Intrinsic value of Siliconware Precision Industries ADR - SPIL

Previous Close

$8.55

  Intrinsic Value

$4.10

stock screener

  Rating & Target

str. sell

-52%

Previous close

$8.55

 
Intrinsic value

$4.10

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of SPIL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.74
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,736
  2,810
  2,892
  2,983
  3,082
  3,190
  3,306
  3,431
  3,564
  3,707
  3,860
  4,022
  4,194
  4,376
  4,570
  4,774
  4,990
  5,218
  5,459
  5,713
  5,981
  6,264
  6,561
  6,874
  7,204
  7,551
  7,916
  8,300
  8,704
  9,129
  9,575
Variable operating expenses, $m
 
  2,422
  2,493
  2,571
  2,657
  2,749
  2,850
  2,957
  3,073
  3,196
  3,327
  3,467
  3,615
  3,772
  3,939
  4,115
  4,301
  4,498
  4,706
  4,925
  5,156
  5,399
  5,656
  5,926
  6,210
  6,509
  6,824
  7,155
  7,503
  7,869
  8,254
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,392
  2,422
  2,493
  2,571
  2,657
  2,749
  2,850
  2,957
  3,073
  3,196
  3,327
  3,467
  3,615
  3,772
  3,939
  4,115
  4,301
  4,498
  4,706
  4,925
  5,156
  5,399
  5,656
  5,926
  6,210
  6,509
  6,824
  7,155
  7,503
  7,869
  8,254
Operating income, $m
  344
  388
  399
  412
  425
  440
  456
  473
  492
  512
  533
  555
  579
  604
  631
  659
  689
  720
  753
  788
  825
  864
  905
  949
  994
  1,042
  1,092
  1,145
  1,201
  1,260
  1,321
EBITDA, $m
  771
  817
  841
  867
  896
  928
  961
  998
  1,037
  1,078
  1,122
  1,170
  1,220
  1,273
  1,329
  1,388
  1,451
  1,517
  1,588
  1,661
  1,739
  1,821
  1,908
  1,999
  2,095
  2,196
  2,302
  2,414
  2,531
  2,655
  2,784
Interest expense (income), $m
  8
  17
  18
  19
  21
  22
  24
  26
  27
  30
  32
  34
  37
  39
  42
  45
  48
  52
  55
  59
  63
  67
  72
  76
  81
  86
  92
  97
  103
  110
  116
Earnings before tax, $m
  376
  371
  381
  393
  405
  418
  432
  448
  464
  482
  501
  521
  542
  565
  588
  614
  640
  668
  698
  729
  762
  797
  834
  872
  913
  956
  1,001
  1,048
  1,098
  1,150
  1,205
Tax expense, $m
  57
  100
  103
  106
  109
  113
  117
  121
  125
  130
  135
  141
  146
  152
  159
  166
  173
  180
  188
  197
  206
  215
  225
  236
  247
  258
  270
  283
  296
  311
  325
Net income, $m
  319
  271
  278
  287
  296
  305
  316
  327
  339
  352
  366
  380
  396
  412
  430
  448
  467
  488
  510
  532
  557
  582
  609
  637
  667
  698
  731
  765
  801
  840
  880

