Major Estimate Revision • May 13
Consensus revenue estimates increase by 18% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from NT$48.3b to NT$57.3b. EPS estimate increased from NT$24.12 to NT$32.29 per share. Net income forecast to grow 163% next year vs 44% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$851 to NT$1,694. Share price rose 9.9% to NT$1,445 over the past week. New Risk • May 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (55% accrual ratio). Reported Earnings • May 07
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: NT$4.00 (up from NT$2.43 in 1Q 2025). Revenue: NT$10.1b (up 58% from 1Q 2025). Net income: NT$1.26b (up 88% from 1Q 2025). Profit margin: 13% (up from 11% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 189% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to NT$860, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 21x in the Electronic industry in Taiwan. Total returns to shareholders of 1,259% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$932 per share. Price Target Changed • Apr 10
Price target increased by 7.4% to NT$737 Up from NT$686, the current price target is an average from 11 analysts. New target price is 8.6% below last closing price of NT$806. Stock is up 518% over the past year. The company is forecast to post earnings per share of NT$22.83 for next year compared to NT$12.13 last year. Upcoming Dividend • Apr 09
Upcoming dividend of NT$7.51 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 19 May 2026. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.1%). Lower than average of industry peers (1.8%). Price Target Changed • Apr 08
Price target increased by 9.4% to NT$707 Up from NT$646, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of NT$722. Stock is up 517% over the past year. The company is forecast to post earnings per share of NT$22.21 for next year compared to NT$12.13 last year. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$626, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 19x in the Electronic industry in Taiwan. Total returns to shareholders of 901% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$944 per share. Declared Dividend • Mar 14
Dividend increased to NT$7.51 Dividend of NT$7.51 is 15% higher than last year. Ex-date: 16th April 2026 Payment date: 19th May 2026 Dividend yield will be 1.5%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 107% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 13
Taiwan Union Technology Corporation announces Annual dividend, payable on May 19, 2026 Taiwan Union Technology Corporation announced Annual dividend of TWD 7.5076 per share payable on May 19, 2026, ex-date on April 16, 2026 and record date on April 18, 2026. Tillkännagivande • Mar 12
Taiwan Union Technology Corporation, Annual General Meeting, Jun 17, 2026 Taiwan Union Technology Corporation, Annual General Meeting, Jun 17, 2026. Location: 1 floor no,77, hsien cheng 8th st., jhubei city, hsinchu county Taiwan Reported Earnings • Mar 12
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: NT$12.13 (up from NT$9.56 in FY 2024). Revenue: NT$30.3b (up 32% from FY 2024). Net income: NT$3.41b (up 31% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$454, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 670% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$892 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$539, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 859% over the past three years. Price Target Changed • Jan 26
Price target increased by 8.0% to NT$550 Up from NT$509, the current price target is an average from 11 analysts. New target price is 7.3% above last closing price of NT$512. Stock is up 205% over the past year. The company is forecast to post earnings per share of NT$11.96 for next year compared to NT$9.56 last year. Price Target Changed • Jan 20
Price target increased by 11% to NT$530 Up from NT$477, the current price target is an average from 11 analysts. New target price is 12% above last closing price of NT$475. Stock is up 184% over the past year. The company is forecast to post earnings per share of NT$11.96 for next year compared to NT$9.56 last year. Price Target Changed • Jan 07
Price target increased by 7.2% to NT$481 Up from NT$449, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of NT$467. Stock is up 170% over the past year. The company is forecast to post earnings per share of NT$12.21 for next year compared to NT$9.56 last year. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$498, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 1,002% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$868 per share. Price Target Changed • Nov 13
