Major Estimate Revision • Mar 20
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$2.88t to NT$3.30t. EPS estimate increased from NT$12.82 to NT$13.53 per share. Net income forecast to grow 57% next year vs 32% growth forecast for Tech industry in Taiwan. Consensus price target reaffirmed at NT$192. Share price fell 2.6% to NT$131 over the past week. Duyuru • Mar 13
Wistron Corporation, Annual General Meeting, May 29, 2026 Wistron Corporation, Annual General Meeting, May 29, 2026. Location: 2 floor no,30, sec.3 hsin sheng s. rd., da-an district, taipei city Taiwan Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$9.04 (vs NT$6.11 in FY 2024) Full year 2025 results: EPS: NT$9.04 (up from NT$6.11 in FY 2024). Revenue: NT$2.19t (up 108% from FY 2024). Net income: NT$27.4b (up 57% from FY 2024). Profit margin: 1.3% (down from 1.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 13
Price target increased by 9.7% to NT$181 Up from NT$165, the current price target is an average from 14 analysts. New target price is 25% above last closing price of NT$145. Stock is up 22% over the past year. The company is forecast to post earnings per share of NT$9.01 for next year compared to NT$6.11 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: NT$2.36 (up from NT$1.47 in 3Q 2024). Revenue: NT$567.8b (up 108% from 3Q 2024). Net income: NT$7.41b (up 76% from 3Q 2024). Profit margin: 1.3% (down from 1.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 16
Price target increased by 7.9% to NT$163 Up from NT$151, the current price target is an average from 13 analysts. New target price is 17% above last closing price of NT$140. Stock is up 26% over the past year. The company is forecast to post earnings per share of NT$8.98 for next year compared to NT$6.11 last year. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$147, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 487% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: NT$2.20 (up from NT$1.55 in 2Q 2024). Revenue: NT$551.3b (up 130% from 2Q 2024). Net income: NT$6.50b (up 47% from 2Q 2024). Profit margin: 1.2% (down from 1.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech 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 60% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 03
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at NT$110. The fair value is estimated to be NT$144, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 62% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Major Estimate Revision • May 28
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$1.65t to NT$1.68t. EPS estimate increased from NT$8.38 to NT$9.37 per share. Net income forecast to grow 44% next year vs 16% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$139 to NT$143. Share price rose 2.2% to NT$116 over the past week. Upcoming Dividend • May 27
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 03 June 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (3.8%). Reported Earnings • May 09
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: EPS: NT$1.85 (up from NT$1.24 in 1Q 2024). Revenue: NT$346.5b (up 45% from 1Q 2024). Net income: NT$5.33b (up 51% from 1Q 2024). Profit margin: 1.5% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Tech 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 58% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Major Estimate Revision • May 07
Consensus revenue estimates increase by 17% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$1.37t to NT$1.60t. EPS estimate unchanged at NT$8.38. Net income forecast to grow 39% next year vs 25% growth forecast for Tech industry in Taiwan. Consensus price target broadly unchanged at NT$139. Share price rose 4.9% to NT$107 over the past week. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$81.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 224% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$40.28 per share. New Risk • Apr 07
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 6.8% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Duyuru • Apr 03
Wistron Corporation Announces Changes in ESG & Information Security Committee Members Wistron Corporation announced the renaming of the "ESG Committee" to the "ESG & Information Security Committee" and changes in committee members. Name of the previous position holder: Mr. David Shen, Mr. Frank F.C. Lin, Mr. Donald Hwang, Mr. Kenny Wang and Mr. Stone Shih. Resume of the previous position holder: Mr. David Shen, CIO and CTO of Wistron Mr. Frank F.C. Lin, CSO of Wistron Mr. Donald Hwang, President of Advanced Technology Lab of Wistron Mr. Kenny Wang, CDO and CISO of Wistron Mr. Stone Shih, CFO of Wistron. Name of the new position holder: Mr. Philip Peng 6.Resume of the new position holder: Philip Peng, Director of Wistron. Reason for the change: In order to strengthen the company's sustainable competitiveness and enhance information security management, the Company renames the ”ESG Committee” to the ”ESG & Information Security Committee” and adjust the qualifications of the committee members. Effective date of the new member: April 2, 2025. Major Estimate Revision • Mar 30