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  793
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,979
  3,271
  3,367
  3,473
  3,588
  3,713
  3,848
  3,994
  4,150
  4,316
  4,493
  4,682
  4,882
  5,095
  5,320
  5,558
  5,809
  6,075
  6,355
  6,651
  6,963
  7,292
  7,638
  8,003
  8,386
  8,790
  9,215
  9,662
  10,133
  10,627
  11,147
Adjusted assets (=assets-cash), $m
  3,186
  3,271
  3,367
  3,473
  3,588
  3,713
  3,848
  3,994
  4,150
  4,316
  4,493
  4,682
  4,882
  5,095
  5,320
  5,558
  5,809
  6,075
  6,355
  6,651
  6,963
  7,292
  7,638
  8,003
  8,386
  8,790
  9,215
  9,662
  10,133
  10,627
  11,147
Revenue / Adjusted assets
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
  0.859
Average production assets, $m
  2,091
  2,147
  2,210
  2,279
  2,355
  2,437
  2,526
  2,621
  2,723
  2,832
  2,949
  3,073
  3,204
  3,344
  3,491
  3,647
  3,812
  3,987
  4,171
  4,365
  4,570
  4,785
  5,013
  5,252
  5,504
  5,769
  6,048
  6,341
  6,650
  6,974
  7,315
Working capital, $m
  301
  146
  150
  155
  160
  166
  172
  178
  185
  193
  201
  209
  218
  228
  238
  248
  259
  271
  284
  297
  311
  326
  341
  357
  375
  393
  412
  432
  453
  475
  498
Total debt, $m
  1,111
  510
  546
  587
  631
  678
  730
  786
  845
  909
  976
  1,049
  1,125
  1,206
  1,292
  1,383
  1,479
  1,581
  1,688
  1,801
  1,920
  2,045
  2,178
  2,317
  2,464
  2,618
  2,780
  2,951
  3,131
  3,320
  3,518
Total liabilities, $m
  1,851
  1,250
  1,286
  1,327
  1,371
  1,418
  1,470
  1,526
  1,585
  1,649
  1,716
  1,789
  1,865
  1,946
  2,032
  2,123
  2,219
  2,321
  2,428
  2,541
  2,660
  2,785
  2,918
  3,057
  3,204
  3,358
  3,520
  3,691
  3,871
  4,060
  4,258
Total equity, $m
  2,128
  2,022
  2,081
  2,146
  2,217
  2,295
  2,378
  2,468
  2,564
  2,667
  2,777
  2,893
  3,017
  3,148
  3,288
  3,435
  3,590
  3,754
  3,928
  4,110
  4,303
  4,506
  4,720
  4,946
  5,183
  5,432
  5,695
  5,971
  6,262
  6,567
  6,889
Total liabilities and equity, $m
  3,979
  3,272
  3,367
  3,473
  3,588
  3,713
  3,848
  3,994
  4,149
  4,316
  4,493
  4,682
  4,882
  5,094
  5,320
  5,558
  5,809
  6,075
  6,356
  6,651
  6,963
  7,291
  7,638
  8,003
  8,387
  8,790
  9,215
  9,662
  10,133
  10,627
  11,147
Debt-to-equity ratio
  0.522
  0.250
  0.260
  0.270
  0.280
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.510
  0.510
Adjusted equity ratio
  0.447
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  319
  271
  278
  287
  296
  305
  316
  327
  339
  352
  366
  380
  396
  412
  430
  448
  467
  488
  510
  532
  557
  582
  609
  637
  667
  698
  731
  765
  801
  840
  880
Depreciation, amort., depletion, $m
  427
  429
  442
  456
  471
  487
  505
  524
  545
  566
  590
  615
  641
  669
  698
  729
  762
  797
  834
  873
  914
  957
  1,003
  1,050
  1,101
  1,154
  1,210
  1,268
  1,330
  1,395
  1,463
Funds from operations, $m
  584
  700
  720
  742
  766
  793
  821
  851
  884
  918
  955
  995
  1,037
  1,081
  1,128
  1,177
  1,230
  1,285
  1,344
  1,405
  1,470
  1,539
  1,611
  1,687
  1,767
  1,851
  1,940
  2,033
  2,131
  2,234
  2,343
Change in working capital, $m
  -86
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  670
  696
  716
  738
  761
  787
  815
  845
  877
  911
  947
  986
  1,028
  1,071
  1,118
  1,167
  1,219
  1,273
  1,331
  1,392
  1,457
  1,524
  1,596
  1,671
  1,750
  1,833
  1,921
  2,013
  2,110
  2,212
  2,320
Maintenance CAPEX, $m
  0
  -418
  -429
  -442
  -456
  -471
  -487
  -505
  -524
  -545
  -566
  -590
  -615
  -641
  -669
  -698
  -729
  -762
  -797
  -834
  -873
  -914
  -957
  -1,003
  -1,050
  -1,101
  -1,154
  -1,210
  -1,268
  -1,330
  -1,395
New CAPEX, $m
  -494
  -56
  -63
  -69
  -76
  -82
  -89
  -95
  -102
  -109
  -116
  -124
  -131
  -139
  -148
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -227
  -239
  -252
  -265
  -279
  -293
  -309
  -324
  -341
Cash from investing activities, $m
  -451
  -474
  -492
  -511
  -532
  -553
  -576
  -600
  -626
  -654
  -682
  -714
  -746
  -780
  -817
  -854
  -894
  -936
  -981
  -1,028
  -1,078
  -1,130
  -1,184
  -1,242
  -1,302
  -1,366
  -1,433
  -1,503
  -1,577
  -1,654
  -1,736
Free cash flow, $m
  219
  222
  224
  226
  230
  234
  239
  244
  250
  257
  265
  273
  282
  291
  301
  312
  324
  337
  350
  364
  379
  395
  411
  429
  448
  468
  488
  510
  534
  558
  584
Issuance/(repayment) of debt, $m
  153
  33
  37
  40
  44
  48
  52
  56
  59
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  113
  119
  126
  132
  139
  147
  154
  162
  171
  180
  189
  199
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  151
  33
  37
  40
  44
  48
  52
  56
  59
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  113
  119
  126
  132
  139
  147
  154
  162
  171
  180
  189
  199
Total cash flow (excl. dividends), $m
  358
  255
  260
  267
  274
  282
  290
  300
  310
  321
  332
  345
  358
  372
  387
  403
  420
  438
  457
  477
  498
  520
  544
  568
  594
  622
  651
  681
  713
  747
  782
Retained Cash Flow (-), $m
  142
  -53
  -59
  -65
  -71
  -77
  -84
  -90
  -96
  -103
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -225
  -237
  -250
  -263
  -276
  -291
  -306
  -321
Prev. year cash balance distribution, $m
 
