New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 29
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: NT$3.00 (up from NT$0.60 in 1Q 2025). Revenue: NT$37.4b (up 25% from 1Q 2025). Net income: NT$5.04b (up 451% from 1Q 2025). Profit margin: 14% (up from 3.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 76% per year, which means it is well ahead of earnings. Price Target Changed • Apr 23
Price target increased by 7.6% to NT$621 Up from NT$577, the current price target is an average from 17 analysts. New target price is 15% below last closing price of NT$728. Stock is up 742% over the past year. The company is forecast to post earnings per share of NT$11.61 for next year compared to NT$4.38 last year. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$161.0b to NT$166.8b. EPS estimate increased from NT$9.79 to NT$10.93 per share. Net income forecast to grow 155% next year vs 21% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$333 to NT$514. Share price rose 3.8% to NT$463 over the past week. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: NT$4.38 (vs NT$3.34 in FY 2024) Full year 2025 results: EPS: NT$4.38 (up from NT$3.34 in FY 2024). Revenue: NT$131.2b (up 14% from FY 2024). Net income: NT$6.67b (up 31% from FY 2024). Profit margin: 5.1% (up from 4.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
Unimicron Technology Corp., Annual General Meeting, May 29, 2026 Unimicron Technology Corp., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: no,398, t`ao ying rd., taoyuan city Taiwan Price Target Changed • Feb 25
Price target increased by 16% to NT$386 Up from NT$333, the current price target is an average from 17 analysts. New target price is 15% below last closing price of NT$456. Stock is up 263% over the past year. The company is forecast to post earnings per share of NT$3.50 for next year compared to NT$3.34 last year. Announcement • Feb 11
Unimicron Technology Corp. to Report Q4, 2025 Results on Feb 24, 2026 Unimicron Technology Corp. announced that they will report Q4, 2025 results on Feb 24, 2026 Price Target Changed • Feb 09
Price target increased by 13% to NT$333 Up from NT$294, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of NT$340. Stock is up 172% over the past year. The company is forecast to post earnings per share of NT$3.51 for next year compared to NT$3.34 last year. Buy Or Sell Opportunity • Feb 02
Now 22% undervalued Over the last 90 days, the stock has risen 117% to NT$365. The fair value is estimated to be NT$467, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 74%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 574% in the next 2 years. New Risk • Jan 30
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 8.9% 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 Risk Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.5% net profit margin). Price Target Changed • Jan 21
Price target increased by 11% to NT$253 Up from NT$227, the current price target is an average from 17 analysts. New target price is 21% below last closing price of NT$321. Stock is up 131% over the past year. The company is forecast to post earnings per share of NT$3.48 for next year compared to NT$3.34 last year. Price Target Changed • Jan 11
Price target increased by 7.1% to NT$227 Up from NT$212, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of NT$226. Stock is up 56% over the past year. The company is forecast to post earnings per share of NT$3.50 for next year compared to NT$3.34 last year. Price Target Changed • Jan 09
Price target increased by 7.3% to NT$222 Up from NT$206, the current price target is an average from 17 analysts. New target price is approximately in line with last closing price of NT$225. Stock is up 55% over the past year. The company is forecast to post earnings per share of NT$3.49 for next year compared to NT$3.34 last year. Announcement • Dec 19
Unimicron Technology Corp. announced that it expects to receive TWD 699.999912 million in funding Unimicron Technology Corp. announces a private placement to issue 6,034,482 shares at a price of NTD 116 per share for gross proceeds of NTD 699,999,912 on December 17, 2025. Price Target Changed • Dec 09
Price target increased by 11% to NT$202 Up from NT$182, the current price target is an average from 17 analysts. New target price is 11% below last closing price of NT$226. Stock is up 53% over the past year. The company is forecast to post earnings per share of NT$3.55 for next year compared to NT$3.34 last year. New Risk • Dec 09
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 8.4% 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 Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.5% net profit margin). Price Target Changed • Nov 05
Price target increased by 7.4% to NT$178 Up from NT$166, the current price target is an average from 17 analysts. New target price is 8.9% above last closing price of NT$164. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of NT$3.61 for next year compared to NT$3.34 last year. New Risk • Nov 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS in line with expectations, revenues disappoint Third quarter 2025 results: EPS: NT$1.44 (up from NT$0.66 in 3Q 2024). Revenue: NT$34.0b (up 7.2% from 3Q 2024). Net income: NT$2.19b (up 120% from 3Q 2024). Profit margin: 6.5% (up from 3.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 07
