New Risk • Aug 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% 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 Earnings have declined by 22% per year over the past 5 years. 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 (11% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$107, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 6.2% over the past three years. New Risk • Jul 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 9.6% 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 Earnings have declined by 22% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Share price has been volatile over the past 3 months (9.6% average weekly change). Upcoming Dividend • Jul 07
Upcoming dividend of NT$3.66 per share Eligible shareholders must have bought the stock before 14 July 2026. Payment date: 07 August 2026. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 2.9%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$142, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 52x in the Semiconductor industry in Taiwan. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$118, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 46x in the Semiconductor industry in Taiwan. Total returns to shareholders of 3.9% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$116, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.39 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$386.6m (down 4.8% from 1Q 2025). Net income: NT$84.1m (up 19% from 1Q 2025). Profit margin: 22% (up from 18% in 1Q 2025). The increase in margin was driven by lower expenses. Buy Or Sell Opportunity • Mar 11
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to NT$75.30. The fair value is estimated to be NT$60.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.1% over the last 3 years. Earnings per share has declined by 41%. Declared Dividend • Feb 12
Dividend reduced to NT$3.66 Dividend of NT$3.66 is 12% lower than last year. Ex-date: 14th July 2026 Payment date: 7th August 2026 Dividend yield will be 4.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (62% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 4.0% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: NT$4.58 (vs NT$5.93 in FY 2024) Full year 2025 results: EPS: NT$4.58 (down from NT$5.93 in FY 2024). Revenue: NT$1.48b (down 12% from FY 2024). Net income: NT$232.8m (down 23% from FY 2024). Profit margin: 16% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 11
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at NT$74.50. The fair value is estimated to be NT$61.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.1% over the last 3 years. Earnings per share has declined by 41%. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: NT$2.06 (vs NT$0.76 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.06 (up from NT$0.76 in 3Q 2024). Revenue: NT$364.0m (down 16% from 3Q 2024). Net income: NT$104.8m (up 172% from 3Q 2024). Profit margin: 29% (up from 8.9% 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 52% 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. Reported Earnings • Jul 29
Second quarter 2025 earnings released: NT$0.15 loss per share (vs NT$1.77 profit in 2Q 2024) Second quarter 2025 results: NT$0.15 loss per share (down from NT$1.77 profit in 2Q 2024). Revenue: NT$406.2m (down 7.8% from 2Q 2024). Net loss: NT$7.81m (down 109% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 17
Upcoming dividend of NT$4.15 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 21 August 2025. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.39 (vs NT$2.27 in 1Q 2024) First quarter 2025 results: EPS: NT$1.39 (down from NT$2.27 in 1Q 2024). Revenue: NT$406.2m (flat on 1Q 2024). Net income: NT$70.9m (down 39% from 1Q 2024). Profit margin: 18% (down from 28% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Tillkännagivande • Apr 18
Excelliance MOS Corporation to Report Q1, 2025 Results on Apr 28, 2025 Excelliance MOS Corporation announced that they will report Q1, 2025 results on Apr 28, 2025 Declared Dividend • Apr 12
Dividend increased to NT$4.15 Dividend of NT$4.15 is 1.0% higher than last year. Ex-date: 24th July 2025 Payment date: 21st August 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.7% EPS decline seen over the last 5 years. Tillkännagivande • Apr 11
Excelliance Mos Corporation Announces Cash Dividend, Payable on August 21, 2025 Excelliance MOS Corporation announced Cash Dividend of Total Amount TWD 211,189,271. Ex-rights (Ex-dividend) date July 24, 2025; Ex-rights (Ex-dividend) record date: July 31, 2025 and Payment date of cash dividend distribution: August 21, 2025. Buy Or Sell Opportunity • Apr 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to NT$70.70. The fair value is estimated to be NT$93.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Earnings per share has declined by 52%. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$5.93 (vs NT$5.13 in FY 2023) Full year 2024 results: EPS: NT$5.93 (up from NT$5.13 in FY 2023). Revenue: NT$1.69b (down 2.4% from FY 2023). Net income: NT$301.8m (up 16% from FY 2023). Profit margin: 18% (up from 15% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% 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. Tillkännagivande • Feb 19
Excelliance MOS Corporation to Report Fiscal Year 2024 Results on Feb 26, 2025 Excelliance MOS Corporation announced that they will report fiscal year 2024 results on Feb 26, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.76 (vs NT$1.72 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.76 (down from NT$1.72 in 3Q 2023). Revenue: NT$434.0m (down 4.8% from 3Q 2023). Net income: NT$38.6m (down 56% from 3Q 2023). Profit margin: 8.9% (down from 19% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% 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. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.77 (vs NT$2.10 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.77 (down from NT$2.10 in 2Q 2023). Revenue: NT$440.4m (down 5.9% from 2Q 2023). Net income: NT$89.9m (down 16% from 2Q 2023). Profit margin: 20% (down from 23% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 18
