# Uni-President Enterprises (1216.TW)

Canonical: https://gigainvestors.com/s/1216.TW

Analysis as of: 2026-10-16T07:35:17.770Z. Financial observations: FY2000–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 79.50 per share; close as of 2026-10-15.

Estimated value: low TWD 41.36 per share, central TWD 44.92 per share, high TWD 49.66 per share. Buy at or below the central value TWD 44.92 per share. Valuation as of 2026-10-16T07:35:17.770Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.9%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 33.1%

- Recent gross margin (lower of latest and 3-year median): 32.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 12.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.6%

- FY2017: 12.2%

- FY2018: 20.4%

- FY2019: 17.2%

- FY2020: 17.9%

- FY2021: 16.0%

- FY2022: 13.7%

- FY2023: 7.8%

- FY2024: 10.3%

- FY2025: 9.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.73×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 83B

- Net income, five-year total: TWD 114B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -5.2 pp

- Working capital / revenue, final three-year average: 4.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 0.84×

- FY2023: 0.62×

- FY2024: 0.53×

- FY2025: 0.51×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.2% vs 9.4%

- Per-share earnings: 2.54 to 3.21 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.3%

- Ordinary dilution, 5-year annual growth: 10.9%

- Market cap gain: TWD 435B

- Cumulative retained earnings: TWD 27B

- Diluted shares, 10-year annual growth: 5.3%

- Diluted shares, 5-year annual growth: 10.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.9%

- Per-share value change: TWD 0.67

- Per-share value, starting three-year median: TWD 2.54

- Per-share value, ending three-year median: TWD 3.21

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 48B

- Cumulative net income, 10 years: TWD 245B

- ROIC, first three-year median: 12.2%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 2.54

- FY2017: TWD 6.98

- FY2018: TWD 3.06

- FY2019: TWD 4.99

- FY2020: TWD 5.39

- FY2021: TWD 5.05

- FY2022: TWD 4.64

- FY2023: TWD 3.21

- FY2024: TWD 3.61

- FY2025: TWD 2.04

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.69×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.8%

- FY2017: -1.6%

- FY2018: -6.3%

- FY2019: -6.4%

- FY2020: -6.2%

- FY2021: -5.4%

- FY2022: -6.6%

- FY2023: -8.2%

- FY2024: -8.1%

- FY2025: -7.2%

## Holders

## Price story

Price needs cash profits to grow 10.7% a year for ten years · sales +2.3%

Story as of 2026-10-16T10:00:04.291Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

### Sales · FY2024–2025

sales +2.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 413B 

- FY2017: TWD 400B 

- FY2018: TWD 431B 

- FY2019: TWD 448B 

- FY2020: TWD 447B 

- FY2021: TWD 474B 

- FY2022: TWD 525B 

- FY2023: TWD 581B 

- FY2024: TWD 658B 

- FY2025: TWD 673B 

### Gross margin · FY2025

gross margin 33.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.3% 

- FY2017: 33.2% 

- FY2018: 33.7% 

- FY2019: 34.4% 

- FY2020: 34.4% 

- FY2021: 33.0% 

- FY2022: 31.9% 

- FY2023: 32.3% 

- FY2024: 32.7% 

- FY2025: 33.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in packaged foods; annual sales are TWD 672.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2025: revenue 672863578000; grossProfit 222580235000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1216.TW: Uni-President Enterprises Corp. engages in the manufacture and sale of beverages and instant noodles in Taiwan, China, and Southeast Asia. It operates through Beverages, Food, and Others segments. The company offers animal feeds, wheat flour, and aquatic products; dairy, tea, coffee, water, and general beverages; edible oils, snack noodles, and cooking noodles; sauce and seasoning, meat, ice cream, and frozen prepared foods. It also provides trade marketing, developing, and managing distribution channel, as well as transportation, warehousing, and distribution services. The company was formerly known as President Enterprises Corp. Uni-President Enterprises Corp. was incorporated in 1967 and is headquartered in Tainan City, Taiwan.

