Valuation Update With 7 Day Price Move • 49m
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$70.00, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 39x in the Semiconductor industry in Taiwan. Total loss to shareholders of 12% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.02 per share Eligible shareholders must have bought the stock before 27 July 2026. Payment date: 21 August 2026. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$131, the stock trades at a trailing P/E ratio of 56.8x. Average trailing P/E is 52x in the Semiconductor industry in Taiwan. Total returns to shareholders of 53% over the past three years. New Risk • Jun 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Jun 19
Dividend reduced to NT$2.02 Dividend of NT$2.02 is 0.07% lower than last year. Ex-date: 27th July 2026 Payment date: 21st August 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio). However, it is well covered by cash flows (27% cash payout ratio). The dividend has increased 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 21% to bring the payout ratio under control. However, EPS has declined by 2.4% over the last 5 years so the company would need to reverse this trend. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$89.10, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$87.10, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 7.9% over the past three years. Buy Or Sell Opportunity • May 19
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to NT$85.60. The fair value is estimated to be NT$68.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 38%. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.70 (vs NT$0.47 in 1Q 2025) First quarter 2026 results: EPS: NT$0.70 (up from NT$0.47 in 1Q 2025). Revenue: NT$4.39b (down 2.6% from 1Q 2025). Net income: NT$170.6m (up 47% from 1Q 2025). Profit margin: 3.9% (up from 2.6% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$73.00, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total loss to shareholders of 10% over the past three years. Buy Or Sell Opportunity • Apr 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to NT$59.20. The fair value is estimated to be NT$75.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 48%. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$65.70, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total loss to shareholders of 23% over the past three years. Buy Or Sell Opportunity • Mar 27
Now 23% undervalued Over the last 90 days, the stock has risen 11% to NT$57.70. The fair value is estimated to be NT$74.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 48%. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: NT$2.07 (vs NT$1.87 in FY 2024) Full year 2025 results: EPS: NT$2.07 (up from NT$1.87 in FY 2024). Revenue: NT$18.0b (up 21% from FY 2024). Net income: NT$509.6m (up 9.9% from FY 2024). Profit margin: 2.8% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 16
Taiwan Semiconductor Co., Ltd., Annual General Meeting, Jun 17, 2026 Taiwan Semiconductor Co., Ltd., Annual General Meeting, Jun 17, 2026. Location: no,96, mei chou 2nd rd., yilan city, yilan county Taiwan Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$59.90, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total loss to shareholders of 15% over the past three years. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.60 (vs NT$0.33 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.60 (up from NT$0.33 in 3Q 2024). Revenue: NT$4.35b (up 13% from 3Q 2024). Net income: NT$146.0m (up 79% from 3Q 2024). Profit margin: 3.4% (up from 2.1% in 3Q 2024). The increase in margin was driven by higher revenue. 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 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$59.50, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 32x in the Semiconductor industry in Taiwan. Total loss to shareholders of 9.3% over the past three years. Buy Or Sell Opportunity • Sep 22
Now 20% undervalued Over the last 90 days, the stock has risen 16% to NT$54.90. The fair value is estimated to be NT$68.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 48%. Buy Or Sell Opportunity • Sep 04
Now 20% undervalued Over the last 90 days, the stock has risen 16% to NT$54.10. The fair value is estimated to be NT$68.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 48%. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: NT$0.17 (vs NT$0.50 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.17 (down from NT$0.50 in 2Q 2024). Revenue: NT$4.71b (up 32% from 2Q 2024). Net income: NT$41.2m (down 67% from 2Q 2024). Profit margin: 0.9% (down from 3.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.02 per share Eligible shareholders must have bought the stock before 28 July 2025. Payment date: 22 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: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.1%). Declared Dividend • Jun 21
