Reported Earnings • May 07
First quarter 2026 earnings: Revenues and EPS in line with analyst expectations First quarter 2026 results: EPS: NT$2.00 (up from NT$1.92 in 1Q 2025). Revenue: NT$29.2b (up 2.8% from 1Q 2025). Net income: NT$1.13b (up 23% from 1Q 2025). Profit margin: 3.9% (up from 3.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 30% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$218, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Communications industry in Taiwan. Total returns to shareholders of 175% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$197, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 129% over the past three years. Major Estimate Revision • Mar 18
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$124.0b to NT$129.7b. EPS estimate increased from NT$8.01 to NT$9.92 per share. Net income forecast to grow 55% next year vs 82% growth forecast for Communications industry in Taiwan. Consensus price target up from NT$148 to NT$159. Share price rose 6.1% to NT$174 over the past week. Price Target Changed • Mar 13
Price target increased by 11% to NT$159 Up from NT$144, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$168. Stock is up 17% over the past year. The company is forecast to post earnings per share of NT$9.92 for next year compared to NT$6.41 last year. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$6.41 (vs NT$7.26 in FY 2024) Full year 2025 results: EPS: NT$6.41 (down from NT$7.26 in FY 2024). Revenue: NT$110.3b (flat on FY 2024). Net income: NT$3.06b (down 11% from FY 2024). Profit margin: 2.8% (down from 3.1% in FY 2024). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 31% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Mar 12
WNC Corporation, Annual General Meeting, May 28, 2026 WNC Corporation, Annual General Meeting, May 28, 2026, at 09:00 Taipei Standard Time. Location: no,2, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$160, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Communications industry in Taiwan. Total returns to shareholders of 106% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$73.56 per share. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$130, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Communications industry in Taiwan. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$70.87 per share. New Risk • Jan 19
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 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: 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 (6.7% average weekly change). Price Target Changed • Jan 05
Price target decreased by 7.6% to NT$133 Down from NT$144, the current price target is an average from 6 analysts. New target price is 21% above last closing price of NT$110. Stock is down 17% over the past year. The company is forecast to post earnings per share of NT$6.07 for next year compared to NT$7.26 last year. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$104, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$89.44 per share. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$1.39 (up from NT$1.09 in 3Q 2024). Revenue: NT$27.4b (up 5.4% from 3Q 2024). Net income: NT$664.8m (up 28% from 3Q 2024). Profit margin: 2.4% (up from 2.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$1.03 (down from NT$2.45 in 2Q 2024). Revenue: NT$27.5b (down 11% from 2Q 2024). Net income: NT$493.2m (down 58% from 2Q 2024). Profit margin: 1.8% (down from 3.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Communications 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 13% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jun 19
Dividend reduced to NT$4.80 Dividend of NT$4.80 is 20% lower than last year. Ex-date: 2nd July 2025 Payment date: 24th July 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 17
Wistron NeWeb Corporation Ratifies Cash Dividend for the Year 2024 Wistron NeWeb Corporation at its AGM held on 16 May 2025, ratified distribution of 2024 profits of TWD 4.8 cash dividend per share. Major Estimate Revision • May 13
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$119.4b to NT$120.9b. EPS estimate fell from NT$8.93 to NT$7.80 per share. Net income forecast to grow 9.9% next year vs 27% growth forecast for Communications industry in Taiwan. Consensus price target broadly unchanged at NT$150. Share price was steady at NT$128 over the past week. Reported Earnings • May 08
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$1.92 (up from NT$1.58 in 1Q 2024). Revenue: NT$28.4b (up 11% from 1Q 2024). Net income: NT$917.6m (up 22% from 1Q 2024). Profit margin: 3.2% (up from 2.9% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Wistron NeWeb Corporation to Report Q1, 2025 Results on May 07, 2025 Wistron NeWeb Corporation announced that they will report Q1, 2025 results on May 07, 2025 Major Estimate Revision • Apr 12
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$127.5b to NT$119.4b. EPS estimate also fell from NT$10.00 per share to NT$8.87 per share. Net income forecast to grow 23% next year vs 31% growth forecast for Communications industry in Taiwan. Consensus price target down from NT$155 to NT$151. Share price fell 14% to NT$119 over the past week. Buy Or Sell Opportunity • Apr 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to NT$113. The fair value is estimated to be NT$147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Major Estimate Revision • Mar 12
