New Risk • May 23
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 58% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.08 (vs NT$0.20 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.08 (up from NT$0.20 loss in 1Q 2025). Revenue: NT$14.4b (flat on 1Q 2025). Net income: NT$102.3m (up NT$368.4m from 1Q 2025). Profit margin: 0.7% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$1.17 loss per share (vs NT$1.80 loss in FY 2024) Full year 2025 results: NT$1.17 loss per share (improved from NT$1.80 loss in FY 2024). Revenue: NT$58.8b (down 20% from FY 2024). Net loss: NT$1.55b (loss narrowed 35% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Aankondiging • Mar 09
UPC Technology Corporation, Annual General Meeting, May 26, 2026 UPC Technology Corporation, Annual General Meeting, May 26, 2026. Location: 1 floor no,209, sec.1 nan kang rd., nangang district, taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: NT$0.25 loss per share (vs NT$0.55 loss in 3Q 2024) Third quarter 2025 results: NT$0.25 loss per share (improved from NT$0.55 loss in 3Q 2024). Revenue: NT$14.6b (down 14% from 3Q 2024). Net loss: NT$331.8m (loss narrowed 54% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Aug 09
Second quarter 2025 earnings released: NT$0.11 loss per share (vs NT$0.43 loss in 2Q 2024) Second quarter 2025 results: NT$0.11 loss per share (improved from NT$0.43 loss in 2Q 2024). Revenue: NT$15.0b (down 27% from 2Q 2024). Net loss: NT$145.9m (loss narrowed 75% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 19
Upcoming dividend of NT$0.15 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 23 July 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (6.4%). Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.20 loss per share (vs NT$0.59 loss in 1Q 2024) First quarter 2025 results: NT$0.20 loss per share (improved from NT$0.59 loss in 1Q 2024). Revenue: NT$14.6b (down 18% from 1Q 2024). Net loss: NT$266.1m (loss narrowed 66% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 29
UPC Technology Corporation to Report Q1, 2025 Results on May 08, 2025 UPC Technology Corporation announced that they will report Q1, 2025 results on May 08, 2025 Buy Or Sell Opportunity • Apr 25
Now 21% overvalued Over the last 90 days, the stock has fallen 7.2% to NT$8.23. The fair value is estimated to be NT$6.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 10
Now 25% overvalued Over the last 90 days, the stock has fallen 4.3% to NT$7.99. The fair value is estimated to be NT$6.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.7% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 15
Full year 2024 earnings released: NT$1.79 loss per share (vs NT$0.21 loss in FY 2023) Full year 2024 results: NT$1.79 loss per share (further deteriorated from NT$0.21 loss in FY 2023). Revenue: NT$73.3b (flat on FY 2023). Net loss: NT$2.38b (loss widened NT$2.10b from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 10
UPC Technology Corporation, Annual General Meeting, May 28, 2025 UPC Technology Corporation, Annual General Meeting, May 28, 2025. Location: 1 floor no,209, sec.1 nan kang rd., nangang district, taipei city Taiwan Aankondiging • Mar 08
UPC Technology Corporation to Report Fiscal Year 2024 Results on Mar 07, 2025 UPC Technology Corporation announced that they will report fiscal year 2024 results on Mar 07, 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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: NT$17.0b (down 14% from 3Q 2023). Net loss: NT$726.4m (down 240% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Aankondiging • Oct 29
UPC Technology Corporation to Report Q3, 2024 Results on Nov 06, 2024 UPC Technology Corporation announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released: NT$0.43 loss per share (vs NT$0.49 loss in 2Q 2023) Second quarter 2024 results: NT$0.43 loss per share (improved from NT$0.49 loss in 2Q 2023). Revenue: NT$20.4b (up 16% from 2Q 2023). Net loss: NT$571.7m (loss narrowed 11% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • May 11
First quarter 2024 earnings released: NT$0.59 loss per share (vs NT$0.025 profit in 1Q 2023) First quarter 2024 results: NT$0.59 loss per share (down from NT$0.025 profit in 1Q 2023). Revenue: NT$17.8b (up 12% from 1Q 2023). Net loss: NT$780.7m (down NT$813.1m from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Aankondiging • May 01
UPC Technology Corporation to Report Q1, 2024 Results on May 08, 2024 UPC Technology Corporation announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 08, 2024 Upcoming Dividend • Mar 15
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 24 April 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.8%). Lower than average of industry peers (4.1%). Reported Earnings • Mar 09