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$1.35t to NT$1.44t. EPS estimate increased from NT$8.12 to NT$9.38 per share. Net income forecast to grow 54% next year vs 25% growth forecast for Tech industry in Taiwan. Consensus price target broadly unchanged at NT$142. Share price fell 4.7% to NT$101 over the past week. Duyuru • Mar 19
Wiwynn to Highlight Its AI Servers, Developed in Collaboration with Wistron, Powered by the Nvidia Blackwell Ultra Platform at GTC Wiwynn, is showcasing its latest innovations at GTC 2025 (booth #1804). Wiwynn will highlight its AI servers, developed in collaboration with Wistron, powered by the NVIDIA Blackwell Ultra platform. Additionally, Wiwynn will have its advanced rack-level liquid cooling management system, UMS100L, on display demonstrating leadership in AI GPU servers to address the growing demand of computing and cooling capabilities in the era of GenAI. Key highlights include: NVIDIA GB300 NVL72: Wiwynn and Wistron are among the first in line with NVIDIA GB300 NVL72 readiness. Accelerated by NVIDIA Blackwell Ultra with increased AI FLOPS and over 20TB of HBM3e memory, GB300 NVL72 leads the new era of AI and the next wave of accelerated computing. Featuring the cutting-edge fully liquid cooling design, NVIDIA ConnectX®-8 SuperNIC and the networking platform integration of NVIDIA Quantum-X800 InfiniBand and NVIDIA Spectrum-X™ Ethernet, GB300 NVL72 achieve superior rack-level thermal efficiency and AI computing acceleration, unleashing the optimal performance to enable breakthrough performance for AI reasoning, agentic AI and video inference applications. NVIDIA HGX™ B300 NVL16: debut a brand-new 10U HGX system built with NVIDIA Blackwell Ultra based HGX™ B300 NVL16, leads the new era of AI with optimized compute and increased memory, delivering breakthrough performance. By supporting power delivery options of both power supply units (PSU) and busbars, Wiwynn and Wistron enable datacenters to deploy this cutting-edge solution rapidly within their existing infrastructure. NVIDIA Spectrum-4: Building on the extensive development of optimized Ethernet connectivity solutions with the NVIDIA Spectrum-4 MAC, the companies are showcasing the revolutionary NVIDIA Spectrum-X™ Ethernet for AI networking platform with integration of SONiC and NVIDIA® Cumulus®. The innovative network solution is designed to power multi-tenant, hyperscale AI clouds through advanced Ethernet connectivity and enable flexibility of usage scenarios for datacenters. UMS100L: the purpose-built rack-level liquid cooling management system is designed for DLC racks, immersion cooling tanks, and data center facilities, compatible with various in-row CDUs and sidecars. It features advanced leakage detection, real-time monitoring, and rapid containment capabilities, ensuring the safety of critical equipment and data-driven decisions for datacenters. Reported Earnings • Mar 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$6.11 (up from NT$4.08 in FY 2023). Revenue: NT$1.05t (up 21% from FY 2023). Net income: NT$17.4b (up 52% from FY 2023). Profit margin: 1.7% (up from 1.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 27
Wistron Corporation, Annual General Meeting, May 16, 2025 Wistron Corporation, Annual General Meeting, May 16, 2025, at 09:00 Taipei Standard Time. Location: 11 floor no,11, chung shan s. rd., jhongjheng district, taipei city Taiwan Duyuru • Feb 26
Wistron Corporation has filed a Follow-on Equity Offering. Wistron Corporation has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 250,000,000 Duyuru • Feb 23
AMD Reportedly Discusses Server Plant Sale for Up to $4 Billion Advanced Micro Devices, Inc. (NasdaqGS:AMD) is in talks with Asia-based companies over a sale of data center manufacturing plants it agreed to acquire last year, people familiar with the matter said. Taiwan-based Compal Electronics, Inc. (TWSE:2324), Inventec Corporation (TWSE:2356), Pegatron Corporation (TWSE:4938) and Wistron Corporation (TWSE:3231) are among those to have expressed interest in acquiring the plants, the people said. The assets could be valued at $3 billion to $4 billion, including debt, they said. Duyuru • Feb 17
Wistron Corporation to Report Q4, 2024 Results on Feb 24, 2025 Wistron Corporation announced that they will report Q4, 2024 results on Feb 24, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$1.47 (down from NT$1.67 in 3Q 2023). Revenue: NT$272.5b (up 26% from 3Q 2023). Net income: NT$4.20b (down 11% from 3Q 2023). Profit margin: 1.5% (down from 2.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 02
Wistron Corporation to Report Q3, 2024 Results on Nov 11, 2024 Wistron Corporation announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$1.55 (up from NT$1.16 in 2Q 2023). Revenue: NT$240.2b (up 16% from 2Q 2023). Net income: NT$4.41b (up 35% from 2Q 2023). Profit margin: 1.8% (up from 1.6% 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 9.5%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 07
