Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$54.20, the stock trades at a trailing P/E ratio of 60x. Average trailing P/E is 47x in the Semiconductor industry in Taiwan. Total loss to shareholders of 16% over the past three years. Upcoming Dividend • Jul 02
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 09 July 2026. Payment date: 07 August 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (0.9%). New Risk • Jun 26
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 9.4% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Cash payout ratio: 245% Earnings have declined by 41% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Declared Dividend • Jun 18
Dividend of NT$1.50 announced Dividend of NT$1.50 is the same as last year. Ex-date: 9th July 2026 Payment date: 7th August 2026 Dividend yield will be 2.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (150% earnings payout ratio) nor is it covered by cash flows (245% cash payout ratio). The dividend has remained flat since 5 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 67% to bring the payout ratio under control. However, EPS has declined by 19% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.24 (vs NT$0.33 in 1Q 2025) First quarter 2026 results: EPS: NT$0.24 (down from NT$0.33 in 1Q 2025). Revenue: NT$198.4m (down 23% from 1Q 2025). Net income: NT$11.3m (down 28% from 1Q 2025). Profit margin: 5.7% (down from 6.1% in 1Q 2025). The decrease in margin was driven by lower revenue. 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 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$57.50, the stock trades at a trailing P/E ratio of 57.6x. Average trailing P/E is 43x in the Semiconductor industry in Taiwan. Total returns to shareholders of 5.4% over the past three years. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$1.00 (vs NT$1.51 in FY 2024) Full year 2025 results: EPS: NT$1.00 (down from NT$1.51 in FY 2024). Revenue: NT$1.01b (up 4.9% from FY 2024). Net income: NT$47.1m (down 34% from FY 2024). Profit margin: 4.7% (down from 7.4% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 10
Advanced Analog Technology, Inc., Annual General Meeting, May 25, 2026 Advanced Analog Technology, Inc., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,3, t`ai yuan 1st st., jhubei city, hsinchu county Taiwan Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$47.30, the stock trades at a trailing P/E ratio of 59x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total loss to shareholders of 9.8% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$51.50, the stock trades at a trailing P/E ratio of 64.3x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Negligible returns to shareholders over past three years. New Risk • Nov 26
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 6.8% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 188% Cash payout ratio: 204% Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (NT$2.28b market cap, or US$72.8m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.43 (vs NT$0.33 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.43 (up from NT$0.33 in 3Q 2024). Revenue: NT$251.7m (down 3.2% from 3Q 2024). Net income: NT$20.3m (up 30% from 3Q 2024). Profit margin: 8.1% (up from 6.0% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% 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. New Risk • Aug 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 5.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 216% Cash payout ratio: 106% Earnings have declined by 26% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (NT$2.15b market cap, or US$71.9m). Reported Earnings • Aug 10
Second quarter 2025 earnings released: NT$0.19 loss per share (vs NT$0.46 profit in 2Q 2024) Second quarter 2025 results: NT$0.19 loss per share (down from NT$0.46 profit in 2Q 2024). Revenue: NT$284.6m (up 12% from 2Q 2024). Net loss: NT$9.05m (down 142% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% 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. Upcoming Dividend • Jul 10
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 14 August 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.2%). New Risk • Jun 18
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (111% payout ratio). Market cap is less than US$100m (NT$2.21b market cap, or US$74.8m). New Risk • May 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.37b market cap, or US$78.9m). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$45.55, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 27% over the past three years. New Risk • Mar 31
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 6.3% 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 Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$2.34b market cap, or US$70.4m). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$50.00, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 28% over the past three years. Tillkännagivande • Mar 12
Advanced Analog Technology, Inc., Annual General Meeting, May 26, 2025 Advanced Analog Technology, Inc., Annual General Meeting, May 26, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,26, t`ai yuan st., jhubei city, hsinchu county Taiwan New Risk • Nov 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.25b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.46 (vs NT$0.41 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.46 (up from NT$0.41 in 2Q 2023). Revenue: NT$254.6m (up 1.0% from 2Q 2023). Net income: NT$21.6m (up 13% from 2Q 2023). Profit margin: 8.5% (up from 7.6% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$65.70, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 20% over the past three years. Upcoming Dividend • Jul 25
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 20 August 2024. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$84.80, the stock trades at a trailing P/E ratio of 78.4x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 19% over the past three years. Reported Earnings • May 13
Full year 2023 earnings released Full year 2023 results: Revenue: NT$879.7m (down 15% from FY 2022). Net income: NT$42.0k (down 100% from FY 2022). Profit margin: 0% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Apr 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$97.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (NT$3.17b market cap, or US$97.2m). New Risk • Apr 11
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Tillkännagivande • Mar 16
