Adata upbeat about 2022 DRAM market; Transcend cautious

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Siu Han, Taipei; Jessie Shen, DIGITIMES

Monday 8 November 2021

Latest stock

Transcend [2451] historical stock price (NT$)
Date	Volume (k)	Transactions	Value	Open	High	Low	Close	Change		Ask	Bid
30-Jun	901	752	62,475,078	70.20	70.30	69.10	69.10	-1.00	-1.43%	69.10	69.20
29-Jun	618	506	43,332,459	70.30	70.40	69.70	70.10	-0.20	-0.28%	70.10	70.30
28-Jun	306	227	21,586,533	70.80	70.90	70.30	70.30	-0.50	-0.71%	70.30	70.40
27-Jun	337	262	23,930,500	70.70	71.20	70.70	70.80	+0.30	+0.43%	70.80	70.90
24-Jun	496	320	35,028,000	71.00	71.00	70.30	70.50	+0.10	+0.14%	70.50	70.60
23-Jun	389	300	27,344,100	70.30	70.80	70.00	70.40	+0.10	+0.14%	70.30	70.40
22-Jun	464	321	32,612,828	70.70	71.00	70.00	70.30	-0.20	-0.28%	70.20	70.30

Latest sales

Transcend: Consolidated revenues, May 2021 - May 2022 (NT$m)
Month	Sales	M/M	Y/Y	YTD	Y/Y
May-22	1,032	12.7%	(19.2%)	5,397	(11%)
Apr-22	915	(25.7%)	(29%)	4,365	(8.8%)
Mar-22	1,232	17.6%	(8.6%)	3,450	(1.4%)
Feb-22	1,047	(10.5%)	8%	2,218	3.1%
Jan-22	1,171	2.4%	(0.9%)	1,171	(0.9%)
Dec-21	1,143	(3%)	10.5%	14,315	25.1%
Nov-21	1,179	0.3%	21%	13,172	26.5%
Oct-21	1,176	10.8%	21.7%	11,993	27.1%
Sep-21	1,062	(7%)	6.6%	10,817	27.7%
Aug-21	1,142	(13.6%)	40.6%	9,755	30.5%
Jul-21	1,321	7.6%	38%	8,613	29.3%
Jun-21	1,227	(3.9%)	42.1%	7,293	27.8%
May-21	1,277	(0.9%)	53.6%	6,065	25.3%

*Figures are consolidated
Source: TSE, compiled by Digitimes, July 2022

Transcend: Consolidated revenues, 1Q21 - 1Q22 (NT$m)
Quarter	Sales	Q/Q	Y/Y	YTD	Y/Y
1Q-22	3,450	(1.4%)	(1.4%)	3,450	(1.4%)
4Q-21	3,498	(0.7%)	17.6%	14,315	25.1%
3Q-21	3,524	(7.1%)	27.5%	10,817	27.7%
2Q-21	3,794	8.5%	52.6%	7,293	27.8%
1Q-21	3,499	17.6%	8.6%	3,499	8.6%

*Figures are consolidated
Source: TSE, compiled by Digitimes, July 2022

Latest balance sheet and income statement

Transcend: Consolidated balance sheet, 1Q21 - 1Q22 (NT$k)
Item	1Q-2022	4Q-2021	3Q-2021	2Q-2021	1Q-2021
Current assets	18,277,161	16,773,957	16,118,142	16,860,905	15,067,150
Non-current assets	5,293,105	5,664,544	5,496,644	5,559,928	6,380,266
Assets	23,570,266	22,438,501	21,614,786	22,420,833	21,447,416
Current liabilities	5,207,373	2,401,653	2,080,937	3,515,693	3,344,239
Non-current liabilities	288,569	202,013	195,216	215,633	220,924
Liabilities	5,495,942	2,603,666	2,276,153	3,731,326	3,565,163
Stockholders' equity	18,074,324	19,834,835	19,338,633	18,689,507	17,882,253

*Figures are consolidated
Source: TSE, compiled by Digitimes, July 2022

Transcend: Consolidated income statement, 1Q21 - 1Q22 (NT$k)
Item	1Q-2022		4Q-2021		3Q-2021		2Q-2021		1Q-2021
Item	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales
Operating revenue	3,449,636		3,498,270		3,523,741		3,794,184		3,498,620
Gross profit (loss) from operations	860,503	24.9%	897,315	25.7%	1,108,525	31.5%	1,316,998	34.7%	852,848	24.4%
Operating expenses	336,463	9.8%	308,566	8.8%	305,755	8.7%	335,178	8.8%	334,393	9.6%
Operating income (loss)	524,040	15.2%	588,749	16.8%	802,770	22.8%	981,820	25.9%	518,455	14.8%
Non-operating expenses and losses	457,545	13.3%	31,799	0.9%	27,085	0.8%	34,628	0.9%	143,348	4.1%
Income from continuing operations before income tax	981,585	28.5%	620,548	17.7%	829,855	23.6%	1,016,448	26.8%	661,803	18.9%
Net income (loss)	779,444	22.6%	487,883	13.9%	665,661	18.9%	820,364	21.6%	559,386	16%
Diluted earnings per share (NT$)	1.8		1.1		1.6		1.9		1.3