  159
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  361
  201
  201
  203
  204
  207
  210
  214
  218
  223
  228
  234
  241
  248
  256
  265
  274
  284
  294
  305
  317
  330
  343
  357
  372
  388
  405
  423
  441
  461
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  346
  184
  175
  167
  158
  150
  142
  133
  125
  117
  108
  100
  92
  83
  75
  67
  60
  52
  45
  39
  33
  27
  22
  18
  14
  11
  9
  7
  5
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Siliconware Precision Industries Co., Ltd. is a Taiwan-based company mainly engaged in the provision of packaging and testing services of integrated circuits (ICs) and related products. The Company’s businesses include the manufacture, processing, assembly, testing and importing and exporting of ICs, transistors, light emitting diode (LED) digital displays, LED lights, liquid crystal display (LCD) clock cores, phototransistors, synthesis circuits, as well as thin film circuits and thick film circuits. The Company’s packaging businesses focus on IC products, including plastic small size ICs and plastic square planar ICs, among others. Its testing businesses mainly include final testing businesses and system level testing businesses, among others.

FINANCIAL RATIOS  of  Siliconware Precision Industries ADR (SPIL)

Valuation Ratios
P/E Ratio 83.5
Price to Sales 9.7
Price to Book 12.5
Price to Tangible Book
Price to Cash Flow 39.8
Price to Free Cash Flow 151.4
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10%
Cap. Spend. - 3 Yr. Gr. Rate 0.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 22.4%
Total Debt to Equity 52.2%
Interest Coverage 48
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.2%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 14.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 22.7%
Gross Margin - 3 Yr. Avg. 24.7%
EBITDA Margin 29.6%
EBITDA Margin - 3 Yr. Avg. 30.5%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 14.5%
Net Profit Margin 11.7%
Net Profit Margin - 3 Yr. Avg. 12.1%
Effective Tax Rate 15.2%
Eff/ Tax Rate - 3 Yr. Avg. 16.1%
Payout Ratio 119.4%

SPIL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPIL stock intrinsic value calculation we used $2736 million for the last fiscal year's total revenue generated by Siliconware Precision Industries ADR. The default revenue input number comes from 2016 income statement of Siliconware Precision Industries ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SPIL stock valuation model: a) initial revenue growth rate of 2.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SPIL is calculated based on our internal credit rating of Siliconware Precision Industries ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Siliconware Precision Industries ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SPIL stock the variable cost ratio is equal to 86.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SPIL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Siliconware Precision Industries ADR.