Upcoming dividend of NT$4.11 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 20 August 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (1.9%). Tillkännagivande • Jul 18
Excelliance MOS Corporation to Report Q2, 2024 Results on Jul 25, 2024 Excelliance MOS Corporation announced that they will report Q2, 2024 results on Jul 25, 2024 Declared Dividend • May 30
Dividend reduced to NT$4.11 Dividend of NT$4.11 is 51% lower than last year. Ex-date: 25th July 2024 Payment date: 20th August 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.0% EPS decline seen over the last 5 years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$2.27 (vs NT$1.24 in 1Q 2023) First quarter 2024 results: EPS: NT$2.27 (up from NT$1.24 in 1Q 2023). Revenue: NT$407.6m (up 8.2% from 1Q 2023). Net income: NT$115.5m (up 83% from 1Q 2023). Profit margin: 28% (up from 17% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 02
Excelliance MOS Corporation to Report Q1, 2024 Results on May 09, 2024 Excelliance MOS Corporation announced that they will report Q1, 2024 results on May 09, 2024 Tillkännagivande • Mar 22
Excelliance MOS Corporation Announces Resignation of Liu, Bor-Wen as Director Excelliance MOS Corporation announced about resignation of director. Title and name of the previous position holder: Director LIU, BOR-WEN. Resume of the previous position holder: Director of Excelliance MOS Corp. Reason for the change: resignation, effective from March 20, 2024. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: NT$5.13 (vs NT$15.89 in FY 2022) Full year 2023 results: EPS: NT$5.13 (down from NT$15.89 in FY 2022). Revenue: NT$1.73b (down 26% from FY 2022). Net income: NT$260.8m (down 54% from FY 2022). Profit margin: 15% (down from 24% 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 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Mar 07
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: 15% Last year net profit margin: 24% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 131% Cash payout ratio: 144% Minor Risks Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (42% increase in shares outstanding). Tillkännagivande • Feb 23
Excelliance MOS Corporation Proposes Cash Dividend for the Year Ended December 31, 2023 The board of directors of Excelliance MOS Corporation proposed appropriations of earnings in cash dividends to shareholders of TWD 4.11 per share for the year ended December 31, 2023. Total amount of cash dividends to shareholders: TWD 209,153,712. Tillkännagivande • Feb 22
Excelliance MOS Corporation, Annual General Meeting, May 27, 2024 Excelliance MOS Corporation, Annual General Meeting, May 27, 2024. Location: Taiyuan Science and Technology Park Hall 2F., No. 26, Taiyuan St., Zhubei City Hsinchu County Taiwan Agenda: To consider 2023 business report; to consider 2023 Audit Committee's review report; to consider 2023 employees profit sharing bonus and director's compensation; to consider and accept the proposal for distribution of 2023 earnings(cash dividend); and to transact such other business matters. New Risk • Dec 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 35% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 131% Cash payout ratio: 462% High level of non-cash earnings (35% accrual ratio). Minor Risk Shareholders have been diluted in the past year (42% increase in shares outstanding). Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: NT$1.72 (vs NT$4.12 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.72 (down from NT$4.12 in 3Q 2022). Revenue: NT$455.7m (down 3.8% from 3Q 2022). Net income: NT$87.5m (down 41% from 3Q 2022). Profit margin: 19% (down from 31% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. New Risk • Jul 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Dividend per share is over 7x cash flows per share. Dividend yield: 6.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Dividend per share is over 7x cash flows per share. Minor Risk Shareholders have been diluted in the past year (42% increase in shares outstanding). Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: NT$2.10 (vs NT$4.97 in 2Q 2022) Second quarter 2023 results: EPS: NT$2.10 (down from NT$4.97 in 2Q 2022). Revenue: NT$467.8m (down 38% from 2Q 2022). Net income: NT$107.1m (down 40% from 2Q 2022). Profit margin: 23% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$8.40 per share at 6.6% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 16 August 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • May 10
First quarter 2023 earnings released: EPS: NT$1.24 (vs NT$5.53 in 1Q 2022) First quarter 2023 results: EPS: NT$1.24 (down from NT$5.53 in 1Q 2022). Revenue: NT$376.7m (down 49% from 1Q 2022). Net income: NT$63.2m (down 68% from 1Q 2022). Profit margin: 17% (down from 27% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: NT$15.89 (vs NT$17.68 in FY 2021) Full year 2022 results: EPS: NT$15.89 (down from NT$17.68 in FY 2021). Revenue: NT$2.33b (down 15% from FY 2021). Net income: NT$569.7m (down 9.3% from FY 2021). Profit margin: 24% (up from 23% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 12
Excelliance MOS Corporation announced that it expects to receive TWD 1.49175 billion in funding Excelliance MOS Corporation announced a private placement of 15,000,000 common shares at an issue price of TWD 99.45 per share for the gross proceeds of TWD 1,491,750,000 on January 11, 2023. The transaction has been approved by shareholders of the company. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 17% share price gain to NT$128, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 33% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 17% share price gain to NT$112, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 12% over the past three years. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$4.12 (down from NT$5.49 in 3Q 2021). Revenue: NT$473.9m (down 37% from 3Q 2021). Net income: NT$147.9m (down 24% from 3Q 2021). Profit margin: 31% (up from 26% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 36%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 05
