Buy Or Sell Opportunity • May 27
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to NT$17.75. The fair value is estimated to be NT$14.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 20
First quarter 2026 earnings released: NT$0.67 loss per share (vs NT$0.25 profit in 1Q 2025) First quarter 2026 results: NT$0.67 loss per share (down from NT$0.25 profit in 1Q 2025). Revenue: NT$1.69b (down 17% from 1Q 2025). Net loss: NT$80.9m (down 366% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. New Risk • Apr 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 157% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (NT$2.19b market cap, or US$68.5m). Tillkännagivande • Mar 16
Laster Tech Co., Ltd., Annual General Meeting, Jun 22, 2026 Laster Tech Co., Ltd., Annual General Meeting, Jun 22, 2026. Location: no,513, sec.1 ch`eng kung rd., guanyin district, taoyuan city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.03 (down from NT$0.65 in 3Q 2024). Revenue: NT$2.02b (down 18% from 3Q 2024). Net income: NT$3.07m (down 96% from 3Q 2024). Profit margin: 0.2% (down from 3.1% in 3Q 2024). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 90%. Revenue is forecast to grow 9.2% 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 15% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 22
Price target decreased by 24% to NT$34.00 Down from NT$45.00, the current price target is an average from 2 analysts. New target price is 46% above last closing price of NT$23.30. Stock is down 39% over the past year. The company is forecast to post earnings per share of NT$0.02 for next year compared to NT$2.36 last year. New Risk • Aug 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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: Minor Risks Dividend is not well covered by earnings (174% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (NT$2.94b market cap, or US$96.1m). Upcoming Dividend • Aug 27
Upcoming dividend of NT$1.21 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 23 September 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.88 loss per share (down from NT$0.72 profit in 2Q 2024). Revenue: NT$2.27b (down 11% from 2Q 2024). Net loss: NT$107.0m (down 228% from profit in 2Q 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 11
Dividend reduced to NT$1.20 Dividend of NT$1.20 is 20% lower than last year. Ex-date: 3rd September 2025 Payment date: 23rd September 2025 Dividend yield will be 5.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.94b (US$99.4m) 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$2.94b market cap, or US$99.4m). Reported Earnings • May 17
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$0.25. Revenue: NT$2.05b (up 17% from 1Q 2024). Net income: NT$30.5m (flat on 1Q 2024). Profit margin: 1.5% (down from 1.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Tillkännagivande • May 01
Laster Tech Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Laster Tech Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Buy Or Sell Opportunity • Apr 14
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to NT$25.85. The fair value is estimated to be NT$21.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 64%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$24.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$21.41 per share. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.30b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.30b market cap, or US$99.7m). Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: NT$2.36 (down from NT$2.83 in FY 2023). Revenue: NT$9.34b (up 10% from FY 2023). Net income: NT$271.4m (down 13% from FY 2023). Profit margin: 2.9% (down from 3.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 8.8%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 14
Laster Tech Co., Ltd., Annual General Meeting, May 28, 2025 Laster Tech Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,513, sec.1 ch`eng kung rd., guanyin district, taoyuan city Taiwan Tillkännagivande • Mar 05
Laster Tech Co., Ltd. to Report Q4, 2024 Results on Mar 12, 2025 Laster Tech Co., Ltd. announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: NT$0.65 (down from NT$0.85 in 3Q 2023). Revenue: NT$2.45b (down 3.8% from 3Q 2023). Net income: NT$74.9m (down 22% from 3Q 2023). Profit margin: 3.1% (down from 3.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 01
Laster Tech Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Laster Tech Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Price Target Changed • Oct 17
Price target decreased by 7.2% to NT$48.50 Down from NT$52.25, the current price target is an average from 4 analysts. New target price is 25% above last closing price of NT$38.70. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$2.66 for next year compared to NT$2.83 last year. Major Estimate Revision • Sep 28
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$10.2b to NT$9.54b. EPS estimate also fell from NT$3.26 per share to NT$2.68 per share. Net income forecast to grow 1.1% next year vs 33% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$52.25 to NT$49.50. Share price was steady at NT$38.10 over the past week. Declared Dividend • Aug 23
Dividend increased to NT$1.50 Dividend of NT$1.50 is 431% higher than last year. Ex-date: 4th September 2024 Payment date: 25th September 2024 Dividend yield will be 3.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 17
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: NT$0.72 (up from NT$0.60 in 2Q 2023). Revenue: NT$2.55b (up 15% from 2Q 2023). Net income: NT$83.4m (up 31% from 2Q 2023). Profit margin: 3.3% (up from 2.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% 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 46% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Aug 02
Laster Tech Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Laster Tech Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Major Estimate Revision • Jul 18
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$9.70b to NT$9.37b. EPS estimate also fell from NT$3.52 per share to NT$2.79 per share. Net income forecast to grow 12% next year vs 32% growth forecast for Semiconductor industry in Taiwan. Consensus price target down from NT$55.50 to NT$52.25. Share price fell 5.1% to NT$43.05 over the past week. Price Target Changed • Jun 06
Price target decreased by 15% to NT$55.50 Down from NT$65.00, the current price target is an average from 4 analysts. New target price is 34% above last closing price of NT$41.35. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of NT$3.52 for next year compared to NT$2.83 last year. Reported Earnings • May 19
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$0.26 (down from NT$0.28 in 1Q 2023). Revenue: NT$1.75b (up 13% from 1Q 2023). Net income: NT$30.2m (flat on 1Q 2023). Profit margin: 1.7% (down from 2.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 15% 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 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Tillkännagivande • May 05
Laster Tech Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Laster Tech Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 17
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: NT$2.83 (up from NT$0.30 in FY 2022). Revenue: NT$8.47b (up 28% from FY 2022). Net income: NT$310.8m (up NT$279.8m from FY 2022). Profit margin: 3.7% (up from 0.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 07
