Upcoming Dividend • Jun 24
Upcoming dividend of NT$11.00 per share Eligible shareholders must have bought the stock before 01 July 2026. Payment date: 22 July 2026. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (2.7%). Buy Or Sell Opportunity • Jun 23
Now 21% undervalued Over the last 90 days, the stock has risen 11% to NT$242. The fair value is estimated to be NT$307, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 33% in the next year. Price Target Changed • Jun 19
Price target increased by 7.3% to NT$303 Up from NT$282, the current price target is an average from 2 analysts. New target price is 23% above last closing price of NT$247. Stock is up 4.9% over the past year. The company is forecast to post earnings per share of NT$20.45 for next year compared to NT$15.28 last year. Declared Dividend • May 08
Dividend increased to NT$11.00 Dividend of NT$11.00 is 108% higher than last year. Ex-date: 1st July 2026 Payment date: 22nd July 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (189% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$4.00 (up from NT$3.58 in 1Q 2025). Revenue: NT$13.4b (up 28% from 1Q 2025). Net income: NT$511.9m (up 16% from 1Q 2025). Profit margin: 3.8% (down from 4.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 6.1%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Tech industry in Taiwan. 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. Price Target Changed • Mar 09
Price target decreased by 9.4% to NT$301 Down from NT$333, the current price target is an average from 4 analysts. New target price is 42% above last closing price of NT$212. Stock is down 5.2% over the past year. The company is forecast to post earnings per share of NT$20.29 for next year compared to NT$15.28 last year. Duyuru • Mar 02
ASROCK Incorporation, Annual General Meeting, May 27, 2026 ASROCK Incorporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,127, sec.7 chung shan n. rd., shihlin district, taipei city Taiwan Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$15.28 (vs NT$10.54 in FY 2024) Full year 2025 results: EPS: NT$15.28 (up from NT$10.54 in FY 2024). Revenue: NT$47.8b (up 87% from FY 2024). Net income: NT$1.89b (up 47% from FY 2024). Profit margin: 3.9% (down from 5.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Dec 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$253. The fair value is estimated to be NT$320, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 87% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$4.36 (vs NT$2.49 in 3Q 2024) Third quarter 2025 results: EPS: NT$4.36 (up from NT$2.49 in 3Q 2024). Revenue: NT$11.6b (up 86% from 3Q 2024). Net income: NT$538.1m (up 76% from 3Q 2024). Profit margin: 4.6% (down from 4.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 29% 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 19% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$336, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 263% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$181 per share. Price Target Changed • Oct 23
Price target increased by 12% to NT$323 Up from NT$289, the current price target is an average from 4 analysts. New target price is 7.8% above last closing price of NT$300. Stock is up 44% over the past year. The company is forecast to post earnings per share of NT$15.17 for next year compared to NT$10.54 last year. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$318, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 221% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$298, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 245% over the past three years. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: NT$3.31 (vs NT$2.17 in 2Q 2024) Second quarter 2025 results: EPS: NT$3.31 (up from NT$2.17 in 2Q 2024). Revenue: NT$12.0b (up 130% from 2Q 2024). Net income: NT$409.7m (up 55% from 2Q 2024). Profit margin: 3.4% (down from 5.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 33% p.a. on average during the next 2 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 2% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 6.2% 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 Earnings have declined by 6.2% per year over the past 5 years. High level of non-cash earnings (41% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (9.0% average weekly change). Price Target Changed • Jul 03
Price target increased by 8.7% to NT$278 Up from NT$256, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$285. Stock is up 24% over the past year. The company is forecast to post earnings per share of NT$16.01 for next year compared to NT$10.54 last year. New Risk • Jun 30
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 8.8% 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: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$274, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x 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$159 per share. Upcoming Dividend • Jun 19
Upcoming dividend of NT$5.30 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 22 July 2025. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.7%). Major Estimate Revision • Jun 13
Consensus revenue estimates increase by 33% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$39.8b to NT$53.0b. EPS estimate increased from NT$13.84 to NT$17.12 per share. Net income forecast to grow 51% next year vs 16% growth forecast for Tech industry in Taiwan. Consensus price target of NT$256 unchanged from last update. Share price rose 3.5% to NT$223 over the past week. New Risk • May 14
