Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$187, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 23x in the Electronic industry in Taiwan. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$268 per share. Major Estimate Revision • Mar 16
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from NT$4.71b to NT$4.53b. EPS estimate also fell from NT$15.17 per share to NT$13.32 per share. Net income forecast to grow 5.0% next year vs 24% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$217 to NT$195. Share price rose 4.0% to NT$156 over the past week. Price Target Changed • Mar 13
Price target decreased by 10% to NT$195 Down from NT$217, the current price target is an average from 2 analysts. New target price is 23% above last closing price of NT$158. Stock is up 4.3% over the past year. The company is forecast to post earnings per share of NT$13.32 for next year compared to NT$12.69 last year. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$12.69 (vs NT$11.25 in FY 2024) Full year 2025 results: EPS: NT$12.69 (up from NT$11.25 in FY 2024). Revenue: NT$4.15b (up 19% from FY 2024). Net income: NT$1.14b (up 13% from FY 2024). Profit margin: 28% (down from 29% 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 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 05
Argosy Research Inc., Annual General Meeting, Jun 11, 2026 Argosy Research Inc., Annual General Meeting, Jun 11, 2026. Location: no,773, ming hu rd., hsinchu city Taiwan Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$4.21 (vs NT$3.49 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.21 (up from NT$3.49 in 3Q 2024). Revenue: NT$1.13b (up 8.6% from 3Q 2024). Net income: NT$378.9m (up 20% from 3Q 2024). Profit margin: 34% (up from 30% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$2.30 (vs NT$2.47 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.30 (down from NT$2.47 in 2Q 2024). Revenue: NT$1.05b (up 33% from 2Q 2024). Net income: NT$207.3m (down 6.8% from 2Q 2024). Profit margin: 20% (down from 28% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. 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 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 27
Upcoming dividend of NT$8.81 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.2%). Duyuru • Jun 20
Argosy Research Inc Approves Adjust Cash Dividend Argosy Research Inc. approved total cash dividends of TWD 792,916,987 (TWD 8.81 per share). Reason for the change: Due to the changes in the total number of outstanding common shares resulting from the repurchase of treasury shares,The Chairman decided to adjust the dividend distribution ratio on 2025/06/17 based on the authorization of the Board of Directors. Declared Dividend • Jun 13
Dividend increased to NT$8.80 Dividend of NT$8.80 is 38% higher than last year. Ex-date: 3rd July 2025 Payment date: 31st July 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 15
Argosy Research Inc. Announces Resignation of HSU, CHIN-MEI as Chief Internal Auditor, Effective May 31, 2025 Argosy Research Inc. announced the resignation of HSU, CHIN-MEI from the position of Chief Internal Auditor, effective May 31, 2025. The Audit deputy will temporarily act as the Chief Internal Auditor until the new Chief Internal Auditor takes office and is approved by the Board of Directors. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$2.96 (vs NT$2.22 in 1Q 2024) First quarter 2025 results: EPS: NT$2.96 (up from NT$2.22 in 1Q 2024). Revenue: NT$923.7m (up 35% from 1Q 2024). Net income: NT$266.8m (up 34% from 1Q 2024). Profit margin: 29% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 19% per year. Duyuru • Apr 25
Argosy Research Inc. to Report Q1, 2025 Results on Apr 25, 2025 Argosy Research Inc. announced that they will report Q1, 2025 results on Apr 25, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$126, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 46% over the past three years. Duyuru • Feb 25
Argosy Research Inc. to Report Fiscal Year 2024 Results on Mar 05, 2025 Argosy Research Inc. announced that they will report fiscal year 2024 results on Mar 05, 2025 Duyuru • Jan 16
Argosy Research Inc. Announces Change in Corporate Governance Officer On January 15, 2025, Argosy Research Inc. announced change in corporate governance officer. Name, title, and resume of the previous position holder:
corporate governance officer: FAN YU CHEN/CFO & Corporate governance officer. Name, title, and resume of the new position holder: corporate governance officer: CHIU,CHIH-YU/Chief internal auditor Reason for the change: position adjustment. Effective date: January 15, 2025. 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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: NT$3.49 (up from NT$3.19 in 3Q 2023). Revenue: NT$1.04b (up 16% from 3Q 2023). Net income: NT$314.7m (up 9.8% from 3Q 2023). Profit margin: 30% (down from 32% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) also surpassed analyst estimates by 4.8%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Duyuru • Nov 02
Argosy Research Inc. Announces New Nomination Committee Argosy Research Inc. announced the new Nomination Committee. Name of the new position holder: Lin,Min-Cheng; Chen Chi-Yuan; and Chen Chih-Yung. Resume of the new position holder: Lin,Min-Cheng/The Company's director. Chen Chi-Yuan/The Company's independent director. Chen Chih-Yung/The Company's independent director. Effective date of the new member: November 1, 2024. Duyuru • Oct 25
Argosy Research Inc. to Report Q3, 2024 Results on Nov 01, 2024 Argosy Research Inc. announced that they will report Q3, 2024 results on Nov 01, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$2.47 (up from NT$1.75 in 2Q 2023). Revenue: NT$792.3m (up 10% from 2Q 2023). Net income: NT$222.6m (up 42% from 2Q 2023). Profit margin: 28% (up from 22% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. 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 18% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.2% to NT$148. The fair value is estimated to be NT$186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.3%. Duyuru • Jul 20