Price target increased by 8.0% to NT$402 Up from NT$372, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$401. Stock is up 160% over the past year. The company is forecast to post earnings per share of NT$12.35 for next year compared to NT$9.56 last year. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued Over the last 90 days, the stock has risen 39% to NT$381. The fair value is estimated to be NT$482, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 100% in the next 2 years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$386, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 783% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$478 per share. New Risk • Sep 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.1% average weekly change). High level of non-cash earnings (21% accrual ratio). Minor Risk Dividend is not well covered by cash flows (432% cash payout ratio). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$368, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 640% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$636 per share. Price Target Changed • Aug 27
Price target increased by 7.4% to NT$348 Up from NT$324, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of NT$332. Stock is up 99% over the past year. The company is forecast to post earnings per share of NT$11.78 for next year compared to NT$9.56 last year. Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: NT$2.36 (down from NT$2.55 in 2Q 2024). Revenue: NT$6.78b (up 19% from 2Q 2024). Net income: NT$651.7m (down 6.0% from 2Q 2024). Profit margin: 9.6% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$318, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 524% over the past three years. Price Target Changed • Aug 15
Price target increased by 13% to NT$301 Up from NT$265, the current price target is an average from 8 analysts. New target price is 5.3% below last closing price of NT$318. Stock is up 94% over the past year. The company is forecast to post earnings per share of NT$11.58 for next year compared to NT$9.56 last year. Buy Or Sell Opportunity • Aug 06
Now 20% undervalued Over the last 90 days, the stock has risen 67% to NT$254. The fair value is estimated to be NT$319, however this is not to be taken as a buy 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 grown by 24%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Price Target Changed • Jul 17
Price target increased by 8.1% to NT$265 Up from NT$245, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$257. Stock is up 55% over the past year. The company is forecast to post earnings per share of NT$12.21 for next year compared to NT$9.56 last year. Buy Or Sell Opportunity • Jul 11
Now 21% undervalued Over the last 90 days, the stock has risen 93% to NT$252. The fair value is estimated to be NT$319, however this is not to be taken as a buy 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 grown by 24%. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Price Target Changed • Jul 10
Price target increased by 10.0% to NT$255 Up from NT$232, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of NT$256. Stock is up 48% over the past year. The company is forecast to post earnings per share of NT$12.26 for next year compared to NT$9.56 last year. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$189, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$162, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 150% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$291 per share. Reported Earnings • May 08
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: NT$2.43 (up from NT$1.66 in 1Q 2024). Revenue: NT$6.37b (up 44% from 1Q 2024). Net income: NT$671.9m (up 49% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 27% per year. Tillkännagivande • May 01
Taiwan Union Technology Corporation to Report Q1, 2025 Results on May 07, 2025 Taiwan Union Technology Corporation announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$140, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 106% over the past three years. Upcoming Dividend • Apr 10
Upcoming dividend of NT$6.50 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (6.1%). Higher than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$130, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Electronic industry in Taiwan. Total returns to shareholders of 101% over the past three years. New Risk • Apr 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 6.4% 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 High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Mar 14
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: NT$9.56 (up from NT$3.05 in FY 2023). Revenue: NT$23.1b (up 44% from FY 2023). Net income: NT$2.60b (up 216% from FY 2023). Profit margin: 11% (up from 5.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 14
Dividend increased to NT$6.51 Dividend of NT$6.51 is 62% higher than last year. Ex-date: 17th April 2025 Payment date: 21st May 2025 Dividend yield will be 3.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 05
Taiwan Union Technology Corporation to Report Fiscal Year 2024 Results on Mar 12, 2025 Taiwan Union Technology Corporation announced that they will report fiscal year 2024 results on Mar 12, 2025 Price Target Changed • Nov 07
