Valuation Update With 7 Day Price Move • 50m
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$692, the stock trades at a trailing P/E ratio of 44.2x. Average forward P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 250% over the past three years. Buy Or Sell Opportunity • Jun 08
Now 24% undervalued Over the last 90 days, the stock has risen 27% to NT$734. The fair value is estimated to be NT$969, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 20%. Declared Dividend • May 27
Dividend of NT$12.00 announced Shareholders will receive a dividend of NT$12.00. Ex-date: 29th June 2026 Payment date: 24th July 2026 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not adequately covered by cash flows (93% 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. Earnings per share has grown by 3.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: NT$4.00 (vs NT$4.75 in 1Q 2025) First quarter 2026 results: EPS: NT$4.00 (down from NT$4.75 in 1Q 2025). Revenue: NT$863.4m (up 9.0% from 1Q 2025). Net income: NT$294.8m (down 2.9% from 1Q 2025). Profit margin: 34% (down from 38% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 21% 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 increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$916, the stock trades at a trailing P/E ratio of 58x. Average forward P/E is 23x in the Semiconductor industry in Taiwan. Total returns to shareholders of 480% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to NT$700, the stock trades at a trailing P/E ratio of 44.3x. Average trailing P/E is 37x in the Semiconductor industry in Taiwan. Total returns to shareholders of 346% over the past three years. 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 7.4% 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 Earnings have declined by 3.7% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (103% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$570, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 36x in the Semiconductor industry in Taiwan. Total returns to shareholders of 278% over the past three years. New Risk • Feb 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 95% Dividend yield: 2.5% 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 Earnings have declined by 3.7% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (95% cash payout ratio). Duyuru • Feb 11
Machvision Inc., Annual General Meeting, May 25, 2026 Machvision Inc., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,1, kung yeh tung 2nd rd., hsinchu science park, hsinchu city Taiwan Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: NT$15.80 (vs NT$5.02 in FY 2024) Full year 2025 results: EPS: NT$15.80 (up from NT$5.02 in FY 2024). Revenue: NT$3.19b (up 108% from FY 2024). Net income: NT$1.01b (up 215% from FY 2024). Profit margin: 32% (up from 21% 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 6% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$516, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 29x in the Semiconductor industry in Taiwan. Total returns to shareholders of 325% over the past three years. Reported Earnings • Nov 03
Third quarter 2025 earnings released: EPS: NT$3.86 (vs NT$0.59 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.86 (up from NT$0.59 in 3Q 2024). Revenue: NT$767.2m (up 121% from 3Q 2024). Net income: NT$224.6m (up NT$190.0m from 3Q 2024). Profit margin: 29% (up from 10.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 28
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 04 November 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$566, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 301% over the past three years. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: NT$4.19 (vs NT$1.52 in 2Q 2024) Second quarter 2025 results: EPS: NT$4.19 (up from NT$1.52 in 2Q 2024). Revenue: NT$968.7m (up 211% from 2Q 2024). Net income: NT$243.9m (up 177% from 2Q 2024). Profit margin: 25% (down from 28% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Declared Dividend • May 31
Dividend of NT$5.00 announced Shareholders will receive a dividend of NT$5.00. Ex-date: 16th June 2025 Payment date: 15th July 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Payout Ratios Payout ratio: 59%. Cash payout ratio: 73%. Duyuru • May 30
Machvision Inc. Announces Distribution of Cash Dividends, Payable on July 15, 2025 Machvision Inc. announced distribution of Cash Dividends of total amount TWD 290,731,170, TWD 5 (Per Share). Ex-rights (ex-dividend) trading date: June 16, 2025. Ex-rights (ex-dividend) record date: June 22, 2025. Payment date of common stock cash dividend distribution: July 15, 2025. 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$480, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 24x in the Semiconductor industry in Taiwan. Total returns to shareholders of 205% over the past three years. Reported Earnings • Apr 30
