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Consumer Non-Durables

Uni-President Enterprises Corp.

Company Background

Uni-President Enterprises is a Taiwanese food and beverage company with significant operations in Taiwan and China. It sells a wide range of products, including soft drinks, instant noodles and pastries. It also operates logistics services across Taiwan.

Uni-President owns the 7-Eleven convenience store franchise -- now an independently listed company on the Taiwan Stock Exchange -- in Shanghai and Taiwan. The company also operates the Starbucks franchise in Taiwan.

The company was founded by Wu Hsiu-chi and Kao Ching-yuen in 1967 in the southern Taiwanese City of Tainan. Wu was married to Kao's cousin. Before setting up Uni-President, Wu and Kao worked together in the textile businesses. Kao was widely considered a leader of the Tainan Group, an influential gathering of Tainan-based tycoons, as was Wu before his death in 2005.

Alex Lo, Uni-President's chairman and president, is Kao's son-in-law. He has an MBA from the University of California, Los Angeles.

Business Summary

Uni-President Enterprises Corp. engages in the manufacturing, processing, and sales of the food business. It operates through the following business segments: Food Group, Instant Food Group, Dairy & Beverage Group, General Food Group, Baking Business Group, Technology Group, and Others. The Food Group segment includes bulk food, livestock feed, aquatic feed, and flour department. The Instant Food Group segment includes oil and food department. The Dairy & Beverage Group segment includes comprehensive beverage, tea, water, dairy, coffee, agency brand department. The General Food Group segment includes meat, soy sauce & condiment, ice products, and international department. The Baking Business Group segment includes bread department, and baking business development team. The Technology Group segment engages in the development, production, distribution, and operation of dairy products, beverages, ice products, cold mixes, and meat OEM products. The Others segment engages in the pharmaceutical, leisure development, and logistics business. The company was founded by Chin Yen Kao on August 25, 1967 and is headquartered in Tainan, Taiwan.

Financial Highlights

Dec 2019 TWDUSD
Revenue447,977.70M14,491.69M
Gross Profit140,185.77M4,534.89M
Operating income29,840.57M965.31M
Income before tax33,293.77M1,077.02M
Net income19,007.25M614.86M
EBITDA61,534.55M1,990.59M
Diluted EPS3.320.10
Dividends Per Share2.500.08
Total Assets477,455.27M15,927.38M
Total liabilities303,449.96M10,122.75M
Total equity108,416.34M3,616.65M
Operating cash flow59,401.80M1,921.59M
Currency in TWDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 416,151.32M 413,364.31M 399,860.95M 431,445.52M 447,977.70M
Gross Profit 130,144.95M 130,001.98M 125,590.26M 137,314.73M 140,185.77M
Operating income 21,947.72M 21,400.24M 22,643.66M 27,278.35M 29,840.57M
Income before tax 22,797.45M 25,655.12M 71,232.63M 32,449.16M 33,293.77M
Net income 14,107.83M 14,526.71M 39,844.85M 17,442.02M 19,007.25M
EBITDA 41,229.59M 40,745.27M 40,962.72M 46,173.55M 61,534.55M
Diluted EPS 2.47 2.54 6.98 3.05 3.32
Dividends Per Share 2 2.10 5.50 2.50 2.50
Total Assets 398,948.48M 378,585.46M 414,655.45M 407,150.08M 477,455.27M
Total liabilities 243,258.75M 225,885.19M 223,355.26M 236,849.25M 303,449.96M
Total equity 96,336.24M 94,405.84M 120,075.27M 106,354.51M 108,416.34M
Operating cash flow 50,855.08M 54,539.49M 47,035.50M 42,384.90M 59,401.80M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 13,105.44M 12,817.17M 13,143.50M 14,307.84M 14,491.69M
Gross Profit 4,098.52M 4,030.96M 4,128.17M 4,553.71M 4,534.89M
Operating income 691.17M 663.55M 744.30M 904.62M 965.31M
Income before tax 717.93M 795.48M 2,341.42M 1,076.09M 1,077.02M
Net income 444.28M 450.42M 1,309.70M 578.42M 614.86M
EBITDA 1,298.40M 1,263.38M 1,346.45M 1,531.23M 1,990.59M
Diluted EPS 0.07 0.07 0.22 0.10 0.10
Dividends Per Share 0.06 0.06 0.18 0.08 0.08
Total Assets 12,145.65M 11,746.73M 13,934.01M 13,246.25M 15,927.38M
Total liabilities 7,405.81M 7,008.75M 7,505.59M 7,705.67M 10,122.75M
Total equity 2,932.87M 2,929.22M 4,034.99M 3,460.14M 3,616.65M
Operating cash flow 1,601.52M 1,691.10M 1,546.06M 1,405.59M 1,921.59M

Valuation Measures

Dec 2019
PER22.18
ROA4.29%
ROE17.70%
Operating margin6.66%
Profit margin4.24%

Key executives

  • Chairman, Co-GM & Chief Strategy Officer: Chih Hsien Lo
  • Co-General Manager: Chao Kai Huang
  • Co-General Manager: Ching Tien Li
  • Head-Finance, Spokesman & Assistant GM: Kuo Hui Chen
  • Assistant General Manager: Tsung-Yi Liu

Shareholders

  • KAO HSIU LING (6.5%)
  • Yuanta Securities Investment Trust Co., Ltd. (5.8%)
  • The Vanguard Group, Inc. (2.9%)
  • HOU PO MING (2.6%)
  • HOU PO YU (2.2%)
  • BlackRock Fund Advisors (1.8%)
  • Fidelity Management & Research Co. LLC (1.8%)
  • First State Investments (Hong Kong) Ltd. (1.6%)
  • First Sentier Investors (Australia) IM Ltd. (1.5%)
  • Norges Bank Investment Management (1.2%)

Contact Details

Related Companies

  • Ton Yi China Investment Co. Ltd.
  • President Packaging Industrial Corp.
  • Uni Life Corp.
  • Kuang Chuan Food Co., Ltd.
  • Uni-President Enterprises Jinan Co., Ltd.
  • Uni-President Securities Group
  • Tung Yuan Corp.
  • President International Development Corp.
  • President Foods Co. Ltd.
  • Uni-President Southeast Asia Holdings Ltd.
  • Uni-President Development Corp.
  • President Nisshin Corp.
  • Uni-President Biotechnology Co., Ltd.
  • President Tokyo Corp.
  • Uni-President Vendor Corp.
  • President Packaging Corp.
  • President Direct Marketing Corp.
  • Ton Yi Pharmaceutical Corp.
  • President Pharmaceutical Corp.
  • President Natural Industrial Corp.
  • President Baseball Team Corp.
  • Tung Ho Development Corp.
  • President Futures Corp.
  • Qware Systems & Services Corp.
  • 21st Century Enterprise Co., Ltd.
  • Uni-President Cold-Chain Corp.
  • Uni-President Organics Corp.
  • Uni-President Yi-Lan Art & Culture Corp.
  • Retail Support Taiwan Corp.
  • Retail Support International Corp.

Competitors

  • President Chain Store Corporation
  • Eastern Media International Corporation
  • Gourmet Master Co. Ltd.
  • Taiwan FamilyMart Co., Ltd.
  • Formosa Taffeta Co., Ltd.
  • Hotai Finance Co., Ltd.
  • Yuanta Futures Co., Ltd.
Last Updated on 20 Oct, 2020

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