Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$116, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Tech industry in Taiwan. Total returns to shareholders of 45% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of NT$7.20 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 10 July 2026. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (2.6%). Major Estimate Revision • May 18
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$100.7b to NT$96.3b. EPS estimate also fell from NT$10.42 per share to NT$9.21 per share. Net income forecast to grow 13% next year vs 42% growth forecast for Tech industry in Taiwan. Consensus price target broadly unchanged at NT$147. Share price fell 5.9% to NT$127 over the past week. Reported Earnings • May 12
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$2.00 (down from NT$2.19 in 1Q 2025). Revenue: NT$22.9b (down 1.8% from 1Q 2025). Net income: NT$1.46b (down 8.6% from 1Q 2025). Profit margin: 6.4% (down from 6.8% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 12
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$9.05 (down from NT$12.43 in FY 2024). Revenue: NT$95.7b (down 5.7% from FY 2024). Net income: NT$6.58b (down 27% from FY 2024). Profit margin: 6.9% (down from 8.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 12
Dividend reduced to NT$7.20 Dividend of NT$7.20 is 28% lower than last year. Ex-date: 15th June 2026 Payment date: 10th July 2026 Dividend yield will be 5.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not covered by cash flows (121% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Price Target Changed • Mar 11
Price target decreased by 8.8% to NT$145 Down from NT$159, the current price target is an average from 4 analysts. New target price is 16% above last closing price of NT$125. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$10.23 for next year compared to NT$12.43 last year. Price Target Changed • Mar 08
Price target decreased by 11% to NT$152 Down from NT$170, the current price target is an average from 4 analysts. New target price is 21% above last closing price of NT$126. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$10.23 for next year compared to NT$12.43 last year. Buy Or Sell Opportunity • Jan 08
Now 20% overvalued Over the last 90 days, the stock has fallen 12% to NT$117. The fair value is estimated to be NT$96.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 7.3%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 7.1% in the next 2 years. Buy Or Sell Opportunity • Dec 19
Now 20% overvalued Over the last 90 days, the stock has fallen 19% to NT$116. The fair value is estimated to be NT$95.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 7.3%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 7.1% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$2.87 (vs NT$3.29 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.87 (down from NT$3.29 in 3Q 2024). Revenue: NT$24.8b (down 11% from 3Q 2024). Net income: NT$2.09b (down 13% from 3Q 2024). Profit margin: 8.4% (down from 8.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 03
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$137. The fair value is estimated to be NT$114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Earnings per share has grown by 8.6%. Revenue is forecast to grow by 0.8% in a year. Earnings are forecast to decline by 3.7% in the next year. Price Target Changed • Aug 11
Price target decreased by 7.5% to NT$170 Down from NT$184, the current price target is an average from 5 analysts. New target price is 26% above last closing price of NT$135. Stock is down 14% over the past year. The company is forecast to post earnings per share of NT$10.58 for next year compared to NT$12.43 last year. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$2.96 (vs NT$3.40 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.96 (down from NT$3.40 in 2Q 2024). Revenue: NT$24.5b (flat on 2Q 2024). Net income: NT$2.15b (down 13% from 2Q 2024). Profit margin: 8.8% (down from 10.0% in 2Q 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to NT$138. The fair value is estimated to be NT$172, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.8% over the last 3 years. Earnings per share has grown by 9.8%. Revenue is forecast to grow by 5.3% in a year. Earnings are forecast to decline by 1.0% in the next year. Upcoming Dividend • Jun 10
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 17 June 2025. Payment date: 11 July 2025. Payout ratio and cash payout ratio are on the higher end at 82% and 76% respectively. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.8%). Reported Earnings • May 08
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$2.19 (down from NT$2.42 in 1Q 2024). Revenue: NT$23.3b (up 1.9% from 1Q 2024). Net income: NT$1.59b (down 9.6% from 1Q 2024). Profit margin: 6.8% (down from 7.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech industry in Taiwan. 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 24% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$128. The fair value is estimated to be NT$164, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. 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$142, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$164 per share. Declared Dividend • Mar 07
Dividend of NT$10.00 announced Shareholders will receive a dividend of NT$10.00. Ex-date: 17th June 2025 Payment date: 11th July 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: NT$14.92 loss per share (down from NT$2.94 profit in 3Q 2023). Revenue: NT$27.7b (up 7.4% from 3Q 2023). Net loss: NT$10.9b (down NT$13.0b from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 06
Now 22% undervalued Over the last 90 days, the stock has risen 1.3% to NT$154. The fair value is estimated to be NT$196, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 11% in the next year. Announcement • Oct 29