Consensus EPS estimates fall by 37% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from NT$5.80 to NT$3.66 per share. Revenue forecast steady at NT$132.8b. Net income forecast to grow 392% next year vs 19% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$133 to NT$159. Share price was steady at NT$136 over the past week. Price Target Changed • Jul 31
Price target increased by 15% to NT$153 Up from NT$133, the current price target is an average from 16 analysts. New target price is 11% above last closing price of NT$138. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$3.98 for next year compared to NT$3.34 last year. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: NT$0.02 (vs NT$1.05 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.02 (down from NT$1.05 in 2Q 2024). Revenue: NT$32.5b (up 17% from 2Q 2024). Net income: NT$29.6m (down 98% from 2Q 2024). Profit margin: 0.1% (down from 5.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 29
Price target increased by 7.4% to NT$137 Up from NT$127, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of NT$141. Stock is down 23% over the past year. The company is forecast to post earnings per share of NT$5.68 for next year compared to NT$3.34 last year. Upcoming Dividend • Jul 03
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 10 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.2%). Declared Dividend • Jun 19
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 50% lower than last year. Ex-date: 10th July 2025 Payment date: 8th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 263% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 04
Price target decreased by 7.1% to NT$128 Down from NT$138, the current price target is an average from 16 analysts. New target price is 36% above last closing price of NT$94.60. Stock is down 46% over the past year. The company is forecast to post earnings per share of NT$6.54 for next year compared to NT$3.34 last year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$96.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total loss to shareholders of 51% over the past three years. Reported Earnings • Apr 24
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$0.60 (down from NT$1.60 in 1Q 2024). Revenue: NT$30.1b (up 14% from 1Q 2024). Net income: NT$914.5m (down 62% from 1Q 2024). Profit margin: 3.0% (down from 9.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. 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 25% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 23
Price target decreased by 10% to NT$142 Down from NT$157, the current price target is an average from 15 analysts. New target price is 60% above last closing price of NT$88.70. Stock is down 53% over the past year. The company is forecast to post earnings per share of NT$10.57 for next year compared to NT$3.34 last year. Announcement • Apr 15
Unimicron Technology Corp. to Report Q1, 2025 Results on Apr 22, 2025 Unimicron Technology Corp. announced that they will report Q1, 2025 results on Apr 22, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$78.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total loss to shareholders of 60% over the past three years. New Risk • Mar 28
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 6.0% 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 High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). Announcement • Mar 27
Unimicron Technology Corp., Annual General Meeting, Jun 17, 2025 Unimicron Technology Corp., Annual General Meeting, Jun 17, 2025, at 09:00 Taipei Standard Time. Location: no,398, t`ao ying rd., taoyuan city Taiwan Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$148.1b to NT$136.9b. EPS estimate also fell from NT$12.14 per share to NT$7.42 per share. Net income forecast to grow 113% next year vs 30% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$211 to NT$164. Share price fell 12% to NT$114 over the past week. Price Target Changed • Feb 27
Price target decreased by 14% to NT$181 Down from NT$211, the current price target is an average from 16 analysts. New target price is 53% above last closing price of NT$119. Stock is down 34% over the past year. The company is forecast to post earnings per share of NT$6.08 for next year compared to NT$3.34 last year. Reported Earnings • Feb 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$3.34 (down from NT$7.88 in FY 2023). Revenue: NT$115.4b (up 11% from FY 2023). Net income: NT$5.08b (down 58% from FY 2023). Profit margin: 4.4% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in Taiwan. 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 22% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
Unimicron Technology Corp. Announces Executive Changes Unimicron Technology Corp. announced change of Accounting officer. Name, title, and resume of the previous position holder: Denise Hsu, Director. Name, title, and resume of the new position holder: Fran Tsai, Director. Type of the change: Retirement; Effective date: February 25, 2025. Announcement • Feb 18
Unimicron Technology Corp. to Report Q4, 2024 Results on Feb 25, 2025 Unimicron Technology Corp. announced that they will report Q4, 2024 results on Feb 25, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$0.66 (down from NT$1.70 in 3Q 2023). Revenue: NT$31.7b (up 20% from 3Q 2023). Net income: NT$997.1m (down 62% from 3Q 2023). Profit margin: 3.1% (down from 9.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 56%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$6.01 to NT$4.61 per share. Revenue forecast steady at NT$118.3b. Net income forecast to grow 58% next year vs 19% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$222. Share price fell 3.9% to NT$161 over the past week. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$167, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 6.3% over the past three years. Announcement • Oct 22
