Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$290, the stock trades at a trailing P/E ratio of 38.3x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 218% over the past three years. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$1.95 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$1.95 in 1Q 2025). Revenue: NT$213.1m (up 11% from 1Q 2025). Net income: NT$68.9m (up 33% from 1Q 2025). Profit margin: 32% (up from 27% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$258, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 219% over the past three years. New Risk • Apr 29
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 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$199, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 40x in the Semiconductor industry in Taiwan. Total returns to shareholders of 140% over the past three years. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$7.10 (vs NT$5.54 in FY 2024) Full year 2025 results: EPS: NT$7.10 (up from NT$5.54 in FY 2024). Revenue: NT$747.7m (up 19% from FY 2024). Net income: NT$189.9m (up 29% from FY 2024). Profit margin: 25% (up from 23% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 05
Yeedex Electronic Corporation, Annual General Meeting, May 27, 2026 Yeedex Electronic Corporation, Annual General Meeting, May 27, 2026. Location: no,68, chung shan rd., jhudong township, hsinchu county Taiwan Board Change • Feb 24
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Director Limei Qiu was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$1.68 (vs NT$1.66 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.68 (up from NT$1.66 in 3Q 2024). Revenue: NT$171.9m (flat on 3Q 2024). Net income: NT$44.6m (up 1.5% from 3Q 2024). Profit margin: 26% (in line with 3Q 2024). 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 22% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (33% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$1.92 (vs NT$1.35 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.92 (up from NT$1.35 in 2Q 2024). Revenue: NT$190.7m (up 24% from 2Q 2024). Net income: NT$50.8m (up 41% from 2Q 2024). Profit margin: 27% (up from 23% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.1% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 29
Upcoming dividend of NT$3.20 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.2%). Declared Dividend • Jun 14
Dividend of NT$3.20 announced Shareholders will receive a dividend of NT$3.20. Ex-date: 3rd July 2025 Payment date: 8th August 2025 Dividend yield will be 2.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (130% cash payout ratio). The dividend has increased by an average of 14% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$2.05 (vs NT$1.13 in 1Q 2024) First quarter 2025 results: EPS: NT$2.05 (up from NT$1.13 in 1Q 2024). Revenue: NT$192.4m (up 38% from 1Q 2024). Net income: NT$51.7m (up 81% from 1Q 2024). Profit margin: 27% (up from 21% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$163, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 74% over the past three years. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.01b (US$91.3m) 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 High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (NT$3.01b market cap, or US$91.3m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to NT$119, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Mar 07
Full year 2024 earnings released: EPS: NT$5.82 (vs NT$4.48 in FY 2023) Full year 2024 results: EPS: NT$5.82 (up from NT$4.48 in FY 2023). Revenue: NT$627.0m (up 21% from FY 2023). Net income: NT$146.9m (up 30% from FY 2023). Profit margin: 23% (up from 22% in FY 2023). The increase in margin was driven by higher 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 19% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 26
Yeedex Electronic Corporation, Annual General Meeting, May 27, 2025 Yeedex Electronic Corporation, Annual General Meeting, May 27, 2025. Location: no,68, chung shan rd., jhudong township, hsinchu county Taiwan New Risk • Dec 30
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$148, the stock trades at a trailing P/E ratio of 28.1x. Average forward P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 50% over the past three years. New Risk • Nov 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.26b (US$100.0m) 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 Dividend is not well covered by cash flows (226% cash payout ratio). Market cap is less than US$100m (NT$3.26b market cap, or US$100.0m). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: NT$1.74 (vs NT$1.02 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.74 (up from NT$1.02 in 3Q 2023). Revenue: NT$172.0m (up 34% from 3Q 2023). Net income: NT$44.0m (up 70% from 3Q 2023). Profit margin: 26% (up from 20% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.5% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 17%. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: NT$1.42 (vs NT$1.24 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.42 (up from NT$1.24 in 2Q 2023). Revenue: NT$153.5m (up 18% from 2Q 2023). Net income: NT$35.9m (up 15% from 2Q 2023). Profit margin: 23% (in line with 2Q 2023). Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jul 01
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.0%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$1.19 (vs NT$1.33 in 1Q 2023) First quarter 2024 results: EPS: NT$1.19 (down from NT$1.33 in 1Q 2023). Revenue: NT$139.0m (up 5.9% from 1Q 2023). Net income: NT$28.6m (down 11% from 1Q 2023). Profit margin: 21% (down from 24% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. New Risk • May 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.19b (US$99.2m) 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: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.19b market cap, or US$99.2m). New Risk • Mar 06
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 5.6% 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 High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.6% average weekly change). Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: NT$4.71 (vs NT$5.42 in FY 2022) Full year 2023 results: EPS: NT$4.71 (down from NT$5.42 in FY 2022). Revenue: NT$516.5m (down 4.6% from FY 2022). Net income: NT$113.2m (down 13% from FY 2022). Profit margin: 22% (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 increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 01
