Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$62.40, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Construction industry in Asia. Total returns to shareholders of 137% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$99.44 per share. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.99 (vs NT$0.74 in 1Q 2025) First quarter 2026 results: EPS: NT$0.99 (up from NT$0.74 in 1Q 2025). Revenue: NT$1.72b (up 27% from 1Q 2025). Net income: NT$246.4m (up 34% from 1Q 2025). Profit margin: 14% (in line with 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 29% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 13
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: NT$4.08 (up from NT$3.38 in FY 2024). Revenue: NT$6.31b (up 20% from FY 2024). Net income: NT$1.01b (up 21% from FY 2024). Profit margin: 16% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 31% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
Kuo Toong International Co., Ltd., Annual General Meeting, May 26, 2026 Kuo Toong International Co., Ltd., Annual General Meeting, May 26, 2026, at 09:00 Taipei Standard Time. Location: building. b no,801, ch`ung to rd., zuoying district, kaohsiung city Taiwan Price Target Changed • Feb 03
Price target decreased by 19% to NT$63.95 Down from NT$78.95, the current price target is an average from 2 analysts. New target price is 26% above last closing price of NT$50.60. Stock is down 4.7% over the past year. The company is forecast to post earnings per share of NT$4.40 for next year compared to NT$3.37 last year. Price Target Changed • Nov 24
Price target increased by 19% to NT$78.95 Up from NT$66.55, the current price target is an average from 2 analysts. New target price is 39% above last closing price of NT$56.90. Stock is up 6.8% over the past year. The company is forecast to post earnings per share of NT$4.22 for next year compared to NT$3.37 last year. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$57.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Construction industry in Asia. Total returns to shareholders of 207% over the past three years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: NT$1.34 (vs NT$0.72 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.34 (up from NT$0.72 in 3Q 2024). Revenue: NT$1.73b (up 45% from 3Q 2024). Net income: NT$332.6m (up 85% from 3Q 2024). Profit margin: 19% (up from 15% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to NT$57.80. The fair value is estimated to be NT$48.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 45% in the next 2 years. Price Target Changed • Oct 16
Price target decreased by 7.6% to NT$66.55 Down from NT$72.03, the current price target is an average from 2 analysts. New target price is 19% above last closing price of NT$55.70. Stock is down 15% over the past year. The company is forecast to post earnings per share of NT$3.60 for next year compared to NT$3.37 last year. Upcoming Dividend • Oct 15
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 22 October 2025. Payment date: 27 November 2025. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (3.5%). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: NT$0.87 (up from NT$0.86 in 2Q 2024). Revenue: NT$1.41b (down 4.2% from 2Q 2024). Net income: NT$215.8m (up 1.2% from 2Q 2024). Profit margin: 15% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 16
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$6.96b to NT$6.48b. EPS estimate also fell from NT$4.37 per share to NT$3.60 per share. Net income forecast to grow 14% next year vs 18% growth forecast for Construction industry in Taiwan. Consensus price target up from NT$72.03 to NT$74.37. Share price fell 3.7% to NT$51.40 over the past week. Announcement • Jun 20
Kuo Toong International Co., Ltd. Announces Change of Members of Its Sustainability Committee Kuo Toong International Co., Ltd. announced change of members of its sustainability committee. Name of the New position holder: Chen Thung-Kun. Resume of the new position holder: Chen Thung-Kun GChief Technician of Ying Shun Construction Co., Ltd. and independent director of Kuo Toong International Co., Ltd. Date of change: June 19, 2025. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.74 (vs NT$0.71 in 1Q 2024) First quarter 2025 results: EPS: NT$0.74 (up from NT$0.71 in 1Q 2024). Revenue: NT$1.35b (up 18% from 1Q 2024). Net income: NT$183.5m (up 4.8% from 1Q 2024). Profit margin: 14% (down from 15% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
Kuo Toong International Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Kuo Toong International Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$55.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Construction industry in Asia. Total returns to shareholders of 166% over the past three years. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 11x cash flows per share). Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$61.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Construction industry in Asia. Total returns to shareholders of 206% over the past three years. Reported Earnings • Mar 13