Advanced Analog Technology, Inc., Annual General Meeting, May 31, 2024 Advanced Analog Technology, Inc., Annual General Meeting, May 31, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.14 (vs NT$0.40 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.14 (down from NT$0.40 in 3Q 2022). Revenue: NT$221.1m (up 9.2% from 3Q 2022). Net income: NT$6.54m (down 66% from 3Q 2022). Profit margin: 3.0% (down from 9.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 215% Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (NT$3.22b market cap, or US$99.3m). New Risk • Oct 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 5.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: NT$0.41 (vs NT$1.26 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.41 (down from NT$1.26 in 2Q 2022). Revenue: NT$252.1m (down 19% from 2Q 2022). Net income: NT$19.2m (down 68% from 2Q 2022). Profit margin: 7.6% (down from 19% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Jul 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.13b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (NT$3.13b market cap, or US$99.7m). Upcoming Dividend • Jul 06
Upcoming dividend of NT$1.40 per share at 1.9% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 17 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$65.40, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 17x in the Semiconductor industry in Taiwan. Total returns to shareholders of 62% over the past three years. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: NT$2.29 (vs NT$5.14 in FY 2021) Full year 2022 results: EPS: NT$2.29 (down from NT$5.14 in FY 2021). Revenue: NT$1.04b (down 34% from FY 2021). Net income: NT$108.1m (down 55% from FY 2021). Profit margin: 10% (down from 15% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.40 (vs NT$1.73 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.40 (down from NT$1.73 in 3Q 2021). Revenue: NT$202.4m (down 53% from 3Q 2021). Net income: NT$19.0m (down 77% from 3Q 2021). Profit margin: 9.4% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.40 (vs NT$1.73 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.40 (down from NT$1.73 in 3Q 2021). Revenue: NT$202.4m (down 53% from 3Q 2021). Net income: NT$19.0m (down 77% from 3Q 2021). Profit margin: 9.4% (down from 19% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 15% share price gain to NT$52.40, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 47% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$1.26 (vs NT$1.21 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.26 (up from NT$1.21 in 2Q 2021). Revenue: NT$310.5m (down 27% from 2Q 2021). Net income: NT$59.6m (up 4.3% from 2Q 2021). Profit margin: 19% (up from 14% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 17% share price gain to NT$49.50, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of NT$3.60 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (6.4%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$55.40, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 13x in the Semiconductor industry in Taiwan. Total returns to shareholders of 108% over the past three years. Buying Opportunity • Jun 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be NT$79.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.24 (vs NT$1.19 in 1Q 2021) First quarter 2022 results: EPS: NT$1.24 (up from NT$1.19 in 1Q 2021). Revenue: NT$354.8m (down 6.0% from 1Q 2021). Net income: NT$58.5m (up 3.9% from 1Q 2021). Profit margin: 17% (up from 15% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 16
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$5.14 (up from NT$1.88 in FY 2020). Revenue: NT$1.58b (up 23% from FY 2020). Net income: NT$242.5m (up 122% from FY 2020). Profit margin: 15% (up from 8.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be NT$86.28, 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% per annum over the last 3 years. The company has become profitable over the last 3 years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 15% share price gain to NT$94.50, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 490% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$1.73 (vs NT$0.74 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$433.3m (up 24% from 3Q 2020). Net income: NT$81.7m (up 117% from 3Q 2020). Profit margin: 19% (up from 11% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 69% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$69.80, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 308% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$1.21 (vs NT$0.23 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$422.8m (up 48% from 2Q 2020). Net income: NT$57.1m (up 422% from 2Q 2020). Profit margin: 14% (up from 3.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$86.10, the stock trades at a trailing P/E ratio of 34.2x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 308% over the past three years. Upcoming Dividend • Jul 26
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 27 August 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 19% share price gain to NT$91.80, the stock trades at a trailing P/E ratio of 36.5x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 274% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$1.19 (vs NT$0.41 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$377.3m (up 36% from 1Q 2020). Net income: NT$56.3m (up 191% from 1Q 2020). Profit margin: 15% (up from 7.0% 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 116% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 17% share price gain to NT$82.10, the stock trades at a trailing P/E ratio of 43.7x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 178% over the past three years. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$1.88 (vs NT$0.11 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.28b (up 20% from FY 2019). Net income: NT$109.3m (up NT$114.3m from FY 2019). Profit margin: 8.5% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$63.40, the stock trades at a trailing P/E ratio of 52x, up from the previous P/E ratio of 44.7x. Average P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 124%. Tillkännagivande • Mar 11
Advanced Analog Technology, Inc., Annual General Meeting, May 28, 2021 Advanced Analog Technology, Inc., Annual General Meeting, May 28, 2021. Is New 90 Day High Low • Feb 25
New 90-day high: NT$56.30 The company is up 5.0% from its price of NT$53.80 on 27 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 29% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.74 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$350.7m (up 29% from 3Q 2019). Net income: NT$37.6m (up NT$33.7m from 3Q 2019). Profit margin: 11% (up from 1.4% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 12
New 90-day high: NT$51.50 The company is up 13% from its price of NT$45.50 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 17% share price gain to NT$51.50, the stock is trading at a trailing P/E ratio of 65.4x, up from the previous P/E ratio of 55.9x. This compares to an average P/E of 22x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 74%. 