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$120.7b to NT$127.5b. EPS estimate increased from NT$8.74 to NT$10.00 per share. Net income forecast to grow 38% next year vs 45% growth forecast for Communications industry in Taiwan. Consensus price target of NT$155 unchanged from last update. Share price fell 2.4% to NT$143 over the past week. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: NT$7.26 (vs NT$8.98 in FY 2023) Full year 2024 results: EPS: NT$7.26 (down from NT$8.98 in FY 2023). Revenue: NT$110.2b (flat on FY 2023). Net income: NT$3.45b (down 9.2% from FY 2023). Profit margin: 3.1% (down from 3.4% in FY 2023). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Announcement • Feb 27
Wistron NeWeb Corporation, Annual General Meeting, May 16, 2025 Wistron NeWeb Corporation, Annual General Meeting, May 16, 2025. Location: no,2, chan yeh 1st rd., hsinchu science park, hsinchu city Taiwan Announcement • Feb 19
Wistron NeWeb Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Wistron NeWeb Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Price Target Changed • Jan 21
Price target increased by 11% to NT$151 Up from NT$136, the current price target is an average from 6 analysts. New target price is 7.6% above last closing price of NT$141. Stock is down 5.4% over the past year. The company is forecast to post earnings per share of NT$6.45 for next year compared to NT$8.98 last year. New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$144, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Communications industry in Taiwan. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$202 per share. Price Target Changed • Dec 23
Price target increased by 8.2% to NT$136 Up from NT$126, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of NT$136. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$6.45 for next year compared to NT$8.98 last year. Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$110.6b to NT$109.0b. EPS estimate also fell from NT$8.04 per share to NT$6.44 per share. Net income forecast to grow 9.6% next year vs 27% growth forecast for Communications industry in Taiwan. Consensus price target down from NT$135 to NT$126. Share price fell 2.0% to NT$122 over the past week. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$1.09 (down from NT$3.31 in 3Q 2023). Revenue: NT$26.0b (down 11% from 3Q 2023). Net income: NT$519.9m (down 63% from 3Q 2023). Profit margin: 2.0% (down from 4.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Oct 30
Wistron NeWeb Corporation to Report Q3, 2024 Results on Nov 06, 2024 Wistron NeWeb Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Buy Or Sell Opportunity • Oct 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$124. The fair value is estimated to be NT$155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$2.45 (up from NT$2.28 in 2Q 2023). Revenue: NT$30.7b (up 15% from 2Q 2023). Net income: NT$1.16b (up 23% from 2Q 2023). Profit margin: 3.8% (up from 3.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to NT$125. The fair value is estimated to be NT$162, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Announcement • Jul 31
Wistron NeWeb Corporation to Report Q2, 2024 Results on Aug 07, 2024 Wistron NeWeb Corporation announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • Jun 17
Dividend increased to NT$6.00 Dividend of NT$6.00 is 24% higher than last year. Ex-date: 2nd July 2024 Payment date: 24th July 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (47% cash payout ratio). 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 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
Wistron NeWeb Corporation Ratifies Cash Dividend for the Year 2023 Wistron NeWeb Corporation at its Annual General Shareholders' Meeting held on May 31, 2024, ratified the proposal for distribution of 2023 profits as TWD 6.0 cash dividend per share. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$1.58 (vs NT$1.43 in 1Q 2023) First quarter 2024 results: EPS: NT$1.58 (up from NT$1.43 in 1Q 2023). Revenue: NT$25.6b (up 1.3% from 1Q 2023). Net income: NT$750.1m (up 30% from 1Q 2023). Profit margin: 2.9% (up from 2.3% in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • May 02
Wistron NeWeb Corporation to Report Q1, 2024 Results on May 08, 2024 Wistron NeWeb Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 Price Target Changed • Apr 25
Price target increased by 16% to NT$172 Up from NT$148, the current price target is an average from 4 analysts. New target price is 16% above last closing price of NT$148. Stock is up 62% over the past year. The company is forecast to post earnings per share of NT$9.74 for next year compared to NT$8.98 last year. Reported Earnings • Mar 12
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$8.98 (up from NT$7.93 in FY 2022). Revenue: NT$110.8b (up 16% from FY 2022). Net income: NT$3.80b (up 22% from FY 2022). Profit margin: 3.4% (up from 3.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 1.1%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Wistron NeWeb Corporation, Annual General Meeting, May 31, 2024 Wistron NeWeb Corporation, Annual General Meeting, May 31, 2024. Location: No.2, Prosperity Road I, Hsinchu Science Park, Hsinchu (Meeting Room 101 of the Allied Association for Science Park Industries) Taiwan Agenda: To discuss 2023 Business Report; to discuss Audit Committee's Review Report; to discuss Report on the 2023 distribution results of profit-sharing bonuses for employees and directors; to discuss Ratification of the 2023 Business Report and Financial Statements; and to discuss Ratification of the proposal for distribution of 2023 profits. Announcement • Jan 21
Wistron Neweb Corporation Provides Revenue Guidance for the Year 2024 Wistron NeWeb Corporation provided revenue guidance for the year 2024. The company expects revenue for 2024 will approach TWD 120 billion. Announcement • Dec 21