### Why customers stay

Margins ranged from 32.3% to 33.1% during 2023–25; it earns 12.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2023: grossProfit / revenue = 32.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2024: grossProfit / revenue = 32.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2025: grossProfit / revenue = 33.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); 10-year return on capital observations [[2016,0.11610387602604717],[2017,0.12229867335149747],[2018,0.20352257690102396],[2019,0.17214098709533615],[2020,0.17941013106559575],[2021,0.16039867780926964],[2022,0.13664442688617318],[2023,0.07822538108089033],[2024,0.10264068357354791],[2025,0.09405750766848461]]; median 0.12947155011883532. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); Gross margin observations: [[2021,0.32968389389140673],[2022,0.3194356886211042],[2023,0.3232021156458279]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2016: growth capex 0; upkeep 16540436000; owner earnings 18006689000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2017: growth capex 0; upkeep 16513674000; owner earnings 42286735000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2018: growth capex 0; upkeep 15405238000; owner earnings 21554761000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2019: growth capex 0; upkeep 15214479000; owner earnings 31249317200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2020: growth capex 0; upkeep 16597554000; owner earnings 31591832000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2021: growth capex 0; upkeep 17909292000; owner earnings 28162344000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2022: growth capex 0; upkeep 21029854000; owner earnings 22199145200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2023: growth capex 0; upkeep 26827359000; owner earnings 11402841349.50235. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2024: growth capex 0; upkeep 33591595000; owner earnings 10936177837.058556. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); FY2025: growth capex 0; upkeep 33294285000; owner earnings 9955581241.421265. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); Dividend observations: [[2016,11364031000],[2017,11932232000],[2018,31251085000],[2019,14205039000],[2020,14205039000],[2021,15341442000],[2022,15341442000],[2023,17898349000],[2024,17046046000],[2025,17046046000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 1216.TW SharesStats.PercentInsiders = 13.316 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual decline was 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:17.770Z); Ten-year compound average after fade. Initial solved rate 0.14090155295202533. Price 79.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.3544154939272572 → FY2025 1.0372083670502323. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 61.10 per share

