Buy Or Sell Opportunity • Apr 28
Now 20% overvalued Over the last 90 days, the stock has fallen 8.7% to NT$164. The fair value is estimated to be NT$136, 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 grown by 8.4%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Buy Or Sell Opportunity • Mar 27
Now 21% overvalued Over the last 90 days, the stock has fallen 5.3% to NT$169. The fair value is estimated to be NT$139, 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 grown by 8.4%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$166, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Communications industry in Taiwan. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$137 per share. Upcoming Dividend • Mar 19
Upcoming dividend of NT$9.00 per share Eligible shareholders must have bought the stock before 26 March 2026. Payment date: 29 April 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (1.3%). Duyuru • Feb 27
Arcadyan Technology Corporation announces Annual dividend, payable on April 29, 2026 Arcadyan Technology Corporation announced Annual dividend of TWD 8.0000 per share payable on April 29, 2026, ex-date on March 26, 2026 and record date on March 28, 2026. Duyuru • Feb 26
Arcadyan Technology Corporation, Annual General Meeting, May 27, 2026 Arcadyan Technology Corporation, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: no,8, sec.2 kuang fu rd., hsinchu city Taiwan Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: NT$12.60 (vs NT$11.28 in FY 2024) Full year 2025 results: EPS: NT$12.60 (up from NT$11.28 in FY 2024). Revenue: NT$53.0b (up 8.2% from FY 2024). Net income: NT$2.78b (up 12% from FY 2024). Profit margin: 5.2% (up from 5.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 32% growth forecast for the Communications 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 22% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 31
Price target increased by 7.0% to NT$261 Up from NT$244, the current price target is an average from 5 analysts. New target price is 29% above last closing price of NT$202. Stock is up 25% over the past year. The company is forecast to post earnings per share of NT$12.38 for next year compared to NT$11.28 last year. Reported Earnings • Oct 30
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: NT$3.42 (up from NT$2.99 in 3Q 2024). Revenue: NT$13.8b (up 14% from 3Q 2024). Net income: NT$753.7m (up 15% from 3Q 2024). Profit margin: 5.5% (up from 5.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 25
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$3.02 (up from NT$2.66 in 2Q 2024). Revenue: NT$13.5b (up 11% from 2Q 2024). Net income: NT$665.8m (up 14% from 2Q 2024). Profit margin: 4.9% (up from 4.8% in 2Q 2024). 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 5.5%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 26
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (2.4%). Price Target Changed • May 09
Price target increased by 9.1% to NT$230 Up from NT$211, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$235. Stock is up 49% over the past year. The company is forecast to post earnings per share of NT$13.30 for next year compared to NT$11.28 last year. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: NT$3.08 (up from NT$2.82 in 1Q 2024). Revenue: NT$12.7b (up 1.2% from 1Q 2024). Net income: NT$678.7m (up 9.1% from 1Q 2024). Profit margin: 5.3% (up from 5.0% in 1Q 2024). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 8.0%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 01
Arcadyan Technology Corporation to Report Q1, 2025 Results on May 07, 2025 Arcadyan Technology Corporation announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$191, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Communications industry in Taiwan. Total returns to shareholders of 86% over the past three years. 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 6.3% 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). Price Target Changed • Mar 05
Price target increased by 7.7% to NT$203 Up from NT$189, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$209. Stock is up 16% over the past year. The company is forecast to post earnings per share of NT$13.50 for next year compared to NT$11.28 last year. Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: NT$11.28 (up from NT$10.99 in FY 2023). Revenue: NT$49.0b (down 4.3% from FY 2023). Net income: NT$2.49b (up 2.7% from FY 2023). Profit margin: 5.1% (up from 4.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. 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 19% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 27
Arcadyan Technology Corporation, Annual General Meeting, May 28, 2025 Arcadyan Technology Corporation, Annual General Meeting, May 28, 2025. Location: no,8, sec.2 kuang fu rd., hsinchu city Taiwan Duyuru • Feb 19
Arcadyan Technology Corporation to Report Q4, 2024 Results on Feb 26, 2025 Arcadyan Technology Corporation announced that they will report Q4, 2024 results on Feb 26, 2025 Price Target Changed • Nov 09
Price target increased by 12% to NT$189 Up from NT$169, the current price target is an average from 4 analysts. New target price is 6.6% above last closing price of NT$177. Stock is up 7.9% over the past year. The company is forecast to post earnings per share of NT$11.13 for next year compared to NT$10.98 last year. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: NT$2.98 (down from NT$3.12 in 3Q 2023). Revenue: NT$12.2b (down 12% from 3Q 2023). Net income: NT$657.7m (down 4.4% from 3Q 2023). Profit margin: 5.4% (up from 5.0% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Duyuru • Oct 26