Unimicron Technology Corp. to Report Q3, 2024 Results on Oct 29, 2024 Unimicron Technology Corp. announced that they will report Q3, 2024 results on Oct 29, 2024 Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$7.24 to NT$6.49 per share. Revenue forecast steady at NT$118.6b. Net income forecast to grow 67% next year vs 21% growth forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$230. Share price fell 23% to NT$142 over the past week. New Risk • Aug 05
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 6.9% 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 High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (8.9% net profit margin). Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$1.05 (down from NT$1.57 in 2Q 2023). Revenue: NT$27.9b (up 11% from 2Q 2023). Net income: NT$1.60b (down 33% from 2Q 2023). Profit margin: 5.7% (down from 9.5% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 24
Unimicron Technology Corp. to Report Q2, 2024 Results on Jul 30, 2024 Unimicron Technology Corp. announced that they will report Q2, 2024 results on Jul 30, 2024 Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$215, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 72% over the past three years. New Risk • Jul 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.9% net profit margin). Upcoming Dividend • Jul 05
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 11 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (2.6%). Declared Dividend • Jun 20
Dividend reduced to NT$3.00 Dividend of NT$3.00 is 62% lower than last year. Ex-date: 11th July 2024 Payment date: 9th August 2024 Dividend yield will be 1.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 142% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 19
Unimicron Technology Corp. Announces Cash Dividend, Payable on August 9, 2024 Unimicron Technology Corp. announced cash dividend TWD 4,575,321,591, each common share is entitled to receive TWD 3.00000196. Ex-rights (ex-dividend) trading date is July 11, 2024. Ex-rights (ex-dividend) record date is July 19, 2024. Payment date of common stock cash dividend distribution is August 9, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company is June 18, 2024. Reported Earnings • Apr 25
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$1.60 (down from NT$2.69 in 1Q 2023). Revenue: NT$26.4b (flat on 1Q 2023). Net income: NT$2.43b (down 41% from 1Q 2023). Profit margin: 9.2% (down from 15% in 1Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Buy Or Sell Opportunity • Apr 23
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at NT$171. The fair value is estimated to be NT$142, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 99% in the next 2 years. Announcement • Apr 16
Unimicron Technology Corp. to Report Q1, 2024 Results on Apr 23, 2024 Unimicron Technology Corp. announced that they will report Q1, 2024 results on Apr 23, 2024 Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$199, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 140% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$143 per share. New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 51% 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: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Price Target Changed • Mar 01
Price target increased by 7.5% to NT$222 Up from NT$206, the current price target is an average from 13 analysts. New target price is 25% above last closing price of NT$178. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$9.46 for next year compared to NT$7.88 last year. Reported Earnings • Feb 28
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$7.88 (down from NT$20.08 in FY 2022). Revenue: NT$104.0b (down 26% from FY 2022). Net income: NT$12.0b (down 60% from FY 2022). Profit margin: 12% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Feb 27
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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Announcement • Feb 24
Unimicron Technology Corp., Annual General Meeting, May 31, 2024 Unimicron Technology Corp., Annual General Meeting, May 31, 2024. Location: No.398 Taoying Road, Taoyuan Dist Taoyuan City Taiwan Agenda: To consider 2023 business operations; To consider audit committee's report for 2023 audited financial reports; to consider 2023 distributable compensation for employees and directors; to consider 2023 investment in China; and to consider short-form merger with Qun Hong Technology Inc. Price Target Changed • Nov 21
Price target decreased by 7.1% to NT$205 Down from NT$220, the current price target is an average from 14 analysts. New target price is 21% above last closing price of NT$169. Stock is up 8.0% over the past year. The company is forecast to post earnings per share of NT$7.75 for next year compared to NT$20.08 last year. Reported Earnings • Oct 24
Third quarter 2023 earnings released: EPS: NT$1.70 (vs NT$5.80 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.70 (down from NT$5.80 in 3Q 2022). Revenue: NT$26.5b (down 29% from 3Q 2022). Net income: NT$2.59b (down 70% from 3Q 2022). Profit margin: 9.8% (down from 23% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$113.9b to NT$108.3b. EPS estimate also fell from NT$9.36 per share to NT$8.17 per share. Net income forecast to shrink 25% next year vs 4.7% decline forecast for Electronic industry in Taiwan. Consensus price target up from NT$199 to NT$225. Share price fell 4.9% to NT$186 over the past week. Price Target Changed • Jul 27
