TSEC:2360

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Executive Summary

Chroma ATE Inc. designs, assembles, calibrates, manufactures, sells, repairs, and maintains software/hardware for computers and peripherals, computerized automatic test systems, electronic test instruments, signal generators, power supplies, and telecom power supplies under the Chroma brand worldwide. More Details


Snowflake Analysis

Solid track record with reasonable growth potential.


Similar Companies

Share Price & News

How has Chroma ATE's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 2360 is not significantly more volatile than the rest of TW stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 2360's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

3.0%

2360

2.1%

TW Electronic

1.6%

TW Market


1 Year Return

8.8%

2360

7.1%

TW Electronic

19.0%

TW Market

Return vs Industry: 2360 exceeded the TW Electronic industry which returned 7.1% over the past year.

Return vs Market: 2360 underperformed the TW Market which returned 19% over the past year.


Shareholder returns

2360IndustryMarket
7 Day3.0%2.1%1.6%
30 Day3.3%4.6%6.7%
90 Day-6.4%4.5%7.2%
1 Year10.6%8.8%10.9%7.1%23.3%19.0%
3 Year-8.4%-14.6%5.5%-6.7%43.1%27.2%
5 Year188.5%153.3%60.3%31.5%94.0%59.9%

Long-Term Price Volatility Vs. Market

How volatile is Chroma ATE's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Chroma ATE undervalued compared to its fair value and its price relative to the market?

28.75x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: 2360 (NT$154.5) is trading above our estimate of fair value (NT$79.4)

Significantly Below Fair Value: 2360 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: 2360 is poor value based on its PE Ratio (28.7x) compared to the TW Electronic industry average (16.2x).

PE vs Market: 2360 is poor value based on its PE Ratio (28.7x) compared to the TW market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: 2360 is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: 2360 is overvalued based on its PB Ratio (4.3x) compared to the TW Electronic industry average (1.5x).


Next Steps

Future Growth

How is Chroma ATE forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

25.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2360's forecast earnings growth (25.3% per year) is above the savings rate (0.9%).

Earnings vs Market: 2360's earnings (25.3% per year) are forecast to grow faster than the TW market (16% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 2360's revenue (10.4% per year) is forecast to grow faster than the TW market (8.7% per year).

High Growth Revenue: 2360's revenue (10.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2360's Return on Equity is forecast to be low in 3 years time (20%).


Next Steps

Past Performance

How has Chroma ATE performed over the past 5 years?

8.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 2360 has high quality earnings.

Growing Profit Margin: 2360's current net profit margins (14.2%) are higher than last year (12.9%).


Past Earnings Growth Analysis

Earnings Trend: 2360's earnings have grown by 8.7% per year over the past 5 years.

Accelerating Growth: 2360's earnings growth over the past year (29.5%) exceeds its 5-year average (8.7% per year).

Earnings vs Industry: 2360 earnings growth over the past year (29.5%) exceeded the Electronic industry 2.7%.


Return on Equity

High ROE: 2360's Return on Equity (15%) is considered low.


Next Steps

Financial Health

How is Chroma ATE's financial position?


Financial Position Analysis

Short Term Liabilities: 2360's short term assets (NT$13.2B) exceed its short term liabilities (NT$7.7B).

Long Term Liabilities: 2360's short term assets (NT$13.2B) exceed its long term liabilities (NT$3.9B).


Debt to Equity History and Analysis

Debt Level: 2360's debt to equity ratio (40.8%) is considered high.

Reducing Debt: 2360's debt to equity ratio has increased from 36.8% to 40.8% over the past 5 years.

Debt Coverage: 2360's debt is well covered by operating cash flow (25.7%).

Interest Coverage: 2360's interest payments on its debt are well covered by EBIT (128.7x coverage).


Balance Sheet


Next Steps

Dividend

What is Chroma ATE current dividend yield, its reliability and sustainability?

1.94%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: 2360's dividend (1.95%) isn’t notable compared to the bottom 25% of dividend payers in the TW market (2.14%).

High Dividend: 2360's dividend (1.95%) is low compared to the top 25% of dividend payers in the TW market (5.23%).


Stability and Growth of Payments

Stable Dividend: 2360's dividend payments have been volatile in the past 10 years.

Growing Dividend: 2360's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.9%), 2360's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 2360's dividends in 3 years are forecast to be covered by earnings (67.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

25.4yrs

Average management tenure


CEO

Ching-Ming Huang (68 yo)

36yrs

Tenure

Mr. Leo Huang has been a Director at Camtek Ltd. since June 3, 2019. He is the Founder of Testar Electronics Corp., and serves as its President. Mr. Huang serves as Chairman and Chief Executive Officer of ...


Leadership Team

NamePositionTenureCompensationOwnership
Leo Huang
Chairman36yrsno data7.77%
NT$ 5.0b
Paul Ying
Vice President of Finance & Administration Center21.5yrsno datano data
Benjamin Huang
Vice President of Operation Management Center28.42yrsno data0.042%
NT$ 27.0m
Jui-Ying Chieng
Director of Investor Relation & Corporate Investment and Finance & Administration Centerno datano datano data
I-Shih Tseng
GM of the Integrated System Solution Business Unit & Director8.42yrsno datano data
Yan-Jia Zhou
Vice Presidentno datano data0.0050%
NT$ 3.2m
You-Mei Dai
Vice Presidentno datano data0.017%
NT$ 11.1m
Hong-Ji Wang
Vice Presidentno datano data0.11%
NT$ 68.8m

25.4yrs

Average Tenure

Experienced Management: 2360's management team is seasoned and experienced (25.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Leo Huang
Chairman36yrsno data7.77%
NT$ 5.0b
I-Shih Tseng
GM of the Integrated System Solution Business Unit & Director8.42yrsno datano data
Steven Wu
Independent Director0.42yrno datano data
Chung-Ju Chang
Director8yrsno datano data
Tsun-I Wang
Director15.5yrsno datano data
Tai-Jen Chen
Independent Director3.42yrsno datano data
Jia-Ruey Duann
Independent Director0.42yrno datano data

8.0yrs

Average Tenure

Experienced Board: 2360's board of directors are considered experienced (8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Chroma ATE Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Chroma ATE Inc.
  • Ticker: 2360
  • Exchange: TSEC
  • Founded: 1984
  • Industry: Electronic Equipment and Instruments
  • Sector: Tech
  • Market Cap: NT$64.780b
  • Shares outstanding: 419.29m
  • Website: https://www.chromaate.com

Location

  • Chroma ATE Inc.
  • 66 Huaya 1st Road
  • Guishan
  • Taoyuan City
  • 33383
  • Taiwan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
2360TSEC (Taiwan Stock Exchange)YesCommon SharesTWTWDDec 1996

Biography

Chroma ATE Inc. designs, assembles, calibrates, manufactures, sells, repairs, and maintains software/hardware for computers and peripherals, computerized automatic test systems, electronic test instruments...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/25 14:52
End of Day Share Price2020/11/25 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.