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 8.8% 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: Major Risk High level of non-cash earnings (41% 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). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$200, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Tech industry in Taiwan. Total returns to shareholders of 57% over the past three years. Declared Dividend • May 02
Dividend reduced to NT$5.30 Dividend of NT$5.30 is 23% lower than last year. Ex-date: 26th June 2025 Payment date: 22nd July 2025 Dividend yield will be 3.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 8.6% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$3.58 (up from NT$2.53 in 1Q 2024). Revenue: NT$10.5b (up 111% from 1Q 2024). Net income: NT$442.2m (up 44% from 1Q 2024). Profit margin: 4.2% (down from 6.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech 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 increased by 2% per year, which means it is well ahead of earnings. Duyuru • Apr 23
ASROCK Incorporation to Report Q1, 2025 Results on Apr 30, 2025 ASROCK Incorporation announced that they will report Q1, 2025 results at 9:00 AM, Taipei Standard Time on Apr 30, 2025 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$155, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 7.6% over the past three years. New Risk • Mar 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • Mar 19
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$10.54 (up from NT$7.54 in FY 2023). Revenue: NT$25.7b (up 35% from FY 2023). Net income: NT$1.29b (up 40% from FY 2023). Profit margin: 5.0% (up from 4.8% in FY 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 2.0%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Major Estimate Revision • Mar 14
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from NT$34.5b to NT$39.7b. EPS estimate unchanged at NT$13.99. Net income forecast to grow 34% next year vs 27% growth forecast for Tech industry in Taiwan. Consensus price target down from NT$280 to NT$256. Share price fell 7.3% to NT$208 over the past week. Duyuru • Mar 06
ASROCK Incorporation, Annual General Meeting, May 28, 2025 ASROCK Incorporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,127, sec.7 chung shan n. rd., shihlin district, taipei city Taiwan Duyuru • Feb 22
ASROCK Incorporation to Report Fiscal Year 2024 Results on Mar 04, 2025 ASROCK Incorporation announced that they will report fiscal year 2024 results on Mar 04, 2025 Duyuru • Jan 16
An undisclosed buyer agreed to acquire 2.48% stake in ASRock Rack Incorporation (TPEX:7711) from ASROCK Incorporation (TWSE:3515) for approximately TWD 350 million. An undisclosed buyer agreed to acquire 2.48% stake in ASRock Rack Incorporation (TPEX:7711) from ASROCK Incorporation (TWSE:3515) for approximately TWD 350 million on November 27, 2024. A cash consideration of TWD 351.23 million valued at TWD 234 per share will be paid by the buyer. As part of consideration, TWD 351.23 million is paid towards common equity of ASRock Rack Incorporation. The deal has been approved by board of ASROCK Incorporation. New Risk • Jan 09
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 6.1% 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 (6.1% average weekly change). Price Target Changed • Dec 12
Price target increased by 7.2% to NT$273 Up from NT$255, the current price target is an average from 3 analysts. New target price is 13% above last closing price of NT$242. Stock is up 6.4% over the past year. The company is forecast to post earnings per share of NT$11.08 for next year compared to NT$7.54 last year. New Risk • Nov 21
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). Reported Earnings • Nov 05
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: NT$2.50 (down from NT$2.53 in 3Q 2023). Revenue: NT$6.27b (up 28% from 3Q 2023). Net income: NT$305.0m (down 1.2% from 3Q 2023). Profit margin: 4.9% (down from 6.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Oct 23
ASROCK Incorporation to Report Q3, 2024 Results on Oct 30, 2024 ASROCK Incorporation announced that they will report Q3, 2024 results on Oct 30, 2024 Buy Or Sell Opportunity • Aug 26
Now 26% overvalued Over the last 90 days, the stock has fallen 6.3% to NT$215. The fair value is estimated to be NT$171, however this is not to be taken as a sell 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 40%. Revenue is forecast to grow by 17% in a year. Earnings are forecast to grow by 18% in the next year. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: NT$2.17 (up from NT$1.30 in 2Q 2023). Revenue: NT$5.22b (up 28% from 2Q 2023). Net income: NT$264.2m (up 67% from 2Q 2023). Profit margin: 5.1% (up from 3.9% in 2Q 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 14%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 01
Now 24% overvalued Over the last 90 days, the stock has fallen 3.2% to NT$213. The fair value is estimated to be NT$171, however this is not to be taken as a sell 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 39%. Revenue is forecast to grow by 17% in a year. Earnings are forecast to grow by 24% in the next year. Duyuru • Jul 25
ASROCK Incorporation to Report Q2, 2024 Results on Jul 31, 2024 ASROCK Incorporation announced that they will report Q2, 2024 results on Jul 31, 2024 Upcoming Dividend • Jun 12
Upcoming dividend of NT$6.90 per share Eligible shareholders must have bought the stock before 19 June 2024. Payment date: 22 July 2024. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (3.0%). Duyuru • May 30
ASROCK Incorporation Announces Board Changes ASROCK Incorporation at its AGM held on May 29, 2024 elected Director: Hsu-Tien Tung and Independent Directors: Tan-Hsu Tan, and Yen-Hsuen Su. Reported Earnings • May 11
