Upcoming Dividend • Jul 09
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 16 July 2026. Payment date: 14 August 2026. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (5.7%). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$0.88 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$0.88 in 1Q 2025). Revenue: NT$1.68b (up 45% from 1Q 2025). Net income: NT$419.9m (up 179% from 1Q 2025). Profit margin: 25% (up from 13% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$23.90, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 36% over the past three years. New Risk • Apr 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$3.44 (vs NT$1.88 in FY 2024) Full year 2025 results: EPS: NT$3.44 (up from NT$1.88 in FY 2024). Revenue: NT$3.78b (up 55% from FY 2024). Net income: NT$590.0m (up 83% from FY 2024). Profit margin: 16% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 12
Kunyue Development Co., Ltd., Annual General Meeting, Jun 04, 2026 Kunyue Development Co., Ltd., Annual General Meeting, Jun 04, 2026. Location: no,157, nan huo rd., south district, taichung city Taiwan Reported Earnings • Nov 13
Third quarter 2025 earnings released: NT$0.22 loss per share (vs NT$1.69 profit in 3Q 2024) Third quarter 2025 results: NT$0.22 loss per share (down from NT$1.69 profit in 3Q 2024). Revenue: NT$81.6m (down 94% from 3Q 2024). Net loss: NT$38.5m (down 113% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$3.34 (vs NT$0.77 in 2Q 2024) Second quarter 2025 results: EPS: NT$3.34 (up from NT$0.77 in 2Q 2024). Revenue: NT$2.51b (up 154% from 2Q 2024). Net income: NT$520.3m (up 296% from 2Q 2024). Profit margin: 21% (up from 13% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 24
Dividend reduced to NT$0.50 Dividend of NT$0.50 is 62% lower than last year. Ex-date: 7th August 2025 Payment date: 5th September 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.97 (vs NT$0.22 in 1Q 2024) First quarter 2025 results: EPS: NT$0.97 (up from NT$0.22 in 1Q 2024). Revenue: NT$1.16b (up 131% from 1Q 2024). Net income: NT$150.6m (up 347% from 1Q 2024). Profit margin: 13% (up from 6.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 30
Kunyue Development Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Kunyue Development Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Ankündigung • Apr 17
Kunyue Development Co., Ltd. Announces Cash Dividend for the Year Ended December 31, 2024 Kunyue Development Co., Ltd. announced cash dividend for the year ended December 31, 2024 of TWD 0.5 per share. Total amount of cash dividends to shareholders is TWD 77,962,500. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to NT$32.15, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 11x in the Real Estate industry in Taiwan. Total returns to shareholders of 134% over the past three years. New Risk • Mar 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 5.9% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Ankündigung • Mar 07
Kunyue Development Co., Ltd., Annual General Meeting, Jun 11, 2025 Kunyue Development Co., Ltd., Annual General Meeting, Jun 11, 2025, at 09:00 Taipei Standard Time. Location: no,1242, yung ch`un e. rd., nan tun district, taichung city Taiwan Ankündigung • Feb 25
Kunyue Development Co., Ltd. to Report Fiscal Year 2024 Results on Mar 05, 2025 Kunyue Development Co., Ltd. announced that they will report fiscal year 2024 results on Mar 05, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.86 (vs NT$0.15 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$1.86 (up from NT$0.15 loss in 3Q 2023). Revenue: NT$1.39b (up 273% from 3Q 2023). Net income: NT$290.0m (up NT$313.5m from 3Q 2023). Profit margin: 21% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Ankündigung • Oct 30
Kunyue Development Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Kunyue Development Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 New Risk • Aug 28
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 7.6% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 26% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.84 (vs NT$0.14 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.84 (up from NT$0.14 loss in 2Q 2023). Revenue: NT$988.3m (up NT$886.3m from 2Q 2023). Net income: NT$131.3m (up NT$153.9m from 2Q 2023). Profit margin: 13% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$43.15, the stock trades at a trailing P/E ratio of 56.2x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 186% over the past three years. Ankündigung • Jul 31
Kunyue Development Co., Ltd. to Report Q2, 2024 Results on Aug 07, 2024 Kunyue Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (2.5%). Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.41 loss per share (vs NT$1.12 profit in 1Q 2023) First quarter 2024 results: NT$0.41 loss per share (down from NT$1.12 profit in 1Q 2023). Revenue: NT$18.0m (down 99% from 1Q 2023). Net loss: NT$63.9m (down 137% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Ankündigung • May 02
Kunyue Development Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Kunyue Development Co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$2.30 (vs NT$0.67 loss in FY 2022) Full year 2023 results: EPS: NT$2.30 (up from NT$0.67 loss in FY 2022). Revenue: NT$3.37b (up NT$2.97b from FY 2022). Net income: NT$358.2m (up NT$462.5m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Ankündigung • Mar 07
