Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$221, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 35x in the Communications industry in Taiwan. Total returns to shareholders of 7.2% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$200, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 36x in the Communications industry in Taiwan. Total returns to shareholders of 5.2% over the past three years. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.46 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (down from NT$1.46 in 1Q 2025). Revenue: NT$352.4m (down 8.8% from 1Q 2025). Net income: NT$95.9m (down 5.0% from 1Q 2025). Profit margin: 27% (up from 26% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$156, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 29x in the Communications industry in Taiwan. Total loss to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$131, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 28x in the Communications industry in Taiwan. Total loss to shareholders of 32% over the past three years. New Risk • Feb 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Jan 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 135% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Announcement • Jan 21
Advanced Ceramic X Corporation, Annual General Meeting, Apr 08, 2026 Advanced Ceramic X Corporation, Annual General Meeting, Apr 08, 2026, at 09:00 Taipei Standard Time. Location: no,165, han yang rd., hukou township, hsinchu county Taiwan Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: NT$9.42 (vs NT$6.21 in FY 2024) Full year 2025 results: EPS: NT$9.42 (up from NT$6.21 in FY 2024). Revenue: NT$1.43b (down 16% from FY 2024). Net income: NT$650.3m (up 52% from FY 2024). Profit margin: 46% (up from 25% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 13
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to NT$165. The fair value is estimated to be NT$131, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 34%. New Risk • Dec 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$129, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 24x in the Communications industry in Taiwan. Total loss to shareholders of 20% over the past three years. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 114% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$1.13 (vs NT$1.43 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.13 (down from NT$1.43 in 3Q 2024). Revenue: NT$338.3m (down 21% from 3Q 2024). Net income: NT$77.7m (down 21% from 3Q 2024). Profit margin: 23% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to NT$112. The fair value is estimated to be NT$140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. New Risk • Aug 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 106% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$139, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 27x in the Communications industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: NT$5.63 (vs NT$1.44 in 2Q 2024) Second quarter 2025 results: EPS: NT$5.63 (up from NT$1.44 in 2Q 2024). Revenue: NT$356.6m (down 12% from 2Q 2024). Net income: NT$388.8m (up 290% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 24
Dividend increased to NT$5.59 Dividend of NT$5.59 is 52% higher than last year. Ex-date: 7th August 2025 Payment date: 3rd September 2025 Dividend yield will be 4.7%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (88% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 5.0% to bring the payout ratio under control. However, EPS has declined by 9.3% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 12
Advanced Ceramic X Corporation Approves Directorate Changes Advanced Ceramic X Corporation Announced Election of Independent director: Wei-Chiao Chen. Date of the shareholders' meeting: June 11, 2025. Title and name of the previous position holder: Independent director: Shang-Ming Chin. Effective date of the new appointment: June 11, 2025. Announcement • Apr 22
Advanced Ceramic X Corporation to Report Q1, 2025 Results on Apr 29, 2025 Advanced Ceramic X Corporation announced that they will report Q1, 2025 results on Apr 29, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$117, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 22x in the Communications industry in Taiwan. Total loss to shareholders of 51% over the past three years. Buy Or Sell Opportunity • Apr 06
Now 22% overvalued Over the last 90 days, the stock has fallen 20% to NT$143. The fair value is estimated to be NT$118, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 32%. New Risk • Mar 09
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 96% Dividend yield: 3.5% 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: 90% Cash payout ratio: 96% Earnings have declined by 22% per year over the past 5 years. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: NT$6.21 (vs NT$4.09 in FY 2023) Full year 2024 results: EPS: NT$6.21 (up from NT$4.09 in FY 2023). Revenue: NT$1.69b (up 14% from FY 2023). Net income: NT$428.6m (up 52% from FY 2023). Profit margin: 25% (up from 19% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Feb 18
Advanced Ceramic X Corporation to Report Q4, 2024 Results on Feb 25, 2025 Advanced Ceramic X Corporation announced that they will report Q4, 2024 results on Feb 25, 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$1.43 (vs NT$1.32 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.43 (up from NT$1.32 in 3Q 2023). Revenue: NT$428.6m (up 8.2% from 3Q 2023). Net income: NT$98.8m (up 8.7% from 3Q 2023). Profit margin: 23% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Oct 29
Advanced Ceramic X Corporation to Report Q3, 2024 Results on Nov 05, 2024 Advanced Ceramic X Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: NT$1.44 (vs NT$0.93 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.44 (up from NT$0.93 in 2Q 2023). Revenue: NT$404.1m (up 12% from 2Q 2023). Net income: NT$99.6m (up 56% from 2Q 2023). Profit margin: 25% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 26
