Reported Earnings • Apr 01
Full year 2025 earnings released: NT$0.27 loss per share (vs NT$0.03 profit in FY 2024) Full year 2025 results: NT$0.27 loss per share (down from NT$0.03 profit in FY 2024). Revenue: NT$2.84b (down 16% from FY 2024). Net loss: NT$14.4m (down NT$16.0m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Anuncio • Mar 16
United Recommend International Co., Ltd., Annual General Meeting, Jun 23, 2026 United Recommend International Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: b1 floor no,85, sec.4 luo szu fu rd., da-an district, taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.003 (vs NT$0.20 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.003 (down from NT$0.20 in 3Q 2024). Revenue: NT$704.2m (down 22% from 3Q 2024). Net income: NT$149.0k (down 99% from 3Q 2024). Profit margin: 0% (down from 1.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.001 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.02 (up from NT$0.001 in 2Q 2024). Revenue: NT$694.1m (down 22% from 2Q 2024). Net income: NT$1.10m (up NT$1.06m from 2Q 2024). Profit margin: 0.2% (up from 0% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (NT$2.43b market cap, or US$82.8m). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$46.80, the stock trades at a trailing P/E ratio of 57.6x. Average trailing P/E is 22x in the Specialty Retail industry in Taiwan. Total loss to shareholders of 26% over the past three years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: NT$0.06 (vs NT$0.72 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.06 (up from NT$0.72 loss in 1Q 2024). Revenue: NT$734.1m (up 3.2% from 1Q 2024). Net income: NT$3.29m (up NT$41.6m from 1Q 2024). Profit margin: 0.4% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Anuncio • Mar 17
United Recommend International Co., Ltd., Annual General Meeting, Jun 17, 2025 United Recommend International Co., Ltd., Annual General Meeting, Jun 17, 2025. Location: b2 floor no,176, sec.1 chi lung rd., sinyi district, taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.20 (vs NT$0.21 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.20 (down from NT$0.21 in 3Q 2023). Revenue: NT$903.0m (up 7.8% from 3Q 2023). Net income: NT$10.7m (down 2.5% from 3Q 2023). Profit margin: 1.2% (down from 1.3% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.21b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risk Market cap is less than US$100m (NT$3.21b market cap, or US$100.0m). Upcoming Dividend • Sep 03
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 10 September 2024. Payment date: 15 October 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: NT$886.6m (down 3.8% from 2Q 2023). Net income: NT$37.0k (down 100% from 2Q 2023). Profit margin: 0% (down from 5.6% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Jul 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.24b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (0.05% net profit margin). Market cap is less than US$100m (NT$3.24b market cap, or US$98.6m). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.05% net profit margin). Anuncio • Apr 03
United Recommend International Co., Ltd., Annual General Meeting, Jun 21, 2024 United Recommend International Co., Ltd., Annual General Meeting, Jun 21, 2024. New Risk • Mar 28
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: 2.5% Last year net profit margin: 5.8% 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: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.22 (vs NT$0.94 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.22 (down from NT$0.94 in 3Q 2022). Revenue: NT$837.6m (up 2.2% from 3Q 2022). Net income: NT$11.0m (down 76% from 3Q 2022). Profit margin: 1.3% (down from 5.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 59% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 13
Now 25% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be NT$114, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 93%. Buying Opportunity • Oct 13
Now 21% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be NT$115, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 93%. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$104, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 23x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 282% over the past three years. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (93% net debt to equity). Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to NT$109, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 22x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 283% over the past three years. Upcoming Dividend • Aug 21
Upcoming dividend of NT$0.70 per share at 0.8% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (1.1%). Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: NT$1.29 (vs NT$1.17 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.29 (up from NT$1.17 in 2Q 2022). Revenue: NT$921.6m (up 16% from 2Q 2022). Net income: NT$52.0m (up 11% from 2Q 2022). Profit margin: 5.6% (down from 5.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to NT$107, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 18x in the Specialty Retail industry in Taiwan. Total returns to shareholders of 431% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$4.60 (vs NT$2.70 in FY 2021) Full year 2022 results: EPS: NT$4.60 (up from NT$2.70 in FY 2021). Revenue: NT$3.17b (up 17% from FY 2021). Net income: NT$184.9m (up 70% from FY 2021). Profit margin: 5.8% (up from 4.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$82.50, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 23x in the Online Retail industry in Asia. Total returns to shareholders of 416% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 18% share price gain to NT$75.00, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 23x in the Online Retail industry in Asia. Total returns to shareholders of 117% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$1.15 (vs NT$0.97 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.15 (up from NT$0.97 in 3Q 2021). Revenue: NT$819.5m (up 17% from 3Q 2021). Net income: NT$46.3m (up 19% from 3Q 2021). Profit margin: 5.6% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. No independent directors (5 non-independent directors). Director Hui-Fen Wu was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$65.70, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 17x in the Online Retail industry in Taiwan. Total returns to shareholders of 123% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: NT$1.34 (vs NT$0.57 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.34 (up from NT$0.57 in 2Q 2021). Revenue: NT$792.3m (up 14% from 2Q 2021). Net income: NT$46.9m (up 136% from 2Q 2021). Profit margin: 5.9% (up from 2.9% 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 21% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$110, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 21x in the Online Retail industry in Taiwan. Total returns to shareholders of 169% over the past three years. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.19 (vs NT$0.55 in 1Q 2021) First quarter 2022 results: EPS: NT$1.19 (up from NT$0.55 in 1Q 2021). Revenue: NT$730.7m (up 16% from 1Q 2021). Net income: NT$41.7m (up 117% from 1Q 2021). Profit margin: 5.7% (up from 3.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. No independent directors (5 non-independent directors). Director Hui-Fen Wu was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: NT$3.11 (vs NT$3.73 loss in FY 2020) Full year 2021 results: EPS: NT$3.11 (up from NT$3.73 loss in FY 2020). Revenue: NT$2.72b (up 31% from FY 2020). Net income: NT$108.6m (up NT$238.3m from FY 2020). Profit margin: 4.0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$121, the stock trades at a trailing P/E ratio of 67.8x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 15% share price gain to NT$120, the stock trades at a trailing P/E ratio of 67.2x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 189% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.11 (vs NT$2.85 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$699.7m (up 23% from 3Q 2020). Net income: NT$39.0m (up NT$138.1m from 3Q 2020). Profit margin: 5.6% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.57 (vs NT$0.28 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$695.4m (up 28% from 2Q 2020). Net income: NT$19.9m (up NT$29.5m from 2Q 2020). Profit margin: 2.9% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.55 (vs NT$0.15 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$630.0m (up 53% from 1Q 2020). Net income: NT$19.2m (up NT$24.3m from 1Q 2020). Profit margin: 3.1% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 45% 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 • Apr 01
Full year 2020 earnings released: NT$3.73 loss per share (vs NT$1.47 profit in FY 2019) The company reported a mediocre full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: NT$2.08b (up 52% from FY 2019). Net loss: NT$129.7m (down 396% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$2.85 loss per share The company reported a mediocre third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: NT$569.2m (up 98% from 3Q 2019). Net loss: NT$99.1m (down NT$116.1m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Is New 90 Day High Low • Nov 13
New 90-day low: NT$34.80 The company is down 21% from its price of NT$43.80 on 14 August 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: NT$35.80 The company is down 27% from its price of NT$49.00 on 29 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 1.0% over the same period.