Wistron NeWeb Corporation Announces Accounting Officer Changes, Effective January 1, 2024 Wistron NeWeb Corporation announced the Board of Directors' resolution to change the company's accounting officer. Name, title, and resume of the previous position holder: Jona Song, Chief Financial Officer, Wistron NeWeb Corporation. Name, title, and resume of the new position holder: Fion Guan, Chief Accounting Officer, Wistron NeWeb Corporation. Reason for the change: Position adjustment. Effective date: January 1, 2024. Jona Song, Chief Financial Officer of Wistron NeWeb Corporation, will no longer serve as acting accounting officer starting January 1, 2024. Date of occurrence of the change: December 20, 2023. Price Target Changed • Dec 12
Price target increased by 10% to NT$146 Up from NT$133, the current price target is an average from 5 analysts. New target price is 5.9% below last closing price of NT$156. Stock is up 83% over the past year. The company is forecast to post earnings per share of NT$9.09 for next year compared to NT$7.93 last year. Announcement • Nov 11
Wistron NeWeb Corporation announced that it expects to receive TWD 679.922478 million in funding from Wistron Corporation Wistron NeWeb Corporation announced a private placement of 6,414,363 common shares at an issue price of TWD 106 per share for the gross proceeds of TWD 679,922,478 on November 9, 2023. The transaction will include participation from new investor Wistron Corporation. The transaction has been approved by the shareholders of the company. Major Estimate Revision • Nov 09
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$108.1b to NT$109.7b. EPS estimate increased from NT$8.02 to NT$9.28 per share. Net income forecast to grow 11% next year vs 15% growth forecast for Communications industry in Taiwan. Consensus price target up from NT$133 to NT$137. Share price was steady at NT$137 over the past week. Reported Earnings • Nov 03
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$3.31 (up from NT$3.13 in 3Q 2022). Revenue: NT$29.2b (up 10% from 3Q 2022). Net income: NT$1.41b (up 15% from 3Q 2022). Profit margin: 4.8% (up from 4.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) also surpassed analyst estimates by 58%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
Wistron NeWeb Corporation Announces Establishment of Nominating Committee Wistron NeWeb Corporation announced the Board of Directors' resolution to establish the Nominating Committee. Name of the new position holder: Haydn Hsieh; Frank F.C. Lin; T. Y. Lay; Karen Hsin and Lillian Chao. Resume of the new position holder: Haydn Hsieh: Chairman & CSO of the company; Frank F.C. Lin: Director of the company; T. Y. Lay: Independent Director of the company; Karen Hsin: Independent Director of the company; and Lillian Chao: Independent Director of the company. Reason for the change: The Company established the Nominating Committee. Effective date of the new member: November 1, 2023. Date of occurrence of the change: November 1, 2023. Announcement • Oct 13
Wistron NeWeb Corporation announced that it expects to receive TWD 4 billion in funding Wistron NeWeb Corporation announced a private placement of 40,000,000 common shares at an issue price of TWD 100 per share for the gross proceeds of TWD 4,000,000,000 on October 12, 2023. The transaction has been approved by the shareholders of the company. The transaction is expected to close between November 20, 2023 and November 24, 2023. Price Target Changed • Sep 01
Price target increased by 17% to NT$133 Up from NT$113, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$130. Stock is up 55% over the past year. The company is forecast to post earnings per share of NT$8.05 for next year compared to NT$7.93 last year. New Risk • Aug 04
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 6.2% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.2% average weekly change). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Reported Earnings • Aug 02
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$2.28 (up from NT$1.43 in 2Q 2022). Revenue: NT$26.6b (up 32% from 2Q 2022). Net income: NT$946.4m (up 69% from 2Q 2022). Profit margin: 3.6% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 18
Price target increased by 15% to NT$106 Up from NT$92.20, the current price target is an average from 5 analysts. New target price is 9.2% below last closing price of NT$117. Stock is up 63% over the past year. The company is forecast to post earnings per share of NT$7.53 for next year compared to NT$7.93 last year. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$121, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Communications industry in Taiwan. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$133 per share. Board Change • Jul 07
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Rosie Yu was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 05
Upcoming dividend of NT$4.84 per share at 4.6% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 03 August 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.0%). Reported Earnings • Jul 03
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: NT$1.43 (up from NT$0.77 in 1Q 2022). Revenue: NT$25.3b (up 30% from 1Q 2022). Net income: NT$575.3m (up 91% from 1Q 2022). Profit margin: 2.3% (up from 1.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Jun 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Major Estimate Revision • May 18
