New Risk • Jun 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 315% Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (36% accrual ratio). Minor Risk Dividend is not well covered by cash flows (315% cash payout ratio). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$295, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 28x in the Machinery industry in Taiwan. Total returns to shareholders of 280% over the past year. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (38% accrual ratio). New Risk • Apr 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$320, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 29x in the Machinery industry in Taiwan. Total returns to shareholders of 384% over the past year. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$287, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 25x in the Machinery industry in Taiwan. Total returns to shareholders of 322% over the past year. Annuncio • Mar 13
United Purification Technology Co., Ltd., Annual General Meeting, Jun 11, 2026 United Purification Technology Co., Ltd., Annual General Meeting, Jun 11, 2026. Location: no,17, kung yeh ou rd., hsi tun district, taichung city Taiwan Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$197, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 26x in the Machinery industry in Taiwan. Total returns to shareholders of 136% over the past year. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (NT$2.44b market cap, or US$77.6m). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$201, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 359% over the past year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$128, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 25x in the Machinery industry in Taiwan. Total returns to shareholders of 173% over the past year. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$200, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 24x in the Machinery industry in Taiwan. Total returns to shareholders of 421% over the past year. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$244, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 23x in the Machinery industry in Taiwan. Total returns to shareholders of 488% over the past year. Declared Dividend • Jun 25
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 2.8% lower than last year. Ex-date: 3rd July 2025 Payment date: 25th July 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (284% earnings payout ratio) nor is it covered by cash flows (dividend approximately 8x free cash flows). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 215% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Apr 18
Full year 2024 earnings released: EPS: NT$0.70 (vs NT$1.87 in FY 2023) Full year 2024 results: EPS: NT$0.70 (down from NT$1.87 in FY 2023). Revenue: NT$620.8m (down 20% from FY 2023). Net income: NT$9.59m (down 59% from FY 2023). Profit margin: 1.5% (down from 3.0% in FY 2023). The decrease in margin was driven by lower revenue. Annuncio • Mar 14
United Purification Technology Co., Ltd., Annual General Meeting, Jun 17, 2025 United Purification Technology Co., Ltd., Annual General Meeting, Jun 17, 2025. Location: no,17, kung yeh ou rd., hsi tun district, taichung city Taiwan New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.6% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 32x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 27% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (NT$923.7m market cap, or US$28.1m). New Risk • Feb 19
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: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 32x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (NT$836.6m market cap, or US$25.5m). New Risk • Dec 27
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 6.1% 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 32x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (NT$612.2m market cap, or US$18.6m). Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: NT$1.87 (vs NT$11.06 in FY 2022) Full year 2023 results: EPS: NT$1.87 (down from NT$11.06 in FY 2022). Revenue: NT$774.9m (down 23% from FY 2022). Net income: NT$23.6m (down 72% from FY 2022). Profit margin: 3.0% (down from 8.4% in FY 2022). The decrease in margin was driven by lower revenue. Annuncio • Mar 23
United Purification Technology Co., Ltd., Annual General Meeting, Jun 07, 2024 United Purification Technology Co., Ltd., Annual General Meeting, Jun 07, 2024. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (NT$702.8m market cap, or US$22.2m). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$54.50, the stock trades at a trailing P/E ratio of 13.4x. Average forward P/E is 21x in the Machinery industry in Taiwan. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$46.80, the stock trades at a trailing P/E ratio of 11.5x. Average forward P/E is 21x in the Machinery industry in Taiwan. 