Upcoming Dividend • Jun 08
Upcoming dividend of NT$7.20 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 17 July 2026. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (4.8%). Higher than average of industry peers (4.2%). Declared Dividend • May 25
Dividend increased to NT$7.20 Dividend of NT$7.20 is 2.9% higher than last year. Ex-date: 15th June 2026 Payment date: 17th July 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.5%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 3.4% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.8% EPS decline seen over the last 5 years. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$1.93 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$1.93 in 1Q 2025). Revenue: NT$5.89b (up 9.2% from 1Q 2025). Net income: NT$372.3m (up 21% from 1Q 2025). Profit margin: 6.3% (up from 5.7% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 02
TTET Union Corporation, Annual General Meeting, May 22, 2026 TTET Union Corporation, Annual General Meeting, May 22, 2026. Location: no,32, kung yeh w. rd., erh chen li, guantian district, tainan city Taiwan Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$8.25 (vs NT$8.24 in FY 2024) Full year 2025 results: EPS: NT$8.25 (up from NT$8.24 in FY 2024). Revenue: NT$21.5b (down 2.5% from FY 2024). Net income: NT$1.32b (flat on FY 2024). Profit margin: 6.1% (up from 6.0% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$1.91 (vs NT$1.61 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.91 (up from NT$1.61 in 3Q 2024). Revenue: NT$5.34b (down 1.4% from 3Q 2024). Net income: NT$304.9m (up 19% from 3Q 2024). Profit margin: 5.7% (up from 4.7% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: NT$2.00 (vs NT$2.65 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.00 (down from NT$2.65 in 2Q 2024). Revenue: NT$5.10b (down 4.4% from 2Q 2024). Net income: NT$320.1m (down 25% from 2Q 2024). Profit margin: 6.3% (down from 8.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings have declined by 0.09% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 04
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 10 July 2025. Payout ratio and cash payout ratio are on the higher end at 83% and 83% respectively. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.7%). Announcement • May 21
TTET Union Corporation Approves Profit Distribution for 2024 TTET Union Corporation approved the profit distribution for 2024 was acknowledged and passed, to distribute TWD 7 per share. The dividend base date is authorized to be determined by the BOD, at the AGM held on May 20, 2025. Announcement • Apr 17
TTET Union Corporation to Report Q1, 2025 Results on Apr 25, 2025 TTET Union Corporation announced that they will report Q1, 2025 results on Apr 25, 2025 Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: NT$8.24 (vs NT$7.53 in FY 2023) Full year 2024 results: EPS: NT$8.24 (up from NT$7.53 in FY 2023). Revenue: NT$22.1b (down 6.3% from FY 2023). Net income: NT$1.32b (up 9.3% from FY 2023). Profit margin: 6.0% (up from 5.1% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Announcement • Feb 21
TTET Union Corporation, Annual General Meeting, May 20, 2025 TTET Union Corporation, Annual General Meeting, May 20, 2025. Location: no,32, kung yeh w. rd., erh chen li, guantian district, tainan city Taiwan Announcement • Feb 13
TTET Union Corporation to Report Fiscal Year 2024 Results on Feb 20, 2025 TTET Union Corporation announced that they will report fiscal year 2024 results on Feb 20, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: NT$5.41b (down 7.3% from 3Q 2023). Net income: NT$257.0m (down 4.8% from 3Q 2023). Profit margin: 4.7% (up from 4.6% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Announcement • Oct 23
TTET Union Corporation to Report Q3, 2024 Results on Oct 30, 2024 TTET Union Corporation announced that they will report Q3, 2024 results on Oct 30, 2024 Announcement • Jul 19
TTET Union Corporation to Report Q2, 2024 Results on Jul 26, 2024 TTET Union Corporation announced that they will report Q2, 2024 results on Jul 26, 2024 Upcoming Dividend • Jul 10
Upcoming dividend of NT$6.60 per share Eligible shareholders must have bought the stock before 17 July 2024. Payment date: 08 August 2024. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 4.5%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.2%). Reported Earnings • May 04
First quarter 2024 earnings released: EPS: NT$1.76 (vs NT$2.17 in 1Q 2023) First quarter 2024 results: EPS: NT$1.76 (down from NT$2.17 in 1Q 2023). Revenue: NT$5.63b (down 9.4% from 1Q 2023). Net income: NT$281.9m (down 19% from 1Q 2023). Profit margin: 5.0% (down from 5.6% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: NT$7.53 (vs NT$7.67 in FY 2022) Full year 2023 results: EPS: NT$7.53 (down from NT$7.67 in FY 2022). Revenue: NT$23.6b (down 4.5% from FY 2022). Net income: NT$1.20b (down 1.7% from FY 2022). Profit margin: 5.1% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 24
TTET Union Corporation, Annual General Meeting, Jun 13, 2024 TTET Union Corporation, Annual General Meeting, Jun 13, 2024. Location: The office building of the Company located at No. 32, Gongye W. Road Erzhen Village, Guantian District Tainan City Taiwan Agenda: To consider the Company's 2023 Business Report; to consider The 2023 financial statements reviewed by the Audit committee; to consider Compensation for employees and directors in 2023; to Compensation for employees and directors in 2023; to Compensation for employees and directors in 2023; and to discuss other matters. Announcement • Feb 21
