Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$320, the stock trades at a trailing P/E ratio of 18.2x. Average forward P/E is 30x in the Semiconductor industry in Taiwan. Total returns to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$157 per share. Declared Dividend • Jun 15
Dividend of NT$16.00 announced Dividend of NT$16.00 is the same as last year. Ex-date: 2nd July 2026 Payment date: 29th July 2026 Dividend yield will be 5.6%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) nor is it covered by cash flows (142% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 1.2% to bring the payout ratio under control, which is less than the 4.4% EPS growth achieved over the last 5 years. New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings have declined by 6.0% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 142% Earnings have declined by 6.0% per year over the past 5 years. Reported Earnings • May 17
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: NT$4.62 (down from NT$4.81 in 1Q 2025). Revenue: NT$2.11b (down 2.2% from 1Q 2025). Net income: NT$395.5m (down 4.1% from 1Q 2025). Profit margin: 19% (in line with 1Q 2025). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 2.7% 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 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 123% Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Duyuru • Mar 11
Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 11, 2026 Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 11, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,2, kung yeh tung 3rd rd., hsinchu science park, hsinchu city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: NT$17.76 (down from NT$17.91 in FY 2024). Revenue: NT$8.67b (up 5.0% from FY 2024). Net income: NT$1.52b (flat on FY 2024). Profit margin: 18% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$4.54 (vs NT$4.83 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.54 (down from NT$4.83 in 3Q 2024). Revenue: NT$2.22b (down 2.7% from 3Q 2024). Net income: NT$389.4m (down 6.0% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Revenue is forecast to grow 7.1% 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 fallen by 8% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$3.69 (vs NT$4.28 in 2Q 2024) Second quarter 2025 results: EPS: NT$3.69 (down from NT$4.28 in 2Q 2024). Revenue: NT$2.25b (up 9.2% from 2Q 2024). Net income: NT$316.7m (down 14% from 2Q 2024). Profit margin: 14% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% 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 fallen by 15% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Declared Dividend • Jun 14
Dividend increased to NT$16.00 Dividend of NT$16.00 is 14% higher than last year. Ex-date: 30th June 2025 Payment date: 25th July 2025 Dividend yield will be 6.9%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.4% over the next year. A fall of 2.9% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. Buy Or Sell Opportunity • May 09
Now 22% overvalued Over the last 90 days, the stock has fallen 4.9% to NT$223. The fair value is estimated to be NT$182, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 2.6% in a year. Earnings are forecast to decline by 8.8% in the next year. Reported Earnings • May 08
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$4.81 (up from NT$4.41 in 1Q 2024). Revenue: NT$2.16b (up 11% from 1Q 2024). Net income: NT$412.5m (up 9.1% from 1Q 2024). Profit margin: 19% (in line with 1Q 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 3.3% 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 fallen by 19% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 10
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to NT$198. The fair value is estimated to be NT$162, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 20%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$195, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Semiconductor industry in Taiwan. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$162 per share. Duyuru • Mar 14
Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 11, 2025 Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,2, kung yeh tung 3rd rd., hsinchu science park, hsinchu city Taiwan Duyuru • Jan 08
Global Mixed-Mode Technology Inc. Announces Establishment of Sustainable Development Committee Global Mixed-Mode Technology Inc. announced establishment of sustainable development committee. Name and Resume of the new position holder: Wu, Jiin-Chuan: Chairman of GMT; Hsieh, Qichang: Co-presidents of GMT and Yang, Renyang: Co-presidents of GMT. Effective date of the new member is January 7, 2025. The term of Sustainable Development Committee members is the same as the Board of Directors. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$4.83 (down from NT$6.09 in 3Q 2023). Revenue: NT$2.28b (up 1.6% from 3Q 2023). Net income: NT$414.2m (down 21% from 3Q 2023). Profit margin: 18% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 18% 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 • Nov 05
Global Mixed-Mode Technology Inc. to Report Q3, 2024 Results on Nov 12, 2024 Global Mixed-Mode Technology Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: NT$4.28 (down from NT$4.90 in 2Q 2023). Revenue: NT$2.06b (down 1.1% from 2Q 2023). Net income: NT$366.8m (down 13% from 2Q 2023). Profit margin: 18% (down from 20% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 7.9% 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 fallen by 13% 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. Price Target Changed • Aug 15
Price target decreased by 7.4% to NT$284 Down from NT$307, the current price target is an average from 4 analysts. New target price is 27% above last closing price of NT$225. Stock is down 1.1% over the past year. The company is forecast to post earnings per share of NT$16.94 for next year compared to NT$17.33 last year. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Aug 06
Global Mixed-Mode Technology Inc. to Report Q2, 2024 Results on Aug 13, 2024 Global Mixed-Mode Technology Inc. announced that they will report Q2, 2024 results on Aug 13, 2024 Declared Dividend • Jun 17
Dividend of NT$14.00 announced Dividend of NT$14.00 is the same as last year. Ex-date: 2nd July 2024 Payment date: 26th July 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.5% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 06
