Declared Dividend • Jun 04
Dividend reduced to NT$0.15 Dividend of NT$0.15 is 25% lower than last year. Ex-date: 23rd July 2026 Payment date: 21st August 2026 Dividend yield will be 1.1%, 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. Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: NT$0.41 loss per share (improved from NT$0.59 loss in 1Q 2025). Revenue: NT$10.7b (down 12% from 1Q 2025). Net loss: NT$439.9m (loss narrowed 31% from 1Q 2025). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 37%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • May 15
USI Corporation to Report Q1, 2026 Results on May 15, 2026 USI Corporation announced that they will report Q1, 2026 results on May 15, 2026 Reported Earnings • Mar 17
Full year 2025 earnings released: NT$2.60 loss per share (vs NT$2.00 loss in FY 2024) Full year 2025 results: NT$2.60 loss per share (further deteriorated from NT$2.00 loss in FY 2024). Revenue: NT$44.2b (down 13% from FY 2024). Net loss: NT$2.79b (loss widened 30% from FY 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
USI Corporation, Annual General Meeting, May 29, 2026 USI Corporation, Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: no,33, szu wei 3rd rd., lingya district, kaohsiung city Taiwan New Risk • Feb 28
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 7.0% 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. This is currently the only risk that has been identified for the company. New Risk • Dec 12
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 6.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: NT$0.45 loss per share (improved from NT$0.61 loss in 3Q 2024). Revenue: NT$10.5b (down 19% from 3Q 2024). Net loss: NT$479.3m (loss narrowed 27% from 3Q 2024). Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates by 12%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: NT$0.81 loss per share (further deteriorated from NT$0.23 loss in 2Q 2024). Revenue: NT$11.6b (down 14% from 2Q 2024). Net loss: NT$869.5m (loss widened 246% from 2Q 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 189%. 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. Upcoming Dividend • Jul 17
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 21 August 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (3.1%). Declared Dividend • Jun 11
Dividend reduced to NT$0.20 Dividend of NT$0.20 is 43% lower than last year. Ex-date: 24th July 2025 Payment date: 21st August 2025 Dividend yield will be 2.1%, 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. Announcement • May 30
USI Corporation Approves Cash Dividend for 2024 USI Corporation at its 2025 Annual General Shareholders meeting held on May 29, 2025, ratified 2024 Earnings Distribution. Cash dividends of TWD 0.2 per share, total TWD 237,752,700. Reported Earnings • May 16
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: NT$0.59 loss per share (further deteriorated from NT$0.37 loss in 1Q 2024). Revenue: NT$12.1b (up 1.0% from 1Q 2024). Net loss: NT$633.5m (loss widened 61% from 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 59%. 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 30
USI Corporation to Report Q1, 2025 Results on May 07, 2025 USI Corporation announced that they will report Q1, 2025 results on May 07, 2025 Reported Earnings • Mar 21
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: NT$2.00 loss per share (further deteriorated from NT$0.19 loss in FY 2023). Revenue: NT$51.0b (down 2.4% from FY 2023). Net loss: NT$2.15b (loss widened NT$1.94b from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Announcement • Mar 11
USI Corporation, Annual General Meeting, May 29, 2025 USI Corporation, Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 5 floor no,2, yuan shan rd., niaosong district, kaohsiung city Taiwan Announcement • Mar 01
USI Corporation to Report Fiscal Year 2024 Results on Mar 10, 2025 USI Corporation announced that they will report fiscal year 2024 results on Mar 10, 2025 New Risk • Feb 07
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 Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: NT$0.62 loss per share (down from NT$0.21 profit in 3Q 2023). Revenue: NT$12.9b (down 4.4% from 3Q 2023). Net loss: NT$658.9m (down 386% from profit in 3Q 2023). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 51%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 16
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: NT$0.23 loss per share (down from NT$0.025 profit in 2Q 2023). Revenue: NT$13.5b (up 5.5% from 2Q 2023). Net loss: NT$251.4m (down NT$278.5m from profit in 2Q 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Taiwan. 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. Announcement • Aug 01
USI Corporation to Report Q2, 2024 Results on Aug 08, 2024 USI Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.35 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 23 August 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.2%). Declared Dividend • Jun 08
Dividend reduced to NT$0.35 Dividend of NT$0.35 is 50% lower than last year. Ex-date: 25th July 2024 Payment date: 23rd August 2024 Dividend yield will be 2.3%, 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. The dividend is also not covered by cash flows (133% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Jun 01