Arcadyan Technology Corporation to Report Q3, 2024 Results on Nov 04, 2024 Arcadyan Technology Corporation announced that they will report Q3, 2024 results on Nov 04, 2024 Buy Or Sell Opportunity • Sep 19
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to NT$146. The fair value is estimated to be NT$120, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to decline by 2.2% in a year. Earnings are forecast to decline by 4.6% in the next year. Buy Or Sell Opportunity • Aug 07
Now 23% overvalued Over the last 90 days, the stock has fallen 13% to NT$136. The fair value is estimated to be NT$110, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to decline by 2.2% in a year. Earnings are forecast to decline by 4.6% in the next year. Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$2.66 (up from NT$2.61 in 2Q 2023). Revenue: NT$12.2b (flat on 2Q 2023). Net income: NT$586.3m (up 1.9% from 2Q 2023). Profit margin: 4.8% (up from 4.7% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to stay flat during the next 2 years compared to a 15% growth forecast for the Communications 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 14% per year. Duyuru • Jul 18
Arcadyan Technology Corporation to Report Q2, 2024 Results on Jul 25, 2024 Arcadyan Technology Corporation announced that they will report Q2, 2024 results on Jul 25, 2024 New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jul 08
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 09 August 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.4%). Price Target Changed • May 09
Price target decreased by 8.5% to NT$177 Down from NT$194, the current price target is an average from 5 analysts. New target price is 13% above last closing price of NT$158. Stock is up 43% over the past year. The company is forecast to post earnings per share of NT$10.81 for next year compared to NT$10.98 last year. Major Estimate Revision • May 07
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$56.0b to NT$54.9b. EPS estimate also fell from NT$12.13 per share to NT$9.63 per share. Net income forecast to shrink 3.7% next year vs 20% growth forecast for Communications industry in Taiwan . Consensus price target down from NT$189 to NT$184. Share price fell 6.1% to NT$163 over the past week. Reported Earnings • May 02
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: NT$2.82 (up from NT$2.25 in 1Q 2023). Revenue: NT$12.5b (up 14% from 1Q 2023). Net income: NT$622.4m (up 25% from 1Q 2023). Profit margin: 5.0% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 02
Dividend of NT$7.00 announced Shareholders will receive a dividend of NT$7.00. Ex-date: 15th July 2024 Payment date: 9th August 2024 Dividend yield will be 4.1%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Apr 30
Arcadyan Technology Corporation Announces Cash Distribution, Payable on August 9, 2024 Arcadyan Technology Corporation announced cash dividend of TWD 1,322,125,926. Cash distribution from capital surplus: TWD 220,354,321. Ex-rights (ex-dividend) trading date: July 15, 2024. Ex-rights (ex-dividend) record date: July 21, 2024. Payment date of common stock cash dividend distribution is August 9, 2024. Duyuru • Apr 12
Cub Elecparts Inc. Files Patent Infringement Lawsuit Against Arcadyan Technology Corporation and Xin Feng Commercial Limited Company Arcadyan Technology Corporation is suspected of infringing on CUB's invention patents for vehicle radar devices. After investigation, CUB ELECPARTS INC recently discovered that Arcadyan Company was involved in manufacturing the ”79G inner wheel differential radar” with the product model RS1000 without the authorization of CUB. Arcadyan Company not only publicly displayed the product on its official YouTube channel without authorization, but also used This product participated in the AMPA Taipei & Autotronics Taipei 2023. In addition, CUB also found that Arcadyan Company sold the RS1000 ”79G Inner Wheel Differential Radar” to Xin Feng Commercial Limited Company. (Xin Feng Company), and then Xin Feng Company resold it to consumers. It has been suspected of infringing CUB's patents. In response to Arcadyan Company and Xin Feng Company's alleged infringement of patent rights of CUB ELECPARTS INC, CUB company has not only obtained the marketing materials of the infringing products from third parties, but also purchased the related products suspected of infringement in order to preserve evidence. Parties to the legal matter: Plaintiff: CUB ELECPARTS INC. Defendants: Arcadyan Technology Corporation and Xin Feng Commercial Limited Company. Price Target Changed • Feb 27
Price target increased by 9.1% to NT$194 Up from NT$177, the current price target is an average from 5 analysts. New target price is 7.6% above last closing price of NT$180. Stock is up 69% over the past year. The company is forecast to post earnings per share of NT$12.13 for next year compared to NT$10.98 last year. Reported Earnings • Feb 25
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: NT$10.98 (up from NT$9.20 in FY 2022). Revenue: NT$51.2b (up 8.5% from FY 2022). Net income: NT$2.42b (up 20% from FY 2022). Profit margin: 4.7% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 08
Price target increased by 14% to NT$167 Up from NT$147, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$168. Stock is up 74% over the past year. The company is forecast to post earnings per share of NT$10.81 for next year compared to NT$9.20 last year. Reported Earnings • Nov 07