TTET Union Corporation, Annual General Meeting, Jun 04, 2024 TTET Union Corporation, Annual General Meeting, Jun 04, 2024. Location: No. 58, Gongye 1st Road, Annan District Tainan City Taiwan Agenda: To consider the Company's 2023 Business Report; to 2023 financial statements reviewed by the Company's supervisors; to 2023 Allocation of remuneration to the employees and directors/supervisors of the Company; and to discuss other matters. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: NT$1.69 (vs NT$0.78 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.69 (up from NT$0.78 in 3Q 2022). Revenue: NT$5.84b (down 3.6% from 3Q 2022). Net income: NT$269.9m (up 117% from 3Q 2022). Profit margin: 4.6% (up from 2.1% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.9% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (98% payout ratio). Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$1.62 (vs NT$2.36 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.62 (down from NT$2.36 in 2Q 2022). Revenue: NT$5.66b (down 4.6% from 2Q 2022). Net income: NT$258.4m (down 31% from 2Q 2022). Profit margin: 4.6% (down from 6.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 20
Upcoming dividend of NT$6.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.6%). Announcement • May 26
TTET Union Corporation Announces Cash Dividend, Payable on July 14, 2023 TTET Union Corporation announced cash dividends TWD 959,849,490, or TWD 6 per share. Payment date of cash dividend distribution is July 14, 2023. Ex-rights (ex-dividend) record date is July 3, 2023. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: NT$7.66 (vs NT$7.76 in FY 2021) Full year 2022 results: EPS: NT$7.66 (down from NT$7.76 in FY 2021). Revenue: NT$24.7b (up 21% from FY 2021). Net income: NT$1.23b (down 1.2% from FY 2021). Profit margin: 5.0% (down from 6.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Director Hsu-Hwa Chen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: NT$0.78 (vs NT$0.85 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.78 (down from NT$0.85 in 3Q 2021). Revenue: NT$6.05b (up 25% from 3Q 2021). Net income: NT$124.3m (down 8.1% from 3Q 2021). Profit margin: 2.1% (down from 2.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: NT$2.36 (vs NT$1.68 in 2Q 2021) Second quarter 2022 results: EPS: NT$2.36 (up from NT$1.68 in 2Q 2021). Revenue: NT$5.93b (up 21% from 2Q 2021). Net income: NT$376.9m (up 40% from 2Q 2021). Profit margin: 6.4% (up from 5.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jun 20
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 15 July 2022. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (6.2%). In line with average of industry peers (3.9%). Reported Earnings • May 02
First quarter 2022 earnings released: EPS: NT$2.98 (vs NT$3.05 in 1Q 2021) First quarter 2022 results: EPS: NT$2.98 (down from NT$3.05 in 1Q 2021). Revenue: NT$5.70b (up 18% from 1Q 2021). Net income: NT$477.3m (down 2.3% from 1Q 2021). Profit margin: 8.4% (down from 10% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Liang-Zhou Hsia was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$7.76 (down from NT$8.08 in FY 2020). Revenue: NT$20.5b (up 17% from FY 2020). Net income: NT$1.24b (down 3.9% from FY 2020). Profit margin: 6.1% (down from 7.4% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Announcement • Feb 17
TTET Union Corporation, Annual General Meeting, May 10, 2022 TTET Union Corporation, Annual General Meeting, May 10, 2022. Location: No. 58, Gongye 1st Road, Annan District Tainan Taiwan Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS NT$0.85 (vs NT$2.17 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$4.84b (up 8.5% from 3Q 2020). Net income: NT$135.3m (down 61% from 3Q 2020). Profit margin: 2.8% (down from 7.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Aug 17
Upcoming dividend of NT$6.00 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 16 September 2021. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (3.9%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.68 (vs NT$1.58 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: NT$4.92b (up 25% from 2Q 2020). Net income: NT$268.4m (up 6.3% from 2Q 2020). Profit margin: 5.5% (down from 6.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improved over the past week After last week's 22% share price gain to NT$178, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 19x in the Food industry in Taiwan. Total returns to shareholders of 116% over the past three years. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS NT$3.05 (vs NT$1.66 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.84b (up 19% from 1Q 2020). Net income: NT$488.6m (up 84% from 1Q 2020). Profit margin: 10% (up from 6.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 17
Full year 2020 earnings released: EPS NT$8.08 (vs NT$6.09 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$17.4b (up 1.7% from FY 2019). Net income: NT$1.29b (up 33% from FY 2019). Profit margin: 7.4% (up from 5.7% in FY 2019). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Is New 90 Day High Low • Dec 16
New 90-day high: NT$128 The company is up 7.0% from its price of NT$120 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is flat over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$2.17 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$4.46b (up 1.9% from 3Q 2019). Net income: NT$346.7m (up 49% from 3Q 2019). Profit margin: 7.8% (up from 5.3% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of NT$1.10b, up 7.4% from the prior year. Total revenue was NT$17.0b over the last 12 months, largely unchanged from the prior year. Is New 90 Day High Low • Oct 30
New 90-day high: NT$124 The company is up 4.0% from its price of NT$119 on 31 July 2020. The Taiwanese market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 8.0% over the same period.