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: NT$3.37 (up from NT$2.88 in FY 2023). Revenue: NT$5.25b (up 27% from FY 2023). Net income: NT$837.2m (up 17% from FY 2023). Profit margin: 16% (down from 17% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) exceeded analyst estimates by 10%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 12
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from NT$3.53 to NT$3.05. Revenue forecast unchanged from NT$5.74b at last update. Net income forecast to grow 38% next year vs 19% growth forecast for Construction industry in Taiwan. Consensus price target down from NT$104 to NT$83.55. Share price fell 4.9% to NT$54.60 over the past week. Announcement • Mar 04
Kuo Toong International Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Kuo Toong International Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Announcement • Jan 17
Kuo Toong International Co., Ltd., Annual General Meeting, May 28, 2025 Kuo Toong International Co., Ltd., Annual General Meeting, May 28, 2025. Location: 5 floor no,2, yuan shan rd., niaosong district, kaohsiung city Taiwan Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.72 (down from NT$0.99 in 3Q 2023). Revenue: NT$1.19b (up 8.2% from 3Q 2023). Net income: NT$179.9m (down 27% from 3Q 2023). Profit margin: 15% (down from 22% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 23
Dividend increased to NT$1.50 Dividend of NT$1.50 is 50% higher than last year. Ex-date: 5th November 2024 Payment date: 28th November 2024 Dividend yield will be 2.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 22
Kuo Toong International Co., Ltd. Announces Cash Dividend, Payable on November 28, 2024 Kuo Toong International Co., Ltd. announced cash dividends of TWD 372,117,236 (TWD 1.50 per share); Ex-rights (Ex-dividend) date: November 05, 2024; Last date before book closure: November 06, 2024; Book closure starting date: November 07, 2024; Book closure ending date: November 11, 2024; Ex-rights (Ex-dividend) record date: November 11, 2024; Payment date of cash dividend distribution: November 28, 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$0.86 (up from NT$0.35 in 2Q 2023). Revenue: NT$1.47b (up 59% from 2Q 2023). Net income: NT$213.4m (up 148% from 2Q 2023). Profit margin: 14% (up from 9.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 3.6%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$64.10, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Construction industry in Asia. Total returns to shareholders of 202% over the past three years. Announcement • Aug 03
Kuo Toong International Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Kuo Toong International Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Price Target Changed • Jun 13
Price target increased by 46% to NT$73.00 Up from NT$50.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of NT$75.80. Stock is up 160% over the past year. The company is forecast to post earnings per share of NT$3.37 for next year compared to NT$2.88 last year. Reported Earnings • May 12
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$0.71 (up from NT$0.69 in 1Q 2023). Revenue: NT$1.15b (up 50% from 1Q 2023). Net income: NT$175.1m (up 2.0% from 1Q 2023). Profit margin: 15% (down from 23% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 02
Kuo Toong International Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Kuo Toong International Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$92.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Construction industry in Asia. Total returns to shareholders of 201% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$94.85 per share. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$78.70, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Construction industry in Asia. Total returns to shareholders of 137% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$94.01 per share. Reported Earnings • Mar 13