Price target increased by 13% to NT$307 Up from NT$273, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$309. Stock is up 54% over the past year. The company is forecast to post earnings per share of NT$18.88 for next year compared to NT$17.33 last year. Reported Earnings • May 15
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: NT$4.41 (up from NT$2.97 in 1Q 2023). Revenue: NT$1.94b (up 9.1% from 1Q 2023). Net income: NT$378.0m (up 49% from 1Q 2023). Profit margin: 20% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 8.8% 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 fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • May 05
Global Mixed-Mode Technology Inc. to Report Q1, 2024 Results on May 10, 2024 Global Mixed-Mode Technology Inc. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 19
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$17.33 (down from NT$22.46 in FY 2022). Revenue: NT$7.91b (down 6.0% from FY 2022). Net income: NT$1.49b (down 23% from FY 2022). Profit margin: 19% (down from 23% in FY 2022). 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 8.4% 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 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 16
Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 13, 2024 Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 13, 2024. Price Target Changed • Nov 15
Price target increased by 11% to NT$252 Up from NT$226, the current price target is an average from 4 analysts. New target price is 6.0% below last closing price of NT$268. Stock is up 87% over the past year. The company is forecast to post earnings per share of NT$17.31 for next year compared to NT$22.46 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$6.09 (up from NT$5.20 in 3Q 2022). Revenue: NT$2.24b (up 26% from 3Q 2022). Net income: NT$521.8m (up 17% from 3Q 2022). Profit margin: 23% (down from 25% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 58%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 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 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 11
Global Mixed-Mode Technology Inc. Announces Change of President, Effective December 04, 2023 Global Mixed-Mode Technology Inc. announced Change of President. Name of the previous position holder: Wu,Chin-Chuan. Resume of the previous position holder: Chairman & President of GMT. Name of the new position holder: Hsieh, Qichang & Yang, Renyang. Resume of the new position holder: Hsieh, Qichang,the Vice President of GMT, and Yang, Renyang,the Vice President of GMT. Effective date of the new appointment: December 04, 2023. New Risk • Aug 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 17% Last year net profit margin: 26% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (94% payout ratio). Profit margins are more than 30% lower than last year (17% net profit margin). Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$4.90 (down from NT$7.47 in 2Q 2022). Revenue: NT$2.08b (down 13% from 2Q 2022). Net income: NT$420.1m (down 34% from 2Q 2022). Profit margin: 20% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$14.07 to NT$15.60. Revenue forecast steady at NT$8.12b. Net income forecast to shrink 9.1% next year vs 4.5% decline forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$199 to NT$216. Share price rose 14% to NT$233 over the past week. Duyuru • Jun 30
Global Mixed-Mode Technology Inc. Announces Remuneration Committee Appointments Global Mixed-Mode Technology Inc. announced the appointment of Chen, Shih-Hsin, Chien, Wei-Neng and Lin, Tsung-Sheng as Member of Remuneration Committee, effective June 29, 2023. Resume of the new position holder: Chen, Shih-Hsin: Independent director, Global Mixed-mode Technology Co.,Ltd.; Chien, Wei-Neng: Managing Attorney, Chien, Wei-Neng Law Firm and Lin, Tsung-Sheng: Chairman, BVI Merchant Watson Capital Limited. Upcoming Dividend • Jun 27
Upcoming dividend of NT$14.00 per share at 7.1% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 26 July 2023. Payout ratio and cash payout ratio are on the higher end at 80% and 79% respectively. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Duyuru • Jun 17
Global Mixed-Mode Technology Inc. Announces Dividend, Payable Date Is 26 July 2023 Global Mixed-Mode Technology Inc. announced dividend of TWD 14 per share, (ex-dividend) record date of 10 July 2023, Payment date is 26 July 2023 with Ex-rights (ex-dividend) trading date of 4 July 2023. Duyuru • Jun 16
Global Mixed-Mode Technology Inc. Announces Expire Term of Remuneration Committee Members Global Mixed-Mode Technology Inc. announced the expired term of Remuneration Committee members of the 4th session: Name of the previous position holder: Lo, Fu-Chuan; Chen, Shih-Hsin; Chen, Hui-Ling. Resume of the previous position holder: Lo, Fu-Chuan: Chairperson, Taiwan-Japan Relations Association; Chen, Shih-Hsin: Chairperson, Huahong Management Consulting Co.,Ltd.; Chen, Hui-Ling: Chairperson, Aimtron Technology Co.,Ltd. Date of occurrence of the change June 14, 2023. Price Target Changed • Jun 07
Price target increased by 11% to NT$199 Up from NT$180, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$198. Stock is down 10% over the past year. The company is forecast to post earnings per share of NT$14.07 for next year compared to NT$22.46 last year. Reported Earnings • Mar 17
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$22.46 (down from NT$25.45 in FY 2021). Revenue: NT$8.42b (down 11% from FY 2021). Net income: NT$1.93b (down 12% from FY 2021). Profit margin: 23% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.0%. Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 8.3%. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be NT$187, however this is not to be taken as a buy 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 47%. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to decline by 43% in the next 2 years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$5.20 (down from NT$7.89 in 3Q 2021). Revenue: NT$1.79b (down 29% from 3Q 2021). Net income: NT$445.5m (down 34% from 3Q 2021). Profit margin: 25% (down from 27% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Semiconductor industry in Taiwan are expected to grow by 9.8%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 19% share price gain to NT$135, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Semiconductor industry in Taiwan. Total returns to shareholders of 21% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$7.47 (vs NT$6.11 in 2Q 2021) Second quarter 2022 results: EPS: NT$7.47 (up from NT$6.11 in 2Q 2021). Revenue: NT$2.38b (flat on 2Q 2021). Net income: NT$640.2m (up 22% from 2Q 2021). Profit margin: 27% (up from 22% in 2Q 2021). Over the next year, revenue is expected to shrink by 12% 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 50% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$141, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Semiconductor industry in Taiwan. Total returns to shareholders of 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$275 per share. Upcoming Dividend • Jun 22