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 28th July 2025 Payment date: 22nd August 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio). However, it is well covered by cash flows (43% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. However, EPS has declined by 1.6% over the last 5 years so the company would need to reverse this trend. Tillkännagivande • Jun 20
Taiwan Semiconductor Co., Ltd. Approves Cash Dividend for 2024, Payable on August 22, 2025 Taiwan Semiconductor Co., Ltd. approved a total cash dividend of TWD 526,970,972 (TWD 2.0 per share) for the year 2024 to common shareholders. The ex-dividend date is July 28, 2025; the record date is August 3, 2025; and the payment date is August 22, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.42 in 1Q 2024) First quarter 2025 results: EPS: NT$0.47 (up from NT$0.42 in 1Q 2024). Revenue: NT$4.51b (up 42% from 1Q 2024). Net income: NT$116.5m (up 11% from 1Q 2024). Profit margin: 2.6% (down from 3.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% 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. Tillkännagivande • May 01
Taiwan Semiconductor Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Taiwan Semiconductor Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$41.75, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 45% over the past three years. Buy Or Sell Opportunity • Apr 11
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to NT$40.20. The fair value is estimated to be NT$33.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. 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$45.80, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total loss to shareholders of 42% over the past three years. Tillkännagivande • Mar 19
Taiwan Semiconductor Co., Ltd., Annual General Meeting, Jun 19, 2025 Taiwan Semiconductor Co., Ltd., Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: no,96, mei chou 2nd rd., yilan city, yilan county Taiwan Tillkännagivande • Mar 07
Taiwan Semiconductor Co., Ltd. to Report Fiscal Year 2024 Results on Mar 14, 2025 Taiwan Semiconductor Co., Ltd. announced that they will report fiscal year 2024 results on Mar 14, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.33 (vs NT$0.94 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.33 (down from NT$0.94 in 3Q 2023). Revenue: NT$3.84b (up 2.4% from 3Q 2023). Net income: NT$81.7m (down 65% from 3Q 2023). Profit margin: 2.1% (down from 6.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% 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. Buy Or Sell Opportunity • Oct 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to NT$65.50. The fair value is estimated to be NT$82.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 7.6%. Buy Or Sell Opportunity • Aug 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to NT$65.70. The fair value is estimated to be NT$82.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has declined by 7.6%. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.62 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.50 (down from NT$0.62 in 2Q 2023). Revenue: NT$3.58b (down 4.9% from 2Q 2023). Net income: NT$123.8m (down 20% from 2Q 2023). Profit margin: 3.5% (down from 4.1% 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 8% per year whereas the company’s share price has fallen by 4% per year. Tillkännagivande • Aug 01
Taiwan Semiconductor Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Taiwan Semiconductor Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 22
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 23 August 2024. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.1%). Declared Dividend • Jul 05
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 50% lower than last year. Ex-date: 29th July 2024 Payment date: 23rd August 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 5.2% 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 6.9% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.4% EPS decline seen over the last 5 years. Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Guo Yin Yan was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jun 20
Taiwan Semiconductor Co., Ltd. Announces Changes to Audit Committee Taiwan Semiconductor Co., Ltd. appointed Chen, Shu-Ling and Wang, Nian-Qiu to Audit Committee in place of Fan, Hong-Shu and Lin, Bo-Sheng. Chen, Shu-Ling is Director of Human Resources Service Department of Taiwan Semiconductor Manufacturing Co., Ltd. and Wang, Nian-Qiu is CEO of Yikuan Co., Ltd. /CEO of Zhaoxu Development Co., Ltd. Effective date of the new member is June 19 2024 - June 18, 2027. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.42 (vs NT$0.93 in 1Q 2023) First quarter 2024 results: EPS: NT$0.42 (down from NT$0.93 in 1Q 2023). Revenue: NT$3.17b (down 13% from 1Q 2023). Net income: NT$104.5m (down 55% from 1Q 2023). Profit margin: 3.3% (down from 6.4% in 1Q 2023). The decrease in margin was driven by lower revenue. 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 20% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 02