Full year 2023 earnings released: NT$0.21 loss per share (vs NT$0.94 loss in FY 2022) Full year 2023 results: NT$0.21 loss per share (improved from NT$0.94 loss in FY 2022). Revenue: NT$73.2b (flat on FY 2022). Net loss: NT$282.8m (loss narrowed 77% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 08
UPC Technology Corporation, Annual General Meeting, May 24, 2024 UPC Technology Corporation, Annual General Meeting, May 24, 2024. Declared Dividend • Mar 08
Dividend of NT$0.20 announced Dividend of NT$0.20 is the same as last year. Ex-date: 22nd March 2024 Payment date: 24th April 2024 Dividend yield will be 1.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Aankondiging • Mar 08
UPC Technology Corporation Announces the Resignation of Yi-Shaw Ko as Vice Chairman UPC Technology Corporation received the Resignation Letter from Mr. Yi-Shaw Ko as Vice Chairman on March 7, 2024. Aankondiging • Mar 07
UPC Technology Corporation Announces Cash Dividend, Payable on April 24, 2024 UPC Technology Corporation announced cash dividend of TWD 265,511,121 (TWD 0.2 per share). Ex-rights (ex-dividend) trading date is March 22, 2024; Ex-rights (ex-dividend) record date is March 30, 2024; Payment date of common stock cash dividend distribution is April 24, 2024. Aankondiging • Jan 05
Upc Technology Corporation Announces Change in Representative of the Institutional Director UPC Technology Corporation announced the change in representative of the institutional director. Name of the previous position holder: Hui-Jong Jiang. Resume of the previous position holder: Director of UPC Technology Corporation. Name of the new position holder: Ann Bih. Resume of the new position holder: President of UPC Technology Corporation. Reason for the change: Representative Replacement. Effective date of the new appointment: January 4, 2024. The Company notified by the institutional director, Lien Hwa Industrial Holdings Corporation, in regard to change its representative on January 4, 2024 with effective as same date. New Risk • Aug 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings have declined by 19% per year over the past 5 years. Reported Earnings • Aug 05
Second quarter 2023 earnings released: NT$0.49 loss per share (vs NT$0.71 loss in 2Q 2022) Second quarter 2023 results: NT$0.49 loss per share (improved from NT$0.71 loss in 2Q 2022). Revenue: NT$17.6b (down 15% from 2Q 2022). Net loss: NT$643.5m (loss narrowed 31% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 17
Full year 2022 earnings released: NT$0.94 loss per share (vs NT$1.66 profit in FY 2021) Full year 2022 results: NT$0.94 loss per share (down from NT$1.66 profit in FY 2021). Revenue: NT$72.8b (down 11% from FY 2021). Net loss: NT$1.24b (down 158% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 16
Upcoming dividend of NT$0.20 per share at 1.4% yield Eligible shareholders must have bought the stock before 23 March 2023. Payment date: 26 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.1%). Lower than average of industry peers (6.6%). Board Change • Nov 16
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. 3 experienced directors. 7 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Jung-Chiou Hwang 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 • Nov 12
Third quarter 2022 earnings released: NT$0.65 loss per share (vs NT$0.46 profit in 3Q 2021) Third quarter 2022 results: NT$0.65 loss per share (down from NT$0.46 profit in 3Q 2021). Revenue: NT$16.4b (down 26% from 3Q 2021). Net loss: NT$851.0m (down 242% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2022 earnings released: NT$0.72 loss per share (vs NT$0.89 profit in 2Q 2021) Second quarter 2022 results: NT$0.72 loss per share (down from NT$0.89 profit in 2Q 2021). Revenue: NT$20.6b (flat on 2Q 2021). Net loss: NT$938.6m (down 182% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be NT$18.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 87%. Buying Opportunity • Jun 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$19.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 87%. Buying Opportunity • May 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be NT$19.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 87%. Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$0.74 (down from NT$0.99 in 1Q 2021). Revenue: NT$19.2b (up 12% from 1Q 2021). Net income: NT$966.8m (down 25% from 1Q 2021). Profit margin: 5.0% (down from 7.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 47%. Earnings per share (EPS) also surpassed analyst estimates by 188%. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 6 non-independent directors. Independent Director Jung-Chiou Hwang was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 17
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 27 April 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (6.3%). Reported Earnings • Mar 14