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: NT$2.88 (up from NT$2.52 in FY 2022). Revenue: NT$4.13b (up 9.0% from FY 2022). Net income: NT$713.9m (up 14% from FY 2022). Profit margin: 17% (in line with FY 2022). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 8.4%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Kuo Toong International Co., Ltd., Annual General Meeting, Jun 18, 2024 Kuo Toong International Co., Ltd., Annual General Meeting, Jun 18, 2024. Location: No. 2, Yuanshan Rd., Niaosong Dist., Shonghe Hall, 5F, Grand Hotel Kaohsiung Kaohsiung City Taiwan Agenda: To consider annual Business Report 2023; to consider annual Audit Committee Report 2023; to report on the distribution of employee and director remuneration for 2023; to report on the distribution of cash dividends from 2023 earnings; to consider acknowledgment of the Surplus allocation for 2023; and to transact other business. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$62.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Construction industry in Asia. Total returns to shareholders of 172% over the past three years. New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$0.99 (up from NT$0.55 in 3Q 2022). Revenue: NT$1.10b (up 19% from 3Q 2022). Net income: NT$245.5m (up 79% from 3Q 2022). Profit margin: 22% (up from 15% in 3Q 2022). Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 6.5%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$42.20, the stock trades at a trailing P/E ratio of 18x. Average forward P/E is 12x in the Construction industry in Taiwan. Total returns to shareholders of 102% over the past three years. Upcoming Dividend • Oct 25
Upcoming dividend of NT$1.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 01 November 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (5.3%). Announcement • Oct 14
Kuo Toong International Co., Ltd. Announces Cash Dividend, Payable on November 30, 2023 Kuo Toong International Co., Ltd. announced cash dividend of TWD 248,078,157 (TWD 1 per share). Ex-rights (Ex-dividend) date is November 01, 2023; Ex-rights (Ex-dividend) record date is November 07, 2023; Payment date of cash dividend distribution is November 30, 2023. Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: NT$0.35 (down from NT$1.18 in 2Q 2022). Revenue: NT$927.7m (down 8.8% from 2Q 2022). Net income: NT$85.9m (down 71% from 2Q 2022). Profit margin: 9.3% (down from 29% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 59%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$39.05, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 11x in the Construction industry in Taiwan. Total returns to shareholders of 150% over the past three years. Announcement • Jun 23
Kuo Toong International Co., Ltd. Approves Election of Chen Thung-Kun as Member of Audit Committee Kuo Toong International Co., Ltd. approved election of Chen Thung-Kun as member of Audit Committee. Resume of the new position holder: Senior Technician and Union Chairman of BES Engineering Co., Ltd. Original term: From 2022/06/09 to 2025/06/08, Effective date of the new member June 21, 2023. Announcement • Jun 22
Kuo Toong International Co., Ltd. Announces Board Changes Kuo Toong International Co., Ltd. at 2023 Annual General Shareholders' Meeting approved election of Institutional Director Zhou Ting Property Co., Ltd. Representative: Hsu Cheng-Che, Independent Director: Chen Thung-Kun. Resume of the new position holder: (1)Institutional Director Zhou Ting Property Co., Ltd. Representative: Hsu Cheng-Che (Vice President of Administration and Finance Department of Triocean Industrial Corporation Co., Ltd.) (2)Independent Director:Chen Thung-Kun (Senior Technician and Union Chairman of BES Engineering Co., Ltd.). Circumstances of change: New Appointment. Original term:From 2022/06/09 to 2025/06/08, Effective date of the new appointment of June 21, 2023. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$2.52 (vs NT$1.81 in FY 2021) Full year 2022 results: EPS: NT$2.52 (up from NT$1.81 in FY 2021). Revenue: NT$3.79b (down 18% from FY 2021). Net income: NT$625.1m (up 39% from FY 2021). Profit margin: 17% (up from 9.7% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$27.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Construction industry in Asia. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$27.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Construction industry in Asia. Total returns to shareholders of 50% over the past three years. Announcement • Jan 17
Kuo Toong International Co., Ltd. Announces Executive Changes Kuo Toong International Co., Ltd. announced the change to the corporate governance officer. Date of occurrence of the change: January 16, 2023. Name, title, and resume of the previous position holder: Wu,Chih-Cheng /Legal officer of KTI. Name, title, and resume of the new position holder: Huang,Fu-Chen/Deputy General Manager of Management Department of KTI. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sen-Rong Wang is the most experienced director on the board, commencing their role in 2019. Independent Director Yen-Chiu Wu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Oct 26
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 02 November 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (7.4%). Lower than average of industry peers (6.2%). Announcement • Oct 07
