Every company listed on Taiwan’s stock exchanges must publish its previous month’s revenue by the 10th of the following month. No other major market mandates anything like this cadence market-wide, which means the world’s most concentrated semiconductor supply chain is marked to market twelve times a year instead of four. If you follow global tech demand, learning to read these filings gives you a hard data point weeks before quarterly earnings arrive anywhere else.
Interest in the mechanism tends to spike just before the deadline. In early August 2026, for example, investors were waiting on TSMC’s July sales — due August 10, 2026 under the rule — after TSMC shares closed at NT$2,405 on August 5, 2026, a session in which the TWSE semiconductor sector index rose 3.64% and foreign institutions net bought NT$90.31 billion of Taiwan stocks. The rest of this guide is timeless: what the rule requires, why it exists, how professionals convert monthly prints into quarter nowcasts, and where to pull the data yourself.
The rule: unaudited revenue, twelve times a year
Under Taiwan’s Securities and Exchange Act (Article 36) and the exchanges’ listing rules, every company listed on the Taiwan Stock Exchange (TWSE) or the Taipei Exchange (TPEx, the smaller-cap board) must file its prior month’s operating revenue by the 10th day of the following month. The local term is yueyingshou (月營收), literally “monthly revenue.” The filing goes to MOPS — the Market Observation Post System (gongkai zixun guancezhan), Taiwan’s rough equivalent of the SEC’s EDGAR — and includes the month’s consolidated net revenue in New Taiwan dollars (NT$), plus month-on-month, year-on-year, and cumulative year-to-date comparisons.
Three properties define the disclosure, and each one shapes how you should read it:
- It is unaudited. This is top-line revenue only, recognized on the company’s own cutoff. It reconciles closely with the audited quarterly statements in the vast majority of cases, but it is not a substitute for them — there is no margin, no profit, no cash flow.
- It is universal. Not just blue chips: every listed name from TSMC down to the smallest TPEx company files. That makes bottom-up supply-chain work possible — you can cross-check a foundry’s print against its packagers, testers, and substrate suppliers in the same week.
- It is fast. A ten-day lag on hard sales data is a cadence quarterly-reporting markets simply do not have. Elsewhere, a handful of retailers volunteer monthly sales; in Taiwan it is the law for everyone.
Why a Taipei filing rule matters globally
Taiwan’s market is unusually internationalized for its size. As of August 2026, foreign investors owned 69.15% of TSMC’s shares outstanding, 62.32% of Delta Electronics, and 55.25% of MediaTek (TWSE data). The people trading these prints sit in Hong Kong, Singapore, London, and New York as much as in Taipei.
More importantly, Taiwan hosts the chokepoint of advanced semiconductor manufacturing. TSMC is a pure-play foundry: its revenue is, in effect, a shipment record for the world’s leading chip designers. When AI infrastructure spending accelerates or decelerates, it shows up in TSMC’s monthly yueyingshou before it shows up in almost any other published number. That is why a single Taipei filing routinely moves the Philadelphia Semiconductor Index (SOX) constituents and semiconductor names across Asia and Europe: it is the closest thing the market has to a monthly odometer on global chip demand. UMC’s print does the same job for mature-node demand, MediaTek’s for smartphone silicon, and Hon Hai’s for downstream assembly volumes.
Worked example: how a Taipei number travels to New York
The monthly print’s global transmission runs through TSMC’s American Depositary Receipt (ADR), ticker TSM, where one ADR represents five Taipei-listed shares. Here is how to read the relationship, using actual closes from early August 2026:
- Convert the ADR to a per-share price. TSM closed at $414.00 in New York on 2026-08-05. Divide by five: $82.80 per underlying share.
- Convert to NT dollars. With the exchange rate around NT$32.4 per US dollar at the time, $82.80 × 32.4 ≈ NT$2,683.
- Compare with Taipei — and mind the session pairing. New York’s August 5 close lands after Taipei’s August 5 session has already ended, so the natural comparison is against Taipei’s next session. Measured against 2330’s Taipei close of 2026-08-06, the ADR was pricing the stock at roughly a 12.7% premium. (For reference, 2330 had closed at NT$2,405.00 in Taipei on August 5.)
- Interpret it correctly. The premium itself is structural — TSM ADRs have habitually traded roughly 15–25% above Taipei in recent years because conversion between the two lines is limited. The level of the gap tells you little. What carries signal is the change: when the monthly revenue release hits MOPS around the 10th, Taipei’s session may already be over, so the ADR trades on the number overnight and the size of its move — and how the premium widens or narrows — previews how Taipei is likely to open the next morning.