Argosy Research Inc. to Report Q2, 2024 Results on Jul 24, 2024 Argosy Research Inc. announced that they will report Q2, 2024 results on Jul 24, 2024 Declared Dividend • Jun 14
Dividend of NT$6.40 announced Shareholders will receive a dividend of NT$6.40. Ex-date: 4th July 2024 Payment date: 31st July 2024 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not adequately covered by cash flows (91% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Jun 14
Argosy Research Inc. Approves Cash Dividends, Payable on July 31, 2024 Argosy Research Inc. at its AGM held on June 12, 2024, approved total cash dividends of TWD 576,666,899 (TWD 6.40 per share). Ex-rights (Ex-dividend) date: July 4, 2024. Ex-rights (Ex-dividend) record date: July 10, 2024. Payment date of cash dividend distribution: July 31, 2024. Reported Earnings • May 19
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: NT$2.22 (up from NT$1.07 in 1Q 2023). Revenue: NT$682.3m (up 16% from 1Q 2023). Net income: NT$199.7m (up 109% from 1Q 2023). Profit margin: 29% (up from 16% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) were mostly in line with analyst estimates. 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 20% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 19
Argosy Research Inc. to Report Q1, 2024 Results on Apr 25, 2024 Argosy Research Inc. announced that they will report Q1, 2024 results on Apr 25, 2024 Price Target Changed • Mar 27
Price target increased by 14% to NT$200 Up from NT$175, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$181. Stock is up 66% over the past year. The company is forecast to post earnings per share of NT$10.80 for next year compared to NT$8.11 last year. Reported Earnings • Mar 17
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: NT$8.11 (up from NT$6.80 in FY 2022). Revenue: NT$3.00b (up 15% from FY 2022). Net income: NT$728.7m (up 19% from FY 2022). Profit margin: 24% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. 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 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 08
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at NT$169. The fair value is estimated to be NT$219, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.8%. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 36% in the next year. Duyuru • Feb 21
Argosy Research Inc. Announces Resignation of Lu,Cheng-Xi as Chief Internal Auditor, Effective from February 29, 2024 Argosy Research Inc. announces resignation of LU,CHENG-XI as Chief internal auditor. Effective date February 29, 2024. The Audit deputy will temporarily act as the chief internal auditor until the new chief internal auditor takes office and be approved by the Board of Directors. The Audit deputy will temporarily act as the chief internal auditor until the new chief internal auditor takes office and be approved by the Board of Directors. Date of occurrence of the change February 20, 2024. Buy Or Sell Opportunity • Feb 19
Now 20% undervalued Over the last 90 days, the stock has risen 15% to NT$176. The fair value is estimated to be NT$220, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.8%. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 36% in the next year. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to NT$149, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 68% over the past three years. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: NT$1.75. Revenue: NT$717.8m (up 12% from 2Q 2022). Net income: NT$157.3m (flat on 2Q 2022). Profit margin: 22% (down from 25% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Upcoming Dividend • Jul 06
Upcoming dividend of NT$5.35 per share at 4.0% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 10 August 2023. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.2%). New Risk • Jun 10
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 6.3% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$127, the stock trades at a trailing P/E ratio of 20.9x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 57% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$6.80 (down from NT$7.11 in FY 2021). Revenue: NT$2.61b (down 14% from FY 2021). Net income: NT$610.7m (down 4.6% from FY 2021). Profit margin: 23% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. 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 13% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 13
Now 20% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be NT$124, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 21% in a year. Earnings is forecast to grow by 16% in the next year. Buying Opportunity • Feb 22
Now 23% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be NT$124, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 21% in a year. Earnings is forecast to grow by 16% in the next year. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$2.89b to NT$2.61b. EPS estimate also fell from NT$8.02 per share to NT$7.14 per share. Net income forecast to grow 38% next year vs 5.5% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$81.00 unchanged from last update. Share price rose 16% to NT$82.90 over the past week. Price Target Changed • Nov 16
Price target decreased to NT$81.00 Down from NT$111, the current price target is provided by 1 analyst. New target price is 9.5% above last closing price of NT$74.00. Stock is down 23% over the past year. The company is forecast to post earnings per share of NT$8.02 for next year compared to NT$7.11 last year. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 16% share price gain to NT$70.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Electronic industry in Taiwan. Total returns to shareholders of 36% over the past three years. Price Target Changed • Oct 09
