Deep Value: cash covers more than 100% of the stock price

This company holds roughly NT$14.39B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Stock

USI Corporation

1304.TW

Chemicals - Specialty · Basic Materials

Price

NT$13.10

-0.05 (-0.38%)

Market Cap

NT$14.05B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

3/30

Growth

Weak

3/20

Cash Flow

Weak

0/10

Stability

Weak

2/10

Valuation

Data not available

0/10

Ownership

Good

10/15

Dividends

Weak

1/5

19 of 100 counted points = Winston Score 19.

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§Winston Score History

The full picture

USI Corporation is a major Taiwanese company that makes petrochemical and plastic products. Its core products include polyethylene, ethylene vinyl acetate (EVA), and other chemical materials used by manufacturers of packaging, electronics, footwear, and construction goods. USI is one of Taiwan's oldest and largest petrochemical producers, with roots going back to the 1960s.

The company earns revenue by selling bulk chemicals and plastic resins, primarily to industrial customers across Asia. USI also holds significant investments in other companies, including stakes in Asia Polymer and China General Plastics. Its scale and long-established supply relationships give it a solid position in Taiwan's petrochemical supply chain. However, the business faces pressure from thin margins, cyclical swings in petrochemical prices, and growing competition from larger producers in mainland China and the Middle East, making a sustained return to profitability a key challenge ahead.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-4.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+79.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$555M/ year

↑ Rising (+7% vs prior year)

1.3% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

24.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~19 months

NT$14.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

USI Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.07B (2021) → 1.07B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

13.8%

Thin — 13.8% gross margin

Profit after running costs

Operating Margin

3.6%

Thin — 3.6% operating margin

Return on the money invested

ROCE

-3.9%

Weak — -3.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-14.3%

Shrinking sales (-14.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-12.1%

Burning cash (-12.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.18

Elevated debt (1.18)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.20%

Small dividend — 1.20% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-65.0%

Dividend cut (-65.0% YoY) — warning sign

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