Sigurd Microelectronics' September revenue grew 26.3% from a year earlier. Month on month it was up just 1.0%. Peers grew faster. The last reported quarter still shows margins climbing.
A record month, but barely bigger than August
Sigurd Microelectronics tests and packages chips in Taiwan. It has just told the market how much it sold in September. September was the biggest revenue The money a company takes in from selling its goods or services. It is counted before any costs are paid. month in the data we have. That is only 1.0% more than August. Against the same month a year earlier, revenue grew 26.3%.
Data table
| period | revenue | yoy |
|---|---|---|
| 2024-10 | NT$1.7bn | 24.3% |
| 2024-11 | NT$1.6bn | 23.9% |
| 2024-12 | NT$1.6bn | 19.6% |
| 2025-01 | NT$1.6bn | 16.2% |
| 2025-02 | NT$1.5bn | 12.7% |
| 2025-03 | NT$1.6bn | 8.9% |
| 2025-04 | NT$1.6bn | 4.1% |
| 2025-05 | NT$1.6bn | 2.6% |
| 2025-06 | NT$1.6bn | 8.7% |
| 2025-07 | NT$1.6bn | 6.4% |
| 2025-08 | NT$1.6bn | 6.5% |
| 2025-09 | NT$1.7bn | 4.5% |
| 2025-10 | NT$1.7bn | 2.6% |
| 2025-11 | NT$1.7bn | 7.0% |
| 2025-12 | NT$1.8bn | 11.9% |
| 2026-01 | NT$1.8bn | 13.5% |
| 2026-02 | NT$1.6bn | 8.5% |
| 2026-03 | NT$1.9bn | 16.7% |
| 2026-04 | NT$1.9bn | 24.5% |
| 2026-05 | NT$2.0bn | 23.7% |
| 2026-06 | NT$2.0bn | 21.0% |
| 2026-07 | NT$2.0bn | 26.6% |
| 2026-08 | NT$2.1bn | 28.6% |
| 2026-09 | NT$2.1bn | 26.3% |
The year so far looks strong too. For the first nine months of 2026, revenue was 21.2% higher than the same stretch last year. The chart covers 24 months, and the monthly figures run through September 2026, the last month reported.
Glossary
- revenue
- The money a company takes in from selling its goods or services. It is counted before any costs are paid.
The whole trade had a good month, not just Sigurd
Here is the part a headline leaves out. Growth of 26.3% looks great on its own. But our basket holds 4 peers, and their median growth in the same month was 30.4%. The gap to that peer median was -4.1 pp.
Add the peers up and their combined revenue grew 42.5% in September. My reading: a rising tide is lifting the packaging and testing trade, so a big year-over-year number by itself does not show this company is pulling ahead of the pack.
Profit is improving, the shares ran ahead, and the multiple sits below the peer median
Monthly sales say nothing about profit. The quarterly report does. In 2026Q3, revenue was up 27.2% from a year earlier. Gross margin The share of revenue left after the direct cost of making the product. A higher share means more room to cover everything else. reached 35.5% and operating margin The share of revenue left after both production costs and running costs such as salaries and research. 26.2%. Gross margin was 8.2 pp higher than in the same quarter last year.
Glossary
- Gross margin
- The share of revenue left after the direct cost of making the product. A higher share means more room to cover everything else.
- operating margin
- The share of revenue left after both production costs and running costs such as salaries and research.
- trailing P/E
- The share price divided by the profit per share already earned over the past year. It shows what the market pays for past profit.
What trailing P/E do you think Sigurd carried after the announcement?
Actual26.6x
It was 26.6x, under the peer median of 34.3x. The surprise is the direction: the company grew its September revenue more slowly than the peer median, and the market also pays less for its past profit than for the typical peer.
Show answer
26.6x It was 26.6x, under the peer median of 34.3x. The surprise is the direction: the company grew its September revenue more slowly than the peer median, and the market also pays less for its past profit than for the typical peer.
Data table
| day | series | value | series_role |
|---|---|---|---|
| -5 | Sigurd Microelectronics | -2.7% | target |
| -4 | Sigurd Microelectronics | 4.5% | target |
| -3 | Sigurd Microelectronics | 5.6% | target |
| -2 | Sigurd Microelectronics | 6.0% | target |
| -1 | Sigurd Microelectronics | 7.0% | target |
| 0 | Sigurd Microelectronics | 17.7% | target |
| 1 | Sigurd Microelectronics | 14.4% | target |
| 2 | Sigurd Microelectronics | 16.5% | target |
| 3 | Sigurd Microelectronics | 18.1% | target |
| 4 | Sigurd Microelectronics | 14.8% | target |
| 5 | Sigurd Microelectronics | 14.0% | target |
| -5 | Peer basket | -4.0% | peer |
| -4 | Peer basket | -0.4% | peer |
| -3 | Peer basket | 0.5% | peer |
| -2 | Peer basket | 4.4% | peer |
| -1 | Peer basket | 3.8% | peer |
| 0 | Peer basket | 6.1% | peer |
| 1 | Peer basket | 5.7% | peer |
| 2 | Peer basket | 6.6% | peer |
| 3 | Peer basket | 5.5% | peer |
| 4 | Peer basket | 2.9% | peer |
| 5 | Peer basket | 2.9% | peer |
| -5 | Cumulative abnormal return | 1.3% | neutral |
| -4 | Cumulative abnormal return | 4.9% | neutral |
| -3 | Cumulative abnormal return | 5.1% | neutral |
| -2 | Cumulative abnormal return | 1.6% | neutral |
| -1 | Cumulative abnormal return | 3.1% | neutral |
| 0 | Cumulative abnormal return | 10.9% | neutral |
| 1 | Cumulative abnormal return | 8.4% | neutral |
| 2 | Cumulative abnormal return | 9.5% | neutral |
| 3 | Cumulative abnormal return | 11.9% | neutral |
| 4 | Cumulative abnormal return | 11.5% | neutral |
| 5 | Cumulative abnormal return | 10.9% | neutral |
The shares moved in the same window as the news. From the announcement day on, the stock returned 7.7% more than the basket of four peers. On the announcement day itself that gap was 7.8%. But the chart's days before the announcement show the stock was already ahead of the peer basket by 3.1% going in, so the gap did not start with the news.
Valuation is the other half of the story. Sigurd's trailing P/E The share price divided by the profit per share already earned over the past year. It shows what the market pays for past profit. was 26.6x. The peer median was 34.3x. So the market pays less for each dollar of past profit here than for the typical peer. My reading: slower growth than peers and the lower multiple are two sides of the same judgement.
Risks
- Monthly revenue is unaudited and can be restated later.
- One month is noisy: shipment timing and currency moves swing it.
- Four peers is a small basket for a comparison of this kind.
Sources
- FinMind 月營收 6257（原始來源：公開資訊觀測站 營收公告） — data as of 2026-09-30; fetched 2026-11-05 19:14 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)
- 臺灣證券交易所 個股日成交資訊 3711 — data as of 2026-10-20; fetched 2026-11-05 19:14 UTC
- 臺灣證券交易所 個股日成交資訊 8150 — data as of 2026-10-20; fetched 2026-11-05 19:15 UTC
- 臺灣證券交易所 個股日成交資訊 2449 — data as of 2026-10-20; fetched 2026-11-05 19:15 UTC
- 臺灣證券交易所 個股日成交資訊 6239 — data as of 2026-10-20; fetched 2026-11-05 19:14 UTC
- 臺灣證券交易所 個股日成交資訊 6257 — data as of 2026-10-20; fetched 2026-11-05 19:14 UTC