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$3.12 (up from NT$2.60 in 3Q 2022). Revenue: NT$13.9b (up 8.5% from 3Q 2022). Net income: NT$687.7m (up 21% from 3Q 2022). Profit margin: 5.0% (up from 4.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Communications 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 20% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 06
Price target increased by 8.4% to NT$147 Up from NT$136, the current price target is an average from 5 analysts. New target price is 6.7% below last closing price of NT$158. Stock is up 40% over the past year. The company is forecast to post earnings per share of NT$10.50 for next year compared to NT$9.20 last year. Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$2.61 (up from NT$1.95 in 2Q 2022). Revenue: NT$12.1b (up 12% from 2Q 2022). Net income: NT$575.4m (up 35% from 2Q 2022). Profit margin: 4.7% (up from 3.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 17
Price target increased by 11% to NT$127 Up from NT$114, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$131. Stock is up 10% over the past year. The company is forecast to post earnings per share of NT$10.01 for next year compared to NT$9.20 last year. Upcoming Dividend • Jul 06
Upcoming dividend of NT$6.50 per share at 5.1% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.0%). Duyuru • Jun 16
Arcadyan Technology Corporation Announces Appointment of Cheng Hua Sun as Director Arcadyan Technology Corporation announced appointment of Cheng hua sun as director at the 2023 Annual General Shareholders Meeting. Resume: Judge of Civil Counts and Presiding Judge of Criminal Counts of Taiwan Taipei District Court. Effective date 15 June 2023. Price Target Changed • Jun 01
Price target increased by 7.2% to NT$114 Up from NT$106, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of NT$116. Stock is down 5.3% over the past year. The company is forecast to post earnings per share of NT$9.95 for next year compared to NT$9.20 last year. Duyuru • May 06
Arcadyan Technology Corporation Approves Cash Dividend, Payable on August 9, 2023 Arcadyan Technology Corporation announced cash dividend of TWD 1,211,948,766. Cash distribution from capital surplus of TWD 220,354,321. Ex-rights (ex-dividend) trading date is July 13, 2023. Ex-rights (ex-dividend) record date is July 19, 2023. Payment date of cash dividend distribution is August 9, 2023. Price Target Changed • Apr 26
Price target decreased by 7.6% to NT$104 Down from NT$113, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of NT$99.50. Stock is down 25% over the past year. The company is forecast to post earnings per share of NT$9.03 for next year compared to NT$9.20 last year. Reported Earnings • Mar 16
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: NT$9.20 (up from NT$8.60 in FY 2021). Revenue: NT$47.2b (up 23% from FY 2021). Net income: NT$2.01b (up 13% from FY 2021). Profit margin: 4.3% (down from 4.7% in FY 2021). 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 5.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 18
Price target decreased to NT$115 Down from NT$127, the current price target is an average from 5 analysts. New target price is 17% above last closing price of NT$97.80. Stock is down 16% over the past year. The company is forecast to post earnings per share of NT$9.04 for next year compared to NT$8.60 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. 1 experienced director. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ching-Jang Wen was the last independent director to join the board, commencing their role in 2008. 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 16
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$2.60 (up from NT$2.35 in 3Q 2021). Revenue: NT$12.8b (up 35% from 3Q 2021). Net income: NT$570.7m (up 17% from 3Q 2021). Profit margin: 4.5% (down from 5.1% in 3Q 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 2.4%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: NT$2.60 (up from NT$2.35 in 3Q 2021). Revenue: NT$12.8b (up 35% from 3Q 2021). Net income: NT$570.7m (up 17% from 3Q 2021). Profit margin: 4.5% (down from 5.1% in 3Q 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 2.4%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Communications industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 29
Price target decreased to NT$127 Down from NT$138, the current price target is an average from 5 analysts. New target price is 46% above last closing price of NT$86.90. Stock is down 17% over the past year. The company is forecast to post earnings per share of NT$8.94 for next year compared to NT$8.60 last year. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$93.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Communications industry in Taiwan. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$141 per share. Buying Opportunity • Aug 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.1%. 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 8.6% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 22% in a year. Earnings is forecast to grow by 22% in the next year. Price Target Changed • Aug 14