Taiwan Semiconductor Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Taiwan Semiconductor Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Apr 02
Full year 2023 earnings released: EPS: NT$2.89 (vs NT$6.28 in FY 2022) Full year 2023 results: EPS: NT$2.89 (down from NT$6.28 in FY 2022). Revenue: NT$14.6b (down 6.8% from FY 2022). Net income: NT$718.6m (down 54% from FY 2022). Profit margin: 4.9% (down from 10.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 16
Taiwan Semiconductor Co., Ltd., Annual General Meeting, Jun 19, 2024 Taiwan Semiconductor Co., Ltd., Annual General Meeting, Jun 19, 2024. Location: No.96, Meizhou 2nd Rd., Yilan City, (TAIWAN SEMICONDUCTOR CO., LTD. Yilan factory) Yilan County Taiwan Agenda: To consider 2023 Business Report and 2024 Annual Business Plan Report; Audit Committees Review Report; Status report on the Endorsement and Guarantee, Loaning of Company Funds, Regulations Governing the Acquisition and Disposal of Assets, the Trading of Financial Derivatives of the Company and its subsidiaries in 2023; Report on 2023 employees' profit sharing bonus and directors' compensation; Report on the Amendment Proposal of Some Articles of rules of Procedure for Board of Directors meetings of Company; Report on The performance evaluation and compensation report of directors and managers. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.94 (vs NT$1.93 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.94 (down from NT$1.93 in 3Q 2022). Revenue: NT$3.75b (down 5.5% from 3Q 2022). Net income: NT$234.4m (down 51% from 3Q 2022). Profit margin: 6.3% (down from 12% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Nov 15
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: 6.2% Last year net profit margin: 10.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.2% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.62 (vs NT$1.55 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.62 (down from NT$1.55 in 2Q 2022). Revenue: NT$3.76b (down 5.1% from 2Q 2022). Net income: NT$155.3m (down 60% from 2Q 2022). Profit margin: 4.1% (down from 9.7% in 2Q 2022). 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 30% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$4.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • Jul 13
First quarter 2023 earnings released: EPS: NT$0.93 (vs NT$1.55 in 1Q 2022) First quarter 2023 results: EPS: NT$0.93 (down from NT$1.55 in 1Q 2022). Revenue: NT$3.63b (down 3.4% from 1Q 2022). Net income: NT$230.3m (down 40% from 1Q 2022). Profit margin: 6.4% (down from 10% in 1Q 2022). 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 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: NT$0.93 (vs NT$1.55 in 1Q 2022) First quarter 2023 results: EPS: NT$0.93 (down from NT$1.55 in 1Q 2022). Revenue: NT$3.63b (down 3.4% from 1Q 2022). Net income: NT$230.3m (down 40% from 1Q 2022). Profit margin: 6.4% (down from 10% in 1Q 2022). 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 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$110, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 162% over the past three years. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$1.93 (vs NT$1.00 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.93 (up from NT$1.00 in 3Q 2021). Revenue: NT$3.97b (up 14% from 3Q 2021). Net income: NT$480.6m (up 92% from 3Q 2021). Profit margin: 12% (up from 7.2% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% 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 • Aug 16
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.55 (up from NT$0.72 in 2Q 2021). Revenue: NT$3.96b (up 23% from 2Q 2021). Net income: NT$384.9m (up 114% from 2Q 2021). Profit margin: 9.7% (up from 5.6% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 24 August 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (6.7%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$64.10, the stock trades at a trailing P/E ratio of 14.7x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 39% over the past three years. Tillkännagivande • Jun 23
Taiwan Semiconductor Co., Ltd. Announces Cash Dividend for the Year 2021, Payable on August 24, 2022 Taiwan Semiconductor Co., Ltd. announced to distribute an appropriation of earnings in cash dividend to shareholders is TWD 2.50 per share, with total amount of cash dividend to shareholders is TWD 658,713,715 for the year 2021. Ex-rights (Ex-dividend) date is July 28, 2022. Ex-rights (Ex-dividend) record date is August 3, 2022. Payment date of cash dividend distribution is August 24, 2022. Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$1.55 (up from NT$0.74 in 1Q 2021). Revenue: NT$3.75b (up 30% from 1Q 2021). Net income: NT$386.0m (up 113% from 1Q 2021). Profit margin: 10% (up from 6.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 36%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target decreased to NT$55.00 Down from NT$60.00, the current price target is provided by 1 analyst. New target price is 31% below last closing price of NT$80.00. Stock is up 42% over the past year. The company is forecast to post earnings per share of NT$5.63 for next year compared to NT$3.55 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Cian Long Jhan was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 01