Laster Tech Co., Ltd., Annual General Meeting, May 21, 2024 Laster Tech Co., Ltd., Annual General Meeting, May 21, 2024. Location: No.513, Sec. 1, Chenggong Rd., Guanyin Dist., Tao Yuan City Taiwan Agenda: To consider 2023 Business Report; to consider Audit committee's review of the 2023 final accounts and books; to consider Report on the 2023 Remuneration of Employees and Directors; to consider Report on the reasons for the company's conversion of corporate bonds and issuance status; to consider Report on andment of the company's Sustainable Development Best Practice Principles; to consider Report on andment of the company's¡¨Rules of Procedure for Meetings of Board of Directors; and to consider other matters. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$55.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$27.87 per share. New Risk • Dec 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (0.8% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (6.4% increase in shares outstanding). Upcoming Dividend • Aug 29
Upcoming dividend of NT$0.28 per share at 0.7% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (3.3%). Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: NT$0.60 (vs NT$1.37 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.60 (up from NT$1.37 loss in 2Q 2022). Revenue: NT$2.21b (up 97% from 2Q 2022). Net income: NT$63.8m (up NT$210.1m from 2Q 2022). Profit margin: 2.9% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: NT$0.30 (vs NT$1.03 in FY 2021) Full year 2022 results: EPS: NT$0.30 (down from NT$1.03 in FY 2021). Revenue: NT$6.61b (up 17% from FY 2021). Net income: NT$31.0m (down 68% from FY 2021). Profit margin: 0.5% (down from 1.7% in FY 2021). Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 30% per year. Price Target Changed • Nov 16
Price target decreased to NT$35.00 Down from NT$87.50, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$31.40. Stock is down 28% over the past year. The company is forecast to post earnings per share of NT$0.52 for next year compared to NT$1.03 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$0.56 (up from NT$0.10 in 3Q 2021). Revenue: NT$1.71b (up 30% from 3Q 2021). Net income: NT$59.8m (up NT$50.5m from 3Q 2021). Profit margin: 3.5% (up from 0.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) also surpassed analyst estimates by 124%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: NT$0.56 (up from NT$0.10 in 3Q 2021). Revenue: NT$1.71b (up 30% from 3Q 2021). Net income: NT$59.8m (up NT$50.5m from 3Q 2021). Profit margin: 3.5% (up from 0.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.1%. Earnings per share (EPS) also surpassed analyst estimates by 124%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 01
Upcoming dividend of NT$0.62 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 04 October 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (3.6%). Reported Earnings • Aug 16
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: NT$1.37 loss per share (down from NT$0.034 profit in 2Q 2021). Revenue: NT$1.13b (down 7.4% from 2Q 2021). Net loss: NT$146.3m (down NT$149.5m from profit in 2Q 2021). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 328%. Over the next year, revenue is forecast to grow 17%, compared to a 20% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 25% share price gain to NT$39.35, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 29% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: NT$0.16 (down from NT$0.52 in 1Q 2021). Revenue: NT$1.54b (up 2.5% from 1Q 2021). Net income: NT$15.3m (down 66% from 1Q 2021). Profit margin: 1.0% (down from 3.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 79%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$1.03 (up from NT$0.16 in FY 2020). Revenue: NT$5.66b (up 30% from FY 2020). Net income: NT$96.2m (up NT$83.9m from FY 2020). Profit margin: 1.7% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 79%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.10 (vs NT$0.75 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.32b (up 5.0% from 3Q 2020). Net income: NT$9.39m (down 84% from 3Q 2020). Profit margin: 0.7% (down from 4.5% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 15
Upcoming dividend of NT$0.15 per share Eligible shareholders must have bought the stock before 22 October 2021. Payment date: 16 November 2021. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (2.3%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.30 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.22b (up 15% from 2Q 2020). Net income: NT$3.27m (down 86% from 2Q 2020). Profit margin: 0.3% (down from 2.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 54% 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 • Jul 26
Investor sentiment improved over the past week After last week's 18% share price gain to NT$55.40, the stock trades at a trailing P/E ratio of 23.6x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 3.3% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improved over the past week After last week's 15% share price gain to NT$51.00, the stock trades at a trailing P/E ratio of 21.7x. Average forward P/E is 16x in the Semiconductor industry in Taiwan. Total loss to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 16% share price gain to NT$42.85, the stock trades at a trailing P/E ratio of 18.2x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total loss to shareholders of 18% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.52 (vs NT$1.71 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.50b (up 129% from 1Q 2020). Net income: NT$44.5m (up NT$174.0m from 1Q 2020). Profit margin: 3.0% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS NT$0.16 (vs NT$0.18 in FY 2019) The company reported a mediocre full year result with weaker earnings, although profit margins were flat and revenues improved. Full year 2020 results: Revenue: NT$4.35b (up 5.2% from FY 2019). Net income: NT$12.3m (down 5.4% from FY 2019). Profit margin: 0.3% (in line with FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 14
New 90-day high: NT$51.80 The company is up 43% from its price of NT$36.25 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 34% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: NT$46.35 The company is up 63% from its price of NT$28.35 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 24% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.75 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.25b (up 25% from 3Q 2019). Net income: NT$56.8m (up NT$64.8m from 3Q 2019). Profit margin: 4.5% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 84% 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. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 79%. Over the next year, revenue is forecast to grow 13%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Is New 90 Day High Low • Nov 05
New 90-day high: NT$43.00 The company is up 62% from its price of NT$26.60 on 07 August 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$3.05 per share. Is New 90 Day High Low • Oct 15
New 90-day high: NT$35.80 The company is up 37% from its price of NT$26.20 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$2.95 per share.