USI Corporation Approves Cash Dividends for 2023 USI Corporation at the AGM held on May 31, 2024, approved cash dividends for 2023 of TWD 0.35 per share or total TWD 416,067,225. Reported Earnings • May 18
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: NT$0.37 loss per share (further deteriorated from NT$0.09 loss in 1Q 2023). Revenue: NT$12.0b (down 8.7% from 1Q 2023). Net loss: NT$393.9m (loss widened 308% from 1Q 2023). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Announcement • May 03
USI Corporation to Report Q1, 2024 Results on May 10, 2024 USI Corporation announced that they will report Q1, 2024 results on May 10, 2024 Price Target Changed • Mar 22
Price target decreased by 7.2% to NT$19.25 Down from NT$20.75, the current price target is an average from 2 analysts. New target price is 20% above last closing price of NT$16.10. Stock is down 37% over the past year. The company is forecast to post earnings per share of NT$0.81 next year compared to a net loss per share of NT$0.19 last year. Reported Earnings • Mar 18
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: NT$0.19 loss per share (down from NT$1.45 profit in FY 2022). Revenue: NT$52.3b (down 21% from FY 2022). Net loss: NT$207.0m (down 113% from profit in FY 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Mar 09
USI Corporation, Annual General Meeting, May 31, 2024 USI Corporation, Annual General Meeting, May 31, 2024, at 09:00 Taipei Standard Time. Location: 5F., No.2, Yuanshan Rd., Niaosong Dist Kaohsiung City Taiwan Agenda: To report 2023 Operating results; to report Audit Committee's Review Reports of 2023 Financial Statement; to report 2023 remuneration of directors and employees; and to consider other matters. New Risk • Nov 29
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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (115% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 1,000% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from NT$50.8b to NT$51.7b. EPS estimate increased from NT$0.01 to NT$0.11 per share. Net income forecast to grow 2.2% next year vs 35% growth forecast for Chemicals industry in Taiwan. Consensus price target down from NT$24.50 to NT$21.75. Share price was steady at NT$19.90 over the past week. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2023 results: EPS: NT$0.21 (up from NT$0.16 in 3Q 2022). Revenue: NT$13.5b (down 17% from 3Q 2022). Net income: NT$230.3m (up 32% from 3Q 2022). Profit margin: 1.7% (up from 1.1% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • Oct 19
Price target decreased by 16% to NT$24.50 Down from NT$29.25, the current price target is an average from 2 analysts. New target price is 26% above last closing price of NT$19.45. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of NT$0.53 for next year compared to NT$1.45 last year. Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$0.03 (down from NT$0.33 in 2Q 2022). Revenue: NT$12.8b (down 28% from 2Q 2022). Net income: NT$27.1m (down 92% from 2Q 2022). Profit margin: 0.2% (down from 2.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 61%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Chemicals industry in Taiwan. 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 • Jul 20
Upcoming dividend of NT$0.70 per share at 3.1% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 25 August 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Major Estimate Revision • Mar 24
Consensus EPS estimates increase by 42% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from NT$1.04 to NT$1.48. Revenue forecast unchanged at NT$59.1b. Net income forecast to grow 2.1% next year vs 3.5% decline forecast for Chemicals industry in Taiwan. Consensus price target of NT$22.00 unchanged from last update. Share price fell 2.1% to NT$25.75 over the past week. Reported Earnings • Mar 17
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: NT$1.45 (down from NT$4.84 in FY 2021). Revenue: NT$66.4b (down 7.4% from FY 2021). Net income: NT$1.56b (down 70% from FY 2021). Profit margin: 2.3% (down from 7.2% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 45%. Revenue is forecast to stay flat during the next 2 years compared to a 1.9% growth forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 19
Price target decreased to NT$20.00 Down from NT$22.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of NT$20.60. Stock is down 38% over the past year. The company is forecast to post earnings per share of NT$1.02 for next year compared to NT$4.84 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$0.16 (down from NT$0.97 in 3Q 2021). Revenue: NT$16.3b (down 12% from 3Q 2021). Net income: NT$174.3m (down 83% from 3Q 2021). Profit margin: 1.1% (down from 5.7% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Chemicals industry in Taiwan. 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 15% 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. 6 non-independent directors. Independent Director Tzu-Chun Tu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 27
Price target decreased to NT$23.50 Down from NT$27.67, the current price target is an average from 3 analysts. New target price is 14% above last closing price of NT$20.70. Stock is down 40% over the past year. The company is forecast to post earnings per share of NT$1.49 for next year compared to NT$4.84 last year. Announcement • Oct 01
