, May 29, 2025. Location: 2 floor no,3, t`ai yuan 1st st., jhubei city, hsinchu county Taiwan Announcement • Feb 20
Advanced Power Electronics Co., Ltd. to Report Q4, 2024 Results on Feb 27, 2025 Advanced Power Electronics Co., Ltd. announced that they will report Q4, 2024 results on Feb 27, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$1.31 (vs NT$1.16 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.31 (up from NT$1.16 in 3Q 2023). Revenue: NT$807.3m (up 2.2% from 3Q 2023). Net income: NT$155.1m (up 14% from 3Q 2023). Profit margin: 19% (up from 17% in 3Q 2023). Revenue is forecast to grow 14% 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 39% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$91.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total loss to shareholders of 2.3% over the past three years. Announcement • Oct 22
Advanced Power Electronics Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Advanced Power Electronics Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: NT$1.15 (vs NT$0.59 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.15 (up from NT$0.59 in 2Q 2023). Revenue: NT$733.8m (up 2.1% from 2Q 2023). Net income: NT$135.6m (up 96% from 2Q 2023). Profit margin: 19% (up from 9.6% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% 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. Announcement • Jul 23
Advanced Power Electronics Co., Ltd. to Report Q2, 2024 Results on Jul 30, 2024 Advanced Power Electronics Co., Ltd. announced that they will report Q2, 2024 results on Jul 30, 2024 Declared Dividend • Jul 05
Dividend reduced to NT$2.49 Dividend of NT$2.49 is 50% lower than last year. Ex-date: 17th July 2024 Payment date: 6th August 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 7.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 03
Advanced Power Electronics Co., Ltd. Approves Cash Dividend, Payable on August 6, 2024 The Board of directors of Advanced Power Electronics Co., Ltd. approved Cash dividend. Type and monetary amount of original dividend distribution: Cash dividend of TWD 294,726,233, TWD 2.5 for per share. Type and monetary amount of dividend distribution after the change is Cash dividend of TWD 294,726,233, TWD 2.48833407 for per share. Ex-rights (ex-dividend) trading date: July 17, 2024. Ex-rights (ex-dividend) record date: July 23, 2024. Payment date of common stock cash dividend distribution: August 6, 2024. The Board adjusted cash dividend per share to reflect the number of shares outstanding due to the exercise of employee stock options and to redeem and cancel part of the restricted stock award. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: July 2, 2024. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: NT$0.74 (vs NT$0.49 in 1Q 2023) First quarter 2024 results: EPS: NT$0.74 (up from NT$0.49 in 1Q 2023). Revenue: NT$589.7m (down 10.0% from 1Q 2023). Net income: NT$86.4m (up 50% from 1Q 2023). Profit margin: 15% (up from 8.8% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Apr 12
Advanced Power Electronics Co., Ltd. to Report Q1, 2024 Results on Apr 18, 2024 Advanced Power Electronics Co., Ltd. announced that they will report Q1, 2024 results on Apr 18, 2024 Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$2.83 (vs NT$8.83 in FY 2022) Full year 2023 results: EPS: NT$2.83 (down from NT$8.83 in FY 2022). Revenue: NT$2.85b (down 27% from FY 2022). Net income: NT$330.4m (down 63% from FY 2022). Profit margin: 12% (down from 23% 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 1% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Mar 01
Advanced Power Electronics Co., Ltd., Annual General Meeting, May 29, 2024 Advanced Power Electronics Co., Ltd., Annual General Meeting, May 29, 2024. Location: 2F,Park III at No.3,Tai Yuan First Road,Zhubei City,Hsinchu County Conference Room of Tai Yuen Hi-Tech Industrial Park III Hsinchu County Taiwan Agenda: To discuss 2023 Business Report; to discuss 2023 Audit Committee Report; to discuss Distribution of the 2023 Employees and Directors Compensation; and to discuss other matters. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$96.90, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 154% over the past three years. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: NT$1.16 (vs NT$2.06 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.16 (down from NT$2.06 in 3Q 2022). Revenue: NT$789.7m (down 13% from 3Q 2022). Net income: NT$135.6m (down 44% from 3Q 2022). Profit margin: 17% (down from 26% 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 18% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 27
