Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$25.55, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 13x in the Real Estate industry in Taiwan. Total returns to shareholders of 22% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.67 (vs NT$0.25 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.67 (up from NT$0.25 loss in 1Q 2025). Revenue: NT$312.6m (up NT$297.8m from 1Q 2025). Net income: NT$68.4m (up NT$94.1m from 1Q 2025). Profit margin: 22% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$2.01 (vs NT$0.94 loss in FY 2024) Full year 2025 results: EPS: NT$2.01 (up from NT$0.94 loss in FY 2024). Revenue: NT$972.4m (up NT$892.4m from FY 2024). Net income: NT$204.9m (up NT$286.7m from FY 2024). Profit margin: 21% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Feb 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Independent Director Shu-Tzu Chen was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Jan 28
MEGA International Development Co.,Ltd., Annual General Meeting, Apr 13, 2026 MEGA International Development Co.,Ltd., Annual General Meeting, Apr 13, 2026, at 09:00 Taipei Standard Time. Location: 4 floor no,107, sec.2 wen hsin rd., hsi tun district, taichung city Taiwan Board Change • Dec 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Shu-Tzu Chen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2025 earnings released: NT$0.23 loss per share (vs NT$0.33 loss in 3Q 2024) Third quarter 2025 results: NT$0.23 loss per share (improved from NT$0.33 loss in 3Q 2024). Net loss: NT$23.3m (loss narrowed 18% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2025 earnings released: NT$0.24 loss per share (vs NT$0.18 loss in 2Q 2024) Second quarter 2025 results: NT$0.24 loss per share (further deteriorated from NT$0.18 loss in 2Q 2024). Net loss: NT$24.8m (loss widened 58% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jul 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.96b (US$99.7m) 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 Risk Less than 1 year of cash runway based on free cash flow trend (-NT$447m free cash flow). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Revenue is less than US$5m (NT$73m revenue, or US$2.5m). Market cap is less than US$100m (NT$2.96b market cap, or US$99.7m). Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.25 loss per share (vs NT$0.26 loss in 1Q 2024) First quarter 2025 results: NT$0.25 loss per share. Net loss: NT$25.7m (loss widened 23% from 1Q 2024). Ankündigung • May 01
MEGA International Development Co.,Ltd. to Report Q1, 2025 Results on May 09, 2025 MEGA International Development Co.,Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Board Change • Apr 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Shu-Tzu Chen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2024 earnings released: NT$0.94 loss per share (vs NT$1.15 loss in FY 2023) Full year 2024 results: NT$0.94 loss per share. Net loss: NT$81.8m (loss widened 3.1% from FY 2023). Ankündigung • Mar 03
MEGA International Development Co.,Ltd., Annual General Meeting, May 27, 2025 MEGA International Development Co.,Ltd., Annual General Meeting, May 27, 2025. Location: no,107, sec.2 wen hsin rd., hsi tun district, taichung city Taiwan Ankündigung • Feb 20
MEGA International Development Co.,Ltd. to Report Q4, 2024 Results on Feb 27, 2025 MEGA International Development Co.,Ltd. announced that they will report Q4, 2024 results on Feb 27, 2025 New Risk • Jan 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 48% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-NT$291m free cash flow). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Revenue is less than US$5m (NT$137m revenue, or US$4.1m). Market cap is less than US$100m (NT$2.94b market cap, or US$89.2m). Ankündigung • Nov 21
MEGA International Development Co.,Ltd. to Report Q2, 2025 Results on Jan 16, 2025 MEGA International Development Co.,Ltd. announced that they will report Q2, 2025 results on Jan 16, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.33 loss per share (vs NT$0.21 loss in 3Q 2023) Third quarter 2024 results: NT$0.33 loss per share (further deteriorated from NT$0.21 loss in 3Q 2023). Net loss: NT$28.5m (loss widened 93% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Aug 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$254m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-NT$254m free cash flow). Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Revenue is less than US$5m (NT$143m revenue, or US$4.5m). Market cap is less than US$100m (NT$2.74b market cap, or US$85.7m). Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.23 loss in 2Q 2023) Second quarter 2024 results: NT$0.18 loss per share (improved from NT$0.23 loss in 2Q 2023). Net loss: NT$15.6m (loss narrowed 1.6% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Ankündigung • Aug 02
MEGA International Development Co.,Ltd. to Report Q2, 2024 Results on Aug 09, 2024 MEGA International Development Co.,Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Ankündigung • May 24
MEGA International Development Co.,Ltd. to Report Fiscal Year 2024 Results on Jul 16, 2024 MEGA International Development Co.,Ltd. announced that they will report fiscal year 2024 results on Jul 16, 2024 Reported Earnings • May 20
First quarter 2024 earnings released: NT$0.26 loss per share (vs NT$0.28 loss in 1Q 2023) First quarter 2024 results: NT$0.26 loss per share. Net loss: NT$20.9m (loss widened 7.3% from 1Q 2023). Ankündigung • May 01