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$3.55 (up from NT$2.29 in FY 2020). Revenue: NT$13.2b (up 27% from FY 2020). Net income: NT$882.8m (up 64% from FY 2020). Profit margin: 6.7% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 49%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to NT$81.00, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 64% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.00 (vs NT$0.58 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.48b (up 30% from 3Q 2020). Net income: NT$249.7m (up 85% from 3Q 2020). Profit margin: 7.2% (up from 5.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 25% share price gain to NT$75.00, the stock trades at a trailing P/E ratio of 27x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$63.90, the stock trades at a trailing P/E ratio of 22.2x. Average forward P/E is 15x in the Semiconductor industry in Taiwan. Total returns to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 17% share price gain to NT$80.70, the stock trades at a trailing P/E ratio of 28x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 17 September 2021. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (2.2%). Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.72 (vs NT$0.45 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$3.23b (up 36% from 2Q 2020). Net income: NT$179.6m (up 72% from 2Q 2020). Profit margin: 5.6% (up from 4.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 18% share price gain to NT$64.30, the stock trades at a trailing P/E ratio of 24.6x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total loss to shareholders of 24% over the past three years. Price Target Changed • May 15
Price target decreased to NT$38.00 Down from NT$60.00, the current price target is provided by 1 analyst. New target price is 11% below last closing price of NT$42.80. Stock is up 14% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.74 (vs NT$0.42 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.88b (up 21% from 1Q 2020). Net income: NT$181.3m (up 81% from 1Q 2020). Profit margin: 6.3% (up from 4.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% 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. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$43.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total loss to shareholders of 35% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$2.29 (vs NT$2.29 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$10.4b (down 1.1% from FY 2019). Net income: NT$537.2m (up 1.8% from FY 2019). Profit margin: 5.2% (up from 5.0% in FY 2019). The increase in margin was driven by lower expenses. 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. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to NT$64.90, the stock is trading at a trailing P/E ratio of 31.7x, up from the previous P/E ratio of 27x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total return to shareholders over the past three years is a loss of 2.2%. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 16% share price gain to NT$61.50, the stock is trading at a trailing P/E ratio of 30x, up from the previous P/E ratio of 26x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 1.8%. Is New 90 Day High Low • Dec 24
New 90-day high: NT$60.80 The company is up 59% from its price of NT$38.15 on 25 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$20.53 per share. Is New 90 Day High Low • Nov 20
New 90-day high: NT$50.50 The company is up 42% from its price of NT$35.60 on 21 August 2020. The Taiwanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$17.79 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.58 The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: NT$2.67b (flat on 3Q 2019). Net income: NT$134.9m (up 14% from 3Q 2019). Profit margin: 5.0% (up from 4.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 22
Market bids up stock over the past week After last week's 15% share price gain to NT$48.25, the stock is trading at a trailing P/E ratio of 24.3x, up from the previous P/E ratio of 21x. This compares to an average P/E of 23x in the Semiconductor industry in Taiwan. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Oct 17
New 90-day high: NT$43.80 The company is up 15% from its price of NT$38.15 on 17 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 17% over the same period.