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2377

Micro-Star International TWSE:2377 Stock Report

Last Price

NT$107.50

Market Cap

NT$90.8b

7D

-6.5%

1Y

-15.4%

Updated

01 Oct, 2022

Data

Company Financials +
2377 fundamental analysis
Snowflake Score
Valuation6/6
Future Growth1/6
Past Performance3/6
Financial Health4/6
Dividends4/6

2377 Stock Overview

Micro-Star International Co., Ltd. manufactures and sells motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the Americas, and internationally.

Micro-Star International Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Micro-Star International
Historical stock prices
Current Share PriceNT$107.50
52 Week HighNT$173.00
52 Week LowNT$98.30
Beta0.79
1 Month Change-4.87%
3 Month Change2.38%
1 Year Change-15.35%
3 Year Change20.38%
5 Year Change66.15%
Change since IPO146.97%

Recent News & Updates

Shareholder Returns

2377TW TechTW Market
7D-6.5%-2.5%-5.0%
1Y-15.4%-6.2%-18.0%

Return vs Industry: 2377 underperformed the TW Tech industry which returned -6.2% over the past year.

Return vs Market: 2377 exceeded the TW Market which returned -18% over the past year.

Price Volatility

Is 2377's price volatile compared to industry and market?
2377 volatility
2377 Average Weekly Movement5.8%
Tech Industry Average Movement5.2%
Market Average Movement5.1%
10% most volatile stocks in TW Market8.3%
10% least volatile stocks in TW Market2.4%

Stable Share Price: 2377 is not significantly more volatile than the rest of TW stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: 2377's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1986n/aChin-Ching Huanghttps://www.msi.com

Micro-Star International Co., Ltd. manufactures and sells motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the Americas, and internationally. The company operates through Computer and Peripherals, and Other segments. Its products portfolio includes laptops, desktops, monitors, graphic cards, gaming gears, PC cases and components, liquid cooling, and power supply products, as well as gaming laptop backpacks, apparel, and others.

Micro-Star International Fundamentals Summary

How do Micro-Star International's earnings and revenue compare to its market cap?
2377 fundamental statistics
Market CapNT$90.82b
Earnings (TTM)NT$16.16b
Revenue (TTM)NT$208.54b

5.6x

P/E Ratio

0.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2377 income statement (TTM)
RevenueNT$208.54b
Cost of RevenueNT$171.47b
Gross ProfitNT$37.07b
Other ExpensesNT$20.91b
EarningsNT$16.16b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)19.13
Gross Margin17.78%
Net Profit Margin7.75%
Debt/Equity Ratio7.8%

How did 2377 perform over the long term?

See historical performance and comparison

Dividends

9.8%

Current Dividend Yield

55%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 2377 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2377?

Other financial metrics that can be useful for relative valuation.

2377 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.4x
Enterprise Value/EBITDA3.9x
PEG Ratio-1x

Price to Earnings Ratio vs Peers

How does 2377's PE Ratio compare to its peers?

2377 PE Ratio vs Peers
The above table shows the PE ratio for 2377 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.4x
2324 Compal Electronics
8.1x-6.8%NT$94.5b
2353 Acer
7.1x-13.8%NT$65.7b
2376 Giga-Byte Technology
4.9x-7.2%NT$56.1b
6669 Wiwynn
13.4x13.4%NT$141.3b
2377 Micro-Star International
5.6x-5.7%NT$90.8b

Price-To-Earnings vs Peers: 2377 is good value based on its Price-To-Earnings Ratio (5.6x) compared to the peer average (8.4x).


Price to Earnings Ratio vs Industry

How does 2377's PE Ratio compare vs other companies in the TW Tech Industry?

Price-To-Earnings vs Industry: 2377 is good value based on its Price-To-Earnings Ratio (5.6x) compared to the TW Tech industry average (12x)


Price to Earnings Ratio vs Fair Ratio

What is 2377's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2377 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.6x
Fair PE Ratio10.8x

Price-To-Earnings vs Fair Ratio: 2377 is good value based on its Price-To-Earnings Ratio (5.6x) compared to the estimated Fair Price-To-Earnings Ratio (10.8x).


Share Price vs Fair Value

What is the Fair Price of 2377 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2377 (NT$107.5) is trading below our estimate of fair value (NT$274.84)

Significantly Below Fair Value: 2377 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Micro-Star International forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-5.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2377's earnings are forecast to decline over the next 3 years (-5.7% per year).

Earnings vs Market: 2377's earnings are forecast to decline over the next 3 years (-5.7% per year).

High Growth Earnings: 2377's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 2377's revenue (4.3% per year) is forecast to grow slower than the TW market (7.7% per year).

High Growth Revenue: 2377's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 2377's Return on Equity is forecast to be high in 3 years time (23.1%)


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Past Performance

How has Micro-Star International performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


28.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2377 has a high level of non-cash earnings.

Growing Profit Margin: 2377's current net profit margins (7.7%) are higher than last year (7.4%).


Past Earnings Growth Analysis

Earnings Trend: 2377's earnings have grown significantly by 28.7% per year over the past 5 years.

Accelerating Growth: 2377's earnings growth over the past year (22.6%) is below its 5-year average (28.7% per year).

Earnings vs Industry: 2377 earnings growth over the past year (22.6%) underperformed the Tech industry 30.1%.