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: NT$2.53 (up from NT$1.03 in 1Q 2023). Revenue: NT$4.95b (up 13% from 1Q 2023). Net income: NT$308.1m (up 146% from 1Q 2023). Profit margin: 6.2% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Declared Dividend • May 04
Dividend reduced to NT$6.90 Dividend of NT$6.90 is 14% lower than last year. Ex-date: 19th June 2024 Payment date: 22nd July 2024 Dividend yield will be 3.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is well covered by cash flows (32% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1.7% to bring the payout ratio under control. EPS is expected to grow by 53% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • May 03
ASROCK Incorporation Proposes Dividend, Payable on July 22, 2024 ASROCK Incorporation proposed common stock dividend distribution: TWD 839,286,531 (TWD 6.9 per share). Ex-rights (ex-dividend) trading date: June 19, 2024. Ex-rights (ex-dividend) record date: June 25, 2024. Payment date of common stock cash dividend distribution: July 22, 2024. Date of the resolution by the board of directors or shareholders meeting or decision by the Company is May 2, 2024. Duyuru • Apr 26
ASROCK Incorporation to Report Q1, 2024 Results on May 02, 2024 ASROCK Incorporation announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Mar 10
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: NT$7.54 (down from NT$8.69 in FY 2022). Revenue: NT$19.0b (up 11% from FY 2022). Net income: NT$919.0m (down 14% from FY 2022). Profit margin: 4.8% (down from 6.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 2.5%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Duyuru • Mar 07
ASROCK Incorporation, Annual General Meeting, May 29, 2024 ASROCK Incorporation, Annual General Meeting, May 29, 2024. Location: Room 202 of MellowFields Co. Ltd. (No.127, Sec. 7, Zhongshan N. Rd., Shilin Dist., Taipei City 111, Taiwan) Taipei City Taiwan Agenda: To consider 2023 Business Report; Audit Committee's Review Report on the 2023 Financial Statements; 2023 Employees' and Directors' Remuneration Report; 2023 Earnings Distribution Report for Cash Dividend; Amendment to the Rules of Procedure for the Board of Directors Meetings; and to discuss other matters. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$279, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 19x in the Tech industry in Taiwan. Total returns to shareholders of 125% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$120 per share. New Risk • Mar 01
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 7.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.6% average weekly change). Minor Risks Dividend is not well covered by earnings (159% payout ratio). Profit margins are more than 30% lower than last year (3.4% net profit margin). Major Estimate Revision • Dec 18
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$18.4b to NT$19.2b. EPS estimate increased from NT$6.99 to NT$7.70 per share. Net income forecast to grow 109% next year vs 26% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$214 to NT$235. Share price rose 5.8% to NT$246 over the past week. Reported Earnings • Nov 03
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: NT$2.53 (up from NT$1.46 in 3Q 2022). Revenue: NT$4.90b (up 38% from 3Q 2022). Net income: NT$308.9m (up 72% from 3Q 2022). Profit margin: 6.3% (up from 5.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Sep 26
Price target increased by 12% to NT$236 Up from NT$210, the current price target is an average from 3 analysts. New target price is 12% above last closing price of NT$211. Stock is up 140% over the past year. The company posted earnings per share of NT$8.69 last year. Major Estimate Revision • Sep 19
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$18.7b to NT$19.0b. EPS estimate increased from NT$5.82 to NT$6.67 per share. Net income forecast to grow 112% next year vs 9.3% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$210 to NT$224. Share price fell 3.4% to NT$201 over the past week. Major Estimate Revision • Aug 10
Consensus EPS estimates fall by 26%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$18.5b to NT$18.7b. EPS estimate fell from NT$7.87 to NT$5.82 per share. Net income forecast to grow 129% next year vs 9.4% growth forecast for Tech industry in Taiwan. Consensus price target up from NT$200 to NT$210. Share price was steady at NT$233 over the past week. Duyuru • Aug 09
ASROCK Incorporation Appoints Hung, Pei-Ya as Financial Officer ASROCK Incorporation announced the new replacement of financial officer. Name, title, and resume of the new position holder: Spokesperson: Hung, Pei-ya, Director, Finance Department. Effective date: August 8, 2023. Reported Earnings • Aug 05
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: NT$1.30 (down from NT$2.02 in 2Q 2022). Revenue: NT$4.09b (up 13% from 2Q 2022). Net income: NT$158.0m (down 37% from 2Q 2022). Profit margin: 3.9% (down from 6.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Tech industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$258, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 90% over the past three years. Duyuru • Jul 12
ASROCK Incorporation Announces Cash Dividend ASROCK Incorporation announced change of cash dividend yield from TWD 59,013,648, TWD 1.1412 per share to TWD 59,013,648, TWD 1.0942 per share due to total outstanding shares have been affected as the exercising of employee stock option. Major Estimate Revision • Jun 13