Excelliance MOS Corporation Appoints Chen Chien-Heng as Corporate Governance Officer with Effect from November 4, 2022 Excelliance MOS Corporation appointed Chen Chien-Heng, the Company's Manager of Finance Department as Corporate Governance Officer with effect from November 4, 2022. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$110, the stock trades at a trailing P/E ratio of 5.4x. Average forward P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 6.2% over the past three years. Reported Earnings • Jul 29
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$4.97 (up from NT$4.75 in 2Q 2021). Revenue: NT$751.7m (up 7.2% from 2Q 2021). Net income: NT$178.3m (up 5.7% from 2Q 2021). Profit margin: 24% (in line with 2Q 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 25
Upcoming dividend of NT$11.59 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$136, the stock trades at a trailing P/E ratio of 6.8x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: NT$5.53 (vs NT$3.14 in 1Q 2021) First quarter 2022 results: EPS: NT$5.53 (up from NT$3.14 in 1Q 2021). Revenue: NT$735.6m (up 27% from 1Q 2021). Net income: NT$198.1m (up 78% from 1Q 2021). Profit margin: 27% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (3 non-independent 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: Lack of independent directors. Insufficient board refreshment. Tillkännagivande • Apr 16
Excelliance MOS Corporation announced a financing transaction Excelliance MOS Corporation announced a private placement of 15,000,000 with per value of NTD 10 per share on April 14, 2022. The subscription price for common shares of this private placement shall be no less than 80% of the reference price. It is proposed to for the shareholders meeting to authorize the Board of Directors to determine the actual price no lower than within the range approved by the shareholders meeting, depending on the status of specific persons contacted and market conditions in the future. The actual price determination date and the actual private placement price will be determined by the board of directors pursuant to the scope of percentage adopted by the resolution of the shareholders meeting and according to the above pricing requirements and based on the market condition. The shares are subject to a hold period of three year from the date of issue. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$17.68 (up from NT$9.26 in FY 2020). Revenue: NT$2.76b (up 41% from FY 2020). Net income: NT$627.9m (up 92% from FY 2020). Profit margin: 23% (up from 17% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 9.1%. 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 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$5.49 (vs NT$2.34 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$755.8m (up 47% from 3Q 2020). Net income: NT$194.6m (up 136% from 3Q 2020). Profit margin: 26% (up from 16% 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 24% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$178, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$201, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 72% over the past three years. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS NT$4.75 (vs NT$2.47 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$701.4m (up 31% from 2Q 2020). Net income: NT$168.6m (up 94% from 2Q 2020). Profit margin: 24% (up from 16% 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 18% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Jul 26
Upcoming dividend of NT$6.50 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 06 September 2021. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 21% share price gain to NT$211, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 74% over the past three years. Tillkännagivande • Apr 29
Excelliance MOS Corporation Announces Dividend, Payable on September 6, 2021 Excelliance MOS Corporation announced dividend of TWD 230,472,847, EX-rights (Ex-dividend) is August 2, 2021. Payment date of cash dividend distribution is September 6, 2021. Record date is August 8, 2021. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS NT$3.14 (vs NT$1.79 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$579.2m (up 66% from 1Q 2020). Net income: NT$111.4m (up 77% from 1Q 2020). Profit margin: 19% (up from 18% 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 17% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 20% share price gain to NT$162, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 91% over the past three years. Is New 90 Day High Low • Feb 25
New 90-day high: NT$133 The company is up 17% from its price of NT$114 on 27 November 2020. The Taiwanese market is also up 17% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Semiconductor industry, which is up 29% over the same period. Reported Earnings • Feb 05
Full year 2020 earnings released: EPS NT$9.26 (vs NT$7.97 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$1.95b (up 19% from FY 2019). Net income: NT$326.4m (up 16% from FY 2019). Profit margin: 17% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 05
Excelliance MOS Corporation, Annual General Meeting, May 25, 2021 Excelliance MOS Corporation, Annual General Meeting, May 25, 2021. Location: Taiyuan Science and Technology Park Hall ., No. 26, Taiyuan St., Zhubei City, Hsinchu County Hsinchu County Taiwan Agenda: To report the business of 2020; to approve 2020 Audit Committee's review report; to consider 2020 employees profit sharing bonus and directors' compensation; to consider accept the proposal for distribution of 2020 earnings(cash dividend); to consider revise the company’s Article of Incorporation; and to consider other matter also. Is New 90 Day High Low • Dec 11
New 90-day high: NT$121 The company is up 15% from its price of NT$105 on 11 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$116 The company is up 5.0% from its price of NT$111 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 14% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$293.5m, largely unchanged from the prior year. Total revenue was NT$1.77b over the last 12 months, up 5.7% from the prior year. Is New 90 Day High Low • Sep 25
New 90-day low: NT$100.00 The company is down 16% from its price of NT$119 on 24 June 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 23% over the same period. 