Dividend increased to NT$3.68 Dividend of NT$3.68 is 2.5% higher than last year. Ex-date: 9th August 2024 Payment date: 3rd September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Announcement • Jul 18
Advanced Ceramic X Corporation to Report Q2, 2024 Results on Jul 30, 2024 Advanced Ceramic X Corporation announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Jul 30, 2024 Reported Earnings • May 09
First quarter 2024 earnings released: EPS: NT$1.76 (vs NT$0.63 in 1Q 2023) First quarter 2024 results: EPS: NT$1.76 (up from NT$0.63 in 1Q 2023). Revenue: NT$402.5m (up 27% from 1Q 2023). Net income: NT$121.3m (up 177% from 1Q 2023). Profit margin: 30% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. New Risk • Apr 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Risk Earnings have declined by 16% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: NT$4.09 (vs NT$3.99 in FY 2022) Full year 2023 results: EPS: NT$4.09 (up from NT$3.99 in FY 2022). Revenue: NT$1.49b (up 1.6% from FY 2022). Net income: NT$282.4m (up 2.6% from FY 2022). Profit margin: 19% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 30
Price target increased by 8.1% to NT$300 Up from NT$278, the current price target is provided by 1 analyst. New target price is 15% above last closing price of NT$262. Stock is up 39% over the past year. The company is forecast to post earnings per share of NT$4.10 for next year compared to NT$3.99 last year. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$273, the stock trades at a trailing P/E ratio of 78.4x. Average trailing P/E is 24x in the Communications industry in Taiwan. Total loss to shareholders of 31% over the past three years. New Risk • Nov 21
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 5.7% 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 Risk Earnings have declined by 13% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change). New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 9.9% 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 9.9% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (16% net profit margin). Announcement • Aug 18
Advanced Ceramic X Corporation Announces Change of Representative of Juristic-Person Directors Advanced Ceramic X Corporation announced change of representative of juristic-person directors. Name of legal person: Kuo Chia Fu Investment Corporation. Name of the previous position holder: Yung-Fu Kuo, Director of Advanced Ceramic X Corporation. Name of the new position holder: Cheng-Hsin Kuo, GM's Special Assistant of Kuo Chia Fu Investment Corporation. Effective date of the new appointment: August 17, 2023. Upcoming Dividend • Aug 04
Upcoming dividend of NT$3.59 per share at 1.8% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: NT$0.93 (vs NT$1.28 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.93 (down from NT$1.28 in 2Q 2022). Revenue: NT$359.7m (down 5.2% from 2Q 2022). Net income: NT$63.9m (down 28% from 2Q 2022). Profit margin: 18% (down from 23% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: NT$3.99 (vs NT$14.88 in FY 2021) Full year 2022 results: EPS: NT$3.99 (down from NT$14.88 in FY 2021). Revenue: NT$1.47b (down 49% from FY 2021). Net income: NT$275.4m (down 73% from FY 2021). Profit margin: 19% (down from 36% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$222, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 15x in the Communications industry in Taiwan. Total loss to shareholders of 23% over the past three years. Price Target Changed • Nov 16
Price target decreased to NT$233 Down from NT$278, the current price target is an average from 2 analysts. New target price is 31% above last closing price of NT$178. Stock is down 57% over the past year. The company posted earnings per share of NT$14.88 last year. 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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 4 independent directors (5 non-independent directors). Financial Director & Independent Director Yu-Hui Ning was the last independent director to join the board, commencing their role in 2022. 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$0.96 (vs NT$4.13 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.96 (down from NT$4.13 in 3Q 2021). Revenue: NT$324.1m (down 56% from 3Q 2021). Net income: NT$66.1m (down 77% from 3Q 2021). Profit margin: 20% (down from 39% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$215, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 21x in the Communications industry in Taiwan. Total loss to shareholders of 7.4% over the past three years. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: NT$1.28 (vs NT$5.06 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.28 (down from NT$5.06 in 2Q 2021). Revenue: NT$379.3m (down 55% from 2Q 2021). Net income: NT$88.2m (down 75% from 2Q 2021). Profit margin: 23% (down from 41% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 02
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 09 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (2.9%). Announcement • Jul 28
Advanced Ceramic X Corporation Announces Cash Dividend, Payable on September 01, 2022 Advanced Ceramic X Corporation announced cash dividends to common share holders of TWD 552,129,600. Each common shareholder entitled to receive a cash dividend of TWD 8 per share. Ex-rights (Ex-dividend) date is August 09, 2022. Ex-rights (Ex-dividend) record date is August 15, 2022. Payment date of cash dividend distribution is September 01, 2022. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$173, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 17x in the Communications industry in Taiwan. Total loss to shareholders of 17% over the past three years. Price Target Changed • Jun 23