Advanced Power Electronics Co., Ltd. Announces Change of President Advanced Power Electronics Co., Ltd. announced the change of president. Name of the previous position holder: Lin-Chung Huang. Resume of the previous position holder: President of the Company. Name of the new position holder: Chia-Shuai Chang. Resume of the new position holder: President, Tong Hsing Electronic Industries, Ltd. President, XSemi Corporation. Effective date of the new appointment is November 1, 2023. New Risk • Aug 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 130% Dividend per share is over 9x cash flows per share. Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 130% Dividend per share is over 9x cash flows per share. High level of non-cash earnings (21% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (15% net profit margin). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: NT$0.59 (vs NT$3.09 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.59 (down from NT$3.09 in 2Q 2022). Revenue: NT$718.8m (down 38% from 2Q 2022). Net income: NT$69.1m (down 76% from 2Q 2022). Profit margin: 9.6% (down from 25% 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 37% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of NT$4.98 per share at 4.7% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 25 July 2023. Payout ratio is on the higher end at 83%, and the cash payout ratio is above 100%. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • May 08
First quarter 2023 earnings released: EPS: NT$0.49 (vs NT$3.53 in 1Q 2022) First quarter 2023 results: EPS: NT$0.49 (down from NT$3.53 in 1Q 2022). Revenue: NT$655.5m (down 42% from 1Q 2022). Net income: NT$57.5m (down 80% from 1Q 2022). Profit margin: 8.8% (down from 25% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 60% per year. Reported Earnings • Feb 25
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: NT$8.83 (up from NT$8.03 in FY 2021). Revenue: NT$3.91b (down 7.0% from FY 2021). Net income: NT$899.8m (up 38% from FY 2021). Profit margin: 23% (up from 16% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Pei-Jun Wu 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 03
Third quarter 2022 earnings released: EPS: NT$2.06 (vs NT$2.38 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.06. Revenue: NT$910.1m (down 12% from 3Q 2021). Net income: NT$240.0m (up 24% from 3Q 2021). Profit margin: 26% (up from 19% in 3Q 2021). The increase in margin was driven by lower expenses. Announcement • Nov 02
Advanced Power Electronics Co., Ltd. Establishes the Nominating Committee and Appoints Members of Nominating Committee The BOD of Advanced Power Electronics Co., Ltd. resolved to establish the nominating committee and appoint members of nominating committee. Name of the new position holder: Fu-Chi Teng, the Company's Chairman, Yong-Sheng Liu, the company's Independent Director and Pei-Jun Wu, the Company's Independent Director. Effective date of the new member is November 1, 2022. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$92.30, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 254% over the past three years. Reported Earnings • Aug 03
Second quarter 2022 earnings released: EPS: NT$3.09 (vs NT$1.71 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.09 (up from NT$1.71 in 2Q 2021). Revenue: NT$1.16b (up 13% from 2Q 2021). Net income: NT$288.4m (up 107% from 2Q 2021). Profit margin: 25% (up from 14% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$103, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 324% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to NT$142, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 550% over the past three years. Upcoming Dividend • May 19
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 20 June 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 04
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$3.53 (up from NT$1.40 in 1Q 2021). Revenue: NT$1.13b (up 10.0% from 1Q 2021). Net income: NT$287.0m (up 151% from 1Q 2021). Profit margin: 25% (up from 11% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 5.6%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 52% 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. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Pei-Jun Wu 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. Announcement • Apr 14
Advanced Power Electronics Co., Ltd. Approves the 2021 Earnings Distribution Advanced Power Electronics Co., Ltd. approved the 2021 earnings distribution. The company approved 2021 cash distribution to stockholders at TWD 6.0 per share. Reported Earnings • Feb 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$8.03 (up from NT$2.44 in FY 2020). Revenue: NT$4.20b (up 35% from FY 2020). Net income: NT$652.8m (up 229% from FY 2020). Profit margin: 16% (up from 6.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 5.6%. 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 46% per year, which means it is significantly lagging earnings growth. Announcement • Feb 26