Price target decreased by 8.3% to NT$226 Down from NT$247, the current price target is an average from 5 analysts. New target price is 38% above last closing price of NT$164. Stock is up 40% over the past year. The company is forecast to post earnings per share of NT$9.91 for next year compared to NT$3.05 last year. Reported Earnings • Nov 03
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: NT$2.77 (up from NT$1.36 in 3Q 2023). Revenue: NT$6.62b (up 59% from 3Q 2023). Net income: NT$754.1m (up 104% from 3Q 2023). Profit margin: 11% (up from 8.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 23
Taiwan Union Technology Corporation to Report Q3, 2024 Results on Oct 30, 2024 Taiwan Union Technology Corporation announced that they will report Q3, 2024 results on Oct 30, 2024 Reported Earnings • Aug 06
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: NT$2.55 (up from NT$1.00 in 2Q 2023). Revenue: NT$5.70b (up 52% from 2Q 2023). Net income: NT$693.6m (up 159% from 2Q 2023). Profit margin: 12% (up from 7.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 25
Taiwan Union Technology Corporation to Report Q2, 2024 Results on Jul 31, 2024 Taiwan Union Technology Corporation announced that they will report Q2, 2024 results on Jul 31, 2024 Board Change • Jul 01
High number of new directors Director Chung-Herng Hsin was the last director to join the board, commencing their role in 2024. Tillkännagivande • Jun 20
Taiwan Union Technology Corporation Announces Changes in Audit Committee Taiwan Union Technology Corporation announced the change of members of the fourth audit committee of the company. Name of the previous position holder: Ms. Li, Yu-Ying/Taiwan Union Technology Corp. Independent Director. Resume of the previous position holder: Li, Yu-Ying (Independent Director of Taiwan Union Technology Corp.). Name of the new position holder: Ms. Yeh, Shu-Wen/Taiwan Union Technology Corp. Independent Director. Resume of the new position holder: Independent Director: Yeh, Shu-Wen (CPA at C&S Certified Public Accountant Firm). Reason for the change: term expired. Effective date of the new member is June 19, 2024. New Risk • May 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • May 11
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$1.66 (up from NT$0.77 loss in 1Q 2023). Revenue: NT$4.43b (up 21% from 1Q 2023). Net income: NT$451.8m (up NT$658.2m from 1Q 2023). Profit margin: 10% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Price Target Changed • May 10
Price target increased by 13% to NT$219 Up from NT$193, the current price target is an average from 4 analysts. New target price is 17% above last closing price of NT$188. Stock is up 198% over the past year. The company is forecast to post earnings per share of NT$9.47 for next year compared to NT$3.05 last year. Major Estimate Revision • May 09
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from NT$20.4b to NT$20.8b. EPS estimate increased from NT$7.39 to NT$8.15 per share. Net income forecast to grow 170% next year vs 35% growth forecast for Electronic industry in Taiwan. Consensus price target up from NT$209 to NT$215. Share price was steady at NT$186 over the past week. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$153, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Electronic industry in Taiwan. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$93.34 per share. Upcoming Dividend • Apr 11
Upcoming dividend of NT$4.01 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 22 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.5%). Lower than average of industry peers (3.0%). Reported Earnings • Mar 09
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: NT$3.05 (down from NT$4.69 in FY 2022). Revenue: NT$16.0b (down 13% from FY 2022). Net income: NT$823.4m (down 35% from FY 2022). Profit margin: 5.1% (down from 6.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Mar 08
Dividend of NT$4.01 announced Shareholders will receive a dividend of NT$4.01. Ex-date: 18th April 2024 Payment date: 22nd May 2024 Dividend yield will be 2.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (150% earnings payout ratio) nor is it adequately covered by cash flows (90.2% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 66% to bring the payout ratio under control. EPS is expected to grow by 167% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Tillkännagivande • Mar 07
Taiwan Union Technology Corporation, Annual General Meeting, Jun 19, 2024 Taiwan Union Technology Corporation, Annual General Meeting, Jun 19, 2024. Location: Hsinchu County Industrial Association (Conference Center), 1st Floor No. 77, Xianzheng 8th Street, Zhubei City Zhubei City Taiwan Agenda: To Proposal for 2023Annual Business Report; to Proposal for reviewed 2023 annual final accounts report of the audit committee;to Proposal for 2023report on the distribution of employees and directors remuneration; to Proposal for 2023 report on the distribution of surplus cash dividends; to Proposal for 2023 surplus distribution; and to discuss other matters. Price Target Changed • Mar 07