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$6.71 to NT$7.76. Revenue forecast unchanged at NT$18.5b. Net income forecast to grow 73% next year vs 2.1% growth forecast for Tech industry in Taiwan. Consensus price target of NT$165 unchanged from last update. Share price rose 36% to NT$227 over the past week. Upcoming Dividend • Jun 13
Upcoming dividend of NT$8.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 25 July 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.2%). Price Target Changed • Jun 09
Price target increased by 13% to NT$138 Up from NT$122, the current price target is an average from 4 analysts. New target price is 31% below last closing price of NT$201. Stock is up 34% over the past year. The company is forecast to post earnings per share of NT$7.05 for next year compared to NT$8.69 last year. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$183, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 50% over the past three years. Major Estimate Revision • May 04
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$19.7b to NT$18.3b. EPS estimate also fell from NT$8.96 per share to NT$8.07 per share. Net income forecast to shrink 38% next year vs 1.5% decline forecast for Tech industry in Taiwan. Consensus price target down from NT$122 to NT$118. Share price was steady at NT$132 over the past week. Reported Earnings • Mar 12
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: NT$8.69 (down from NT$19.67 in FY 2021). Revenue: NT$17.1b (down 13% from FY 2021). Net income: NT$1.07b (down 55% from FY 2021). Profit margin: 6.2% (down from 12% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Tech industry in Taiwan. 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 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 21% share price gain to NT$151, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$148 per share. Buying Opportunity • Nov 23
Now 23% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be NT$158, 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 41%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to decline by 23% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 24% share price gain to NT$130, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Tech industry in Taiwan. Total returns to shareholders of 103% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$157 per share. Price Target Changed • Nov 17
Price target increased to NT$99.00 Up from NT$89.00, the current price target is an average from 2 analysts. New target price is 20% below last closing price of NT$125. Stock is down 50% over the past year. The company is forecast to post earnings per share of NT$10.23 for next year compared to NT$19.67 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Ouhyoung Ming was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: NT$1.46 (down from NT$3.36 in 3Q 2021). Revenue: NT$3.57b (down 12% from 3Q 2021). Net income: NT$179.5m (down 56% from 3Q 2021). Profit margin: 5.0% (down from 10.0% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 9.0%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Tech industry in Taiwan. 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 12% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 08
Price target decreased to NT$88.00 Down from NT$147, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$88.80. Stock is down 45% over the past year. The company is forecast to post earnings per share of NT$10.06 for next year compared to NT$19.67 last year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 20% share price gain to NT$107, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Tech industry in Taiwan. Total returns to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$195 per share. Price Target Changed • Aug 14
Price target decreased to NT$147 Down from NT$173, the current price target is an average from 2 analysts. New target price is 53% above last closing price of NT$95.90. Stock is down 31% over the past year. The company is forecast to post earnings per share of NT$9.94 for next year compared to NT$19.67 last year. Major Estimate Revision • Aug 12
Consensus revenue estimates fall by 14% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$18.9b to NT$16.2b. EPS estimate fell from NT$13.36 to NT$9.10 per share. Net income forecast to shrink 33% next year vs 3.8% decline forecast for Tech industry in Taiwan. Consensus price target down from NT$173 to NT$165. Share price fell 2.4% to NT$95.90 over the past week. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$2.02 (down from NT$6.60 in 2Q 2021). Revenue: NT$3.62b (down 33% from 2Q 2021). Net income: NT$248.8m (down 69% from 2Q 2021). Profit margin: 6.9% (down from 15% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 8.2%, 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 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of NT$13.00 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (7.9%). Major Estimate Revision • Jun 17
Consensus revenue estimates fall by 10% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from NT$22.0b to NT$19.7b. EPS estimate fell from NT$19.37 to NT$14.47 per share. Net income forecast to shrink 28% next year vs 3.0% decline forecast for Tech industry in Taiwan. Consensus price target down from NT$230 to NT$200. Share price fell 18% to NT$123 over the past week. Price Target Changed • Jun 15
Price target decreased to NT$230 Down from NT$262, the current price target is an average from 3 analysts. New target price is 66% above last closing price of NT$139. Stock is down 23% over the past year. The company is forecast to post earnings per share of NT$19.37 for next year compared to NT$19.67 last year.