Monday, August 31, 2015

The 16 Largest Taiwan HQ'd Companies, Led By Taiwan Semiconductor Manufacturing, 2014 Total Audited Earnings on Absolute Fire ..... Up 23% Over 2013, Up 70% Over 2012, Up 185% Over 2008 and Up 73% Over 2007

From a review of the superb Google Finance Website and the US SEC Website, I found 4 Companies headquartered in Taiwan which filed their financial statements with the US SEC and with Stock Market Capitalizations of more than New Taiwan Dollar (NT$) 100 bil.  Included in these 4 was the giant Taiwan Semiconductor Manufacturing whose NT$ 3.23 trillion stock market capitalization dwarfs that of all other Taiwan Companies.

Also from a review of the Google Finance Website and financial statements in company investor relations websites, I found another 12 Companies headquartered in Taiwan with Stock Market Capitalizations of more than NT$ 300 bil.

The NT$ is worth a little bit above 3 cents US.

How have these 16 largest Taiwan Companies recovered from the 2008-9 worldwide financial meltdown?  Well, the second best of all country companies that I have researched so far.  Only Israeli Companies have a higher total profits increase since 2007.  These 16 Taiwan Companies had Total Predominately Audited Earnings From Continuing Operations which were 73% above that in 2007.

For the most recent 3 years the Earnings are under the prestigious IFRS.  For the earlier years, they are mostly prepared under Taiwanese GAAP, although by far the largest Taiwan Semiconductor Manufacturing is under the most prestigious of all US GAAP in earlier years.

Below here are the reported Predominately Audited Earnings (Losses) for each of  these 16 Taiwan Companies for all years reported from 2007 through 2014:

 2014 2013 2012 2011 2010 2009 2008 2007
Audited Audited Audited Audited Audited Audited Audited Audited
Net Net Net Net Net Net Net Net
Taiwan Largest Companies Profit Profit Profit Profit Profit Profit Profit Profit
NT$ mils NT$ mils NT$ mils NT$ mils NT$ mils NT$ mils NT$ mils NT$ mils
Filing With US SEC







Taiwan Semiconductor Manufacturing      254,184      183,850      159,286      137,103      164,320        89,293        81,822        71,961
Chunghwa Telecom Co Ltd        37,567        42,618        42,617        48,095        48,558        44,495        45,792        48,742
Advanced Semiconductor Engineering Inc        22,869        15,870        13,648        13,979        19,195          6,904          7,208        13,995
United Microelectronics Corp        10,447        12,084          4,149          6,605        23,544             364       (29,632)         (9,398)









Not Filing With US SEC







Hon Hai Precision Industry Co Ltd      132,482      107,346        91,667        81,935        75,473        75,685        55,133        84,688
Fubon Financial Holding Co Ltd        60,483        38,464        29,149        30,543        19,905        19,938        10,875        14,432
Cathay Financial Holding Co Ltd        49,785        38,020        17,058        11,285          4,308        10,832          1,973        30,763
MediaTek Inc        46,399        27,485        15,545        13,616        30,937        36,695        19,174        33,390
CTBC Financial Holding Co Ltd        39,444        21,510        21,298        18,297        14,142          2,439        14,778        13,339
Nan Ya Plastics Corp        32,817        25,064          3,639        24,201        41,718        16,923 NA NA
China Steel Corporation        22,160        15,992          5,895        19,494        37,587        19,603        24,030        51,264
Delta Electronics Inc        20,699        17,776        14,783        10,991        15,754        11,657        10,251        15,061
Uni-President Enterprises Corp        17,713        20,740        15,569        14,735        16,924        12,162          3,601        11,017
Taiwan Mobile Co Ltd        15,631        16,067        16,550        13,626        13,818        13,889        15,371          6,613
Formosa Chemicals & Fibre Corp        14,021        26,679          8,503 NA NA NA NA NA
Formosa Petrochemical Corp          9,070        26,859          2,721        22,509        40,929        43,931        15,196        69,617









Grand Total all 16      785,771      636,424      462,077      467,014      567,112      404,810      275,572      455,484









Earnings % Increase:







….. 2014 Over 2013 23%






….. 2014 Over 2012 70%






….. 2014 Over 2008 185%






….. 2014 Over 2007 73%







The next three countries company audited earnings I want to research are all in the Far East ..... South Korea, Hong Kong and China.  The latter should be particularly interesting since a lot of it in Chinese.  But I have a hunch that I will be able to draw a large enough sample to reach a reasonable conclusion about how well these companies in the aggregate have recovered from the 2008-9 horrific worldwide financial meltdown, and particularly to what extent have their recent Total Earnings Growth Decelerated?

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