Advanced Power Electronics Co., Ltd. Announces Dividend for the Year Ended December 31, 2021 Advanced Power Electronics Co., Ltd. announced a dividend of TWD 6.00000000 for the year ended December 31, 2021. Total amount of cash distributed to shareholders of TWD 488,042,958. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS NT$2.38 (vs NT$0.68 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.03b (up 21% from 3Q 2020). Net income: NT$193.3m (up 251% from 3Q 2020). Profit margin: 19% (up from 6.5% 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 48% per year whereas the company’s share price has increased by 51% per year. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$93.00, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 236% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$95.10, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 169% over the past three years. Upcoming Dividend • Sep 03
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 10 September 2021. Payment date: 08 October 2021. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$108, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 163% over the past three years. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$1.71 (vs NT$0.57 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.03b (up 33% from 2Q 2020). Net income: NT$139.4m (up 199% from 2Q 2020). Profit margin: 14% (up from 6.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 16% share price gain to NT$106, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 123% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 16% share price gain to NT$90.10, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorated over the past week After last week's 23% share price decline to NT$57.80, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 126% over the past three years. Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$1.40 (vs NT$0.29 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.03b (up 88% from 1Q 2020). Net income: NT$114.2m (up 383% from 1Q 2020). Profit margin: 11% (up from 4.3% 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 18% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$69.60, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 156% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 16% share price gain to NT$56.10, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 107% over the past three years. Is New 90 Day High Low • Mar 15
New 90-day high: NT$58.00 The company is up 30% from a price of NT$44.65 on 15 December 2020. Outperformed the Taiwanese market which is up 14% over the last 90 days. Exceeded the Semiconductor industry, which is up 20% over the same period. Announcement • Mar 10
Advanced Power Electronics Co., Ltd., Annual General Meeting, May 31, 2021 Advanced Power Electronics Co., Ltd., Annual General Meeting, May 31, 2021. Location: 2F, Park III at No. 3, Tai Yuan First Road, Zhubei City Hsinchu County Taiwan Agenda: To consider he 2020 Business Report; to consider 2020 Audit Committee Report; to consider distribution of the 2020 employees and directors compensation; and to consider other matters. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS NT$2.44 (vs NT$0.68 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.13b (up 41% from FY 2019). Net income: NT$198.3m (up 260% from FY 2019). Profit margin: 6.3% (up from 2.5% 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 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 04
New 90-day high: NT$53.50 The company is up 49% from its price of NT$35.80 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: NT$49.40 The company is up 71% from its price of NT$28.95 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 20% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$46.20 The company is up 49% from its price of NT$30.95 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 14% over the same period. Announcement • Nov 07
Advanced Power Electronics Co., Ltd. Announces Executive Changes Advanced Power Electronics Co., Ltd. announced that Name and resume of the previous position holder is Fu-Chi Teng, Chairman of the board of directors and President of the company. Name and resume of the new position holder is Lin-Chung Huang, Executive Vice President of Advanced Power Electronics Co., Ltd. Effective date of the new appointment is November 06, 2020. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$0.68 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$851.8m (up 48% from 3Q 2019). Net income: NT$55.2m (up 205% from 3Q 2019). Profit margin: 6.5% (up from 3.1% 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 12% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Oct 07
New 90-day high: NT$39.35 The company is up 33% from its price of NT$29.60 on 09 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 18% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: NT$32.15 The company is up 14% from its price of NT$28.15 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 31% over the same period.