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$8.37 to NT$7.42 per share. Revenue forecast steady at NT$105.8b. Net income forecast to shrink 4.7% next year vs 6.9% growth forecast for Communications industry in Taiwan . Consensus price target down from NT$110 to NT$97.40. Share price was steady at NT$84.30 over the past week. Price Target Changed • May 17
Price target decreased by 10% to NT$98.80 Down from NT$110, the current price target is an average from 5 analysts. New target price is 17% above last closing price of NT$84.10. Stock is up 32% over the past year. The company is forecast to post earnings per share of NT$8.06 for next year compared to NT$7.93 last year. Reported Earnings • May 12
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: NT$1.43 (up from NT$0.77 in 1Q 2022). Revenue: NT$25.3b (up 30% from 1Q 2022). Net income: NT$575.3m (up 91% from 1Q 2022). Profit margin: 2.3% (up from 1.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$104, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Communications industry in Taiwan. Total returns to shareholders of 112% over the past three years. Reported Earnings • Mar 14
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: NT$7.93 (up from NT$3.15 in FY 2021). Revenue: NT$95.3b (up 42% from FY 2021). Net income: NT$3.12b (up 153% from FY 2021). Profit margin: 3.3% (up from 1.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Price Target Changed • Nov 16
Price target increased to NT$105 Up from NT$97.70, the current price target is an average from 5 analysts. New target price is 30% above last closing price of NT$81.00. Stock is up 6.4% over the past year. The company is forecast to post earnings per share of NT$7.99 for next year compared to NT$3.15 last year. Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$88.9b to NT$93.6b. EPS estimate increased from NT$6.20 to NT$7.99 per share. Net income forecast to grow 38% next year vs 11% growth forecast for Communications industry in Taiwan. Consensus price target of NT$103 unchanged from last update. Share price fell 4.3% to NT$81.00 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Michael Tsai was the last independent director to join the board, commencing their role in 2020. 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 and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$3.13 (up from NT$0.85 in 3Q 2021). Revenue: NT$26.5b (up 53% from 3Q 2021). Net income: NT$1.23b (up 268% from 3Q 2021). Profit margin: 4.6% (up from 1.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Major Estimate Revision • Nov 04
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$88.9b to NT$91.0b. EPS estimate increased from NT$6.20 to NT$6.88 per share. Net income forecast to grow 94% next year vs 36% growth forecast for Communications industry in Taiwan. Consensus price target up from NT$97.70 to NT$103. Share price rose 2.7% to NT$83.70 over the past week. Price Target Changed • Oct 15
Price target increased to NT$97.70 Up from NT$88.70, the current price target is an average from 5 analysts. New target price is 12% above last closing price of NT$87.60. Stock is up 24% over the past year. The company is forecast to post earnings per share of NT$6.07 for next year compared to NT$3.15 last year. Major Estimate Revision • Aug 11
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$82.9b to NT$84.8b. EPS estimate increased from NT$4.49 to NT$5.60 per share. Net income forecast to grow 62% next year vs 43% growth forecast for Communications industry in Taiwan. Consensus price target up from NT$76.70 to NT$84.30. Share price rose 7.0% to NT$81.50 over the past week. Reported Earnings • Aug 05
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.43 (up from NT$0.75 in 2Q 2021). Revenue: NT$20.2b (up 30% from 2Q 2021). Net income: NT$558.9m (up 92% from 2Q 2021). Profit margin: 2.8% (up from 1.9% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Over the next year, revenue is forecast to grow 19%, compared to a 20% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Aug 05
Price target increased to NT$84.30 Up from NT$76.70, the current price target is an average from 5 analysts. New target price is 6.7% above last closing price of NT$79.00. Stock is up 9.0% over the past year. The company is forecast to post earnings per share of NT$5.26 for next year compared to NT$3.15 last year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 04 August 2022. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (6.6%). In line with average of industry peers (3.4%). Announcement • May 21
Wistron NeWeb Ordinary Shs to Be Deleted from Other OTC Wistron NeWeb Corporation Ordinary Shs (Taiwan) will be deleted from Other OTC effective from May 23, 2022, due to Inactive Security. Price Target Changed • May 12
Price target decreased to NT$77.70 Down from NT$84.08, the current price target is an average from 5 analysts. New target price is 22% above last closing price of NT$63.80. The company is forecast to post earnings per share of NT$4.82 for next year compared to NT$3.15 last year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$62.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Communications industry in Taiwan. Total returns to shareholders of 2.2% over the past three years. Reported Earnings • May 08
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.77 (up from NT$0.70 in 1Q 2021). Revenue: NT$19.5b (up 27% from 1Q 2021). Net income: NT$301.9m (up 10% from 1Q 2021). Profit margin: 1.6% (down from 1.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the 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 only fallen by 4% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Michael Tsai was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.