Price target increased by 8.4% to NT$204 Up from NT$188, the current price target is an average from 3 analysts. New target price is 25% above last closing price of NT$163. Stock is up 134% over the past year. The company is forecast to post earnings per share of NT$3.16 for next year compared to NT$4.69 last year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$147, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$76.56 per share. Reported Earnings • Nov 03
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: NT$1.36 (up from NT$1.00 in 3Q 2022). Revenue: NT$4.18b (down 7.5% from 3Q 2022). Net income: NT$369.3m (up 37% from 3Q 2022). Profit margin: 8.8% (up from 6.0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$117, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$93.72 per share. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$117, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$92.54 per share. Price Target Changed • Jul 29
Price target increased by 28% to NT$130 Up from NT$102, the current price target is an average from 3 analysts. New target price is 6.0% below last closing price of NT$138. Stock is up 164% over the past year. The company is forecast to post earnings per share of NT$3.46 for next year compared to NT$4.69 last year. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: NT$1.00 (vs NT$1.08 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.00 (down from NT$1.08 in 2Q 2022). Revenue: NT$3.76b (down 22% from 2Q 2022). Net income: NT$268.3m (down 7.3% from 2Q 2022). Profit margin: 7.1% (up from 6.0% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Jul 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risks Dividend is not well covered by earnings (167% payout ratio). Profit margins are more than 30% lower than last year (3.8% net profit margin). Price Target Changed • Jul 20
Price target increased by 30% to NT$102 Up from NT$78.50, the current price target is an average from 3 analysts. New target price is 14% below last closing price of NT$119. Stock is up 107% over the past year. The company is forecast to post earnings per share of NT$4.97 for next year compared to NT$4.69 last year. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$90.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Electronic industry in Taiwan. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$79.37 per share. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$73.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Electronic industry in Taiwan. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$80.97 per share. Buying Opportunity • May 10
Now 24% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be NT$83.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 9.2%. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Major Estimate Revision • May 06
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from NT$17.6b to NT$17.4b. EPS estimate also fell from NT$6.17 per share to NT$4.98 per share. Net income forecast to shrink 22% next year vs 9.2% decline forecast for Electronic industry in Taiwan. Consensus price target broadly unchanged at NT$77.00. Share price rose 3.9% to NT$69.00 over the past week. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$8.02 to NT$6.17 per share. Revenue forecast steady at NT$17.6b. Net income forecast to grow 30% next year vs 7.0% decline forecast for Electronic industry in Taiwan. Consensus price target down from NT$80.50 to NT$78.50. Share price rose 3.7% to NT$66.60 over the past week. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from NT$8.02 to NT$6.17 per share. Revenue forecast steady at NT$17.6b. Net income forecast to grow 30% next year vs 7.0% decline forecast for Electronic industry in Taiwan. Consensus price target down from NT$80.50 to NT$78.50. Share price fell 4.1% to NT$63.80 over the past week. Major Estimate Revision • Apr 16
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from NT$18.1b to NT$20.6b. EPS estimate unchanged from NT$8.02 at last update. Electronic industry in Taiwan expected to see average net income decline 7.3% next year. Consensus price target broadly unchanged at NT$0. Share price fell 2.1% to NT$69.20 over the past week. Upcoming Dividend • Apr 06
Upcoming dividend of NT$4.00 per share at 5.7% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 19 May 2023. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Taiwanese dividend payers (5.9%). Higher than average of industry peers (4.5%). Price Target Changed • Mar 11
Price target increased by 14% to NT$78.50 Up from NT$69.08, the current price target is an average from 4 analysts. New target price is 14% above last closing price of NT$68.60. Stock is down 16% over the past year. The company is forecast to post earnings per share of NT$5.62 for next year compared to NT$7.01 last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$69.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electronic industry in Taiwan. Total loss to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$131 per share. Major Estimate Revision • Dec 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from NT$6.60 to NT$5.75. Revenue forecast unchanged from NT$21.6b at last update. Net income forecast to grow 29% next year vs 4.4% growth forecast for Electronic industry in Taiwan. Consensus price target of NT$69.08 unchanged from last update. Share price fell 6.5% to NT$51.90 over the past week. Reported Earnings • Nov 03
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$1.00 (down from NT$2.08 in 3Q 2021). Revenue: NT$4.52b (down 20% from 3Q 2021). Net income: NT$270.0m (down 52% from 3Q 2021). Profit margin: 6.0% (down from 9.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Price Target Changed • Aug 18
Price target decreased to NT$69.90 Down from NT$82.54, the current price target is an average from 4 analysts. New target price is 22% above last closing price of NT$57.10. Stock is down 46% over the past year. The company is forecast to post earnings per share of NT$5.57 for next year compared to NT$7.01 last year. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from NT$21.1b to NT$19.8b. EPS estimate also fell from NT$6.91 per share to NT$5.57 per share. Net income forecast to grow 7.8% next year vs 9.2% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$82.54 to NT$78.32. Share price fell 4.2% to NT$52.50 over the past week. Reported Earnings • Jul 29
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$1.08 (down from NT$2.21 in 2Q 2021). Revenue: NT$4.79b (down 12% from 2Q 2021). Net income: NT$289.5m (down 51% from 2Q 2021). Profit margin: 6.0% (down from 11% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 3.7%, compared to a 9.6% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jul 15
Price target decreased to NT$91.14 Down from NT$103, the current price target is an average from 5 analysts. New target price is 70% above last closing price of NT$53.70. Stock is down 56% over the past year. The company is forecast to post earnings per share of NT$6.91 for next year compared to NT$7.01 last year. Price Target Changed • Jun 30
Price target decreased to NT$102 Down from NT$110, the current price target is an average from 5 analysts. New target price is 82% above last closing price of NT$55.90. Stock is down 51% over the past year. The company is forecast to post earnings per share of NT$6.91 for next year compared to NT$7.01 last year. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$1.53 (up from NT$1.29 in 1Q 2021). Revenue: NT$5.02b (up 7.1% from 1Q 2021). Net income: NT$412.3m (up 20% from 1Q 2021). Profit margin: 8.2% (up from 7.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 9.4%, compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 07
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 14 April 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (3.8%). Major Estimate Revision • Mar 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from NT$23.2b to NT$23.6b. EPS estimate fell from NT$9.45 to NT$8.26 per share. Net income forecast to grow 18% next year vs 17% growth forecast for Electronic industry in Taiwan. Consensus price target down from NT$128 to NT$118. Share price fell 5.7% to NT$79.80 over the past week. Price Target Changed • Mar 16
Price target decreased to NT$118 Down from NT$128, the current price target is an average from 5 analysts. New target price is 48% above last closing price of NT$79.80. Stock is down 29% over the past year. The company is forecast to post earnings per share of NT$8.26 for next year compared to NT$7.01 last year. Reported Earnings • Mar 13
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: NT$7.01 (up from NT$6.67 in FY 2020). Revenue: NT$21.1b (up 17% from FY 2020). Net income: NT$1.88b (up 6.0% from FY 2020). Profit margin: 8.9% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 12%, compared to a 8.8% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS NT$2.08 (vs NT$1.41 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$5.67b (up 32% from 3Q 2020). Net income: NT$558.5m (up 48% from 3Q 2020). Profit margin: 9.9% (up from 8.7% in 3Q 2020). The increase in margin was driven by higher revenue. 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 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS NT$2.21 (vs NT$2.54 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$5.45b (up 3.6% from 2Q 2020). Net income: NT$592.5m (down 12% from 2Q 2020). Profit margin: 11% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Board Change • Aug 01
High number of new directors Independent Director Chin-Tay Shih was the last director to join the board, commencing their role in 2021. Executive Departure • Jul 13
Independent Director Yung-Tang Pan has left the company On the 1st of July, Yung-Tang Pan's tenure as Independent Director ended after 20.0 years in the role. We don't have any record of a personal shareholding under Yung-Tang's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 6.08 years.