TL;DR: Listed companies in Taiwan publish monthly revenue figures. By tracking Year-over-Year (YoY) and Month-over-Month (MoM) changes, you can spot shifts in a company's business trajectory months before quarterly earnings come out -- making monthly revenue the most timely fundamental indicator for Taiwan stock investors.
Concepts
Why Does Monthly Revenue Matter?
Taiwan has an investor-friendly regulation that is rare globally: all listed and OTC-traded companies must disclose the previous month's revenue every month. (In the U.S., companies only report financials quarterly.) This means Taiwan stock investors can monitor a company's business momentum on a monthly basis, detecting changes well before the next quarterly report.
Monthly revenue is simply a company's total sales for the month. While revenue does not equal profit (you still need to subtract costs and expenses), revenue is the starting point for profitability. A company with steadily growing revenue will usually see profits follow; when revenue starts to decline, earnings will eventually be affected too.
YoY and MoM Growth Rates
Year-over-Year (YoY)
YoY compares this month's revenue to the same month last year. For example, if March revenue is NT$10 billion this year versus NT$8 billion last March, YoY growth is +25%.
Why compare to the same month a year ago? Because many industries have pronounced seasonal patterns. Retail revenue naturally surges in November-December every year; comparing December to November would show growth, but that is just seasonality, not genuine improvement. Comparing to the same month last year strips out seasonal effects.
YoY is the most important metric for assessing a company's revenue trend. Multiple consecutive months of positive YoY growth signal expansion; a flip from positive to negative signals fading momentum.
Month-over-Month (MoM)
MoM compares this month to the previous month. MoM tends to be more volatile than YoY because it is affected by seasonal cycles, the number of working days, and one-off orders. MoM is better suited for spotting short-term anomalies -- for example, a sudden surge or drop may indicate a special event.
Advanced Observation Techniques
Cumulative Revenue Comparison
Beyond YoY and MoM, you can also look at "cumulative revenue YoY growth" -- summing all revenue from January through the current month and comparing it to the same period last year. Cumulative figures smooth out single-month volatility and reveal a steadier trend.
Consecutive Months of Growth
If a company's monthly revenue has posted positive YoY growth for six or more consecutive months, the growth trend is well established and not a one-month fluke. The longer the streak, the stronger the trend. Conversely, if a series of YoY declines starts shortening or the magnitude of decline narrows, the worst may be about to pass.
Revenue Breakdown by Product Line
Some companies disclose revenue by product line or business segment. This is extremely valuable because overall revenue might appear flat while individual product lines tell very different stories. For example, legacy products may be declining while new products are growing rapidly -- a sign the company is successfully pivoting.
Limitations of Monthly Revenue
Monthly revenue only shows the "top line" (revenue), not the "bottom line" (profit). Some companies grow revenue while profits decline, possibly due to falling gross margins or rising expenses. Always cross-reference monthly revenue with quarterly earnings data to get the full picture.
Additionally, the regulatory deadline for disclosure is the 10th of the following month. Some companies announce early (often when results are strong), while others wait until the last day. The timing of disclosure itself can be a tell.
Hands-On: Using CTSstock
On CTSstock's individual stock analysis page (/analysis/[ticker]), switch to the Revenue tab to see complete monthly revenue data.
Features available on the platform:
- Historical monthly revenue trend: View absolute revenue figures for each month and the long-term trajectory.
- YoY growth rate: A clear month-by-month comparison against the same month last year.
- MoM growth rate: A comparison to the previous month for short-term observation.
- Product line breakdown: Some companies provide revenue details by product segment.
Recommended workflow:
- Start with the YoY trend: Determine whether the company is in a growth or contraction phase.
- Check the streak of consecutive growth or decline months: Assess the strength and persistence of the trend.
- Compare to historical seasonality: Verify whether seasonal factors are at play.
- Cross-reference with other financial data: Go to the financial statements tab to confirm whether revenue growth is translating into profit growth.
FAQ
Q: When is monthly revenue released? How should I track it? A: By regulation, listed companies must disclose the previous month's revenue by the 10th. For example, March revenue is published by April 10. You can check CTSstock in the first week of each month to see the latest monthly revenue data for the stocks you follow.
Q: Should I sell if YoY growth turns negative? A: Not necessarily. Consider why it turned negative. If it is because the same month last year had an unusually high base (e.g., a one-time large order), and the company's underlying business has not deteriorated, the negative YoY may be temporary. However, if YoY has been declining for several consecutive months and the rate of decline is widening, it is time to seriously consider reducing your position.
Q: Can I directly compare monthly revenue across different industries? A: Comparing absolute revenue figures across industries is not very meaningful because revenue scales and business characteristics differ widely. A more useful approach is to compare YoY growth rates among companies within the same industry -- this shows who is outperforming under similar conditions.