Return on Equity

High ROE: 2377's Return on Equity (34.9%) is considered high.


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Financial Health

How is Micro-Star International's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 2377's short term assets (NT$86.1B) exceed its short term liabilities (NT$47.2B).

Long Term Liabilities: 2377's short term assets (NT$86.1B) exceed its long term liabilities (NT$871.8M).


Debt to Equity History and Analysis

Debt Level: 2377 has more cash than its total debt.

Reducing Debt: 2377's debt to equity ratio has increased from 0.07% to 7.8% over the past 5 years.

Debt Coverage: 2377's debt is not well covered by operating cash flow (12.3%).

Interest Coverage: 2377 earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Micro-Star International current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


9.77%

Current Dividend Yield

Dividend Yield vs Market

Micro-Star International Dividend Yield vs Market
How does Micro-Star International dividend yield compare to the market?
SegmentDividend Yield
Company (Micro-Star International)9.8%
Market Bottom 25% (TW)2.6%
Market Top 25% (TW)7.0%
Industry Average (Tech)7.7%
Analyst forecast in 3 Years (Micro-Star International)7.7%

Notable Dividend: 2377's dividend (9.77%) is higher than the bottom 25% of dividend payers in the TW market (2.59%).

High Dividend: 2377's dividend (9.77%) is in the top 25% of dividend payers in the TW market (7%)


Stability and Growth of Payments

Stable Dividend: 2377's dividend payments have been volatile in the past 10 years.

Growing Dividend: 2377's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (54.9%), 2377's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: 2377 is paying a dividend but the company has no free cash flows.


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Management

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

4.3yrs

Average board tenure


CEO

Chin-Ching Huang (64 yo)

36.17yrs

Tenure

Mr. Chin-Ching Huang serves as President of Micro-Star International Co., Ltd. since July 8, 2020 and served as Senior VP of Management Committee. He has been Vice Chairman of Micro-Star International Co.,...


Board Members

Experienced Board: 2377's board of directors are considered experienced (4.3 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

What is the ownership structure of 2377?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders152,906,93418.1%
Institutions273,775,63632.4%
General Public418,173,63049.5%

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


Top Shareholders

Top 25 shareholders own 46.91% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
6.15%
Xiang Xu
51,983,151NT$5.6b0%no data
5.54%
Yuanta Securities Investment Trust Co., Ltd.
46,786,450NT$5.0b104.06%1.43%
4.73%
Vontobel Asset Management S.A.
39,924,000NT$4.3b0%1.93%
3.51%
Cathay Securities Investment Trust Co Ltd.
29,626,000NT$3.2b0%0.97%
3.32%
The Vanguard Group, Inc.
28,084,614NT$3.0b1.18%no data
3.05%
Wen-Tung Lin
25,735,394NT$2.8b0%no data
2.73%
Jin Huang
23,085,941NT$2.5b0%no data
2.6%
BlackRock, Inc.
21,959,151NT$2.4b-1.34%no data
2.5%
New Labor Pension Scheme
21,131,000NT$2.3b0%0.79%
2.44%
Chi-Long Lu
20,616,185NT$2.2b0%no data
2.14%
Hsien-Neng You
18,077,746NT$1.9b0%no data
1.59%
Fen Xu
13,408,517NT$1.4b0%no data
1.41%
Norges Bank Investment Management
11,910,724NT$1.3b0%0.01%
1.21%
Boston Partners Global Investors, Inc.
10,244,000NT$1.1b0.69%0.03%
0.85%
Dimensional Fund Advisors LP
7,192,256NT$773.2m-0.26%0.01%
0.5%
Van Eck Associates Corporation
4,245,048NT$456.3m-4.95%0.03%
0.45%
Grantham Mayo Van Otterloo & Co. LLC
3,831,000NT$411.8m46.56%0.05%
0.44%
SEI Investments Company
3,717,000NT$399.6m-9.52%0.02%
0.35%
AP Fonden 2
2,924,000NT$314.3m0%0.08%
0.29%
Geode Capital Management, LLC
2,466,106NT$265.1m3.96%no data
0.25%
Charles Schwab Investment Management, Inc.
2,138,218NT$229.9m-0.11%no data
0.23%
Northern Trust Global Investments
1,963,744NT$211.1m0.56%no data
0.22%
J.P. Morgan Asset Management, Inc.
1,854,806NT$199.4m0.38%no data
0.21%
abrdn plc
1,759,000NT$189.1m-0.45%0.01%
0.2%
Caisse de dépôt et placement du Québec
1,649,492NT$177.3m0%0.01%

Company Information

Micro-Star International Co., Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: Micro-Star International Co., Ltd.
  • Ticker: 2377
  • Exchange: TWSE
  • Founded: 1986
  • Industry: Technology Hardware, Storage and Peripherals
  • Sector: Tech
  • Implied Market Cap: NT$90.822b
  • Shares outstanding: 844.86m
  • Website: https://www.msi.com

Number of Employees


Location

  • Micro-Star International Co., Ltd.
  • No. 69, Lide Street
  • Zhonghe District
  • New Taipei City
  • 235
  • Taiwan


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
2377TWSE (Taiwan Stock Exchange)YesCommon StockTWTWDNov 1998

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/01 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.