New Risk • May 19
New major risk - Revenue and earnings growth Earnings have declined by 4.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.8% per year over the past 5 years. Minor Risks Revenue is less than US$5m (NT$46m revenue, or US$1.5m). Market cap is less than US$100m (NT$1.11b market cap, or US$35.2m). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$0.02 (vs NT$0.14 in FY 2024) Full year 2025 results: EPS: NT$0.02 (down from NT$0.14 in FY 2024). Revenue: NT$45.6m (down 10% from FY 2024). Net income: NT$768.0k (down 85% from FY 2024). Profit margin: 1.7% (down from 10% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings have declined by 8.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.3% per year over the past 5 years. Minor Risks Revenue is less than US$5m (NT$47m revenue, or US$1.5m). Market cap is less than US$100m (NT$1.10b market cap, or US$34.6m). Duyuru • Mar 09
Mospec Semiconductor Corp., Annual General Meeting, May 27, 2026 Mospec Semiconductor Corp., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,76, chung shan rd., sinshih district, tainan city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$0.47 (vs NT$0.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.47 (up from NT$0.12 in 3Q 2024). Net income: NT$17.3m (up 295% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: NT$1.06m (US$35.4k) This is considered a major 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 Market cap is less than US$10m (NT$1.06m market cap, or US$35.4k). Minor Risk Revenue is less than US$5m (NT$49m revenue, or US$1.6m). Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.52 loss per share (vs NT$0.67 loss in 2Q 2024) Second quarter 2025 results: NT$0.52 loss per share (improved from NT$0.67 loss in 2Q 2024). Net loss: NT$19.2m (loss narrowed 22% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.38 (vs NT$1.33 in 1Q 2024) First quarter 2025 results: EPS: NT$0.38 (down from NT$1.33 in 1Q 2024). Revenue: NT$10.2m (up 4.7% from 1Q 2024). Net income: NT$13.9m (down 72% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Apr 29
Mospec Semiconductor Corp. to Report Q1, 2025 Results on May 06, 2025 Mospec Semiconductor Corp. announced that they will report Q1, 2025 results on May 06, 2025 New Risk • Mar 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 111% 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. Revenue is less than US$5m (NT$51m revenue, or US$1.5m). Market cap is less than US$100m (NT$1.10b market cap, or US$33.2m). Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$0.14 (vs NT$0.98 loss in FY 2023) Full year 2024 results: EPS: NT$0.14 (up from NT$0.98 loss in FY 2023). Revenue: NT$50.7m (down 20% from FY 2023). Net income: NT$5.25m (up NT$41.6m from FY 2023). Profit margin: 10% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Mar 05
Mospec Semiconductor Corp., Annual General Meeting, May 27, 2025 Mospec Semiconductor Corp., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,76, chung shan rd., sinshih district, tainan city Taiwan Duyuru • Feb 25
Mospec Semiconductor Corp. to Report Fiscal Year 2024 Results on Mar 04, 2025 Mospec Semiconductor Corp. announced that they will report fiscal year 2024 results on Mar 04, 2025 Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.11 (vs NT$0.30 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.11 (up from NT$0.30 loss in 3Q 2023). Revenue: NT$13.2m (down 35% from 3Q 2023). Net income: NT$4.39m (up NT$15.3m from 3Q 2023). Profit margin: 33% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Oct 23
Mospec Semiconductor Corp. to Report Q3, 2024 Results on Oct 31, 2024 Mospec Semiconductor Corp. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released: NT$0.67 loss per share (vs NT$0.23 loss in 2Q 2023) Second quarter 2024 results: NT$0.67 loss per share (further deteriorated from NT$0.23 loss in 2Q 2023). Revenue: NT$14.8m (up 8.8% from 2Q 2023). Net loss: NT$24.7m (loss widened 190% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Duyuru • Jul 30
Mospec Semiconductor Corp. to Report Q2, 2024 Results on Aug 06, 2024 Mospec Semiconductor Corp. announced that they will report Q2, 2024 results at 9:00 AM, Taipei Standard Time on Aug 06, 2024 Reported Earnings • May 08
First quarter 2024 earnings released: EPS: NT$1.33 (vs NT$0.36 loss in 1Q 2023) First quarter 2024 results: EPS: NT$1.33 (up from NT$0.36 loss in 1Q 2023). Revenue: NT$9.79m (down 8.7% from 1Q 2023). Net income: NT$49.3m (up NT$62.7m from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Duyuru • Apr 25
Mospec Semiconductor Corp. to Report Q1, 2024 Results on May 02, 2024 Mospec Semiconductor Corp. announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Mar 12
Full year 2023 earnings released: NT$0.98 loss per share (vs NT$0.94 loss in FY 2022) Full year 2023 results: NT$0.98 loss per share (further deteriorated from NT$0.94 loss in FY 2022). Revenue: NT$63.1m (down 31% from FY 2022). Net loss: NT$36.3m (loss widened 3.9% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Duyuru • Mar 08
