Buy Or Sell Opportunity • Apr 29
Now 20% overvalued Over the last 90 days, the stock has fallen 4.2% to NT$28.80. The fair value is estimated to be NT$23.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 7.9%. Reported Earnings • Mar 19
Full year 2025 earnings released Full year 2025 results: Revenue: NT$7.92b (flat on FY 2024). Net income: NT$1.76b (up 19% from FY 2024). Profit margin: 22% (up from 19% in FY 2024). Announcement • Mar 11
Universal Cement Corporation, Annual General Meeting, May 26, 2026 Universal Cement Corporation, Annual General Meeting, May 26, 2026, at 10:00 Taipei Standard Time. Location: no,18, hai shan st. hai hu li, lujhu district, taoyuan city Taiwan Buy Or Sell Opportunity • Mar 11
Now 21% overvalued Over the last 90 days, the stock has fallen 2.6% to NT$29.60. The fair value is estimated to be NT$24.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 7.6%. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: NT$0.82 (vs NT$0.69 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.82 (up from NT$0.69 in 3Q 2024). Revenue: NT$1.89b (flat on 3Q 2024). Net income: NT$561.5m (up 18% from 3Q 2024). Profit margin: 30% (up from 25% in 3Q 2024). 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 14% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.57 (vs NT$0.56 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.57 (up from NT$0.56 in 2Q 2024). Revenue: NT$1.97b (down 5.9% from 2Q 2024). Net income: NT$390.2m (up 1.9% from 2Q 2024). Profit margin: 20% (up from 18% in 2Q 2024). 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 but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 18
Upcoming dividend of NT$1.70 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 25 July 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.6%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.42 (vs NT$0.36 in 1Q 2024) First quarter 2025 results: EPS: NT$0.42 (up from NT$0.36 in 1Q 2024). Revenue: NT$1.93b (up 1.1% from 1Q 2024). Net income: NT$285.1m (up 15% from 1Q 2024). Profit margin: 15% (up from 13% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 13
Universal Cement Corporation to Report Q4, 2025 Results on May 14, 2025 Universal Cement Corporation announced that they will report Q4, 2025 results on May 14, 2025 Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: NT$2.16 (vs NT$3.07 in FY 2023) Full year 2024 results: EPS: NT$2.16 (down from NT$3.07 in FY 2023). Revenue: NT$7.95b (up 1.9% from FY 2023). Net income: NT$1.48b (down 30% from FY 2023). Profit margin: 19% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
Universal Cement Corporation, Annual General Meeting, May 26, 2025 Universal Cement Corporation, Annual General Meeting, May 26, 2025, at 10:00 Taipei Standard Time. Location: no,160, sec.3 jen ai rd., taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.69 (vs NT$1.39 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.69 (down from NT$1.39 in 3Q 2023). Revenue: NT$1.87b (flat on 3Q 2023). Net income: NT$474.5m (down 50% from 3Q 2023). Profit margin: 25% (down from 51% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.56 (vs NT$0.61 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.56 (down from NT$0.61 in 2Q 2023). Revenue: NT$2.09b (up 9.0% from 2Q 2023). Net income: NT$383.0m (down 8.4% from 2Q 2023). Profit margin: 18% (down from 22% in 2Q 2023). 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 15% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Universal Cement Corporation to Report Q2, 2024 Results on Aug 08, 2024 Universal Cement Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 12
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 21 August 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.8%). Declared Dividend • Jun 28
Dividend of NT$1.80 announced Shareholders will receive a dividend of NT$1.80. Ex-date: 16th July 2024 Payment date: 21st August 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 8.3% 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. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.41 in 1Q 2023) First quarter 2024 results: EPS: NT$0.37 (down from NT$0.41 in 1Q 2023). Revenue: NT$1.91b (up 4.0% from 1Q 2023). Net income: NT$248.1m (down 9.1% from 1Q 2023). Profit margin: 13% (down from 15% in 1Q 2023). 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 15% per year, which means it is significantly lagging earnings growth. Announcement • May 02
Universal Cement Corporation to Report Q1, 2024 Results on May 10, 2024 Universal Cement Corporation announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$3.13 (vs NT$3.03 in FY 2022) Full year 2023 results: EPS: NT$3.13 (up from NT$3.03 in FY 2022). Revenue: NT$7.80b (up 11% from FY 2022). Net income: NT$2.11b (up 3.3% from FY 2022). Profit margin: 27% (down from 29% in FY 2022). The decrease in margin was driven by higher expenses. 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 15% per year, which means it is significantly lagging earnings growth. Announcement • Mar 16
Universal Cement Corporation, Annual General Meeting, Jun 21, 2024 Universal Cement Corporation, Annual General Meeting, Jun 21, 2024. Location: The Howard Plaza Hotel Taipei No. 160, Sec. 3, Ren'ai Rd., Daan Dist., Taipei City Taipei City Taiwan Agenda: To approved 2023 Business Report of the Company; to review of 2023 financial statement of Audit Committee of the Company; to report of the remuneration of employees and directors for 2023; to report of the total amount for endorsement and guarantee made for others for 2023; and to report of loans to others for 2023. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$1.42 (vs NT$0.85 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.42 (up from NT$0.85 in 3Q 2022). Revenue: NT$1.87b (up 5.0% from 3Q 2022). Net income: NT$956.3m (up 68% from 3Q 2022). Profit margin: 51% (up from 32% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.62 (vs NT$0.49 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.62 (up from NT$0.49 in 2Q 2022). Revenue: NT$1.92b (up 9.8% from 2Q 2022). Net income: NT$418.0m (up 26% from 2Q 2022). Profit margin: 22% (up from 19% in 2Q 2022). 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 and the company’s share price has also increased by 16% per year. Upcoming Dividend • Jul 14
Upcoming dividend of NT$1.50 per share at 4.9% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 28 August 2023. Payout ratio is a comfortable 28% and the cash payout ratio is 80%. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Announcement • Jul 06
Universal Cement Corporation Announces Cash Dividend, Payable on August 28, 2023 Universal Cement Corporation announced cash dividend of TWD 1.5 per share. Ex-rights (ex-dividend) trading date is July 21, 2023; Ex-rights (ex-dividend) record date is July 29, 2023; Payment date of cash dividend distribution is August 28, 2023. Reported Earnings • Mar 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$3.12 (up from NT$1.67 in FY 2021). Revenue: NT$7.06b (up 16% from FY 2021). Net income: NT$2.04b (up 88% from FY 2021). Profit margin: 29% (up from 18% in FY 2021). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is expected to decline by 3.6% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to grow by 10%. 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 21% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.87 (vs NT$0.30 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.87 (up from NT$0.30 in 3Q 2021). Revenue: NT$1.78b (up 23% from 3Q 2021). Net income: NT$570.1m (up 194% from 3Q 2021). Profit margin: 32% (up from 13% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Asia are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. 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. 4 non-independent directors. Independent Director Felix Ho was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 10
Universal Cement Corporation Appoints Pei-Te Chang as Chief Information Security Officer Universal Cement Corporation appointed Pei-Te Chang, Assistant Vice President of President's Office, as Chief Information Security Officer, effective from November 9, 2022. Major Estimate Revision • Sep 28
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from NT$7.28b to NT$7.04b. EPS estimate rose from NT$2.54 to NT$2.98. Net income forecast to grow 37% next year vs 21% growth forecast for Basic Materials industry in Taiwan. Consensus price target down from NT$28.00 to NT$26.50. Share price fell 4.4% to NT$20.65 over the past week. Reported Earnings • Aug 15
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: NT$0.51 (up from NT$0.46 in 2Q 2021). Revenue: NT$1.75b (up 19% from 2Q 2021). Net income: NT$331.1m (up 9.4% from 2Q 2021). Profit margin: 19% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) exceeded analyst estimates by 19%. Over the next year, revenue is forecast to grow 19%, compared to a 11% growth forecast for the Basic Materials industry in Taiwan. 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 4% per year. Upcoming Dividend • Jul 19
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (4.8%). Major Estimate Revision • Jun 07
Consensus revenue estimates increase by 10% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from NT$6.61b to NT$7.28b. EPS estimate increased from NT$1.82 to NT$2.54 per share. Net income forecast to grow 22% next year vs 15% growth forecast for Basic Materials industry in Taiwan. Consensus price target up from NT$24.00 to NT$28.00. Share price was steady at NT$22.05 over the past week. Reported Earnings • May 17
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: NT$0.82 (up from NT$0.35 in 1Q 2021). Revenue: NT$1.53b (up 6.4% from 1Q 2021). Net income: NT$534.8m (up 133% from 1Q 2021). Profit margin: 35% (up from 16% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 165%. Over the next year, revenue is forecast to grow 9.1%, compared to a 12% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. 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. 4 non-independent directors. Independent Director Felix Ho was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: NT$1.66 (down from NT$1.91 in FY 2020). Revenue: NT$6.08b (up 12% from FY 2020). Net income: NT$1.09b (down 13% from FY 2020). Profit margin: 18% (down from 23% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.2%. Over the next year, revenue is forecast to grow 8.7%, compared to a 12% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 29
Universal Cement Corporation, Annual General Meeting, Jun 14, 2022 Universal Cement Corporation, Annual General Meeting, Jun 14, 2022. Location: Hi-Fu Gypsum Board Plant UCC, No.18, Hai-shan-zhong St., Hai-Fu Borough, Lu-Zhu Dist. Tao-Yuan City Taiwan Agenda: To consider 2021 Business Report of the Company; to consider Review of 2021 financial statement of Audit Committee of the Company; to consider Report of the remuneration of employees and directors for 2021; to consider Report of the total amount for endorsement and guarantee made for others for 2021; to consider Report of loans to others for 2021; to consider Acknowledgement of 2021 Business Report, Financial Statements and Consolidated Financial Statements of the Company; to consider Acknowledgement of the distribution of profit for 2021; and to consider other matters. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.60 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$1.45b (up 12% from 3Q 2020). Net income: NT$194.0m (down 51% from 3Q 2020). Profit margin: 13% (down from 30% 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 5% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.46 (vs NT$0.66 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.46b (up 9.5% from 2Q 2020). Net income: NT$302.5m (down 30% from 2Q 2020). Profit margin: 21% (down from 32% 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 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 09
Upcoming dividend of NT$1.10 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 08 September 2021. Trailing yield: 4.8%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (6.7%). Price Target Changed • May 23
Price target increased to NT$30.00 Up from NT$27.00, the current price target is provided by 1 analyst. New target price is 34% above last closing price of NT$22.35. Stock is up 27% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.071 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.44b (up 15% from 1Q 2020). Net income: NT$229.5m (up 397% from 1Q 2020). Profit margin: 16% (up from 3.7% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Price Target Changed • May 14
Price target increased to NT$30.00 Up from NT$27.00, the current price target is provided by 1 analyst. New target price is 34% above last closing price of NT$22.40. Stock is up 29% over the past year. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$1.91 (vs NT$1.74 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$5.43b (up 8.4% from FY 2019). Net income: NT$1.25b (up 9.8% from FY 2019). Profit margin: 23% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Price Target Changed • Nov 17
Price target raised to NT$25.50 Up from NT$22.50, the current price target is provided by 1 analyst. The new target price is 11% above the current share price of NT$23.00. As of last close, the stock is up 23% over the past year. Analyst Estimate Surprise Post Earnings • Nov 15
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 11%, compared to a 5.5% growth forecast for the Basic Materials industry in Taiwan. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.60 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$1.29b (up 11% from 3Q 2019). Net income: NT$392.1m (up 62% from 3Q 2019). Profit margin: 30% (up from 21% in 3Q 2019). The increase in margin was primarily driven by higher revenue. 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 3% per year. Is New 90 Day High Low • Nov 12
New 90-day high: NT$21.25 The company is up 16% from its price of NT$18.25 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: NT$20.95 The company is up 14% from its price of NT$18.30 on 14 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is down 4.0% over the same period.