Intrinsic value of Siliconware Precision Industries ADR - SPIL

Previous Close

$7.87

  Intrinsic Value

$4.01

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

+2758%

Previous close

$7.87

 
Intrinsic value

$4.01

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

+2758%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.9

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,736
  2,791
  2,855
  2,928
  3,011
  3,102
  3,202
  3,311
  3,429
  3,556
  3,693
  3,839
  3,995
  4,161
  4,337
  4,524
  4,722
  4,932
  5,154
  5,388
  5,636
  5,897
  6,173
  6,463
  6,769
  7,091
  7,431
  7,788
  8,164
  8,559
  8,975
Variable operating expenses, $m
 
  2,406
  2,461
  2,524
  2,595
  2,674
  2,760
  2,854
  2,956
  3,066
  3,183
  3,309
  3,443
  3,586
  3,738
  3,900
  4,070
  4,251
  4,443
  4,645
  4,858
  5,083
  5,321
  5,571
  5,835
  6,113
  6,405
  6,713
  7,037
  7,378
  7,736
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
  2,406
  2,461
  2,524
  2,595
  2,674
  2,760
  2,854
  2,956
  3,066
  3,183
  3,309
  3,443
  3,586
  3,738
  3,900
  4,070
  4,251
  4,443
  4,645
  4,858
  5,083
  5,321
  5,571
  5,835
  6,113
  6,405
  6,713
  7,037
  7,378
  7,736
Operating income, $m
  344
  385
  394
  404
  415
  428
  442
  457
  473
  491
  510
  530
  551
  574
  598
  624
  652
  681
  711
  744
  778
  814
  852
  892
  934
  979
  1,025
  1,075
  1,127
  1,181
  1,239
EBITDA, $m
  771
  598
  612
  628
  645
  665
  687
  710
  735
  762
  792
  823
  856
  892
  930
  970
  1,012
  1,057
  1,105
  1,155
  1,208
  1,264
  1,323
  1,386
  1,451
  1,520
  1,593
  1,670
  1,750
  1,835
  1,924
Interest expense (income), $m
  8
  17
  18
  19
  20
  21
  22
  24
  26
  27
  29
  32
  34
  36
  39
  42
  45
  48
  51
  54
  58
  62
  66
  70
  75
  79
  84
  90
  95
  101
  107
Earnings before tax, $m
  376
  368
  376
  386
  396
  407
  420
  433
  448
  463
  480
  498
  517
  538
  560
  583
  607
  633
  660
  689
  720
  752
  786
  822
  859
  899
  941
  985
  1,031
  1,080
  1,131
Tax expense, $m
  57
  99
  102
  104
  107
  110
  113
  117
  121
  125
  130
  135
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  278
  292
  305
Net income, $m
  319
  269
  275
  281
  289
  297
  306
  316
  327
  338
  351
  364
  378
  393
  409
  425
  443
  462
  482
  503
  525
  549
  574
  600
  627
  656
  687
  719
  753
  788
  826