Mospec Semiconductor Corp., Annual General Meeting, Jun 12, 2024 Mospec Semiconductor Corp., Annual General Meeting, Jun 12, 2024, at 09:00 Taipei Standard Time. Location: No. 76, Zhongshan Road, Xinshi District, Tainan City The first floor of the company's welfare center Tainan City Taiwan Agenda: To discuss 2023 business report; to discuss Audit Committee's review of the 2023 annual final accounting books and statements; to discuss the Company's distribution of 2023 remuneration to directors; and to discuss other matters. Reported Earnings • Aug 11
Second quarter 2023 earnings released: NT$0.23 loss per share (vs NT$0.48 loss in 2Q 2022) Second quarter 2023 results: NT$0.23 loss per share (improved from NT$0.48 loss in 2Q 2022). Revenue: NT$13.6m (down 49% from 2Q 2022). Net loss: NT$8.50m (loss narrowed 53% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 90% 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 • Mar 15
Full year 2022 earnings released: NT$0.94 loss per share (vs NT$0.54 loss in FY 2021) Full year 2022 results: NT$0.94 loss per share (further deteriorated from NT$0.54 loss in FY 2021). Revenue: NT$91.9m (down 32% from FY 2021). Net loss: NT$35.0m (loss widened 86% from FY 2021). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: NT$0.62 (vs NT$0.32 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.62 (up from NT$0.32 loss in 3Q 2021). Revenue: NT$23.2m (down 39% from 3Q 2021). Net income: NT$22.9m (up NT$34.5m from 3Q 2021). Profit margin: 99% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.49 loss per share (vs NT$0.11 loss in 2Q 2021) Second quarter 2022 results: NT$0.49 loss per share (down from NT$0.11 loss in 2Q 2021). Revenue: NT$26.8m (down 34% from 2Q 2021). Net loss: NT$17.9m (loss widened 324% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.30 loss per share (vs NT$0.038 profit in 1Q 2021) First quarter 2022 results: NT$0.30 loss per share (down from NT$0.038 profit in 1Q 2021). Revenue: NT$21.6m (down 36% from 1Q 2021). Net loss: NT$11.1m (down NT$12.2m from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 14
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: NT$0.54 loss per share (down from NT$0.33 loss in FY 2020). Revenue: NT$135.4m (up 1.2% from FY 2020). Net loss: NT$18.8m (loss widened 201% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: NT$0.31 loss per share (vs NT$0.76 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: NT$37.9m (up 10% from 3Q 2020). Net loss: NT$11.6m (loss narrowed 9.6% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 58% 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 • Aug 12
Second quarter 2021 earnings released: NT$0.11 loss per share (vs NT$0.79 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: NT$40.6m (up 23% from 2Q 2020). Net loss: NT$4.23m (loss narrowed 69% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 21% share price gain to NT$47.30, the stock trades at a trailing P/E ratio of 68.5x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total loss to shareholders of 22% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$0.04 (vs NT$1.20 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$33.6m (up 6.2% from 1Q 2020). Net income: NT$1.08m (up NT$21.4m from 1Q 2020). Profit margin: 3.2% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2020 earnings released: NT$0.33 loss per share (vs NT$14.09 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: NT$133.7m (down 19% from FY 2019). Net loss: NT$6.27m (loss narrowed 97% from FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Duyuru • Mar 16
Mospec Semiconductor Corp., Annual General Meeting, Jun 10, 2021 Mospec Semiconductor Corp., Annual General Meeting, Jun 10, 2021. Is New 90 Day High Low • Feb 24
New 90-day low: NT$26.30 The company is down 2.0% from its price of NT$26.80 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 33% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: NT$27.40 The company is up 5.0% from its price of NT$26.10 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 37% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.76 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$34.4m (down 12% from 3Q 2019). Net loss: NT$12.9m (loss narrowed 81% from 3Q 2019). 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 15% per year, which means it has not declined as severely as earnings. Duyuru • Sep 30
Mospec Semiconductor Corp. announced that it has received TWD 4.02 million in funding Mospec Semiconductor Corp. (TSEC:2434) announced a private placement of 200,000 common shares at a price of TWD 20.10 per share for gross proceeds of TWD 4,020,000 on September 29, 2020. The transaction included participation from Horizon VentureCapital Co., Ltd. Is New 90 Day High Low • Sep 18
New 90-day low: NT$24.50 The company is down 2.0% from its price of NT$24.96 on 19 June 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 31% over the same period.