MEGA International Development Co.,Ltd. to Report Q1, 2024 Results on May 09, 2024 MEGA International Development Co.,Ltd. announced that they will report Q1, 2024 results on May 09, 2024 New Risk • Mar 27
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 6.1% 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 Risk Less than 1 year of cash runway based on free cash flow trend (-NT$119m free cash flow). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Revenue is less than US$5m (NT$147m revenue, or US$4.6m). Market cap is less than US$100m (NT$1.66b market cap, or US$51.8m). New Risk • Mar 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -NT$119m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-NT$119m free cash flow). Minor Risks Revenue is less than US$5m (NT$147m revenue, or US$4.7m). Market cap is less than US$100m (NT$1.80b market cap, or US$56.9m). Reported Earnings • Mar 13
Full year 2023 earnings released: NT$1.15 loss per share (vs NT$1.28 loss in FY 2022) Full year 2023 results: NT$1.15 loss per share (improved from NT$1.28 loss in FY 2022). Net loss: NT$79.4m (loss narrowed 9.6% from FY 2022). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 01
MEGA International Development Co.,Ltd., Annual General Meeting, May 30, 2024 MEGA International Development Co.,Ltd., Annual General Meeting, May 30, 2024. Location: 2F., No. 24, Sec. 1 Hangzhou S. Rd., Zhongzheng Dist. Taipei City Taiwan Ankündigung • Nov 25
MEGA International Development Co.,Ltd. to Report Q2, 2024 Results on Jan 15, 2024 MEGA International Development Co.,Ltd. announced that they will report Q2, 2024 results on Jan 15, 2024 Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$0.21 loss per share (vs NT$0.33 loss in 3Q 2022) Third quarter 2023 results: NT$0.21 loss per share (improved from NT$0.33 loss in 3Q 2022). Net loss: NT$14.8m (loss narrowed 34% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.23 loss per share (vs NT$0.23 loss in 2Q 2022) Second quarter 2023 results: NT$0.23 loss per share. Net loss: NT$15.9m (loss narrowed 44% from 2Q 2022). Ankündigung • Jul 16
MEGA International Development Co.,Ltd., Annual General Meeting, Aug 31, 2023 MEGA International Development Co.,Ltd., Annual General Meeting, Aug 31, 2023. Reported Earnings • Mar 05
Full year 2022 earnings released: NT$0.71 loss per share (vs NT$1.03 loss in FY 2021) Full year 2022 results: NT$0.71 loss per share (improved from NT$1.03 loss in FY 2021). Net loss: NT$87.8m (loss narrowed 25% from FY 2021). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.18 loss per share (vs NT$0.17 loss in 3Q 2021) Third quarter 2022 results: NT$0.18 loss per share (further deteriorated from NT$0.17 loss in 3Q 2021). Net loss: NT$22.5m (loss widened 8.7% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 22% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). General Manager and Director Yao Zhang was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: NT$0.18 loss per share (vs NT$0.17 loss in 3Q 2021) Third quarter 2022 results: NT$0.18 loss per share (further deteriorated from NT$0.17 loss in 3Q 2021). Net loss: NT$22.5m (loss widened 8.7% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • May 16
First quarter 2022 earnings released: NT$0.16 loss per share (vs NT$0.087 loss in 1Q 2021) First quarter 2022 results: NT$0.16 loss per share (down from NT$0.087 loss in 1Q 2021). Net loss: NT$20.0m (loss widened 160% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). General Manager and Director Yao Ren Zhang was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 31
Full year 2021 earnings released: NT$1.03 loss per share (vs NT$1.51 loss in FY 2020) Full year 2021 results: NT$1.03 loss per share (up from NT$1.51 loss in FY 2020). Net loss: NT$117.0m (loss narrowed 12% from FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.17 loss per share (vs NT$1.07 loss in 3Q 2020) Third quarter 2021 results: Net loss: NT$20.7m (loss narrowed 78% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.41 loss per share (vs NT$0.18 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: NT$11.9m (down 50% from 2Q 2020). Net loss: NT$48.9m (loss widened 210% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.09 loss per share (vs NT$0.066 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: NT$24.8m (down 77% from 1Q 2020). Net loss: NT$7.71m (loss widened 33% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$1.51 loss per share (vs NT$1.88 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: NT$284.7m (down 81% from FY 2019). Net loss: NT$133.2m (loss narrowed 13% from FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Is New 90 Day High Low • Jan 25
New 90-day high: NT$12.35 The company is up 63% from its price of NT$7.60 on 28 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is flat over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: NT$10.50 The company is up 48% from its price of NT$7.09 on 08 October 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: NT$8.70 The company is up 31% from its price of NT$6.63 on 23 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$1.07 loss per share The company reported a decent third quarter result with improved revenues, although control over expenses were weaker and an increased loss. Third quarter 2020 results: Revenue: NT$114.0m (up 227% from 3Q 2019). Net loss: NT$94.8m (loss widened NT$88.3m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 08
New 90-day high: NT$7.09 The company is up 13% from its price of NT$6.29 on 10 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period.