Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$55.10, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 44x in the Semiconductor industry in Taiwan. Total returns to shareholders of 123% over the past three years. Buy Or Sell Opportunity • May 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$69.20. The fair value is estimated to be NT$57.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 101% over the last 3 years. Earnings per share has grown by 22%. Reported Earnings • May 14
First quarter 2026 earnings released: EPS: NT$0.17 (vs NT$0.001 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.17 (up from NT$0.001 loss in 1Q 2025). Revenue: NT$1.05b (up 124% from 1Q 2025). Net income: NT$87.8m (up NT$88.5m from 1Q 2025). Profit margin: 8.4% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to NT$53.20. The fair value is estimated to be NT$67.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 102% over the last 3 years. Earnings per share has grown by 16%. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$54.40, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 42x in the Semiconductor industry in Taiwan. Total returns to shareholders of 128% over the past three years. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: NT$1.53 (vs NT$0.81 in FY 2024) Full year 2025 results: EPS: NT$1.53 (up from NT$0.81 in FY 2024). Revenue: NT$2.82b (up 282% from FY 2024). Net income: NT$788.2m (up 58% from FY 2024). Profit margin: 28% (down from 68% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Duyuru • Feb 24
Silicon Integrated Systems Corp., Annual General Meeting, May 26, 2026 Silicon Integrated Systems Corp., Annual General Meeting, May 26, 2026. Location: no,180, sec.2 kung tao 5th rd., hsinchu city Taiwan New Risk • Feb 11
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 7.0% 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: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (30% net profit margin). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$56.90, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 33x in the Semiconductor industry in Taiwan. Total returns to shareholders of 153% over the past three years. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.26 (vs NT$1.46 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.26 (down from NT$1.46 in 3Q 2024). Revenue: NT$893.9m (up 320% from 3Q 2024). Net income: NT$134.4m (down 81% from 3Q 2024). Profit margin: 15% (down from 333% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 18
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 6.6% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: NT$1.20 (vs NT$0.25 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$1.20 (up from NT$0.25 loss in 2Q 2024). Revenue: NT$636.4m (up NT$586.2m from 2Q 2024). Net income: NT$617.4m (up NT$737.9m from 2Q 2024). Profit margin: 97% (up from net loss in 2Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Declared Dividend • Jul 14
Dividend of NT$0.50 announced Shareholders will receive a dividend of NT$0.50. Ex-date: 30th July 2025 Payment date: 27th August 2025 Dividend yield will be 1.0%, which is lower than the industry average of 3.0%. Duyuru • May 23
Silicon Integrated Systems Corp. Approves Cash Dividend Silicon Integrated Systems Corp. at its AGM held on May 22, 2025, approved cash dividend TWD 0.5 per share. Reported Earnings • May 15
First quarter 2025 earnings released First quarter 2025 results: Revenue: NT$469.7m (up NT$435.4m from 1Q 2024). Net loss: NT$655.0k (loss narrowed 99% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Duyuru • Apr 12
Silicon Integrated Systems Corp. to Report Q1, 2025 Results on Apr 21, 2025 Silicon Integrated Systems Corp. announced that they will report Q1, 2025 results on Apr 21, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$43.65, the stock trades at a trailing P/E ratio of 45.1x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 59% over the past three years. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: NT$0.81 (vs NT$1.17 in FY 2023) Full year 2024 results: EPS: NT$0.81 (down from NT$1.17 in FY 2023). Revenue: NT$738.6m (up 295% from FY 2023). Net income: NT$498.6m (down 13% from FY 2023). Profit margin: 68% (down from 305% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Duyuru • Mar 03
Silicon Integrated Systems Corp., Annual General Meeting, May 22, 2025 Silicon Integrated Systems Corp., Annual General Meeting, May 22, 2025. Location: no,180, sec.2 kung tao 5th rd., hsinchu city Taiwan Duyuru • Feb 20
Silicon Integrated Systems Corp. to Report Q4, 2024 Results on Feb 27, 2025 Silicon Integrated Systems Corp. announced that they will report Q4, 2024 results on Feb 27, 2025 Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: NT$1.46 (vs NT$0.18 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$1.46 (up from NT$0.18 loss in 3Q 2023). Revenue: NT$212.8m (up 162% from 3Q 2023). Net income: NT$708.9m (up NT$798.7m from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Duyuru • Oct 12