Yeedex Electronic Corporation, Annual General Meeting, May 30, 2024 Yeedex Electronic Corporation, Annual General Meeting, May 30, 2024. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$150, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 1.4% over the past three years. New Risk • Aug 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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 Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Dividend is not well covered by cash flows (282% cash payout ratio). Market cap is less than US$100m (NT$2.48b market cap, or US$77.9m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$1.30 (vs NT$1.45 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.30 (down from NT$1.45 in 2Q 2022). Revenue: NT$129.6m (down 9.4% from 2Q 2022). Net income: NT$31.3m (down 10% from 2Q 2022). Profit margin: 24% (in line with 2Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 03
Upcoming dividend of NT$3.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$125, the stock trades at a trailing P/E ratio of 22x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$121, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: NT$5.69 (vs NT$4.44 in FY 2021) Full year 2022 results: EPS: NT$5.69 (up from NT$4.44 in FY 2021). Revenue: NT$541.3m (up 14% from FY 2021). Net income: NT$130.4m (up 28% from FY 2021). Profit margin: 24% (up from 21% in FY 2021). The increase in margin was driven by higher revenue. 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.60 (vs NT$1.22 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.60 (up from NT$1.22 in 3Q 2021). Revenue: NT$141.4m (up 9.8% from 3Q 2021). Net income: NT$36.7m (up 31% from 3Q 2021). Profit margin: 26% (up from 22% 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 17% per year whereas the company’s share price has increased by 16% per year. Board Change • Nov 16
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. 7 experienced directors. No highly experienced directors. 3 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: NT$143.1m (up 24% from 2Q 2021). Net income: NT$34.9m (up 48% from 2Q 2021). Profit margin: 24% (up from 20% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jul 08
Upcoming dividend of NT$2.40 per share Eligible shareholders must have bought the stock before 15 July 2022. Payment date: 15 August 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (3.8%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.31 (vs NT$0.94 in 1Q 2021) First quarter 2022 results: EPS: NT$1.31 (up from NT$0.94 in 1Q 2021). Revenue: NT$130.4m (up 24% from 1Q 2021). Net income: NT$28.8m (up 39% from 1Q 2021). Profit margin: 22% (up from 20% in 1Q 2021). The increase in margin was driven by higher revenue. 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. 7 experienced directors. No highly experienced directors. 3 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$4.62 (up from NT$3.85 in FY 2020). Revenue: NT$475.3m (up 13% from FY 2020). Net income: NT$101.8m (up 33% from FY 2020). Profit margin: 21% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.27 (vs NT$0.81 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$128.8m (up 26% from 3Q 2020). Net income: NT$28.0m (up 79% from 3Q 2020). Profit margin: 22% (up from 15% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$124, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.5% over the past year. Upcoming Dividend • Aug 19
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 27 September 2021. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$1.10 (vs NT$1.08 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$115.5m (up 6.8% from 2Q 2020). Net income: NT$23.5m (up 15% from 2Q 2020). Profit margin: 20% (up from 19% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 17% share price gain to NT$150, the stock trades at a trailing P/E ratio of 37.6x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 22% over the past year. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 15% share price gain to NT$141, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 28% over the past year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.97 (vs NT$0.94 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$105.4m (up 8.1% from 1Q 2020). Net income: NT$20.7m (up 18% from 1Q 2020). Profit margin: 20% (up from 18% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$113, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 43% over the past year. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$3.96 (vs NT$3.74 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$421.8m (up 10% from FY 2019). Net income: NT$76.5m (up 11% from FY 2019). Profit margin: 18% (in line with FY 2019). Is New 90 Day High Low • Feb 20
New 90-day high: NT$162 The company is up 34% from its price of NT$121 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 35% over the same period. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 21% share price gain to NT$162, the stock is trading at a trailing P/E ratio of 44.1x, up from the previous P/E ratio of 36.6x. This compares to an average P/E of 28x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 73%. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 25% share price gain to NT$136, the stock is trading at a trailing P/E ratio of 37x, up from the previous P/E ratio of 29.6x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Is New 90 Day High Low • Jan 27
New 90-day high: NT$136 The company is up 28% from its price of NT$106 on 30 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 38% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 25% share price gain to NT$126, the stock is trading at a trailing P/E ratio of 34.2x, up from the previous P/E ratio of 27.4x. This compares to an average P/E of 22x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past year are 76%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.83 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$102.1m (down 1.1% from 3Q 2019). Net income: NT$15.7m (down 13% from 3Q 2019). Profit margin: 15% (down from 18% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Is New 90 Day High Low • Nov 02
New 90-day low: NT$94.50 The company is down 29% from its price of NT$132 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 26% share price decline to NT$106, the stock is trading at a trailing P/E ratio of 27x, down from the previous P/E ratio of 36.3x. This compares to an average P/E of 23x in the Semiconductor industry in Taiwan. Is New 90 Day High Low • Oct 05
New 90-day high: NT$143 The company is up 8.0% from its price of NT$132 on 07 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 18% over the same period. 