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
  3,249
  3,324
  3,409
  3,505
  3,611
  3,728
  3,855
  3,992
  4,140
  4,299
  4,469
  4,650
  4,843
  5,049
  5,266
  5,497
  5,742
  6,000
  6,273
  6,561
  6,865
  7,186
  7,524
  7,880
  8,255
  8,650
  9,066
  9,504
  9,964
  10,448
Adjusted assets (=assets-cash), $m
  3,186
  3,249
  3,324
  3,409
  3,505
  3,611
  3,728
  3,855
  3,992
  4,140
  4,299
  4,469
  4,650
  4,843
  5,049
  5,266
  5,497
  5,742
  6,000
  6,273
  6,561
  6,865
  7,186
  7,524
  7,880
  8,255
  8,650
  9,066
  9,504
  9,964
  10,448
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
  2,132
  2,181
  2,237
  2,300
  2,370
  2,446
  2,530
  2,620
  2,717
  2,821
  2,933
  3,052
  3,179
  3,313
  3,456
  3,608
  3,768
  3,938
  4,117
  4,306
  4,506
  4,716
  4,938
  5,172
  5,418
  5,677
  5,950
  6,237
  6,539
  6,857
Working capital, $m
  301
  145
  148
  152
  157
  161
  167
  172
  178
  185
  192
  200
  208
  216
  226
  235
  246
  256
  268
  280
  293
  307
  321
  336
  352
  369
  386
  405
  425
  445
  467
Total debt, $m
  1,111
  501
  530
  562
  599
  639
  684
  732
  785
  842
  902
  967
  1,036
  1,110
  1,189
  1,272
  1,360
  1,453
  1,552
  1,656
  1,766
  1,883
  2,005
  2,134
  2,270
  2,414
  2,564
  2,723
  2,890
  3,066
  3,251
Total liabilities, $m
  1,851
  1,241
  1,270
  1,302
  1,339
  1,379
  1,424
  1,472
  1,525
  1,582
  1,642
  1,707
  1,776
  1,850
  1,929
  2,012
  2,100
  2,193
  2,292
  2,396
  2,506
  2,623
  2,745
  2,874
  3,010
  3,154
  3,304
  3,463
  3,630
  3,806
  3,991
Total equity, $m
  2,128
  2,008
  2,054
  2,107
  2,166
  2,232
  2,304
  2,382
  2,467
  2,559
  2,657
  2,762
  2,874
  2,993
  3,120
  3,255
  3,397
  3,548
  3,708
  3,877
  4,055
  4,243
  4,441
  4,650
  4,870
  5,102
  5,346
  5,603
  5,873
  6,158
  6,457
Total liabilities and equity, $m
  3,979
  3,249
  3,324
  3,409
  3,505
  3,611
  3,728
  3,854
  3,992
  4,141
  4,299
  4,469
  4,650
  4,843
  5,049
  5,267
  5,497
  5,741
  6,000
  6,273
  6,561
  6,866
  7,186
  7,524
  7,880
  8,256
  8,650
  9,066
  9,503
  9,964
  10,448
Debt-to-equity ratio
  0.522
  0.250
  0.260
  0.270
  0.280
  0.290
  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
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
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
  269
  275
  281
  289
  297
  306
  316
  327
  338
  351
  364
  378
  393
  409
  425
  443
  462
  482
  503
  525
  549
  574
  600
  627
  656
  687
  719
  753
  788
  826
Depreciation, amort., depletion, $m
  427
  213
  218
  224
  230
  237
  245
  253
  262
  272
  282
  293
  305
  318
  331
  346
  361
  377
  394
  412
  431
  451
  472
  494
  517
  542
  568
  595
  624
  654
  686
Funds from operations, $m
  584
  482
  493
  505
  519
  534
  551
  569
  589
  610
  633
  657
  683
  711
  740
  771
  804
  839
  876
  915
  956
  1,000
  1,045
  1,094
  1,145
  1,198
  1,255
  1,314
  1,377
  1,442
  1,511
Change in working capital, $m
  -86
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  670
  479
  490
  501
  515
  529
  546
  563
  583
  603
  626
  649
  675
  702
  731
  761
  794
  828
  864
  903
  943
  986
  1,031
  1,079
  1,129
  1,181
  1,237
  1,295
  1,357
  1,422
  1,490
Maintenance CAPEX, $m
  0
  -209
  -213
  -218
  -224
  -230
  -237
  -245
  -253
  -262
  -272
  -282
  -293
  -305
  -318
  -331
  -346
  -361
  -377
  -394
  -412
  -431
  -451
  -472
  -494
  -517
  -542
  -568
  -595
  -624
  -654
New CAPEX, $m
  -494
  -42
  -49
  -56
  -63
  -70
  -77
  -83
  -90
  -97
  -104
  -112
  -119
  -127
  -135
  -143
  -151
  -160
  -170
  -179
  -189
  -200
  -210
  -222
  -234
  -246
  -259
  -273
  -287
  -302
  -318
Cash from investing activities, $m
  -451
  -251
  -262
  -274
  -287
  -300
  -314
  -328
  -343
  -359
  -376
  -394
  -412
  -432
  -453
  -474
  -497
  -521
  -547
  -573
  -601
  -631
  -661
  -694
  -728
  -763
  -801
  -841
  -882
  -926
  -972
Free cash flow, $m
  219
  229
  227
  227
  228
  230
  232
  235
  239
  244
  250
  256
  262
  270
  278
  287
  297
  307
  318
  330
  342
  356
  370
  385
  401
  418
  436
  455
  475
  496
  518
Issuance/(repayment) of debt, $m
  153
  24
  29
  33
  37
  41
  45
  48
  52
  57
  61
  65
  69
  74
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  143
  151
  159
  167
  176
  185
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
  24
  29
  33
  37
  41
  45
  48
  52
  57
  61
  65
  69
  74
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  143
  151
  159
  167
  176
  185
Total cash flow (excl. dividends), $m
  358
  253
  256
  260
  265
  270
  277
  284
  292
  301
  310
  321
  332
  344
  357
  370
  385
  400
  417
  434
  452
  472
  492
  514
  537
  561
  587
  614
  642
  672
  703
Retained Cash Flow (-), $m
  142
  -39
  -46
  -53
  -59
  -66
  -72
  -78
  -85
  -91
  -98
  -105
  -112
  -119
  -127
  -135
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -209
  -220
  -232
  -244
  -257
  -270
  -284
  -299
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
 