Full year 2024 earnings released: EPS: NT$5.52 (vs NT$8.21 in FY 2023) Full year 2024 results: EPS: NT$5.52 (down from NT$8.21 in FY 2023). Revenue: NT$1.53b (down 13% from FY 2023). Net income: NT$320.8m (down 25% from FY 2023). Profit margin: 21% (down from 24% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Duyuru • Apr 22
Machvision Inc. to Report Q1, 2025 Results on Apr 29, 2025 Machvision Inc. announced that they will report Q1, 2025 results on Apr 29, 2025 New Risk • Apr 07
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 8.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.3% average weekly change). Earnings have declined by 19% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). Duyuru • Feb 13
Machvision Inc., Annual General Meeting, May 29, 2025 Machvision Inc., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,1, kung yeh tung 2nd rd., hsinchu science park, hsinchu city Taiwan Duyuru • Feb 04
Machvision Inc. to Report Fiscal Year 2024 Results on Feb 11, 2025 Machvision Inc. announced that they will report fiscal year 2024 results on Feb 11, 2025 New Risk • Jan 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 6.2% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 315% Cash payout ratio: 116% Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: NT$0.59 (vs NT$2.14 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.59 (down from NT$2.14 in 3Q 2023). Revenue: NT$346.7m (down 17% from 3Q 2023). Net income: NT$34.5m (down 72% from 3Q 2023). Profit margin: 10.0% (down from 30% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Duyuru • Oct 22
Machvision Inc. to Report Q3, 2024 Results on Oct 29, 2024 Machvision Inc. announced that they will report Q3, 2024 results on Oct 29, 2024 Upcoming Dividend • Aug 13
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 16 September 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.5%). In line with average of industry peers (2.2%). Reported Earnings • Aug 05
Second quarter 2024 earnings released: EPS: NT$1.52 (vs NT$3.62 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.52 (down from NT$3.62 in 2Q 2023). Revenue: NT$311.6m (down 46% from 2Q 2023). Net income: NT$88.1m (down 47% from 2Q 2023). Profit margin: 28% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Duyuru • Jul 23
Machvision Inc. to Report Q2, 2024 Results on Jul 30, 2024 Machvision Inc. announced that they will report Q2, 2024 results on Jul 30, 2024 Declared Dividend • Jun 01
Dividend reduced to NT$6.00 Dividend of NT$6.00 is 25% lower than last year. Ex-date: 17th June 2024 Payment date: 12th July 2024 Dividend yield will be 1.9%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (130% earnings payout ratio) nor is it covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 44% to bring the payout ratio under control. However, EPS has declined by 31% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 03
First quarter 2024 earnings released: EPS: NT$0.50 (vs NT$3.50 in 1Q 2023) First quarter 2024 results: EPS: NT$0.50 (down from NT$3.50 in 1Q 2023). Revenue: NT$267.6m (down 50% from 1Q 2023). Net income: NT$28.9m (down 82% from 1Q 2023). Profit margin: 11% (down from 30% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Duyuru • Apr 24
Machvision Inc. to Report Q1, 2024 Results on Apr 30, 2024 Machvision Inc. announced that they will report Q1, 2024 results on Apr 30, 2024 New Risk • Apr 22
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 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 18% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$375, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: NT$8.21 (vs NT$13.36 in FY 2022) Full year 2023 results: EPS: NT$8.21 (down from NT$13.36 in FY 2022). Revenue: NT$1.76b (down 16% from FY 2022). Net income: NT$425.9m (down 29% from FY 2022). Profit margin: 24% (down from 28% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Jan 25
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 5.7% 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 Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (115% cash payout ratio). Share price has been volatile over the past 3 months (5.7% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$268, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 27x in the Semiconductor industry in Taiwan. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Nov 13