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$1.66 (up from NT$1.62 in FY 2020). Revenue: NT$81.9b (up 58% from FY 2020). Net income: NT$2.15b (flat on FY 2020). Profit margin: 2.6% (down from 4.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 47%. Earnings per share (EPS) also surpassed analyst estimates by 188%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 10
UPC Technology Corporation Announces Dividend, Payable on April 27, 2022 UPC Technology Corporation announced dividend of TWD 1 per share, payable on April 27, 2022. Ex-rights (ex-dividend) trading date is March 24, 2022. Ex-rights (ex-dividend) record date is April 1, 2022. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$0.46 (vs NT$0.82 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$22.3b (up 60% from 3Q 2020). Net income: NT$597.9m (down 44% from 3Q 2020). Profit margin: 2.7% (down from 7.7% 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 90% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$0.89 (vs NT$0.48 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$20.7b (up 70% from 2Q 2020). Net income: NT$1.14b (up 80% from 2Q 2020). Profit margin: 5.5% (up from 5.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$23.05, the stock trades at a trailing P/E ratio of 7.1x. Average forward P/E is 12x in the Chemicals industry in Taiwan. Total returns to shareholders of 45% over the past three years. Reported Earnings • May 05
First quarter 2021 earnings released: EPS NT$0.99 (vs NT$0.63 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$17.1b (up 92% from 1Q 2020). Net income: NT$1.28b (up NT$2.12b from 1Q 2020). Profit margin: 7.5% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 01
Price target increased to NT$19.30 Up from NT$14.04, the current price target is an average from 2 analysts. New target price is 36% below last closing price of NT$30.35. Stock is up 204% over the past year. Aankondiging • Mar 21
UPC Technology Corporation Proposes Dividend Distribution for the Year Ended December 31, 2020, Payable on May 7, 2021 UPC Technology Corporation at its board meeting held on March 19, 2021 proposed dividend of TWD 1 per share. Total amount of cash distributed to shareholders is TWD 1,292,347,607. Ex-rights (ex-dividend) trading date: April 8, 2021, Ex-rights (ex-dividend) record date on April 16, 20219. Cash dividend will be distributed on May 7, 2021. Aankondiging • Mar 19
UPC Technology Corporation, Annual General Meeting, Jun 10, 2021 UPC Technology Corporation, Annual General Meeting, Jun 10, 2021. Location: International Conference Hall, 1F. Building B, No. 209, Sec.1, Nangang Rd., Nangang Dist. Tapei City Taiwan Agenda: To consider 2020 Business Report; to consider audit Committee's Review Report; to consider status reports of 2020 Distribution of Remunerations to Employees and Directors; to consider status reports of the Cash dividends for Distribution of 2020 Profits; and to consider status reports of Implementation of Treasury Stock. Aankondiging • Feb 01
UPC Technology Corporation Announces Fire Incident in Linyuan Plant UPC Technology Corporation announced fire incident in the company's Linyuan Plant. On the night of January 29, 2021, a fire broke out in production line Special Plasticizer of the company's Linyuan plant. The solid raw material ignited by fire source, the cause of which has not been determined. The operator tried to do firefighting immediately, notified the fire brigade, initiated internal emergency procedures, and recalled staff to support. There is no casualties. The company has insured commercial fire comprehensive insurance and business interruption insurance. The amount of claims would be estimated after investigated by the insurance company and the notary public. The fire caused damage to the special plasticier plant, and the impact of other production lines (PA and DOP, etc.) need further evaluation. Before the lost production capacity is recovered, the existing inventory and the dispatch of subsidiaries in mainland China and Southeast Asia can fully support the needs of the market. In addition, the eco-friendly plasticizer located in the Linhai plant is no affect. Is New 90 Day High Low • Dec 16
New 90-day high: NT$17.60 The company is up 28% from its price of NT$13.70 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$7.88 per share. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.82 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$14.0b (down 11% from 3Q 2019). Net income: NT$1.07b (up 125% from 3Q 2019). Profit margin: 7.7% (up from 3.0% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 90% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 09
New 90-day high: NT$14.05 The company is up 30% from its price of NT$10.80 on 11 August 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.82 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$14.0b (down 11% from 3Q 2019). Net income: NT$1.07b (up 125% from 3Q 2019). Profit margin: 7.7% (up from 3.0% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 91% 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.