  373
  210
  207
  205
  205
  205
  205
  207
  209
  212
  216
  220
  224
  230
  236
  242
  249
  257
  265
  274
  284
  294
  305
  317
  330
  343
  357
  372
  387
  404
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
 
  358
  192
  180
  169
  159
  149
  139
  129
  120
  111
  102
  94
  85
  77
  69
  62
  54
  47
  41
  35
  29
  24
  20
  16
  13
  10
  8
  6
  4
  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. provides semiconductor packaging and testing services to semiconductor suppliers worldwide. Its packaging and testing solutions comprise advanced packages, substrate packages, and lead-frame packages, as well as testing for logic and mixed signal devices to measure and ensure the performance, functionality, and reliability of packaged semiconductor devices. The company also offers a turnkey service from packaging and testing to shipment service. Its substrate packages category employs the ball grid array design, which utilizes a laminated substrate and places the electrical connections on the bottom of the package; and lead-frame packages are characterized by a semiconductor chip encapsulated in a plastic molding compound with metal leads on the perimeter. The company’s testing and other services include wafer probing that involves sorting the processed wafer for defects to ensure that it meets customer acceptance criteria; final testing services for circuit packages; change kit and socket design services for integrated circuits; and other testing services, such as system-level testing, lead/ball scanner, marking, and tape and reel services. It serves customers in the personal computer, communications, consumer integrated circuits, and non-commodity memory semiconductor markets. Siliconware Precision Industries Co., Ltd. has a strategic alliance agreement with Tsinghua Unigroup Ltd. and Hon Hai, Precision Industry Co., Ltd. Siliconware Precision Industries Co., Ltd. was founded in 1984 and is headquartered in Taichung, Taiwan.

FINANCIAL RATIOS  of  Siliconware Precision Industries ADR (SPIL)

Valuation Ratios
P/E Ratio 76.9
Price to Sales 9
Price to Book 11.5
Price to Tangible Book
Price to Cash Flow 36.6
Price to Free Cash Flow 139.4
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% 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 10 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 626.752 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 $4.9 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] Battle for control of leading Taiwan chip group   [Dec-15  01:14AM  at Financial Times]
▶ Is Godaddy Inc (GDDY) A Good Stock To Buy?   [Dec-02  11:34AM  at Insider Monkey]
▶ Do Hedge Funds Love Lincoln Electric Holdings, Inc. (LECO)?   [Nov-30  12:37PM  at Insider Monkey]
▶ TSMC: Curb Your Enthusiasm On InFO, Says Goldman   [Nov-17  12:07AM  at Barrons.com]
▶ [$$] Hon Hai Loses Battle to Control Taiwan Chip Company   [Oct-16  12:32AM  at The Wall Street Journal]
▶ SPIL Shareholders Reject Hon Hai: What Next?   [Oct-15  10:12PM  at Barrons.com]
▶ [$$] Hon Hai Loses Battle to Control Chip Company   [01:27PM  at The Wall Street Journal]
Stock chart of SPIL 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.

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