Price target decreased to NT$81.00 Down from NT$111, the current price target is provided by 1 analyst. New target price is 20% above last closing price of NT$67.60. Stock is down 23% over the past year. The company is forecast to post earnings per share of NT$8.02 for next year compared to NT$7.11 last year. Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.74 (up from NT$1.47 in 2Q 2021). Revenue: NT$641.1m (down 8.3% from 2Q 2021). Net income: NT$157.5m (up 19% from 2Q 2021). Profit margin: 25% (up from 19% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 9.4%. Over the next year, revenue is forecast to grow 18%, compared to a 8.7% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$74.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Electronic industry in Taiwan. Total returns to shareholders of 76% over the past three years. Upcoming Dividend • Jun 16
Upcoming dividend of NT$5.60 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 21 July 2022. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.3%). Major Estimate Revision • May 16
Consensus revenue estimates fall by 15% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$3.83b to NT$3.27b. EPS estimate fell from NT$9.80 to NT$8.03 per share. Net income forecast to grow 21% next year vs 11% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$153 to NT$116. Share price fell 5.1% to NT$87.00 over the past week. Price Target Changed • May 11
Price target decreased to NT$116 Down from NT$160, the current price target is provided by 1 analyst. New target price is 29% above last closing price of NT$89.20. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of NT$8.03 for next year compared to NT$7.11 last year. Reported Earnings • May 10
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.80 (up from NT$1.55 in 1Q 2021). Revenue: NT$736.6m (up 8.8% from 1Q 2021). Net income: NT$161.8m (up 16% from 1Q 2021). Profit margin: 22% (up from 21% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 28%, compared to a 9.9% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$7.11. Revenue: NT$3.02b (up 16% from FY 2020). Net income: NT$640.2m (up 4.7% from FY 2020). Profit margin: 21% (down from 24% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 27%, compared to a 10% growth forecast for the industry in Taiwan. Price Target Changed • Feb 25
Price target increased to NT$160 Up from NT$136, the current price target is an average from 2 analysts. New target price is 50% above last closing price of NT$107. Stock is down 16% over the past year. The company is forecast to post earnings per share of NT$7.34 for next year compared to NT$7.20 last year. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$145, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 458% over the past three years. Price Target Changed • Dec 16
Price target increased to NT$141 Up from NT$130, the current price target is an average from 3 analysts. New target price is 8.7% above last closing price of NT$130. Stock is up 13% over the past year. The company is forecast to post earnings per share of NT$7.34 for next year compared to NT$7.20 last year. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 17% share price gain to NT$110, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 309% over the past three years. Price Target Changed • Nov 26
Price target increased to NT$130 Up from NT$120, the current price target is an average from 3 analysts. New target price is 20% above last closing price of NT$108. Stock is down 5.3% over the past year. The company is forecast to post earnings per share of NT$7.21 for next year compared to NT$7.20 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$2.35 (vs NT$1.95 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$845.1m (up 19% from 3Q 2020). Net income: NT$211.5m (up 27% from 3Q 2020). Profit margin: 25% (up from 23% 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 27% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 18
Price target decreased to NT$120 Down from NT$130, the current price target is an average from 3 analysts. New target price is 25% above last closing price of NT$96.00. Stock is down 12% over the past year. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS NT$1.47 (vs NT$1.96 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$699.2m (flat on 2Q 2020). Net income: NT$132.4m (down 18% from 2Q 2020). Profit margin: 19% (down from 23% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 23
Upcoming dividend of NT$5.60 per share Eligible shareholders must have bought the stock before 30 July 2021. Payment date: 27 August 2021. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (3.0%). Price Target Changed • Jun 23
Price target decreased to NT$144 Down from NT$159, the current price target is provided by 1 analyst. New target price is 35% above last closing price of NT$107. Stock is down 5.3% over the past year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$91.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Electronic industry in Taiwan. Total returns to shareholders of 161% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$7.20 (vs NT$5.34 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.60b (up 19% from FY 2019). Net income: NT$611.7m (up 40% from FY 2019). Profit margin: 24% (up from 20% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 26
New 90-day high: NT$134 The company is up 18% from its price of NT$114 on 27 November 2020. The Taiwanese market is also up 18% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Electronic industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$103 per share. Is New 90 Day High Low • Jan 27
New 90-day high: NT$121 The company is up 15% from its price of NT$106 on 30 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$104 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.95 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$710.1m (up 8.6% from 3Q 2019). Net income: NT$166.3m (up 5.0% from 3Q 2019). Profit margin: 23% (down from 24% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Sep 24
New 90-day low: NT$105 The company is down 9.0% from its price of NT$115 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$236 per share.