Silicon Integrated Systems Corp. to Report Q3, 2024 Results on Oct 21, 2024 Silicon Integrated Systems Corp. announced that they will report Q3, 2024 results on Oct 21, 2024 New Risk • Sep 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 9.4% 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. Duyuru • Aug 08
Silicon Integrated Systems Corp. (TWSE:2363) agreed to acquire an unknown stake in Hycon Technology Corporation (TPEX:6457). Silicon Integrated Systems Corp. (TWSE:2363) agreed to acquire remaining unknown stake in Hycon Technology Corporation (TPEX:6457) on August 6, 2024. As per the transaction, Silicon Integrated Systems Corp. will issue 0.8713 shares for every share of Hycon Technology Corporation. The transaction is expected to close on January 1, 2025. Reported Earnings • Aug 02
Second quarter 2024 earnings released: NT$0.16 loss per share (vs NT$1.77 profit in 2Q 2023) Second quarter 2024 results: NT$0.16 loss per share (down from NT$1.77 profit in 2Q 2023). Net loss: NT$120.6m (down 114% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 20
Silicon Integrated Systems Corp. to Report Q2, 2024 Results on Jul 29, 2024 Silicon Integrated Systems Corp. announced that they will report Q2, 2024 results on Jul 29, 2024 Declared Dividend • Jul 05
Dividend of NT$3.50 announced Shareholders will receive a dividend of NT$3.50. Ex-date: 19th July 2024 Payment date: 5th August 2024 Dividend yield will be 6.0%, which is higher than the industry average of 3.0%. Declared Dividend • Jun 17
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 70% lower than last year. Ex-date: 1st July 2024 Payment date: 31st July 2024 Dividend yield will be 0.5%, which is lower than the industry average of 3.0%. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$58.30, the stock trades at a trailing P/E ratio of 74.5x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 252% over the past three years. Reported Earnings • Apr 27
First quarter 2024 earnings released: NT$0.10 loss per share (vs NT$0.12 loss in 1Q 2023) First quarter 2024 results: NT$0.10 loss per share (improved from NT$0.12 loss in 1Q 2023). Net loss: NT$73.2m (loss narrowed 18% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 14
Silicon Integrated Systems Corp. to Report Q1, 2024 Results on Apr 22, 2024 Silicon Integrated Systems Corp. announced that they will report Q1, 2024 results on Apr 22, 2024 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$46.05, the stock trades at a trailing P/E ratio of 60.4x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 199% over the past three years. Duyuru • Feb 28
Silicon Integrated Systems Corp. Approves Cash Dividend Silicon Integrated Systems Corp. at its Board Meeting held on February 26, 2024, approved cash dividends of TWD 0.3 per share. Duyuru • Feb 27
Silicon Integrated Systems Corp., Annual General Meeting, May 27, 2024 Silicon Integrated Systems Corp., Annual General Meeting, May 27, 2024, at 09:00 Taipei Standard Time. Location: No.180,Sec.2, Gongdao 5th Rd Hsinchu City Taiwan Agenda: To consider the 2023 business report; to consider the audit Committee's review of the 2023 annual final accounting books and statements; to consider the report on the shareholder's proposal of this shareholders' meeting; to consider the report on 2023 employee's and director's compensation; to consider the report on the revised articles of Regulations Governing Procedure for Board of Directors Meetings; to consider the acknowledgment of the 2023 business report and financial statements; to consider the acknowledgment of the 2023 Earnings Distribution; to consider the discussion of reduce capital and refund cash to shareholders; to consider the discussion to approve the lifting of non-competition restrictions on newly elected directors; and to consider the early elect the Company's 13th term of Nine Directors. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: NT$0.76 (vs NT$0.65 in FY 2022) Full year 2023 results: EPS: NT$0.76 (up from NT$0.65 in FY 2022). Net income: NT$571.3m (up 18% from FY 2022). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to NT$44.15, the stock trades at a trailing P/E ratio of 57.3x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 430% over the past three years. Duyuru • Oct 21
Silicon Integrated Systems Corp. Announces Board Changes Silicon Integrated Systems Corp. announced that the change in the representative of the company's institutional director. Name of the previous position holder: Bing-Kun Hong. Resume of the previous position holder: Director of Silicon Integrated Systems Corp. Name of the new position holder: SU-CHUAN CHIU. Resume of the new position holder: Manager of Hsun Chieh Investment Co. Ltd. The effective date of new appointment is October 20, 2023. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$44.95, the stock trades at a trailing P/E ratio of 58.3x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 383% over the past three years. Duyuru • Sep 26