Upcoming dividend of NT$1.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 14 December 2023. Payout ratio is a comfortable 69% and the cash payout ratio is 98%. Trailing yield: 5.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: NT$2.14 (vs NT$3.09 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.14 (down from NT$3.09 in 3Q 2022). Revenue: NT$415.3m (down 6.5% from 3Q 2022). Net income: NT$124.6m (down 9.9% from 3Q 2022). Profit margin: 30% (down from 31% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Duyuru • Nov 02
Machvision Inc. Announces Cash Dividend, Payable on December 14, 2023 Machvision Inc. announced that cash dividend, Total Amount TWD 58,146,234. TWD 1(Per Share). Ex-rights (ex-dividend) trading date is November 20, 2023. Ex-rights (ex-dividend) record date is November 26, 2023. Payment date of cash dividend distribution is December 14, 2023. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: NT$3.61 (vs NT$3.73 in 2Q 2022) Second quarter 2023 results: EPS: NT$3.61 (down from NT$3.73 in 2Q 2022). Revenue: NT$578.6m (up 5.3% from 2Q 2022). Net income: NT$167.0m (flat on 2Q 2022). Profit margin: 29% (down from 30% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. New Risk • Jul 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% 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 Earnings have declined by 11% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (30% increase in shares outstanding). Duyuru • Jun 09
Machvision Inc. announced that it has received TWD 2.2 billion in funding from ASE Technology Holding Co., Ltd. Machvision Inc. announced a private placement for the gross proceeds of TWD 2,200 million on June 7, 2023. The transaction included participation from new investor ASE Technology Holding Co., Ltd. Duyuru • Jun 08
Machvision Inc. Appoints Fu, Hsin-Pin as Member of Remuneration Committee Machvision Inc. appointed Fu, Hsin-Pin as member of Remuneration Committee. Effective date of the new member is June 7, 2023. Upcoming Dividend • May 31
Upcoming dividend of NT$8.00 per share at 4.8% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 05 July 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 76% respectively. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.2%). Duyuru • May 23
Machvision Inc. Approves Cash Dividend, Payable on July 5, 2023 Machvision Inc. announced cash dividend of TWD 6 per share of TWD 268,369,404 and Capital Surplus Cash Dividend of TWD 2 per share or TWD 89,456,468. Ex-rights (ex-dividend) trading date is June 7, 2023, Ex-rights (ex-dividend) record date is June 13, 2023, Ex-rights (ex-dividend) record date June 13, 2023. Payment date of cash dividend distribution is July 5, 2023. Reported Earnings • May 04
First quarter 2023 earnings released: EPS: NT$3.50 (vs NT$4.07 in 1Q 2022) First quarter 2023 results: EPS: NT$3.50 (down from NT$4.07 in 1Q 2022). Revenue: NT$531.1m (down 13% from 1Q 2022). Net income: NT$156.7m (down 14% from 1Q 2022). Profit margin: 30% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 18
Full year 2022 earnings released Full year 2022 results: Revenue: NT$2.10b (down 24% from FY 2021). Net income: NT$597.3m (down 28% from FY 2021). Profit margin: 28% (down from 30% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Nov 16
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 22 November 2022. Payment date: 16 December 2022. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 8.9%. Within top quartile of Taiwanese dividend payers (7.0%). Higher than average of industry peers (3.7%). 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. 4 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ming-Han Du was the last independent director to join the board, commencing their role in 2018. 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 06
Third quarter 2022 earnings released: EPS: NT$3.09 (vs NT$5.71 in 3Q 2021) Third quarter 2022 results: EPS: NT$3.09 (down from NT$5.71 in 3Q 2021). Revenue: NT$444.2m (down 38% from 3Q 2021). Net income: NT$138.4m (down 46% from 3Q 2021). Profit margin: 31% (down from 36% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Duyuru • Nov 05
Machvision Inc. Approves Semi Annual Dividend for the Period from January 1, 2022 to June 30, 2022 The Board of Directors of Machvision Inc. approved semi annual dividend for the period from January 1, 2022 to June 30, 2022. Date of the board of directors resolution: November 3, 2022. Total amount of cash distributed to shareholders is TWD 2.00 per share. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$3.73 (vs NT$4.22 in 2Q 2021) Second quarter 2022 results: EPS: NT$3.73 (down from NT$4.22 in 2Q 2021). Revenue: NT$549.5m (down 23% from 2Q 2021). Net income: NT$167.0m (down 12% from 2Q 2021). Profit margin: 30% (up from 26% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$150, the stock trades at a trailing P/E ratio of 8.4x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total loss to shareholders of 55% over the past three years. Upcoming Dividend • Jun 07