- 2016-11: TWD 54.50 per share

- 2016-12: TWD 53.40 per share

- 2017-01: TWD 53.50 per share

- 2017-02: TWD 54.60 per share

- 2017-03: TWD 56.90 per share

- 2017-04: TWD 55.70 per share

- 2017-05: TWD 60.10 per share

- 2017-06: TWD 61.00 per share

- 2017-07: TWD 57.80 per share

- 2017-08: TWD 64.20 per share

- 2017-09: TWD 62.90 per share

- 2017-10: TWD 63.00 per share

- 2017-11: TWD 63.70 per share

- 2017-12: TWD 66.00 per share

- 2018-01: TWD 70.00 per share

- 2018-02: TWD 69.00 per share

- 2018-03: TWD 69.00 per share

- 2018-04: TWD 71.60 per share

- 2018-05: TWD 73.10 per share

- 2018-06: TWD 77.40 per share

- 2018-07: TWD 80.80 per share

- 2018-08: TWD 77.60 per share

- 2018-09: TWD 79.70 per share

- 2018-10: TWD 74.90 per share

- 2018-11: TWD 72.20 per share

- 2018-12: TWD 69.80 per share

- 2019-01: TWD 71.90 per share

- 2019-02: TWD 75.00 per share

- 2019-03: TWD 74.80 per share

- 2019-04: TWD 73.40 per share

- 2019-05: TWD 81.30 per share

- 2019-06: TWD 82.70 per share

- 2019-07: TWD 80.80 per share

- 2019-08: TWD 76.60 per share

- 2019-09: TWD 74.80 per share

- 2019-10: TWD 75.20 per share

- 2019-11: TWD 72.50 per share

- 2019-12: TWD 74.20 per share

- 2020-01: TWD 72.60 per share

- 2020-02: TWD 73.20 per share

- 2020-03: TWD 65.60 per share

- 2020-04: TWD 69.50 per share

- 2020-05: TWD 72.80 per share

- 2020-06: TWD 71.30 per share

- 2020-07: TWD 71.50 per share

- 2020-08: TWD 66.60 per share

- 2020-09: TWD 62.50 per share

- 2020-10: TWD 61.30 per share

- 2020-11: TWD 65.00 per share

- 2020-12: TWD 67.50 per share

- 2021-01: TWD 68.00 per share

- 2021-02: TWD 67.20 per share

- 2021-03: TWD 73.00 per share

- 2021-04: TWD 75.10 per share

- 2021-05: TWD 73.60 per share

- 2021-06: TWD 73.20 per share

- 2021-07: TWD 73.20 per share

- 2021-08: TWD 72.30 per share

- 2021-09: TWD 68.30 per share

- 2021-10: TWD 66.60 per share

- 2021-11: TWD 65.40 per share

- 2021-12: TWD 68.60 per share

- 2022-01: TWD 67.60 per share

- 2022-02: TWD 67.10 per share

- 2022-03: TWD 65.60 per share

- 2022-04: TWD 68.40 per share

- 2022-05: TWD 67.40 per share

- 2022-06: TWD 67.00 per share

- 2022-07: TWD 70.40 per share

- 2022-08: TWD 66.00 per share

- 2022-09: TWD 67.30 per share

- 2022-10: TWD 65.50 per share

- 2022-11: TWD 66.10 per share

- 2022-12: TWD 66.60 per share

- 2023-01: TWD 67.30 per share

- 2023-02: TWD 67.50 per share

- 2023-03: TWD 71.90 per share

- 2023-04: TWD 73.60 per share

- 2023-05: TWD 74.30 per share

- 2023-06: TWD 76.30 per share

- 2023-07: TWD 75.30 per share

- 2023-08: TWD 70.70 per share

- 2023-09: TWD 70.10 per share

- 2023-10: TWD 67.90 per share

- 2023-11: TWD 73.00 per share

- 2023-12: TWD 74.50 per share

- 2024-01: TWD 72.40 per share

- 2024-02: TWD 76.70 per share

- 2024-03: TWD 77.50 per share

- 2024-04: TWD 76.50 per share

- 2024-05: TWD 80.00 per share

- 2024-06: TWD 81.30 per share

- 2024-07: TWD 83.90 per share

- 2024-08: TWD 82.60 per share

- 2024-09: TWD 87.20 per share

- 2024-10: TWD 89.70 per share

- 2024-11: TWD 84.50 per share

- 2024-12: TWD 80.90 per share

- 2025-01: TWD 78.40 per share

- 2025-02: TWD 81.50 per share

- 2025-03: TWD 80.50 per share

- 2025-04: TWD 76.80 per share

- 2025-05: TWD 79.60 per share

- 2025-06: TWD 81.00 per share

- 2025-07: TWD 79.20 per share

- 2025-08: TWD 77.40 per share

- 2025-09: TWD 78.40 per share

- 2025-10: TWD 78.70 per share

- 2025-11: TWD 76.50 per share

- 2025-12: TWD 77.10 per share

- 2026-01: TWD 71.70 per share

- 2026-02: TWD 72.50 per share

- 2026-03: TWD 71.00 per share

- 2026-04: TWD 69.30 per share

- 2026-05: TWD 71.80 per share

- 2026-06: TWD 74.50 per share

- 2026-07: TWD 73.80 per share

- 2026-08: TWD 76.20 per share

- 2026-09: TWD 74.20 per share

- 2026-10: TWD 77.10 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 27.88 per share, central TWD 30.41 per share, high TWD 33.79 per share

- FY2017: low TWD 34.09 per share, central TWD 37.50 per share, high TWD 42.04 per share

- FY2018: low TWD 56.75 per share, central TWD 67.05 per share, high TWD 75.43 per share

- FY2019: low TWD 63.26 per share, central TWD 76.90 per share, high TWD 87.30 per share

- FY2020: low TWD 79.75 per share, central TWD 93.83 per share, high TWD 106.74 per share

- FY2021: low TWD 80.26 per share, central TWD 88.99 per share, high TWD 100.60 per share

- FY2022: low TWD 72.27 per share, central TWD 80.50 per share, high TWD 91.45 per share

- FY2023: low TWD 78.47 per share, central TWD 87.59 per share, high TWD 99.73 per share

- FY2024: low TWD 66.64 per share, central TWD 73.95 per share, high TWD 83.70 per share

- FY2025: low TWD 22.97 per share, central TWD 25.04 per share, high TWD 27.80 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations