Reported Earnings • May 19
First quarter 2026 earnings released: NT$0.08 loss per share (vs NT$0.023 loss in 1Q 2025) First quarter 2026 results: NT$0.08 loss per share (further deteriorated from NT$0.023 loss in 1Q 2025). Revenue: NT$57.2m (down 30% from 1Q 2025). Net loss: NT$6.82m (loss widened 252% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 17
Full year 2025 earnings released: NT$0.70 loss per share (vs NT$0.60 loss in FY 2024) Full year 2025 results: NT$0.70 loss per share (further deteriorated from NT$0.60 loss in FY 2024). Revenue: NT$290.9m (down 8.3% from FY 2024). Net loss: NT$59.6m (loss widened 16% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Announcement • Mar 16
Universal Incorporation, Annual General Meeting, Jun 26, 2026 Universal Incorporation, Annual General Meeting, Jun 26, 2026, at 09:00 Taipei Standard Time. Location: 8 floor no,350, sung chiang rd., taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.05 loss per share (vs NT$0.22 loss in 3Q 2024) Third quarter 2025 results: NT$0.05 loss per share (improved from NT$0.22 loss in 3Q 2024). Revenue: NT$61.8m (down 14% from 3Q 2024). Net loss: NT$3.51m (loss narrowed 81% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Declared Dividend • Jun 22
Dividend reduced to NT$0.30 Dividend of NT$0.30 is 50% lower than last year. Ex-date: 8th July 2025 Payment date: 4th August 2025 Dividend yield will be 1.0%, which is lower than the industry average of 4.3%. Announcement • Jun 21
Universal Incorporation Announces Cash Dividend, Payable on August 4, 2025 Universal Incorporation has announced cash dividend. The board of directors resolved on June 20, 2025, to allocate a cash dividend of TWD 0.3 per share. The Ex-rights (ex-dividend) trading date is set for July 8, 2025, and the Ex-rights (ex-dividend) record date is July 14, 2025. The payment date for the common stock cash dividend distribution is scheduled for August 4, 2025. New Risk • May 30
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 8.7% 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 Earnings have declined by 68% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • May 19
First quarter 2025 earnings released: NT$0.02 loss per share (vs NT$0.16 profit in 1Q 2024) First quarter 2025 results: NT$0.02 loss per share (down from NT$0.16 profit in 1Q 2024). Revenue: NT$82.2m (down 15% from 1Q 2024). Net loss: NT$1.94m (down 115% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Apr 29
Universal Incorporation to Report Q1, 2025 Results on May 09, 2025 Universal Incorporation announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Mar 19
Full year 2024 earnings released: NT$0.60 loss per share (vs NT$0.21 profit in FY 2023) Full year 2024 results: NT$0.60 loss per share (down from NT$0.21 profit in FY 2023). Revenue: NT$317.4m (down 22% from FY 2023). Net loss: NT$51.5m (down 390% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Mar 18
Universal Incorporation, Annual General Meeting, Jun 20, 2025 Universal Incorporation, Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,350, sung chiang rd., taipei city Taiwan New Risk • Jan 03
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. Paying a dividend despite being loss-making. Dividend per share is over 9x cash flows per share. Earnings have declined by 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$2.70b market cap, or US$82.0m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.22 loss per share (vs NT$0.34 profit in 3Q 2023) Third quarter 2024 results: NT$0.22 loss per share (down from NT$0.34 profit in 3Q 2023). Revenue: NT$71.5m (down 26% from 3Q 2023). Net loss: NT$18.8m (down 166% 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 120 percentage points per year, which is a significant difference in performance. New Risk • Aug 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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 Earnings have declined by 35% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (NT$2.59b market cap, or US$81.0m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.07 loss per share (vs NT$0.23 profit in 2Q 2023) Second quarter 2024 results: NT$0.07 loss per share (down from NT$0.23 profit in 2Q 2023). Revenue: NT$77.0m (down 25% from 2Q 2023). Net loss: NT$5.59m (down 129% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. New Risk • Aug 05
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 6.8% 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 Earnings have declined by 25% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (157% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$2.22b market cap, or US$68.1m). Announcement • Aug 02
Universal Incorporation to Report Q2, 2024 Results on Aug 09, 2024 Universal Incorporation announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 03
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 06 August 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (3.2%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.016 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.16 (up from NT$0.016 loss in 1Q 2023). Revenue: NT$96.4m (down 12% from 1Q 2023). Net income: NT$13.4m (up NT$14.8m from 1Q 2023). Profit margin: 14% (up from net loss in 1Q 2023). The move to profitability 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 104 percentage points per year, which is a significant difference in performance. Announcement • May 03
Universal Incorporation to Report Q1, 2024 Results on May 10, 2024 Universal Incorporation announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$0.21 (vs NT$0.19 in FY 2022) Full year 2023 results: EPS: NT$0.21 (up from NT$0.19 in FY 2022). Revenue: NT$405.8m (down 27% from FY 2022). Net income: NT$17.8m (up 7.1% from FY 2022). Profit margin: 4.4% (up from 3.0% in FY 2022). 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 97 percentage points per year, which is a significant difference in performance. Announcement • Mar 16
Universal Incorporation, Annual General Meeting, Jun 21, 2024 Universal Incorporation, Annual General Meeting, Jun 21, 2024. Location: First meeting room, 3F., No. 350 Songjiang Rd., Zhongshan Dist Taipei Taiwan Agenda: To consider 2023 Business Report; to consider 2023 audit committee's review report; to consider Distribution of Remuneration to Employees and Directors in 2023; to consider Distribution of Cash Dividend in 2023; and to consider other related matters. New Risk • Jan 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.09b (US$99.1m) 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 5.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.09b market cap, or US$99.1m). New Risk • Nov 30
