Declared Dividend • May 25
Dividend of NT$1.78 announced Shareholders will receive a dividend of NT$1.78. Ex-date: 11th June 2026 Payment date: 10th July 2026 Dividend yield will be 6.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 14% 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 9.2% to bring the payout ratio under control, which is less than the 13% EPS growth achieved over the last 5 years. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.39 (vs NT$0.57 in 1Q 2025) First quarter 2026 results: EPS: NT$0.39 (down from NT$0.57 in 1Q 2025). Revenue: NT$741.0m (down 4.8% from 1Q 2025). Net income: NT$59.4m (down 33% from 1Q 2025). Profit margin: 8.0% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.00 (vs NT$2.48 in FY 2024) Full year 2025 results: EPS: NT$2.00 (down from NT$2.48 in FY 2024). Revenue: NT$3.40b (up 4.0% from FY 2024). Net income: NT$307.5m (down 19% from FY 2024). Profit margin: 9.0% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Board Change • Mar 08
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Chang-Mou Yang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Mar 06
Top Union Electronics Corp., Annual General Meeting, May 22, 2026 Top Union Electronics Corp., Annual General Meeting, May 22, 2026. Location: no,480, niu p`u e. rd., hsinchu city Taiwan Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: NT$0.50 (vs NT$0.54 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.50 (down from NT$0.54 in 3Q 2024). Revenue: NT$908.2m (up 10.0% from 3Q 2024). Net income: NT$76.7m (down 7.3% from 3Q 2024). Profit margin: 8.4% (down from 10.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 27
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at NT$30.20. The fair value is estimated to be NT$37.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.8%. Buy Or Sell Opportunity • Sep 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to NT$31.30. The fair value is estimated to be NT$39.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.8%. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$0.38 (vs NT$0.71 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.38 (down from NT$0.71 in 2Q 2024). Revenue: NT$853.7m (up 1.5% from 2Q 2024). Net income: NT$58.3m (down 47% from 2Q 2024). Profit margin: 6.8% (down from 13% in 2Q 2024). 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 but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 12
Upcoming dividend of NT$1.79 per share Eligible shareholders must have bought the stock before 19 June 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.3%). Declared Dividend • May 25
Dividend of NT$1.79 announced Shareholders will receive a dividend of NT$1.79. Ex-date: 19th June 2025 Payment date: 25th July 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to NT$33.10. The fair value is estimated to be NT$27.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 9.5%. Reported Earnings • May 04
First quarter 2025 earnings released: EPS: NT$0.61 (vs NT$0.58 in 1Q 2024) First quarter 2025 results: EPS: NT$0.61 (up from NT$0.58 in 1Q 2024). Revenue: NT$778.1m (up 2.2% from 1Q 2024). Net income: NT$88.3m (up 5.4% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). 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 21% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 17
Top Union Electronics Corp. to Report Q1, 2025 Results on Apr 24, 2025 Top Union Electronics Corp. announced that they will report Q1, 2025 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$29.00, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 16x in the Electronic industry in Taiwan. Total returns to shareholders of 65% over the past three years. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: NT$2.62 (vs NT$2.05 in FY 2023) Full year 2024 results: EPS: NT$2.62 (up from NT$2.05 in FY 2023). Revenue: NT$3.27b (down 11% from FY 2023). Net income: NT$380.6m (up 28% from FY 2023). Profit margin: 12% (up from 8.1% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 03
Top Union Electronics Corp., Annual General Meeting, May 23, 2025 Top Union Electronics Corp., Annual General Meeting, May 23, 2025. Location: no,480, niu p`u e. rd., hsinchu city Taiwan Duyuru • Feb 28
Top Union Electronics Corp. Approves Cash Dividend for the Year 2024 The board of director of Top Union Electronics Corp. on February 27, 2025, approved dividend distribution. Appropriations of earnings in cash dividends to shareholders: TWD 1.785 per share for the year 2024. Total amount of cash dividends to shareholders: TWD 258,837,195. Period which dividends belong to: January 1, 2024 to December 31, 2024. Duyuru • Feb 20