Price target decreased to NT$135 Down from NT$146, the current price target is an average from 4 analysts. New target price is 17% above last closing price of NT$115. Stock is up 29% over the past year. The company is forecast to post earnings per share of NT$8.97 for next year compared to NT$8.60 last year. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$45.0b to NT$46.4b. EPS estimate fell from NT$9.95 to NT$8.72 per share. Net income forecast to grow 26% next year vs 44% growth forecast for Communications industry in Taiwan. Consensus price target down from NT$146 to NT$143. Share price fell 8.0% to NT$115 over the past week. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorated over the past week After last week's 22% share price decline to NT$97.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Communications industry in Taiwan. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$177 per share. Upcoming Dividend • Jun 27
Upcoming dividend of NT$6.71 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 29 July 2022. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Taiwanese dividend payers (6.3%). Higher than average of industry peers (3.1%). Buying Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be NT$150, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 20% in a year. Earnings is forecast to grow by 32% in the next year. Reported Earnings • May 06
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$1.80 (down from NT$2.21 in 1Q 2021). Revenue: NT$10.3b (up 7.0% from 1Q 2021). Net income: NT$389.8m (down 14% from 1Q 2021). Profit margin: 3.8% (down from 4.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 17%, compared to a 17% 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 10% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. No experienced directors. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Ching-Jang Wen was the last independent director to join the board, commencing their role in 2008. 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 • Mar 12
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$8.60 (up from NT$8.36 in FY 2020). Revenue: NT$38.2b (up 13% from FY 2020). Net income: NT$1.79b (up 4.3% from FY 2020). Profit margin: 4.7% (down from 5.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 07
Arcadyan Technology Corporation Announces Retirement of Chen Chien-Lin as Research and Development Officer Arcadyan Technology Corporation announced retirement of Chen Chien-Lin as research and development officer of the company, with effect from March 4, 2022. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 16% share price gain to NT$126, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Communications industry in Taiwan. Total returns to shareholders of 95% over the past three years. Price Target Changed • Nov 10
Price target increased to NT$134 Up from NT$124, the current price target is an average from 4 analysts. New target price is 16% above last closing price of NT$116. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$8.33 for next year compared to NT$8.36 last year. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS NT$2.35 (vs NT$2.80 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: NT$9.48b (flat on 3Q 2020). Net income: NT$486.5m (down 15% from 3Q 2020). Profit margin: 5.1% (down from 6.0% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 27% per year. Price Target Changed • May 14
Price target decreased to NT$122 Down from NT$137, the current price target is an average from 5 analysts. New target price is 36% above last closing price of NT$89.60. Stock is up 5.8% over the past year. Reported Earnings • May 07
First quarter 2021 earnings released: EPS NT$2.20 (vs NT$1.28 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$9.62b (up 35% from 1Q 2020). Net income: NT$454.4m (up 74% from 1Q 2020). Profit margin: 4.7% (up from 3.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Apr 08
Upcoming dividend of NT$6.50 per share Eligible shareholders must have bought the stock before 15 April 2021. Payment date: 14 May 2021. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (2.9%). Duyuru • Mar 19
Arcadyan Technology Corporation Proposes Distribution of Dividends Arcadyan Technology Corporation announced Board of Directors resolved to propose distribution of dividends. Appropriations of earnings in cash dividends to shareholders is TWD 5.5 per share. Total amount of cash distributed to shareholders is TWD 1,354,447,835. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$8.36 (vs NT$6.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$33.8b (up 2.6% from FY 2019). Net income: NT$1.71b (up 31% from FY 2019). Profit margin: 5.1% (up from 4.0% 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 25% per year whereas the company’s share price has increased by 28% per year. Is New 90 Day High Low • Mar 12
New 90-day high: NT$98.80 The company is up 3.0% from its price of NT$95.60 on 11 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$212 per share. Is New 90 Day High Low • Jan 20
New 90-day low: NT$90.40 The company is down 10.0% from its price of NT$100.00 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$186 per share. Major Estimate Revision • Nov 18
Analysts increase EPS estimates to NT$8.15 The 2020 consensus revenue estimate increased from NT$33.1b to NT$34.4b. The earnings per share estimate also received an upgrade from NT$7.30 to NT$8.15 for the same period. Net income is expected to grow by 25% next year compared to 24% growth forecast for the Communications industry in Taiwan. The consensus price target increased from NT$104 to NT$111. Share price is up 4.5% to NT$101 over the past week. Price Target Changed • Nov 17
Price target raised to NT$111 Up from NT$104, the current price target is an average from 6 analysts. The new target price is 11% above the current share price of NT$101. As of last close, the stock is up 12% over the past year.