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 5.9% 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 Earnings have declined by 5.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.03b market cap, or US$96.6m). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$26.75, the stock trades at a trailing P/E ratio of 67.9x. Average trailing P/E is 24x in the Luxury industry in Taiwan. Total loss to shareholders of 68% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.34 (vs NT$0.28 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.34 (up from NT$0.28 in 3Q 2022). Revenue: NT$97.1m (down 29% from 3Q 2022). Net income: NT$28.6m (up 20% from 3Q 2022). Profit margin: 30% (up from 18% in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 0.3% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (148% payout ratio). Market cap is less than US$100m (NT$1.91b market cap, or US$59.5m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.23 (vs NT$0.025 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.23 (up from NT$0.025 in 2Q 2022). Revenue: NT$103.2m (down 31% from 2Q 2022). Net income: NT$19.4m (up NT$17.2m from 2Q 2022). Profit margin: 19% (up from 1.4% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 20
Upcoming dividend of NT$0.50 per share at 2.2% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$28.25, the stock trades at a trailing P/E ratio of 65.4x. Average trailing P/E is 13x in the Luxury industry in Taiwan. Total returns to shareholders of 128% over the past three years. Buying Opportunity • Aug 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$34.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.03 (vs NT$1.63 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.03 (down from NT$1.63 in 2Q 2021). Revenue: NT$150.5m (down 63% from 2Q 2021). Net income: NT$2.17m (down 98% from 2Q 2021). Profit margin: 1.4% (down from 35% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 12 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.1%. Within top quartile of Taiwanese dividend payers (6.7%). Higher than average of industry peers (4.0%). Buying Opportunity • Jul 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be NT$35.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 43%. Buying Opportunity • Jun 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be NT$35.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 43%. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.04 (vs NT$1.84 in 1Q 2021) First quarter 2022 results: EPS: NT$0.04 (down from NT$1.84 in 1Q 2021). Revenue: NT$150.0m (down 68% from 1Q 2021). Net income: NT$3.49m (down 98% from 1Q 2021). Profit margin: 2.3% (down from 33% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 43% 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 • Apr 01
Full year 2021 earnings released: EPS: NT$3.26 (vs NT$23.16 in FY 2020) Full year 2021 results: EPS: NT$3.26 (down from NT$23.16 in FY 2020). Revenue: NT$1.19b (down 71% from FY 2020). Net income: NT$278.4m (down 86% from FY 2020). Profit margin: 23% (down from 49% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to NT$48.20, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 18x in the Luxury industry in Taiwan. Total returns to shareholders of 242% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.29 loss per share (vs NT$8.04 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$169.1m (down 87% from 3Q 2020). Net loss: NT$25.0m (down 104% from profit in 3Q 2020). 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 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to NT$57.60, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 16x in the Luxury industry in Taiwan. Total returns to shareholders of 291% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$1.63 (vs NT$7.21 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$402.1m (down 68% from 2Q 2020). Net income: NT$139.2m (down 77% from 2Q 2020). Profit margin: 35% (down from 50% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$51.40, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 18x in the Luxury industry in Taiwan. Total returns to shareholders of 251% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to NT$73.80, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 20x in the Luxury industry in Taiwan. Total returns to shareholders of 396% over the past three years. Upcoming Dividend • Jul 08
Upcoming dividend of NT$12.00 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 11 August 2021. Trailing yield: 13%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (2.3%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.84 (vs NT$1.45 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$470.7m (up 9.9% from 1Q 2020). Net income: NT$156.9m (up 27% from 1Q 2020). Profit margin: 33% (up from 29% 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 123% per year but the company’s share price has only increased by 80% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 21% share price gain to NT$103, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 22x in the Luxury industry in Taiwan. Total returns to shareholders of 504% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$23.16 (vs NT$0.42 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$4.06b (up 425% from FY 2019). Net income: NT$1.97b (up NT$1.94b from FY 2019). Profit margin: 49% (up from 4.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 17
New 90-day low: NT$75.50 The company is down 33% from its price of NT$114 on 19 November 2020. The Taiwanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is down 5.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$80.30 The company is down 40% from its price of NT$135 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day low: NT$87.50 The company is down 31% from its price of NT$127 on 30 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: NT$95.40 The company is down 35% from its price of NT$146 on 08 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: NT$111 The company is down 30% from its price of NT$159 on 19 August 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 3.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS NT$8.04 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.32b (up NT$1.15b from 3Q 2019). Net income: NT$685.9m (up NT$680.5m from 3Q 2019). Profit margin: 52% (up from 3.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 86% per year, which means it is significantly lagging earnings growth.