Silicon Integrated Systems Corp. Announces Change in Representative of its Institutional Director Silicon Integrated Systems Corp. announced change in representative of the Companys institutional director. Name of legal person: United Microelectronics Corp. .Name of the previous position holder: Tseng,Kuei-Hung . Resume of the previous position holder: Senior Division Director of UMC. Name of the new position holder: Mou,Ya-Nan .Resume of the new position holder: Associate Vice President of UMC, .Reason for the change: Replacement of representative, Original term:From 21 June 2022 to 20 June 2025, 9.Effective date of the new appointment: 31 July 2023,.Any other matters that need to be specified: None. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$34.30, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 331% over the past three years. New Risk • Aug 14
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: NT$150m (US$4.7m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 130% Paying a dividend despite having no free cash flows. Minor Risk Revenue is less than US$5m (NT$150m revenue, or US$4.7m). Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$1.15 (vs NT$0.88 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.15 (up from NT$0.88 in 2Q 2022). Net income: NT$863.0m (up 30% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 97% 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 • Aug 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$22.45, the stock trades at a trailing P/E ratio of 44.6x. Average trailing P/E is 20x in the Semiconductor industry in Taiwan. Total returns to shareholders of 180% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of NT$1.00 per share at 5.5% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 28 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Duyuru • Jun 07
Silicon Integrated Systems Corp. Approves 2022 Cash Dividend Silicon Integrated Systems Corp. approved 2022 Cash dividend of TWD 1.0 per share, at its regular shareholders meeting held on June 6, 2023. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Ya-Ching Li was the last independent director to join the board, commencing their role in 2019. 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 • Nov 13
Third quarter 2022 earnings released: NT$0.12 loss per share (vs NT$0.56 profit in 3Q 2021) Third quarter 2022 results: NT$0.12 loss per share (down from NT$0.56 profit in 3Q 2021). Net loss: NT$93.0m (down 122% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.5%). In line with average of industry peers (3.5%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.97 (vs NT$0.22 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.97 (up from NT$0.22 loss in 2Q 2021). Net income: NT$662.6m (up NT$812.7m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 10
Silicon Integrated Systems Corp. Announces Board Changes Silicon Integrated Systems Corp. announced members of the Company's 5nd Remuneration Committee. Name of the previous position holder: Huang,Tsai-Wang, Lo,Jui-Hsiang, Li,Ya-Ching. Resume of the previous position holder: Huang,Tsai-Wang/Independent director of Silicon Integrated Systems Corp. Lo,Jui-Hsiang/Independent director of Silicon Integrated Systems Corp. Li,Ya-Ching/Independent director of Silicon Integrated Systems Corp. Name of the new position holder: Li,Ya-Ching, Tai,Chia-Wei, Hsiao,Ching-Liu. Resume of the new position holder: Li,Ya-Ching/Independent director of Silicon Integrated Systems Corp. Tai,Chia-Wei/Independent director of Silicon Integrated Systems Corp. Hsiao,Ching-Liu/Independent director of Silicon Integrated Systems Corp. Reason for the change: new appointment. Effective date of the new member is August 9, 2022. Board Change • Jul 08
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Ya-Ching Li was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Ya-Ching Li was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.29 (up from NT$0.44 loss in FY 2020). Revenue: NT$252.2m (up 57% from FY 2020). Net income: NT$198.3m (up NT$497.8m from FY 2020). Profit margin: 79% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.62 (vs NT$0.086 in 3Q 2020) Third quarter 2021 results: Revenue: NT$72.8m (up 91% from 3Q 2020). Net income: NT$420.4m (up NT$361.9m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 24
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 05 October 2021. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (2.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: NT$0.24 loss per share (vs NT$0.14 loss in 2Q 2020) Second quarter 2021 results: Net loss: NT$150.2m (loss widened 75% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Duyuru • Mar 20
Silicon Integrated Systems Corp., Annual General Meeting, Jun 10, 2021 Silicon Integrated Systems Corp., Annual General Meeting, Jun 10, 2021. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.096 Third quarter 2020 results: Net income: NT$58.5m (down 18% from 3Q 2019). 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 14% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 08
New 90-day high: NT$12.80 The company is up 19% from its price of NT$10.71 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 18% over the same period. 