Top Union Electronics Corp. to Report Fiscal Year 2024 Results on Feb 27, 2025 Top Union Electronics Corp. announced that they will report fiscal year 2024 results on Feb 27, 2025 New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: NT$0.57 (vs NT$0.55 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.57 (up from NT$0.55 in 3Q 2023). Revenue: NT$826.0m (down 2.3% from 3Q 2023). Net income: NT$82.7m (up 4.5% from 3Q 2023). Profit margin: 10.0% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 24
Top Union Electronics Corp. to Report Q3, 2024 Results on Oct 31, 2024 Top Union Electronics Corp. announced that they will report Q3, 2024 results on Oct 31, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.75 (vs NT$0.66 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.75 (up from NT$0.66 in 2Q 2023). Revenue: NT$841.0m (down 19% from 2Q 2023). Net income: NT$109.2m (up 14% from 2Q 2023). Profit margin: 13% (up from 9.2% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 26% per year. Duyuru • Aug 02
Top Union Electronics Corp. to Report Q2, 2024 Results on Aug 08, 2024 Top Union Electronics Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jun 13
Upcoming dividend of NT$1.47 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.8%). Declared Dividend • May 26
Dividend of NT$1.47 announced Shareholders will receive a dividend of NT$1.47. Ex-date: 20th June 2024 Payment date: 25th July 2024 Dividend yield will be 4.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 23% 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 decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.5% EPS decline seen over the last 5 years. Duyuru • May 25
Top Union Electronics Corp. Approves Cash Dividend for 2023, Payable on July 25, 2024 Top Union Electronics Corp. announced at the AGM held on May 24,2024, approved cash dividend of TWD 1.47 per share for 2023. Ex-rights (Ex-dividend) date is June 20, 2024. Ex-rights (Ex-dividend) record date is June 26, 2024. Payment date of cash dividend distribution is July 25, 2024. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: NT$0.61 (vs NT$0.67 in 1Q 2023) First quarter 2024 results: EPS: NT$0.61 (down from NT$0.67 in 1Q 2023). Revenue: NT$761.5m (down 27% from 1Q 2023). Net income: NT$83.7m (down 9.4% from 1Q 2023). Profit margin: 11% (up from 8.8% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 27% per year. Duyuru • Apr 20
Top Union Electronics Corp. to Report Q1, 2024 Results on Apr 25, 2024 Top Union Electronics Corp. announced that they will report Q1, 2024 results on Apr 25, 2024 Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: NT$2.15 (vs NT$2.68 in FY 2022) Full year 2023 results: EPS: NT$2.15 (down from NT$2.68 in FY 2022). Revenue: NT$3.66b (up 11% from FY 2022). Net income: NT$296.7m (down 9.9% from FY 2022). Profit margin: 8.1% (down from 10.0% 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 36% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.70 (vs NT$0.72 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.70. Revenue: NT$1.04b (up 36% from 2Q 2022). Net income: NT$96.2m (up 9.4% from 2Q 2022). Profit margin: 9.2% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$36.50, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 170% over the past three years. Upcoming Dividend • Jun 13
Upcoming dividend of NT$1.20 per share at 2.7% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (4.3%). Duyuru • May 20
Top Union Electronics Corp. Approves to Distribute a Cash Dividend Top Union Electronics Corp. at its shareholders' meeting held on May 19, 2023, approved to distribute a cash dividend of TWD 1.2 per share. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$41.25, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 14x in the Electronic industry in Taiwan. Total returns to shareholders of 188% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released Full year 2022 results: Revenue: NT$3.29b (up 29% from FY 2021). Net income: NT$329.4m (up 103% from FY 2021). Profit margin: 10.0% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$30.05, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 102% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 10 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Qing He Li was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.91 (vs NT$0.36 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.91 (up from NT$0.36 in 3Q 2021). Revenue: NT$909.0m (up 38% from 3Q 2021). Net income: NT$99.5m (up 151% from 3Q 2021). Profit margin: 11% (up from 6.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.80 (vs NT$0.30 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.80 (up from NT$0.30 in 2Q 2021). Revenue: NT$765.4m (up 21% from 2Q 2021). Net income: NT$88.0m (up 163% from 2Q 2021). Profit margin: 12% (up from 5.3% in 2Q 2021). 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 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 15% share price gain to NT$22.15, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 12x in the Electronic industry in Taiwan. Total returns to shareholders of 16% over the past three years. Upcoming Dividend • Jun 13
Upcoming dividend of NT$0.69 per share Eligible shareholders must have bought the stock before 20 June 2022. Payment date: 26 July 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (4.2%). Reported Earnings • May 09
First quarter 2022 earnings released: EPS: NT$0.60 (vs NT$0.36 in 1Q 2021) First quarter 2022 results: EPS: NT$0.60 (up from NT$0.36 in 1Q 2021). Revenue: NT$696.3m (up 23% from 1Q 2021). Net income: NT$61.0m (up 64% from 1Q 2021). Profit margin: 8.8% (up from 6.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Qing He Li was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$1.59 (up from NT$1.43 in FY 2020). Revenue: NT$2.55b (up 15% from FY 2020). Net income: NT$162.5m (up 11% from FY 2020). Profit margin: 6.4% (down from 6.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Duyuru • Mar 06
Top Union Electronics Corp., Annual General Meeting, May 20, 2022 Top Union Electronics Corp., Annual General Meeting, May 20, 2022. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$27.65, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 18x in the Electronic industry in Taiwan. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 19% share price gain to NT$23.45, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 17x in the Electronic industry in Taiwan. Total returns to shareholders of 40% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.34 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$660.3m (up 9.2% from 3Q 2020). Net income: NT$39.7m (up 15% from 3Q 2020). Profit margin: 6.0% (up from 5.7% 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 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.38 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$631.8m (up 84% from 2Q 2020). Net income: NT$33.4m (down 14% from 2Q 2020). Profit margin: 5.3% (down from 11% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 09
Upcoming dividend of NT$1.04 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 30 September 2021. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (3.0%). Director Overboarding • Aug 04
Director Yung-Shun Chuang has joined 7th company board Independent Director Yung-Shun Chuang has been appointed to the board of Taiflex Scientific Co., Ltd. (TWSE:8039). Chuang now sits on a total of 7 company boards. With 7 board positions including the role of CEO at Onyx Healthcare Inc. (TPEX:6569), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.38 (vs NT$0.51 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$564.6m (down 22% from 1Q 2020). Net income: NT$37.1m (down 26% from 1Q 2020). Profit margin: 6.6% (down from 6.9% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$1.48 (vs NT$1.76 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$2.21b (down 28% from FY 2019). Net income: NT$146.2m (down 16% from FY 2019). Profit margin: 6.6% (up from 5.7% in FY 2019). The increase in margin was driven by lower expenses. 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. Duyuru • Mar 04
Top Union Electronics Corp., Annual General Meeting, May 27, 2021 Top Union Electronics Corp., Annual General Meeting, May 27, 2021. Is New 90 Day High Low • Feb 27
New 90-day high: NT$20.50 The company is up 6.0% from its price of NT$19.40 on 27 November 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$20.30 The company is up 7.0% from its price of NT$19.05 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 11% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.35 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$604.8m (down 28% from 3Q 2019). Net income: NT$34.6m (down 30% from 3Q 2019). Profit margin: 5.7% (down from 5.9% in 3Q 2019). The decrease in margin was driven by lower revenue. 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 15% per year, which means it is tracking significantly ahead of earnings growth.