Two cautions: the paired closes come from different sessions (Taipei closes many hours before New York, so the New York close is measured against the following Taipei session), and the gap should never be treated as a same-moment arbitrage; always redo the FX leg with a current rate rather than a remembered one.
How analysts nowcast a quarter from monthly prints
The real professional use of the rule is quarter nowcasting. TSMC guides revenue quarterly in US dollars but reports monthly in NT dollars, and the arithmetic is straightforward:
- After the first monthly print of a quarter, you know roughly one-third of the quarter’s revenue.
- After the second print, you know roughly two-thirds. Sum the two months, convert to US dollars at prevailing rates, and subtract from the guidance midpoint: the remainder is the implied third month.
- If the implied third month requires an improbable jump or collapse versus recent run-rate, the market reprices the quarter weeks before results are published. This is why the second monthly print of each quarter often moves the stock more than the first.
The same logic scales down: a fabless designer’s monthly prints can be checked against its foundry’s, and an assembler’s against its component suppliers’. The disclosure makes the whole chain internally auditable in near real time.
The failure modes to avoid
- Lunar New Year distortion. The holiday falls in January or February depending on the year and shuts factories for a week or more. Never read January or February in isolation — compare the two months combined against the prior year’s combined figure.
- Calendar and cutoff noise. Months differ in working days, and shipment cutoffs can push a few days of revenue across a month boundary. A weak month-on-month number after an unusually strong month is often just timing; a three-month moving average filters most of this.
- FX translation. Because reporting is in NT dollars, currency swings distort comparisons against US-dollar guidance and against year-ago months booked at different rates. A stronger NT dollar mechanically depresses reported NT$ revenue even when underlying dollar demand is intact. Always ask what the print looks like in constant currency before calling it a miss.
- Pull-ins and one-offs. A single spectacular month can reflect customers front-loading orders rather than a new demand level. Confirm with the cumulative year-to-date growth rate, which the filing conveniently includes.
- Over-extrapolation. One company’s print is one company’s mix. Before declaring a sector trend, check the peers filing the same week — the rule’s universality exists precisely so you can.
Where to find the data
| Source | What you get | Notes |
|---|---|---|
| MOPS (emops.twse.com.tw) | The official filings for every listed company | English interface available; the legal source of record |
| TWSE OpenAPI (openapi.twse.com.tw) | Machine-readable JSON, including monthly operating revenue datasets for listed companies | Free, no key required; ideal for building your own tracker |
| TWSE English portal (www.twse.com.tw/en) | Market-level statistics and company data | Useful context: valuations, foreign ownership, flows |
| TPEx (www.tpex.org.tw) | Equivalent data for Taipei Exchange-listed companies | Covers the smaller-cap board |
| TSMC IR (investor.tsmc.com) | English monthly revenue press release and historical monthly tables | The fastest clean English source for the single most-watched print |
Companies may file any time up to the deadline, so the days around the 10th see a flood of releases; the largest names, TSMC included, typically publish around that date with an English press release following promptly.
FAQ
Is the monthly revenue figure audited?
No. It is unaudited consolidated net revenue reported by the company itself. Audited or reviewed figures come with the quarterly financial statements. In practice the monthly numbers reconcile closely with the quarterly totals, but treat the monthly print as a fast indicator, not a financial statement.
Do all Taiwan-listed companies report monthly, or only the big ones?
All of them. Every company listed on the TWSE main board and the TPEx must file by the 10th of the following month. That universality is the rule’s real power: it lets you verify one company’s story against its entire supply chain within the same ten-day window.
Why might TSMC’s monthly numbers look off-track versus its own guidance?
Usually one of two mechanical reasons: guidance is set in US dollars while monthly reporting is in NT dollars, so currency moves open a gap; and shipment timing shifts revenue between months without changing the quarter. Convert to dollars, smooth over three months, and re-check before concluding demand has changed.
Can non-Chinese speakers work with this data?
Yes. MOPS has an English interface, the TWSE OpenAPI serves language-neutral JSON, and large caps such as TSMC publish English press releases of the monthly figure on their investor relations sites.
Sources
- TWSE OpenAPI — openapi.twse.com.tw
- TWSE English site — www.twse.com.tw/en
- MOPS filings — emops.twse.com.tw
- Taipei Exchange (TPEx) — www.tpex.org.tw
- TSMC Investor Relations — investor.tsmc.com
Disclaimer: This is an information and analysis publication, not investment advice. See our Methodology for data sources, standards, and our corrections policy.