Now 28% overvalued Over the last 90 days, the stock has fallen 13% to NT$97.50. The fair value is estimated to be NT$76.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Duyuru • Aug 03
Wistron Corporation to Report Q2, 2024 Results on Aug 12, 2024 Wistron Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Duyuru • Jul 05
Wistron Corporation Announces Changes to ESG Committee Wistron Corporation announced changes to ESG Committee. Name of the previous position holder: Mr. Robert Hwang, Mr. Christopher Chang, Mr. Jeff Lin, Mr. David Shen, Mr. Frank F.C. Lin, Mr. Donald Hwang and Mr. Kenny Wang. Resume of the previous position holder: Mr. Robert Hwang, Chairman and President of Wistron Digital Technology Holding Company. Mr. Christopher Chang, Independent Director of Wistron. Name of the new position holder: Mr. Jeff Lin, Ms. Mei-Ling Chen, Mr. David Shen, Mr. Frank F.C. Lin, Mr.Donald Hwang, Mr. Kenny Wang and Mr. Stone Shih. Resume of the new position holder: Mr. Jeff Lin, Director and President and CEO of Wistron. Ms. Mei-Ling Chen, Independent Director of Wistron. Mr. David Shen, CIO and CTO of Wistron. Mr. Frank F.C. Lin, CSO of Wistron. Mr. Donald Hwang, President of Advanced Technology Lab of Wistron. Mr. Kenny Wang, CDO and CISO of Wistron. Mr. Stone Shih, CFO of Wistron. Circumstances of change is Term expired. Effective date of the new member is July 4, 2024. Original term is from July 28, 2021 to July 19, 2024. Declared Dividend • Jun 11
Dividend of NT$2.60 announced Shareholders will receive a dividend of NT$2.60. Ex-date: 25th June 2024 Payment date: 19th July 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 10% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 92% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 31
Wistron Corporation Approves Board Appointments Wistron Corporation at its 2024 Annual General Shareholders' Meeting held on May 30, 2024, approved the elections for board of directors. Director: Simon Lin, Director: Jeff Lin, Director: Legal Representative of Wistron NeWeb Corporation: Haydn Hsieh, Director: Philip Peng; Independent Director: Frank Juang; and Independent Director: Jack Chen. Reported Earnings • May 15
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$1.24 (up from NT$0.062 in 1Q 2023). Revenue: NT$239.3b (up 13% from 1Q 2023). Net income: NT$3.52b (up NT$3.35b from 1Q 2023). Profit margin: 1.5% (up from 0.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Tech 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 increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 05
Wistron Corporation to Report Q1, 2024 Results on May 10, 2024 Wistron Corporation announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Mar 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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: 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 (6.6% average weekly change). Duyuru • Mar 13
Wistron Corporation Announces ESG Committee Changes The Board of Directors of Wistron Corporation approved to appoint the ESG Committee members. Name of the previous position holder: Sam Lee, Independent Director. Name of the new position holder: Christopher Chang, Independent Director. Reason for the change: The original member passed away, so a new member was appointed. Reported Earnings • Mar 13
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$4.08 (up from NT$4.01 in FY 2022). Revenue: NT$867.1b (down 12% from FY 2022). Net income: NT$11.5b (up 2.8% from FY 2022). Profit margin: 1.3% (up from 1.1% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 27
Now 21% undervalued Over the last 90 days, the stock has risen 22% to NT$114. The fair value is estimated to be NT$143, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 83% in the next 2 years. Duyuru • Jan 28
Wistron Corporation Announces Demise of Ming-Shan Lee, Independent Director and Member of the Audit Committee/Compensation Committee/ESG Committee Wistron Corporation announced demise of Sam Lee (Ming-Shan Lee), Independent Director and Member of the Audit Committee/Compensation Committee/ESG Committee. Independent Director Mr. Sam Lee passed away on January 25, 2024. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$117, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 350% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$131 per share. New Risk • Nov 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.2% average weekly change). Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: NT$1.67 (up from NT$1.33 in 3Q 2022). Revenue: NT$217.0b (down 13% from 3Q 2022). Net income: NT$4.70b (up 27% from 3Q 2022). Profit margin: 2.2% (up from 1.5% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 59%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Nov 10