Upcoming dividend of NT$10.00 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 12 July 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (3.0%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: NT$4.07 (vs NT$4.81 in 1Q 2021) First quarter 2022 results: EPS: NT$4.07 (down from NT$4.81 in 1Q 2021). Revenue: NT$611.4m (down 11% from 1Q 2021). Net income: NT$181.9m (down 15% from 1Q 2021). Profit margin: 30% (down from 31% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 22% per year. Price Target Changed • Apr 27
Price target decreased to NT$255 Down from NT$388, the current price target is provided by 1 analyst. New target price is 40% above last closing price of NT$182. Stock is down 35% over the past year. The company posted earnings per share of NT$18.51 last year. Board Change • Apr 27
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. 3 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ming-Han Du was the last independent director to join the board, commencing their role in 2018. 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 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$18.51 (up from NT$15.02 in FY 2020). Revenue: NT$2.75b (up 15% from FY 2020). Net income: NT$827.7m (up 25% from FY 2020). Profit margin: 30% (up from 28% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 28% 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. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 16% share price gain to NT$279, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Dec 13
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 20 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$5.71 (vs NT$2.01 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$712.3m (up 49% from 3Q 2020). Net income: NT$255.5m (up 184% from 3Q 2020). Profit margin: 36% (up from 19% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$4.22 (vs NT$4.71 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$715.4m (up 5.6% from 2Q 2020). Net income: NT$188.9m (down 8.3% from 2Q 2020). Profit margin: 26% (down from 30% 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 25% 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. Director Overboarding • Aug 04
Director Yung-Shun Chuang has joined 7th company board Director Yung-Shun Chuang has been appointed to the board of Taiflex Scientific Co., Ltd. (TWSE:8039). Chuang now sits on a total of 7 company boards. With 7 board positions including the role of CEO at Onyx Healthcare Inc. (TPEX:6569), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 13
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 20 July 2021. Payment date: 13 August 2021. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$211, the stock trades at a trailing P/E ratio of 14.4x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$364 per share. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$4.81 (vs NT$5.30 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$688.6m (flat on 1Q 2020). Net income: NT$215.0m (down 4.8% from 1Q 2020). Profit margin: 31% (down from 33% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year. Price Target Changed • Feb 27
Price target lowered to NT$349 Down from NT$405, the current price target is provided by 1 analyst. The new target price is 21% above the current share price of NT$290. As of last close, the stock is down 20% over the past year. Duyuru • Feb 04
Machvision Inc., Annual General Meeting, May 28, 2021 Machvision Inc., Annual General Meeting, May 28, 2021. Location: NINI Life Square(No.2-1, Xin' an Rd., Hsinchu Science Park, Hsinchu City Taiwan Agenda: To consider 2020 business report; to consider audit committee's report of 2020 audited financial report; to consider 2020 distributable compensation for employees and directors; to consider 2020 earning distribution and capital surplus cash dividend; to consider to revise the procedures for lending funds to other parties; to consider election of directors and independent directors; and to consider other matters. Reported Earnings • Feb 04
Full year 2020 earnings released: EPS NT$15.02 (vs NT$20.01 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.40b (down 5.7% from FY 2019). Net income: NT$660.0m (down 23% from FY 2019). Profit margin: 28% (down from 34% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has increased by 1% per year. Is New 90 Day High Low • Jan 18
New 90-day low: NT$277 The company is down 6.0% from its price of NT$293 on 20 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 32% over the same period.