Kuo Toong International Co., Ltd. Announces Cash Dividend, Payable on November 30, 2022 Kuo Toong International Co., Ltd. announced cash dividend of TWD 124,039,079 or TWD 0.50 per share. Ex-rights (Ex-dividend) date is November 2, 2022. Last date before book closure is November 3, 2022. Book closure starting date is November 4, 2022. Book closure ending date is November 8, 2022. Ex-rights (Ex-dividend) record date is November 8, 2022. Payment date of cash dividend distribution is November 30, 2022. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: NT$1.17 (vs NT$0.49 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.17 (up from NT$0.49 in 2Q 2021). Revenue: NT$1.02b (down 12% from 2Q 2021). Net income: NT$291.6m (up 142% from 2Q 2021). Profit margin: 29% (up from 11% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: NT$0.04 (down from NT$0.42 in 1Q 2021). Revenue: NT$964.8m (down 7.2% from 1Q 2021). Net income: NT$9.51m (down 91% from 1Q 2021). Profit margin: 1.0% (down from 10.0% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 73%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Yi-Shun Chang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: NT$1.81 (up from NT$0.50 in FY 2020). Revenue: NT$4.62b (up 25% from FY 2020). Net income: NT$448.4m (up 259% from FY 2020). Profit margin: 9.7% (up from 3.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 73%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 23
Kuo Toong International Co., Ltd., Annual General Meeting, Jun 09, 2022 Kuo Toong International Co., Ltd., Annual General Meeting, Jun 09, 2022. Location: No. 2, Yuanshan Rd., Niaosong Dist., (Shonghe Hall, 5F, Grand Hotel Kaohsiung) Kaohsiung City Taiwan Agenda: To consider 2021 business report; to consider Audit Committee's review of the 2021 annual final accounting books and statements; to consider Report on 2021 employees' and directors' remuneration; to consider Report on 2022 domestic secured ordinary corporate bonds issuance; and to consider other matters. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.35 (vs NT$0.12 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.18b (up 25% from 3Q 2020). Net income: NT$86.8m (up NT$115.5m from 3Q 2020). Profit margin: 7.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 26
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 02 November 2021. Payment date: 30 November 2021. Trailing yield: 1.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.9%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.49 (vs NT$0.17 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.15b (up 24% from 2Q 2020). Net income: NT$120.5m (up 185% from 2Q 2020). Profit margin: 11% (up from 4.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 24% share price gain to NT$30.05, the stock trades at a trailing P/E ratio of 36.4x. Average trailing P/E is 12x in the Construction industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.42 (vs NT$0.085 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.04b (up 102% from 1Q 2020). Net income: NT$103.8m (up 388% from 1Q 2020). Profit margin: 10.0% (up from 4.1% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 47% 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 • Apr 01
Full year 2020 earnings released: EPS NT$0.50 (vs NT$0.81 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.71b (down 3.1% from FY 2019). Net income: NT$125.1m (down 35% from FY 2019). Profit margin: 3.4% (down from 5.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 21
New 90-day high: NT$24.55 The company is up 6.0% from its price of NT$23.20 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$24.45 The company is up 38% from its price of NT$17.70 on 07 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: NT$24.00 The company is up 59% from its price of NT$15.10 on 20 August 2020. The Taiwanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 7.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.12 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: NT$945.3m (up 14% from 3Q 2019). Net loss: NT$28.7m (down 136% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 21% share price gain to NT$23.60, the stock is trading at a trailing P/E ratio of 45x, up from the previous P/E ratio of 37.1x. This compares to an average P/E of 17x in the Construction industry in Taiwan. Total returns to shareholders over the past three years are 31%. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 22% share price gain to NT$21.25, the stock is trading at a trailing P/E ratio of 40.5x, up from the previous P/E ratio of 33.3x. This compares to an average P/E of 16x in the Construction industry in Taiwan. Total returns to shareholders over the past three years are 17%. Is New 90 Day High Low • Oct 05
New 90-day high: NT$17.45 The company is up 3.0% from its price of NT$16.95 on 07 July 2020. The Taiwanese market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Construction industry, which is also up 3.0% over the same period. 