Upcoming dividend of NT$16.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 22 July 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 8.5%. Within top quartile of Taiwanese dividend payers (6.2%). Higher than average of industry peers (3.3%). Buying Opportunity • Jun 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 49%. Revenue is forecast to grow by 8.7% in a year. Earnings is forecast to grow by 0.8% in the next year. Buying Opportunity • May 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$273, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 49%. Revenue is forecast to grow by 8.7% in a year. Earnings is forecast to grow by 0.8% in the next year. Reported Earnings • May 14
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$8.02 (up from NT$4.66 in 1Q 2021). Revenue: NT$2.54b (up 16% from 1Q 2021). Net income: NT$687.7m (up 72% from 1Q 2021). Profit margin: 27% (up from 18% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 8.7%, compared to a 23% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 13
Price target decreased to NT$248 Down from NT$281, the current price target is an average from 4 analysts. New target price is 11% above last closing price of NT$223. Stock is up 8.5% over the past year. The company is forecast to post earnings per share of NT$29.77 for next year compared to NT$25.45 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$7.89 (vs NT$3.55 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$2.52b (up 22% from 3Q 2020). Net income: NT$676.6m (up 122% from 3Q 2020). Profit margin: 27% (up from 15% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$6.11 (vs NT$2.73 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.38b (up 39% from 2Q 2020). Net income: NT$523.8m (up 124% from 2Q 2020). Profit margin: 22% (up from 14% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 13
Consensus EPS estimates increase to NT$25.50 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$9.07b to NT$9.73b. EPS estimate increased from NT$18.73 to NT$25.50 per share. Net income forecast to grow 84% next year vs 41% growth forecast for Semiconductor industry in Taiwan. Consensus price target up from NT$215 to NT$264. Share price rose 3.8% to NT$273 over the past week. Price Target Changed • Aug 12
Price target increased to NT$242 Up from NT$218, the current price target is an average from 2 analysts. New target price is 10% below last closing price of NT$269. Stock is up 68% over the past year. Upcoming Dividend • Jul 29
Upcoming dividend of NT$9.50 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 27 August 2021. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.2%). Upcoming Dividend • Jul 14
Upcoming dividend of NT$9.50 per share Eligible shareholders must have bought the stock before 21 July 2021. Payment date: 13 August 2021. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 22% share price gain to NT$209, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Semiconductor industry in Taiwan. Total returns to shareholders of 264% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$198 per share. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$4.66 (vs NT$2.73 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$2.18b (up 35% from 1Q 2020). Net income: NT$399.1m (up 71% from 1Q 2020). Profit margin: 18% (up from 14% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 14
Consensus EPS estimates increase to NT$19.18 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from NT$8.76b to NT$9.15b. EPS estimate increased from NT$15.06 to NT$19.18 per share. Net income forecast to grow 57% next year vs 39% growth forecast for Semiconductor industry in Taiwan. Consensus price target broadly unchanged at NT$215. Share price was steady at NT$205 over the past week. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 17% share price gain to NT$226, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Semiconductor industry in Taiwan. Total returns to shareholders of 290% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$429 per share. Duyuru • Mar 18
Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 10, 2021 Global Mixed-Mode Technology Inc., Annual General Meeting, Jun 10, 2021. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$12.24 (vs NT$8.74 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$7.41b (up 31% from FY 2019). Net income: NT$1.05b (up 40% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 42% per year. Is New 90 Day High Low • Feb 22
New 90-day high: NT$200 The company is up 20% from its price of NT$167 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$463 per share. Is New 90 Day High Low • Jan 08
New 90-day high: NT$172 The company is up 8.0% from its price of NT$159 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$139 per share. Is New 90 Day High Low • Nov 17
New 90-day high: NT$161 The company is up 2.0% from its price of NT$158 on 19 August 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$121 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Over the next year, revenue is forecast to grow 8.7%, compared to a 13% growth forecast for the Semiconductor industry in Taiwan. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$3.55 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$2.07b (up 26% from 3Q 2019). Net income: NT$304.2m (up 42% from 3Q 2019). Profit margin: 15% (up from 13% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 02
New 90-day low: NT$147 The company is down 5.0% from its price of NT$155 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$107 per share.