Price target decreased to NT$278 Down from NT$348, the current price target is provided by 1 analyst. New target price is 39% above last closing price of NT$200. Stock is down 62% over the past year. The company posted earnings per share of NT$14.88 last year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to NT$241, the stock trades at a trailing P/E ratio of 20.2x. Average forward P/E is 13x in the Communications industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 04
First quarter 2022 earnings released: EPS: NT$1.16 (vs NT$4.10 in 1Q 2021) First quarter 2022 results: EPS: NT$1.16 (down from NT$4.10 in 1Q 2021). Revenue: NT$404.6m (down 46% from 1Q 2021). Net income: NT$79.9m (down 72% from 1Q 2021). Profit margin: 20% (down from 38% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to NT$348 Down from NT$376, the current price target is provided by 1 analyst. New target price is 41% above last closing price of NT$247. Stock is down 53% over the past year. The company posted earnings per share of NT$14.88 last year. Board Change • Apr 27
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. 10 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Shang-Ming Chin was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$14.88 (up from NT$12.02 in FY 2020). Revenue: NT$2.85b (up 30% from FY 2020). Net income: NT$1.03b (up 24% from FY 2020). Profit margin: 36% (down from 38% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.0%. Over the next year, revenue is expected to shrink by 2.0% compared to a 12% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 18% share price gain to NT$414, the stock trades at a trailing P/E ratio of 24.5x. Average forward P/E is 16x in the Communications industry in Taiwan. Total returns to shareholders of 157% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS NT$4.12 (vs NT$2.93 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$738.4m (up 33% from 3Q 2020). Net income: NT$284.7m (up 41% from 3Q 2020). Profit margin: 39% (up from 36% 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 14% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$364, the stock trades at a trailing P/E ratio of 23.2x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 74% over the past three years. Executive Departure • Aug 27
Financial Director, Financial and Accounting Officer & Company Secretary Mei-Lan Peng has left the company On the 25th of August, Mei-Lan Peng's tenure as Financial Director, Financial and Accounting Officer & Company Secretary ended after 1.7 years in the role. We don't have any record of a personal shareholding under Mei-Lan's name. Mei-Lan is the only executive to leave the company over the last 12 months. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$5.06 (vs NT$2.80 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$851.3m (up 64% from 2Q 2020). Net income: NT$349.0m (up 81% from 2Q 2020). Profit margin: 41% (up from 37% 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 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 15
Advanced Ceramic X Corporation Provides Earnings Guidance for the Year 2021 Advanced Ceramic X Corporation provided earnings guidance for the year 2021. The company's income will growth by more than 60% and EPS will be TWD 5 in second quarter of 2021. Estimate revenue TWD 3.6 billion, growth of more than 70% and EPS will be TWD 20 in 2021. Price Target Changed • May 14
Price target decreased to NT$624 Down from NT$704, the current price target is provided by 1 analyst. New target price is 41% above last closing price of NT$442. Stock is up 50% over the past year. Price Target Changed • Mar 18
Price target increased to NT$675 Up from NT$583, the current price target is provided by 1 analyst. New target price is 19% above last closing price of NT$569. Stock is up 160% over the past year. Is New 90 Day High Low • Mar 03
New 90-day high: NT$530 The company is up 14% from its price of NT$466 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 7.0% over the same period. Announcement • Feb 24
Advanced Ceramic X Corporation, Annual General Meeting, Jun 16, 2021 Advanced Ceramic X Corporation, Annual General Meeting, Jun 16, 2021. Location: No.165, Hanyang Road, Hsinchu Industrial Park, Hukou Township Hsinchu County Taiwan Agenda: To consider 2020 business report; to consider Audit Committee's review report of 2020; to consider Distribution of directors' and employees' compensation in 2020; to consider Amendments of Codes of Ethical Conduct; to accept 2020 business report and financial statements; to approve the proposal for distribution of 2020 earnings; and to consider other matters. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS NT$12.02 (vs NT$9.37 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$2.19b (up 28% from FY 2019). Net income: NT$829.9m (up 28% from FY 2019). Profit margin: 38% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue misses expectations Revenue missed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 28%, compared to a 16% growth forecast for the Communications industry in Taiwan. Price Target Changed • Jan 26
Price target raised to NT$565 Up from NT$527, the current price target is provided by 1 analyst. The new target price is 19% above the current share price of NT$473. As of last close, the stock is up 39% over the past year. Is New 90 Day High Low • Dec 08
New 90-day high: NT$468 The company is up 19% from its price of NT$392 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: NT$433 The company is up 29% from its price of NT$336 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 8.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$2.93 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$555.2m (up 34% from 3Q 2019). Net income: NT$202.1m (up 29% from 3Q 2019). Profit margin: 36% (down from 38% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.