Corporate tax rate of 27% is the nominal tax rate for Siliconware Precision Industries ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SPIL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SPIL are equal to 76.4%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Siliconware Precision Industries ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SPIL is equal to 5.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2128 million for Siliconware Precision Industries ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 627.824 million for Siliconware Precision Industries ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Siliconware Precision Industries ADR at the current share price and the inputted number of shares is $5.4 billion.

RELATED COMPANIES Price Int.Val. Rating
ASX Advanced Semic 7.32 3.00  str.sell
IMOS ChipMOS Techno 18.18 16.63  hold
AMKR Amkor Technolo 10.73 13.79  buy
TSM Taiwan Semicon 46.38 24.88  sell
UMC United Microel 2.41 0.69  str.sell
TER Teradyne 47.77 45.02  hold
AMAT Applied Materi 57.46 182.04  str.buy

COMPANY NEWS

▶ SPIL Issues Letter To Shareholders For 2018 EGM   [Jan-23-18 03:40AM  PR Newswire]
▶ Siliconware posts 3Q profit   [Oct-24-17 05:11AM  Associated Press]
▶ Siliconware posts 2Q profit   [Jul-25-17 08:23PM  Associated Press]
▶ Siliconware posts 1Q profit   [Apr-26-17 05:01AM  Associated Press]
▶ SPIL Board of Directors Proposes NT$1.75 Cash Dividend   [Mar-23-17 05:03AM  PR Newswire]
▶ Advanced Semiconductor Engineering Is Pumping Up Profits   [Jan-31-17 01:55PM  Motley Fool]
▶ Siliconware posts 4Q profit   [05:46AM  Associated Press]
▶ Do Hedge Funds Love Tuniu Corp (TOUR)?   [Dec-15-16 10:00AM  Insider Monkey]
▶ Do Hedge Funds Love Tuniu Corp (TOUR)?   [10:00AM  at Insider Monkey]
▶ Is Natural Health Trends Corp. (NHTC) A Good Stock To Buy?   [Dec-10-16 08:38AM  at Insider Monkey]
▶ How Bridgepoint Education Inc (BPI) Stacks Up Against Its Peers   [Dec-08-16 09:47PM  at Insider Monkey]
▶ Hedge Funds Are Selling Pier 1 Imports Inc (PIR)   [Dec-02-16 08:58AM  at Insider Monkey]
▶ Joint Announcement by ASE and SPIL   [Nov-18-16 05:30AM  PR Newswire]
▶ Joint Statement by SPIL and ASE   [Jun-30-16 09:34AM  PR Newswire]
▶ Joint Announcement by ASE and SPIL   [09:00AM  PR Newswire]
▶ Siliconware Stock Trades Ex-Dividend Thursday (SPIL)   [Jun-23-16 11:37AM  at Investopedia]
▶ Hedge Funds Like These 5 Taiwan ADRs   [Jun-09-16 09:32AM  at Insider Monkey]
▶ Look Behind the Packaging   [May-27-16 05:45AM  at Bloomberg]
▶ Joint Statement by ASE and SPIL   [05:45AM  PR Newswire]
▶ SPIL Shareholders Approved NT$ 3.8 Cash Dividend   [May-16-16 06:06AM  PR Newswire]
▶ SILICONWARE PRECISION INDUSTRIES CO LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Siliconware Precision downgraded by Citigroup   [Apr-27-16 09:33AM  Briefing.com]
▶ SPIL Revises Letter to Shareholders for 2016 AGM   [Apr-18-16 06:03AM  PR Newswire]
▶ SPIL Issues Letter To Shareholders For 2016 AGM   [Apr-15-16 08:21AM  PR Newswire]
▶ Why Siliconware Precision Industries Shares Jumped Today   [Mar-24-16 03:45PM  at Motley Fool]
▶ SPIL Board of Directors Proposes NT$ 3.8 Cash Dividend   [Feb-24-16 04:53AM  PR Newswire]
▶ ASE: Another Tender Offer, Another Attempt To Control SPIL   [Dec-22  08:23PM  at Barrons.com]
▶ Preliminary response to ASE's letter   [Dec-21  03:39AM  PR Newswire]
▶ [$$] Battle for control of leading Taiwan chip group   [Dec-15  01:14AM  at Financial Times]
Financial statements of SPIL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.