Kunyue Development Co., Ltd., Annual General Meeting, Jun 13, 2024 Kunyue Development Co., Ltd., Annual General Meeting, Jun 13, 2024. Location: Chun Rui Reception Center, Next to No. 1242, Yongchun East Road, Nantun District, Taichung City Taiwan Agenda: To consider 2023 business report of the Company; to consider 2023 review report of the Audit Committee; to consider report on the remuneration of employees and Directors in 2023; to consider 2023 business report and financial statements of the Company; and to consider 2023 business report and loss compensation from earnings of the company. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$23.85, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 18x in the Real Estate industry in Taiwan. Total returns to shareholders of 56% over the past three years. New Risk • Jul 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.09b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.0% operating cash flow to total debt). Earnings have declined by 19% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$3.09b market cap, or US$99.5m). Upcoming Dividend • Jul 06
Upcoming dividend of NT$0.50 per share at 2.3% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 11 August 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (5.4%). Reported Earnings • Mar 28
Full year 2022 earnings released: NT$0.67 loss per share (vs NT$0.54 profit in FY 2021) Full year 2022 results: NT$0.67 loss per share (down from NT$0.54 profit in FY 2021). Revenue: NT$396.9m (down 80% from FY 2021). Net loss: NT$104.3m (down 225% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 20
Third quarter 2022 earnings released: NT$0.08 loss per share (vs NT$0.74 profit in 3Q 2021) Third quarter 2022 results: NT$0.08 loss per share (down from NT$0.74 profit in 3Q 2021). Net loss: NT$12.4m (down 111% from profit in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 23
Upcoming dividend of NT$0.48 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 30 September 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (6.1%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.34 loss per share (vs NT$0.023 profit in 2Q 2021) Second quarter 2022 results: NT$0.34 loss per share (down from NT$0.023 profit in 2Q 2021). Revenue: NT$2.35m (down 99% from 2Q 2021). Net loss: NT$52.2m (down NT$55.7m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.40 loss per share (vs NT$0.054 profit in 1Q 2021) First quarter 2022 results: NT$0.40 loss per share (down from NT$0.054 profit in 1Q 2021). Revenue: NT$0 (down 100% from 1Q 2021). Net loss: NT$63.0m (down NT$71.5m from profit in 1Q 2021). Profit margin: (down from 4.7% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 14
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: NT$0.54 (down from NT$3.11 in FY 2020). Revenue: NT$1.93b (down 29% from FY 2020). Net income: NT$83.5m (down 83% from FY 2020). Profit margin: 4.3% (down from 18% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 46%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buying Opportunity • Mar 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be NT$19.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 5.5% per annum over the last 3 years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.74 (vs NT$0.81 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$1.35b (up 83% from 3Q 2020). Net income: NT$115.7m (down 8.1% from 3Q 2020). Profit margin: 8.6% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Aug 23
Upcoming dividend of NT$1.30 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 24 September 2021. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (5.0%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.02 (vs NT$1.12 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$394.0m (down 56% from 2Q 2020). Net income: NT$3.53m (down 98% from 2Q 2020). Profit margin: 0.9% (down from 19% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.37 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$180.3m (down 48% from 1Q 2020). Net income: NT$8.44m (down 85% from 1Q 2020). Profit margin: 4.7% (down from 17% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$3.11 (vs NT$2.41 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$2.73b (up 24% from FY 2019). Net income: NT$485.0m (up 29% from FY 2019). Profit margin: 18% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 11
Kunyue Development Co., Ltd., Annual General Meeting, Jun 17, 2021 Kunyue Development Co., Ltd., Annual General Meeting, Jun 17, 2021. Is New 90 Day High Low • Mar 04
New 90-day high: NT$18.00 The company is up 3.0% from its price of NT$17.45 on 04 December 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: NT$18.10 The company is up 8.0% from its price of NT$16.70 on 02 September 2020. The Taiwanese market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Real Estate industry, which is up 5.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.81 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$738.3m (up 5.4% from 3Q 2019). Net income: NT$125.9m (up 8.8% from 3Q 2019). Profit margin: 17% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth.