Buy Or Sell Opportunity • Jun 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to NT$62.20. The fair value is estimated to be NT$50.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 9.9%. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$62.20, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 106% over the past three years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.82 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.82 in 1Q 2025). Revenue: NT$8.17b (up 29% from 1Q 2025). Net income: NT$189.6m (up 44% from 1Q 2025). Profit margin: 2.3% (up from 2.1% in 1Q 2025). 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 12% per year. New Risk • Mar 26
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 95% Dividend yield: 6.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (95% payout ratio). Duyuru • Mar 11
Unitech Computer Co., Ltd., Annual General Meeting, Jun 23, 2026 Unitech Computer Co., Ltd., Annual General Meeting, Jun 23, 2026. Location: 2 floor no,16, sec.4 chung shan n. rd., taipei city Taiwan Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$3.17 (vs NT$2.67 in FY 2024) Full year 2025 results: EPS: NT$3.17 (up from NT$2.67 in FY 2024). Revenue: NT$28.4b (up 18% from FY 2024). Net income: NT$512.7m (up 19% from FY 2024). Profit margin: 1.8% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.79 (vs NT$0.79 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.79. Revenue: NT$7.61b (up 17% from 3Q 2024). Net income: NT$128.5m (flat on 3Q 2024). Profit margin: 1.7% (down from 2.0% in 3Q 2024). The decrease in margin was driven by higher expenses. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.9% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: NT$0.77 (vs NT$0.60 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.77 (up from NT$0.60 in 2Q 2024). Revenue: NT$7.58b (up 34% from 2Q 2024). Net income: NT$125.2m (up 29% from 2Q 2024). Profit margin: 1.7% (in line with 2Q 2024). 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 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 17
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 08 August 2025. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.7%). Declared Dividend • Jul 02
Dividend increased to NT$2.50 Dividend of NT$2.50 is 14% higher than last year. Ex-date: 24th July 2025 Payment date: 8th August 2025 Dividend yield will be 6.1%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 7.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 9.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: NT$0.82 (vs NT$0.56 in 1Q 2024) First quarter 2025 results: EPS: NT$0.82 (up from NT$0.56 in 1Q 2024). Revenue: NT$6.33b (up 21% from 1Q 2024). Net income: NT$132.0m (up 44% from 1Q 2024). Profit margin: 2.1% (up from 1.7% in 1Q 2024). The increase in margin was driven by higher 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 5% per year, which means it is well ahead of earnings. Duyuru • Apr 29
Unitech Computer Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Unitech Computer Co., Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Reported Earnings • Mar 08
Full year 2024 earnings released: EPS: NT$2.67 (vs NT$2.38 in FY 2023) Full year 2024 results: EPS: NT$2.67 (up from NT$2.38 in FY 2023). Revenue: NT$24.0b (up 4.0% from FY 2023). Net income: NT$431.8m (up 12% from FY 2023). Profit margin: 1.8% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Mar 07
Unitech Computer Co., Ltd., Annual General Meeting, Jun 20, 2025 Unitech Computer Co., Ltd., Annual General Meeting, Jun 20, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,16, sec.4 chung shan n. rd., taipei city Taiwan Duyuru • Feb 25
Unitech Computer Co., Ltd. to Report Fiscal Year 2024 Results on Mar 04, 2025 Unitech Computer Co., Ltd. announced that they will report fiscal year 2024 results on Mar 04, 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.79 (vs NT$0.63 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.79 (up from NT$0.63 in 3Q 2023). Revenue: NT$6.48b (up 6.7% from 3Q 2023). Net income: NT$128.1m (up 26% from 3Q 2023). Profit margin: 2.0% (up from 1.7% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$0.60 (vs NT$0.60 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.60 (down from NT$0.60 in 2Q 2023). Revenue: NT$5.66b (down 3.4% from 2Q 2023). Net income: NT$97.1m (flat on 2Q 2023). Profit margin: 1.7% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Duyuru • Jul 30
Unitech Computer Co., Ltd. to Report Q2, 2024 Results on Aug 06, 2024 Unitech Computer Co., Ltd. announced that they will report Q2, 2024 results on Aug 06, 2024 Upcoming Dividend • Jul 20
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 09 August 2024. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.0%). Declared Dividend • Jul 06
Dividend reduced to NT$2.20 Dividend of NT$2.20 is 12% lower than last year. Ex-date: 25th July 2024 Payment date: 9th August 2024 Dividend yield will be 5.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (35% cash payout ratio). The dividend has increased by an average of 6.7% 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 4.9% to bring the payout ratio under control, which is less than the 7.7% EPS growth achieved over the last 5 years. Buy Or Sell Opportunity • May 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$38.10. The fair value is estimated to be NT$31.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.7%. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: NT$0.56 (vs NT$0.61 in 1Q 2023) First quarter 2024 results: EPS: NT$0.56 (down from NT$0.61 in 1Q 2023). Revenue: NT$5.25b (down 8.0% from 1Q 2023). Net income: NT$91.4m (down 7.9% from 1Q 2023). Profit margin: 1.7% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Duyuru • Apr 28
Unitech Computer Co., Ltd. to Report Q1, 2024 Results on May 06, 2024 Unitech Computer Co., Ltd. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 06, 2024 Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: NT$2.38 (vs NT$3.08 in FY 2022) Full year 2023 results: EPS: NT$2.38 (down from NT$3.08 in FY 2022). Revenue: NT$23.1b (down 7.8% from FY 2022). Net income: NT$384.9m (down 23% from FY 2022). Profit margin: 1.7% (down from 2.0% in FY 2022). 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 but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: NT$0.63 (vs NT$0.97 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.63 (down from NT$0.97 in 3Q 2022). Revenue: NT$6.07b (down 17% from 3Q 2022). Net income: NT$102.0m (down 35% from 3Q 2022). Profit margin: 1.7% (down from 2.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Duyuru • Nov 08
Unitech Computer Co., Ltd. Appoints Lin, Ming-Ji as A New Member to the Remuneration Committee Unitech Computer Co., Ltd. announced the appointment of LIN, MING-JI as a new member to the Remuneration Committee. Resume of the new position holder: Independent director of Unitech Computer Co., Ltd. Effective date of the new member: November 6, 2023. New Risk • Aug 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 91% Dividend yield: 7.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 05
Second quarter 2023 earnings released: EPS: NT$0.60 (vs NT$0.95 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.60 (down from NT$0.95 in 2Q 2022). Revenue: NT$5.86b (down 2.0% from 2Q 2022). Net income: NT$97.3m (down 37% from 2Q 2022). Profit margin: 1.7% (down from 2.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jul 18
Upcoming dividend of NT$2.50 per share at 6.8% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 11 August 2023. Payout ratio is on the higher end at 85%, and the cash payout ratio is above 100%. Trailing yield: 6.8%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 27
Full year 2022 earnings released Full year 2022 results: Revenue: NT$25.1b (up 4.9% from FY 2021). Net income: NT$498.2m (down 10% from FY 2021). Profit margin: 2.0% (down from 2.3% in FY 2021). The decrease in margin was driven by higher 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 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 06
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$39.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 25%. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: NT$0.97 (vs NT$0.91 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.97 (up from NT$0.91 in 3Q 2021). Revenue: NT$7.33b (up 9.1% from 3Q 2021). Net income: NT$157.1m (up 6.5% from 3Q 2021). Profit margin: 2.1% (in line with 3Q 2021). 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: NT$0.95 (vs NT$1.00 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.95 (down from NT$1.00 in 2Q 2021). Revenue: NT$5.98b (up 5.3% from 2Q 2021). Net income: NT$153.2m (down 5.2% from 2Q 2021). Profit margin: 2.6% (down from 2.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 18
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 25 July 2022. Payment date: 12 August 2022. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 8.7%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (7.5%). Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.74 (down from NT$0.86 in 1Q 2021). Revenue: NT$5.56b (flat on 1Q 2021). Net income: NT$119.8m (down 14% from 1Q 2021). Profit margin: 2.2% (down from 2.5% in 1Q 2021). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS NT$0.91 (vs NT$0.59 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$6.72b (up 16% from 3Q 2020). Net income: NT$147.5m (up 54% from 3Q 2020). Profit margin: 2.2% (up from 1.6% 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 25% per year whereas the company’s share price has increased by 29% per year. Upcoming Dividend • Sep 06
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 30 September 2021. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (5.3%). Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.00 (vs NT$0.54 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$5.68b (up 3.9% from 2Q 2020). Net income: NT$161.7m (up 86% from 2Q 2020). Profit margin: 2.8% (up from 1.6% 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 20% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$0.86 (vs NT$0.61 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$5.55b (up 13% from 1Q 2020). Net income: NT$138.9m (up 40% from 1Q 2020). Profit margin: 2.5% (up from 2.0% 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 15% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$2.25 (vs NT$1.82 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$21.6b (up 14% from FY 2019). Net income: NT$364.5m (up 24% from FY 2019). Profit margin: 1.7% (up from 1.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Is New 90 Day High Low • Feb 22
New 90-day high: NT$26.30 The company is up 4.0% from its price of NT$25.30 on 24 November 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 11
New 90-day high: NT$26.00 The company is up 4.0% from its price of NT$25.10 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: NT$25.85 The company is up 4.0% from its price of NT$24.95 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 5.0% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS NT$0.59 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$5.82b (up 13% from 3Q 2019). Net income: NT$95.8m (up 23% from 3Q 2019). Profit margin: 1.6% (up from 1.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year.