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$3.45 to NT$3.93. Revenue forecast steady at NT$871.8b. Net income forecast to grow 33% next year vs 23% growth forecast for Tech industry in Taiwan. Consensus price target down from NT$143 to NT$139. Share price rose 7.6% to NT$98.10 over the past week. Duyuru • Oct 28
Tata Electronics Private Limited agreed to acquire Wistron Infocomm Manufacturing India Private Limited from Wistron Corporation (TWSE:3231). Tata Electronics Private Limited agreed to acquire Wistron Infocomm Manufacturing India Private Limited from Wistron Corporation (TWSE:3231) on October 27, 2023. The transaction price is tentatively estimated to be $125 million. The transaction was approved by the board of directors of Wistron on October 27, 2023. Chan Ting-Hsun of Lan-Jai CPAs Firm acted as the accountant to Wistron Corporation (TWSE:3231). Buying Opportunity • Oct 11
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be NT$128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 89% in the next 2 years. Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$3.62 to NT$3.22 per share. Revenue forecast steady at NT$886.6b. Net income forecast to grow 29% next year vs 9.7% growth forecast for Tech industry in Taiwan. Consensus price target of NT$145 unchanged from last update. Share price fell 12% to NT$112 over the past week. Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: NT$1.16 (down from NT$1.53 in 2Q 2022). Revenue: NT$207.5b (down 15% from 2Q 2022). Net income: NT$3.26b (down 23% from 2Q 2022). Profit margin: 1.6% (down from 1.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 48%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$122, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 319% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$166 per share. Buying Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock is up 176%. The fair value is estimated to be NT$170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to grow by 49% in the next 2 years. Buying Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock is up 176%. The fair value is estimated to be NT$170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to grow by 49% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to NT$140, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 410% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$228 per share. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$95.70, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 207% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$67.29 per share. Upcoming Dividend • Jun 28
Upcoming dividend of NT$2.60 per share at 3.3% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.1%). New Risk • Jun 25
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 7.8% 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 Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks High level of debt (57% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Jun 16
Wistron Corporation Approves Cash Dividend, Payable on July 28, 2023 Wistron Corporation at its shareholder meeting held on June 15, 2023, approved TWD 2,600 of cash dividend per 1,000 shares; totally TWD 7,400,801,330 allocated for cash dividend. The dividend is payable on July 28, 2023 with Ex-rights (ex-dividend) trading date of July 5, 2023 and Ex-rights (ex-dividend) record date of July 11, 2023. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$80.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 18x in the Tech industry in Taiwan. Total returns to shareholders of 192% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$65.28 per share. Price Target Changed • Jun 13
Price target increased by 12% to NT$58.48 Up from NT$52.10, the current price target is an average from 8 analysts. New target price is 19% below last closing price of NT$71.80. Stock is up 149% over the past year. The company is forecast to post earnings per share of NT$3.26 for next year compared to NT$4.01 last year. Price Target Changed • Jun 08
Price target increased by 14% to NT$55.60 Up from NT$48.76, the current price target is an average from 8 analysts. New target price is 18% below last closing price of NT$68.00. Stock is up 137% over the past year. The company is forecast to post earnings per share of NT$3.26 for next year compared to NT$4.01 last year. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$61.70, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Tech industry in Taiwan. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$59.41 per share. Price Target Changed • May 14
Price target increased by 15% to NT$50.70 Up from NT$44.06, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$50.10. Stock is up 85% over the past year. The company is forecast to post earnings per share of NT$3.26 for next year compared to NT$4.01 last year. Price Target Changed • May 08
Price target increased by 10% to NT$46.56 Up from NT$42.25, the current price target is an average from 8 analysts. New target price is 6.7% below last closing price of NT$49.90. Stock is up 80% over the past year. The company is forecast to post earnings per share of NT$3.49 for next year compared to NT$4.01 last year. Price Target Changed • Apr 19
