September revenue rose 114.8% from a year earlier. The gain over August was small, and the shares trailed their peers in the same window. Margins are the part worth watching.
A record month, but the step up from August was tiny
Taiwan Union Technology makes the layered boards that chips and signals travel through inside servers and phones. Each month Taiwanese listed companies publish what they sold, and this is that kind of filing, not a full profit report. Its September sales were a record for the company. That is the most it has sold in any of the 24 months of filings we looked at. Year on year A comparison with the same month or quarter one year earlier, which strips out normal seasonal swings. that is growth of 114.8%. Compared with August, though, revenue The money a company takes in from selling its products, before any costs are taken out. grew just 3.6%. The record month and the slower monthly pace arrived together, and that pairing is the part a headline usually drops.
Glossary
- revenue
- The money a company takes in from selling its products, before any costs are taken out.
- Year on year
- A comparison with the same month or quarter one year earlier, which strips out normal seasonal swings.
Guess how much bigger the first nine months of 2026 were than the same months last year.
Actual98.8%
Revenue for the first nine months of 2026 was 98.8% higher than a year earlier, close to double.
Show answer
98.8% Revenue for the first nine months of 2026 was 98.8% higher than a year earlier, close to double.
Stack the nine months together and the shape is the same: revenue of NT$42.3bn so far in 2026. Growth is no longer setting new highs either, because the fastest year-on-year month in this run was August rather than September. My reading is that growth which stays fast but stops speeding up is a normal stage in a boom, and it is better noticed early than late.
The company is also keeping more of each sale
The monthly filing has no profit line, so for margins we use the latest full accounts, which run through 2026Q3. There, gross margin was 36.9%, up 7.2 pp from the quarter before. Operating margin was 31.0% in that same quarter. Spending on staff, selling and research barely moved as a share of sales, since that ratio changed by -0.3 pp. So nearly all of the improvement sits in the gross line rather than in cost cutting.
Data table
| order | category | amount | kind |
|---|---|---|---|
| 0 | 2026Q2 operating margin | 23.5% | total |
| 1 | Gross margin change | 7.2% | delta |
| 2 | Opex ratio change | 0.3% | delta |
| 3 | 2026Q3 operating margin | 31.0% | total |
What the data does not show is which product did it. A breakdown by product line is not available in this data, so the high-speed laminate story that fills the trade press cannot be checked here.
The shares still trailed their peers in the same window
Here is the odd part. In the same window the shares rose, yet the Elite Material and ITEQ basket rose more and ends the chart above them. From the filing day onward, the cumulative return against that peer basket A small group of similar companies used as a yardstick, so you can see whether a move was company-specific or industry-wide. was -7.8%. On the filing day alone the gap was -6.4%. The basket holds just 2 peers. The window covers 6 trading days including the filing day itself, so this is a small reading, not a verdict.
Data table
| day | series | value | series_role |
|---|---|---|---|
| -5 | Taiwan Union Technology | -0.7% | target |
| -4 | Taiwan Union Technology | 1.7% | target |
| -3 | Taiwan Union Technology | 2.7% | target |
| -2 | Taiwan Union Technology | 8.4% | target |
| -1 | Taiwan Union Technology | 19.1% | target |
| 0 | Taiwan Union Technology | 17.4% | target |
| 1 | Taiwan Union Technology | 15.1% | target |
| 2 | Taiwan Union Technology | 16.4% | target |
| 3 | Taiwan Union Technology | 16.1% | target |
| 4 | Taiwan Union Technology | 10.7% | target |
| 5 | Taiwan Union Technology | 16.1% | target |
| -5 | Peer basket | 0.8% | peer |
| -4 | Peer basket | 1.2% | peer |
| -3 | Peer basket | 3.2% | peer |
| -2 | Peer basket | 8.6% | peer |
| -1 | Peer basket | 19.4% | peer |
| 0 | Peer basket | 25.4% | peer |
| 1 | Peer basket | 25.6% | peer |
| 2 | Peer basket | 27.0% | peer |
| 3 | Peer basket | 29.0% | peer |
| 4 | Peer basket | 21.3% | peer |
| 5 | Peer basket | 25.7% | peer |
| -5 | Cumulative abnormal return | -1.5% | neutral |
| -4 | Cumulative abnormal return | 0.5% | neutral |
| -3 | Cumulative abnormal return | -0.5% | neutral |
| -2 | Cumulative abnormal return | -0.2% | neutral |
| -1 | Cumulative abnormal return | -0.3% | neutral |
| 0 | Cumulative abnormal return | -6.7% | neutral |
| 1 | Cumulative abnormal return | -8.9% | neutral |
| 2 | Cumulative abnormal return | -8.8% | neutral |
| 3 | Cumulative abnormal return | -10.7% | neutral |
| 4 | Cumulative abnormal return | -9.3% | neutral |
| 5 | Cumulative abnormal return | -8.1% | neutral |
September growth also looked slower than the neighbours', with a peer median of 139.8% that month. On price, the company's trailing P/E Share price divided by earnings per share. It tells you how much investors pay for each unit of profit. was 56.0x, which sits below the peer median of 89.3x rather than above it. My reading is that the slower growth next to the neighbours, not an expensive price tag, is the thing a beginner should keep an eye on here.
Glossary
- P/E
- Share price divided by earnings per share. It tells you how much investors pay for each unit of profit.
- peer basket
- A small group of similar companies used as a yardstick, so you can see whether a move was company-specific or industry-wide.
Quick quiz
What does a lower P/E than peers tell you on its own?
Why：A P/E of 56.0x against a peer median of 89.3x just means a lower price per unit of past earnings.
Show answer
Only that investors pay less for each unit of past profit A P/E of 56.0x against a peer median of 89.3x just means a lower price per unit of past earnings.
Risks
- The peer basket holds only two companies, too small for a relative price reading to mean much.
- One-off items in a single month or quarter can flatter both growth and margin.
- Currency or accounting changes can distort the comparison with last year.
Sources
- FinMind 財務報表 / 現金流量表 6274（原始來源：公開資訊觀測站） — data as of 2026-09-30; fetched 2026-11-05 19:31 UTC; License note: FinMind open data; original source MOPS (公開資訊觀測站)
- 臺灣證券交易所 個股日成交資訊 2383 — data as of 2026-10-20; fetched 2026-11-05 19:30 UTC
- 臺灣證券交易所 個股日成交資訊 6213 — data as of 2026-10-20; fetched 2026-11-05 19:30 UTC
- 證券櫃檯買賣中心 個股日成交資訊 6274 — data as of 2026-10-20; fetched 2026-11-05 19:30 UTC