Usi Corporation Appoints Lai, Hun-Yeu Chief Information Security Officer, Effective Date Is October 1, 2022 USI Corporation announced the appointment of Chief Information Security Officer. Name, title, and resume of the new position holder: LAI, HUN-YEU, Director of Group Information System. Reason for the change is Appoints Chief Information Security Officer in compliance with Order of the Financial Supervisory Commission. Effective date is October 1, 2022. Announcement • Sep 24
USI Corporation Announces Executive Changes USI Corporation announced replacement of Juristic-Person Director representative. Name of the previous position holder: Mr. Wang, Ke-Shun. Resume of the previous position holder: Director and President, USI Corporation. Name of the new position holder: Mr. Wu, Pei-Ji. Resume of the new position holder: Director and President, Taita Chemical Company, Limited. Reason for the change: Taita Chemical Company, Limited appoints a replacement representative to serve as a director of USI. Effective date of the new appointment is September 23, 2022. Announcement • Sep 03
USI Corporation Announces President Changes USI Corporation announced the president changes. Name of the previous position holder: Wang, Ko-Shun. Resume of the previous position holder: President of USI Corporation. Name of the new position holder: Wu,Pei-Chi. Resume of the new position holder: President of Taita Chemical Company, Limited. Effective date of the new appointment is September 2, 2022. Major Estimate Revision • Aug 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$2.33 to NT$1.36 per share. Revenue forecast steady at NT$68.4b. Net income forecast to shrink 49% next year vs 6.6% growth forecast for Chemicals industry in Taiwan . Consensus price target broadly unchanged at NT$27.67. Share price was steady at NT$23.85 over the past week. Reported Earnings • Aug 15
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: NT$0.33 (down from NT$1.22 in 2Q 2021). Revenue: NT$17.9b (flat on 2Q 2021). Net income: NT$354.0m (down 73% from 2Q 2021). Profit margin: 2.0% (down from 7.4% in 2Q 2021). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 52%. Over the next year, revenue is expected to shrink by 9.5% compared to a 1.8% decline forecast for the Chemicals industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 28
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be NT$30.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 69%. Revenue is forecast to decline by 7.4% in a year. Earnings is forecast to decline by 44% in the next year. Upcoming Dividend • Jul 21
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 31 August 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (8.2%). Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 16% share price gain to NT$25.95, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Chemicals industry in Taiwan. Total returns to shareholders of 136% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$48.95 per share. Major Estimate Revision • May 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$69.1b to NT$70.3b. EPS estimate fell from NT$3.04 to NT$2.54 per share. Net income forecast to shrink 39% next year vs 9.0% decline forecast for Chemicals industry in Taiwan. Consensus price target down from NT$34.00 to NT$29.33. Share price was steady at NT$25.65 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.50 (down from NT$1.16 in 1Q 2021). Revenue: NT$17.1b (up 5.6% from 1Q 2021). Net income: NT$534.8m (down 57% from 1Q 2021). Profit margin: 3.1% (down from 7.7% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 4.0% compared to a 2.8% decline forecast for the industry in Taiwan. 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 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$24.55, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 133% over the past three years. Price Target Changed • Apr 27
Price target decreased to NT$34.00 Down from NT$37.00, the current price target is an average from 4 analysts. New target price is 23% above last closing price of NT$27.70. Stock is down 26% over the past year. The company is forecast to post earnings per share of NT$3.48 for next year compared to NT$4.84 last 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. 6 non-independent directors. Independent Director Tzu-Chun Tu was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 30
Price target decreased to NT$34.00 Down from NT$37.00, the current price target is an average from 4 analysts. New target price is 13% above last closing price of NT$30.00. Stock is up 18% over the past year. The company is forecast to post earnings per share of NT$3.48 for next year compared to NT$4.84 last year. Announcement • Feb 25
USI Corporation, Annual General Meeting, Feb 23, 2022 USI Corporation, Annual General Meeting, Feb 23, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.98 (vs NT$0.56 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$18.5b (up 49% from 3Q 2020). Net income: NT$1.05b (up 74% from 3Q 2020). Profit margin: 5.7% (up from 4.8% in 3Q 2020). 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 38% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 18