Price target increased by 17% to NT$38.19 Up from NT$32.60, the current price target is an average from 8 analysts. New target price is 16% below last closing price of NT$45.65. Stock is up 57% over the past year. The company is forecast to post earnings per share of NT$3.53 for next year compared to NT$4.01 last year. Reported Earnings • Mar 16
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: NT$4.01 (up from NT$3.76 in FY 2021). Revenue: NT$984.6b (up 14% from FY 2021). Net income: NT$11.2b (up 6.6% from FY 2021). Profit margin: 1.1% (down from 1.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 11
Tata Group in Talks for Months with Wistron Tata Sons Private Limited succeeding with its bid to take over an iPhone assembly plant in southern India would give a boost to the country’s ambitions to become an electronics manufacturing hub, a top executive at the conglomerate’s software services arm said. “I am not directly involved in that, but it should be really good for India because this is going to create an opportunity in India to manufacture electronics and microelectronics,” N Ganapathy Subramaniam, Operating Chief at Tata Consultancy Services Ltd., told Bloomberg TV’s Rishaad Salamat and Haslinda Amin in an interview on January 10, 2023. The Tata Group has been in talks for months with Wistron Corporation (TWSE:3231) and is looking to seal the purchase of its assembly factory near Bangalore by the end of March 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Peipei Yu was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Second quarter 2022 earnings released: EPS: NT$1.53 (vs NT$1.49 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.53 (up from NT$1.49 in 2Q 2021). Revenue: NT$244.2b (up 22% from 2Q 2021). Net income: NT$4.25b (up 2.4% from 2Q 2021). Profit margin: 1.7% (down from 2.1% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 06
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$956.9b to NT$967.8b. EPS estimate increased from NT$2.89 to NT$3.41 per share. Net income forecast to shrink 2.0% next year vs 2.6% growth forecast for Tech industry in Taiwan . Consensus price target down from NT$31.75 to NT$30.98. Share price was steady at NT$25.35 over the past week. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: NT$1.53 (up from NT$1.49 in 2Q 2021). Revenue: NT$244.2b (up 22% from 2Q 2021). Net income: NT$4.25b (up 2.4% from 2Q 2021). Profit margin: 1.7% (down from 2.1% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Over the next year, revenue is forecast to grow 2.0%, compared to a 4.0% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 08
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$952.3b to NT$970.5b. EPS estimate increased from NT$2.61 to NT$2.98 per share. Net income forecast to shrink 14% next year vs 6.4% decline forecast for Tech industry in Taiwan. Consensus price target broadly unchanged at NT$32.26. Share price rose 3.2% to NT$27.35 over the past week. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$23.40, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Tech industry in Taiwan. Total returns to shareholders of 25% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 8.0%. Within top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (7.1%). Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$924.7b to NT$953.1b. EPS estimate fell from NT$3.34 to NT$2.63 per share. Net income forecast to shrink 14% next year vs 0.5% growth forecast for Tech industry in Taiwan . Consensus price target down from NT$34.91 to NT$33.74. Share price fell 6.5% to NT$27.15 over the past week. Reported Earnings • May 09
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: NT$0.31 loss per share (down from NT$0.04 profit in 1Q 2021). Revenue: NT$226.4b (up 28% from 1Q 2021). Net loss: NT$860.3m (down NT$972.9m from profit in 1Q 2021). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) missed analyst estimates by 32%. Over the next year, revenue is forecast to grow 3.0%, compared to a 7.8% growth forecast for the 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 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Peipei Yu was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$3.76 (up from NT$3.10 in FY 2020). Revenue: NT$862.1b (up 2.0% from FY 2020). Net income: NT$10.5b (up 21% from FY 2020). Profit margin: 1.2% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Over the next year, revenue is forecast to grow 6.8%, compared to a 9.3% growth forecast for the 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 only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Peipei Yu was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.30 (vs NT$1.00 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$220.4b (up 1.3% from 3Q 2020). Net income: NT$827.3m (down 70% from 3Q 2020). Profit margin: 0.4% (down from 1.3% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. 