Chicony Electronics Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Chicony Electronics Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Buy Or Sell Opportunity • Sep 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$158. The fair value is estimated to be NT$197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 13% in the next year. Buy Or Sell Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$157. The fair value is estimated to be NT$197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$3.40 (up from NT$2.50 in 2Q 2023). Revenue: NT$24.7b (down 2.7% from 2Q 2023). Net income: NT$2.47b (up 37% from 2Q 2023). Profit margin: 10.0% (up from 7.1% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 10
Price target decreased by 9.1% to NT$218 Down from NT$240, the current price target is an average from 5 analysts. New target price is 41% above last closing price of NT$155. Stock is up 53% over the past year. The company is forecast to post earnings per share of NT$12.61 for next year compared to NT$10.35 last year. Buy Or Sell Opportunity • Aug 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to NT$145. The fair value is estimated to be NT$186, 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 6.3%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Announcement • Jul 27
Chicony Electronics Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Chicony Electronics Co., Ltd. announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Aug 07, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$7.80 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.9%). Reported Earnings • May 08
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$2.42 (up from NT$2.05 in 1Q 2023). Revenue: NT$22.8b (flat on 1Q 2023). Net income: NT$1.76b (up 20% from 1Q 2023). Profit margin: 7.7% (up from 6.5% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 02
Dividend increased to NT$7.80 Dividend of NT$7.80 is 4.0% higher than last year. Ex-date: 18th June 2024 Payment date: 12th July 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 28
Chicony Electronics Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 Chicony Electronics Co., Ltd. announced that they will report Q1, 2024 results on May 06, 2024 Announcement • Apr 18
Chicony Electronics Co., Ltd. Announces Cash Dividend for the Year 2023 Chicony Electronics Co., Ltd. announced that appropriations of earnings in cash dividends to shareholders: TWD 7.8 per share. Total amount of cash distributed to shareholders: TWD 5,928,414,742. Reported Earnings • Mar 15
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$10.35 (up from NT$10.26 in FY 2022). Revenue: NT$98.3b (down 15% from FY 2022). Net income: NT$7.46b (up 2.0% from FY 2022). Profit margin: 7.6% (up from 6.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 14
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$106.9b to NT$109.1b. EPS estimate increased from NT$11.09 to NT$12.51 per share. Net income forecast to grow 23% next year vs 32% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$172 to NT$262. Share price rose 5.5% to NT$241 over the past week. Announcement • Mar 13
Chicony Electronics Co., Ltd., Annual General Meeting, May 30, 2024 Chicony Electronics Co., Ltd., Annual General Meeting, May 30, 2024. Location: No. 69, Sec. 2, Guangfu Rd., New Taipei City Taiwan Agenda: To consider Business Report of the Company for the 2023 fiscal year; to consider Audit Report by the Audit Committee for the 2023 fiscal year; to consider Report on the distribution of remunerations to employees and directors for the 2023 fiscal year; to consider Report on earnings distribution of cash dividends for the 2023 fiscal year; and to consider other matters. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$223, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 183% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share. New Risk • Mar 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 5.8% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 23
Chicony Electronics Co., Ltd. Announces Executive Change Chicony Electronics Co., Ltd. announced the retirement of Chang, Yu Yun as Chief Information Security Officer and appointed Hsiang, Kuo Tung, MIS Director as Chief Information Security Officer. Effective from 1 March 2024. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$190, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$118 per share. Price Target Changed • Jan 18
Price target increased by 16% to NT$162 Up from NT$141, the current price target is an average from 3 analysts. New target price is 11% below last closing price of NT$182. Stock is up 112% over the past year. The company is forecast to post earnings per share of NT$10.02 for next year compared to NT$10.26 last year. Reported Earnings • Nov 06
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$2.93 (down from NT$2.97 in 3Q 2022). Revenue: NT$25.8b (down 16% from 3Q 2022). Net income: NT$2.12b (flat on 3Q 2022). Profit margin: 8.2% (up from 6.9% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Major Estimate Revision • Aug 14
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$111.7b to NT$98.1b. EPS estimate fell from NT$9.44 to NT$8.62 per share. Net income forecast to shrink 3.8% next year vs 13% growth forecast for Tech industry in Taiwan . Consensus price target up from NT$104 to NT$110. Share price fell 4.3% to NT$101 over the past week. Reported Earnings • Aug 08
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$2.50 (up from NT$2.50 in 2Q 2022). Revenue: NT$25.4b (down 12% from 2Q 2022). Net income: NT$1.80b (up 1.1% from 2Q 2022). Profit margin: 7.1% (up from 6.2% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Buying Opportunity • Aug 02
Now 22% undervalued Over the last 90 days, the stock is up 1.3%. The fair value is estimated to be NT$129, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 4.1% in a year. Earnings is forecast to grow by 0.4% in the next year. Buying Opportunity • Jul 13
Now 21% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be NT$129, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 4.1% in a year. Earnings is forecast to grow by 0.4% in the next year. Price Target Changed • Jun 20