Price target increased by 11% to NT$218 Up from NT$197, the current price target is an average from 15 analysts. New target price is 14% above last closing price of NT$191. Stock is up 18% over the past year. The company is forecast to post earnings per share of NT$8.95 for next year compared to NT$20.08 last year. Price Target Changed • Jul 25
Price target increased by 7.3% to NT$207 Up from NT$193, the current price target is an average from 15 analysts. New target price is 5.6% above last closing price of NT$196. Stock is up 15% over the past year. The company is forecast to post earnings per share of NT$9.34 for next year compared to NT$20.08 last year. Reported Earnings • Jul 22
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$2.69 (down from NT$3.85 in 1Q 2022). Revenue: NT$26.6b (down 14% from 1Q 2022). Net income: NT$4.10b (down 28% from 1Q 2022). Profit margin: 15% (down from 19% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 5.5%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 20
Now 22% undervalued Over the last 90 days, the stock is up 44%. The fair value is estimated to be NT$251, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 70%. Revenue is forecast to grow by 5.6% in 2 years. Earnings is forecast to decline by 13% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$200, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 283% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$249 per share. Upcoming Dividend • Jul 06
Upcoming dividend of NT$7.99 per share at 4.5% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.2%). New Risk • Jun 23
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 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Announcement • Jun 14
Unimicron Technology Corp. Announces Cash Dividend, Payable on August 11, 2023 Unimicron Technology Corp. announced a cash dividend TWD 12,190,425,576, each common share is entitled to receive TWD 7.99298687. Ex-rights (ex-dividend) trading date is July 13, 2023. Ex-rights (ex-dividend) record date is July 20, 2023. Payment date of cash dividend distribution is August 11, 2023. Price Target Changed • Apr 28
Price target decreased by 9.6% to NT$179 Down from NT$198, the current price target is an average from 15 analysts. New target price is 24% above last closing price of NT$145. Stock is down 32% over the past year. The company is forecast to post earnings per share of NT$9.44 for next year compared to NT$20.08 last year. Reported Earnings • Apr 27
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$2.70 (down from NT$3.85 in 1Q 2022). Revenue: NT$26.6b (down 14% from 1Q 2022). Net income: NT$4.10b (down 28% from 1Q 2022). Profit margin: 15% (down from 19% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 26
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$131.0b to NT$114.9b. EPS estimate fell from NT$14.00 to NT$9.22 per share. Net income forecast to shrink 54% next year vs 7.0% decline forecast for Electronic industry in Taiwan. Consensus price target down from NT$202 to NT$184. Share price rose 4.9% to NT$139 over the past week. Price Target Changed • Apr 26
Price target decreased by 7.1% to NT$184 Down from NT$199, the current price target is an average from 15 analysts. New target price is 37% above last closing price of NT$135. Stock is down 38% over the past year. The company is forecast to post earnings per share of NT$12.79 for next year compared to NT$20.08 last year. Reported Earnings • Feb 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$20.08 (up from NT$8.98 in FY 2021). Revenue: NT$140.5b (up 34% from FY 2021). Net income: NT$29.6b (up 124% from FY 2021). Profit margin: 21% (up from 13% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$145.5b to NT$136.4b. EPS estimate also fell from NT$18.31 per share to NT$16.07 per share. Net income forecast to shrink 7.0% next year vs 2.9% growth forecast for Electronic industry in Taiwan . Consensus price target broadly unchanged at NT$208. Share price fell 3.2% to NT$134 over the past week. Announcement • Dec 21
Unimicron Technology Corp Announces Management Changes Unimicron Technology Corp. announced change of CIO & CISO. Name, title, and resume of the previous position holder: Mike Ma/The Company¡¦s CTO & CIO & CISO 4.Name, title, and resume of the new position holder: CIO changed title to CDO: JiFu Kung/The Company¡¦s Sr. Vice President of Smart Factory CISO: Robert Yeh/The Company¡¦s Sr.Director of Information Communication Tech. Div. Name, title, and resume of the new position holder: CIO changed title to CDO: JiFu Kung/The Company¡¦s Sr. Vice President of Smart Factory CISO: Robert Yeh/The Company¡¦s Sr.Director of Information Communication Tech. Div. Effective Date is January 1, 2023. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$121, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Electronic industry in Taiwan. Total returns to shareholders of 206% over the past three years. Price Target Changed • Nov 16
Price target decreased to NT$235 Down from NT$260, the current price target is an average from 17 analysts. New target price is 45% above last closing price of NT$162. Stock is down 18% over the past year. The company is forecast to post earnings per share of NT$20.34 for next year compared to NT$8.98 last year.