Price target increased to NT$38.67 Up from NT$34.33, the current price target is an average from 2 analysts. New target price is 8.5% above last closing price of NT$35.65. Stock is up 104% over the past year. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$37.15, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 197% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$63.98 per share. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.22 (vs NT$0.27 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$17.7b (up 64% from 2Q 2020). Net income: NT$1.31b (up 344% from 2Q 2020). Profit margin: 7.4% (up from 2.7% 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 63% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 25 August 2021. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (2.8%). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 16% share price gain to NT$36.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 171% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$69.18 per share. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.16 (vs NT$0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$16.2b (up 43% from 1Q 2020). Net income: NT$1.25b (up 478% from 1Q 2020). Profit margin: 7.7% (up from 1.9% 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 46% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from NT$2.73 to NT$3.75. Revenue forecast steady at NT$64.0b. Net income forecast to grow 67% next year vs 25% growth forecast for Chemicals industry in Taiwan. Consensus price target up from NT$27.33 to NT$29.67. Share price fell 14% to NT$31.20 over the past week. Price Target Changed • May 14
Price target increased to NT$29.67 Up from NT$27.33, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$31.20. Stock is up 163% over the past year. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$30.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Chemicals industry in Taiwan. Total returns to shareholders of 132% over the past three years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 25% share price gain to NT$32.05, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Chemicals industry in Taiwan. Total returns to shareholders of 144% over the past three years. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$2.25 (vs NT$1.19 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$50.2b (down 9.8% from FY 2019). Net income: NT$2.41b (up 88% from FY 2019). Profit margin: 4.8% (up from 2.3% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 17% share price gain to NT$25.30, the stock is trading at a trailing P/E ratio of 19.5x, up from the previous P/E ratio of 16.7x. This compares to an average P/E of 20x in the Chemicals industry in Taiwan. Total returns to shareholders over the past three years are 90%. Price Target Changed • Mar 11
Price target raised to NT$26.33 Up from NT$24.33, the current price target is an average from 3 analysts. The new target price is 7.7% above the current share price of NT$24.45. As of last close, the stock is up 127% over the past year. Announcement • Mar 10
USI Corporation, Annual General Meeting, Jun 11, 2021 USI Corporation, Annual General Meeting, Jun 11, 2021. Location: ISCC Convention Center 2F., No.399, Ruiguang Rd., Neihu Dist. Taipei City Taiwan Agenda: To consider to report 2020 operating results; to consider to report Audit Committee's Review Reports of 2020 Financial Statement; to consider to report 2020 remuneration of directors and employees; and to consider other matters. Is New 90 Day High Low • Mar 08
New 90-day high: NT$23.25 The company is up 13% from its price of NT$20.50 on 08 December 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$21.65 per share. Announcement • Feb 24
USI Corporation Announces Board Changes for Dynamic Ever Investments Limited USI Corporation announced the resignation of Yu Kin Shiu as director of the company. Yu King Cheong has appointed as its new directors. Is New 90 Day High Low • Dec 22
New 90-day high: NT$21.45 The company is up 32% from its price of NT$16.25 on 23 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$16.63 per share. Major Estimate Revision • Nov 25
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from NT$1.33 to NT$1.90. Revenue estimate for the same period was approximately flat at NT$48.8b. Net income is expected to grow by 49% next year compared to 39% growth forecast for the Chemicals industry in Taiwan. The consensus price target increased from NT$19.67 to NT$23.33. Share price is up 5.8% to NT$20.10 over the past week. Price Target Changed • Nov 24
Price target raised to NT$23.33 Up from NT$19.33, the current price target is an average from 3 analysts. The new target price is 16% above the current share price of NT$20.20. As of last close, the stock is up 50% over the past year. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.56 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$12.4b (down 11% from 3Q 2019). Net income: NT$600.1m (up 98% from 3Q 2019). Profit margin: 4.8% (up from 2.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.003%. Earnings per share (EPS) missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 11%, compared to a 12% growth forecast for the Chemicals industry in Taiwan.