Price target increased by 7.9% to NT$104 Up from NT$96.58, the current price target is an average from 5 analysts. New target price is 11% above last closing price of NT$94.00. Stock is up 26% over the past year. The company is forecast to post earnings per share of NT$9.25 for next year compared to NT$10.26 last year. Upcoming Dividend • Jun 09
Upcoming dividend of NT$7.50 per share at 7.1% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.4%). Major Estimate Revision • May 23
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from NT$118.7b to NT$104.4b. EPS estimate unchanged from NT$9.40 per share at last update. Tech industry in Taiwan expected to see average net income growth of 0.2% next year. Consensus price target of NT$103 unchanged from last update. Share price rose 3.5% to NT$104 over the past week. Reported Earnings • May 12
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: NT$2.05 (down from NT$2.41 in 1Q 2022). Revenue: NT$22.7b (down 21% from 1Q 2022). Net income: NT$1.47b (down 14% from 1Q 2022). Profit margin: 6.5% (up from 5.9% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 53%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Tech industry in Taiwan. 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. Announcement • May 10
Chicony Electronics Co., Ltd. Appoints of the Chang,YuYun as New Chief Information Security Officer Chicony Electronics Co., Ltd. Announced the new Chief Information Security Officer. Type of personnel changed: Chief Information Security Officer. Date of occurrence of the change: 2023/05/09. Name, title, and resume of the previous position holder: Not applicable. Name, title, and resume of the new position holder: Chang,YuYun, CIO of Chicony Electronics Co., Ltd. Type of the change: Newly appointed. Reason for the change: Newly appointed. Reported Earnings • Mar 14
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$10.26 (up from NT$8.71 in FY 2021). Revenue: NT$115.7b (up 7.7% from FY 2021). Net income: NT$7.32b (up 19% from FY 2021). Profit margin: 6.3% (up from 5.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.0%. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Announcement • Nov 29
Chicony Electronics Co., Ltd. Announces Cash Dividend Chicony Electronics Co., Ltd. announced cash dividend of RMB 21,000,000. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Chia-Hsiang Chu was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$2.97 (up from NT$2.26 in 3Q 2021). Revenue: NT$30.6b (up 12% from 3Q 2021). Net income: NT$2.12b (up 33% from 3Q 2021). Profit margin: 6.9% (up from 5.8% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: NT$2.50 (vs NT$1.87 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.50 (up from NT$1.87 in 2Q 2021). Revenue: NT$28.7b (up 13% from 2Q 2021). Net income: NT$1.78b (up 35% from 2Q 2021). Profit margin: 6.2% (up from 5.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 6.7%, compared to a 3.9% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$73.20, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$62.58 per share. Announcement • Jun 11
Chicony Electronics Co., Ltd. Approves the Election of Hsu,Kun-Tai, Lee,Tse-Ching as Directors Chicony Electronics Co., Ltd. at its Annual General Shareholders' Meeting held on June 10, 2022, approved the election of Hsu,Kun-Tai, Lee,Tse-Ching as directors. Upcoming Dividend • Jun 09
Upcoming dividend of NT$6.10 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (6.0%). In line with average of industry peers (6.6%). Announcement • May 31
Chicony Electronics Co., Ltd. Announces Cash Dividend, Payable on July 15, 2022 Chicony Electronics Co., Ltd. announced cash dividend of TWD 4,586,263,168 with ex-rights (ex-dividend) trading date is June 16, 2022, ex-rights (ex-dividend) record date as June 22, 2022 and Cash dividend for common shares is scheduled to be paid on July 15, 2022. Board Change • May 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Jia-Siang Chu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 13
Chicony Electronics Co., Ltd. Appoints Huang,Chien-Yu as COO Chicony Electronics Co., Ltd. appointed Huang,Chien-Yu, General Manager of the IPD BU of Chicony Electronics Co., Ltd. as new COO. Effective date is May 12, 2022. Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$2.41 (up from NT$2.23 in 1Q 2021). Revenue: NT$28.8b (up 15% from 1Q 2021). Net income: NT$1.71b (up 8.9% from 1Q 2021). Profit margin: 5.9% (down from 6.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 8.5%, compared to a 7.1% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$8.71 (up from NT$7.80 in FY 2020). Revenue: NT$107.5b (up 13% from FY 2020). Net income: NT$6.15b (up 13% from FY 2020). Profit margin: 5.7% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 13%, compared to a 8.3% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$2.25 (vs NT$2.55 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$27.3b (up 3.5% from 3Q 2020). Net income: NT$1.60b (down 11% from 3Q 2020). Profit margin: 5.8% (down from 6.8% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 9% per year. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.87 (vs NT$3.40 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$25.3b (flat on 2Q 2020). Net income: NT$1.32b (down 45% from 2Q 2020). Profit margin: 5.2% (down from 9.5% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$2.23 (vs NT$0.057 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$25.1b (up 39% from 1Q 2020). Net income: NT$1.57b (up NT$1.53b from 1Q 2020). Profit margin: 6.2% (up from 0.2% 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 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$89.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Apr 02
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 12 May 2021. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (4.3%). Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$7.80 (vs NT$8.45 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$95.1b (up 2.7% from FY 2019). Net income: NT$5.47b (down 6.4% from FY 2019). Profit margin: 5.7% (down from 6.3% in FY 2019). The decrease in margin was driven by higher expenses. 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 11% per year.