Powertech Technology's September revenue came in -0.6% below August. Against the same month a year earlier it still rose 27.0%. Peers grew a shade faster, and the stock sits below the peer median P/E.
One soft month, inside a strong year
Powertech Technology packages and tests memory chips that other companies design. Every month it tells the market how much it sold, and this is the September note. Month on month, the change was -0.6%. Against the same month a year earlier, revenue was 27.0% higher.
Data table
| period | revenue | yoy |
|---|---|---|
| 2023Q3 | NT$18.4bn | -13.9% |
| 2023Q4 | NT$19.0bn | 3.4% |
| 2024Q1 | NT$18.3bn | 16.4% |
| 2024Q2 | NT$19.6bn | 13.8% |
| 2024Q3 | NT$18.3bn | -0.8% |
| 2024Q4 | NT$17.1bn | -10.2% |
| 2025Q1 | NT$15.5bn | -15.5% |
| 2025Q2 | NT$18.1bn | -7.8% |
| 2025Q3 | NT$20.0bn | 9.1% |
| 2025Q4 | NT$21.4bn | 25.2% |
| 2026Q1 | NT$21.3bn | 37.6% |
| 2026Q2 | NT$23.1bn | 28.0% |
Add the months of this year so far, and revenue is 30.3% more than the same stretch last year. The monthly record on the chart covers 24 months of sales. So the soft month sits on top of a strong year. The chart here uses the quarterly accounts, which only run through 2026Q2. Revenue grew 28.0% from a year earlier in 2026Q2, slower than the 37.6% of 2026Q1. My reading is that a single flat month after a long run of growth tells you very little; the shape of the year is the part that counts.
The rivals had a slightly better month
Powertech was not alone in having a busy September. The comparison here covers 4 peers, and every one of them grew too. The median rival grew 30.0% from a year earlier, a bit quicker than Powertech.
How fast do you think the median rival grew against the same month last year?
Actual30.0%
The median rival grew 30.0% from a year earlier. The surprise is the direction: strong growth on its own does not make a company the quickest on its own street.
Show answer
30.0% The median rival grew 30.0% from a year earlier. The surprise is the direction: strong growth on its own does not make a company the quickest on its own street.
That puts Powertech -3.1 pp behind the peer median for the month. A possible explanation is that memory packaging and logic testing do not run on the same clock, so a one-month ranking can shuffle easily. A breakdown of which product line sold more in the month is not available.
The share price tells a similar story. Over the ten trading days before the announcement, Powertech's return ran -5.8% below what the basket of four rivals did in the same period. From the announcement day onward that gap was 0.1%, measured across the 6 trading days of price data available including the day itself. Prices here only show that the two moved apart in the same window, not that the revenue news did it.
Margins up, price tag below the pack
Profits moved the right way too, although the published quarterly accounts only run through 2026Q2, before this September month. Gross margin The share of sales left after the direct cost of making the product. A higher share means more room to cover everything else. was 21.8% in 2026Q2, which is 2.3 pp more than the quarter before. More of each sales dollar stayed with the company.
Data table
| order | category | amount | kind |
|---|---|---|---|
| 0 | 2026Q1 operating margin | 13.0% | total |
| 1 | Gross margin change | 2.3% | delta |
| 2 | Opex ratio change | -0.0% | delta |
| 3 | 2026Q2 operating margin | 15.3% | total |
Valuation is the calmer part of the story. Powertech trades at 27.1x trailing earnings while the peer median is 34.5x, a gap of -21.3%. A lower P/E The share price divided by earnings per share. It shows how much buyers pay for each unit of profit. is not automatically a bargain; it is simply what other buyers are paying today for each dollar of past profit.
Glossary
- Gross margin
- The share of sales left after the direct cost of making the product. A higher share means more room to cover everything else.
- P/E
- The share price divided by earnings per share. It shows how much buyers pay for each unit of profit.
Risks
- Monthly revenue can carry one-off orders that flatter or flatten a single month.
- Four peers is a small basket, so the comparison may not represent the whole industry.
- Currency moves or accounting changes can distort year-on-year revenue comparisons.
Sources
- FinMind 財務報表 / 現金流量表 6239（原始來源：公開資訊觀測站） — data as of 2026-06-30; fetched 2026-11-05 19:18 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)