Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$2.00 (vs NT$1.16 in 1Q 2025) First quarter 2026 results: EPS: NT$2.00 (up from NT$1.16 in 1Q 2025). Revenue: NT$2.41b (up 27% from 1Q 2025). Net income: NT$287.9m (up 120% from 1Q 2025). Profit margin: 12% (up from 6.9% 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 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: NT$10.64 (vs NT$7.52 in FY 2024) Full year 2025 results: EPS: NT$10.64 (up from NT$7.52 in FY 2024). Revenue: NT$11.1b (up 18% from FY 2024). Net income: NT$1.21b (up 42% from FY 2024). Profit margin: 11% (up from 9.1% 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 6% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Mar 12
Te Chang Construction Co., Ltd., Annual General Meeting, Jun 12, 2026 Te Chang Construction Co., Ltd., Annual General Meeting, Jun 12, 2026. Location: 11 floor no,401-1, wu ch`uan rd., north district, taichung city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$3.55 (vs NT$3.08 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.55 (up from NT$3.08 in 3Q 2024). Revenue: NT$3.00b (up 20% from 3Q 2024). Net income: NT$403.0m (up 16% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$1.85 (vs NT$1.47 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.85 (up from NT$1.47 in 2Q 2024). Revenue: NT$2.74b (up 24% from 2Q 2024). Net income: NT$210.2m (up 26% from 2Q 2024). Profit margin: 7.7% (up from 7.5% 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 11% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 01
Upcoming dividend of NT$3.80 per share Eligible shareholders must have bought the stock before 08 July 2025. Payment date: 29 July 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.0%). Annuncio • Jun 14
Te Chang Construction Co., Ltd. Approves Cash Dividend for 2024 Te Chang Construction Co., Ltd. at its 2025 Annual General Shareholders' Meeting held on June 13, 2025, approved cash dividend of TWD 3.8 per share for 2024. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: NT$1.15 (vs NT$1.32 in 1Q 2024) First quarter 2025 results: EPS: NT$1.15 (down from NT$1.32 in 1Q 2024). Revenue: NT$1.89b (down 7.9% from 1Q 2024). Net income: NT$131.0m (down 12% from 1Q 2024). Profit margin: 6.9% (down from 7.3% in 1Q 2024). The decrease in margin was driven by lower revenue. 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 25% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 15
Dividend reduced to NT$3.80 Dividend of NT$3.80 is 24% lower than last year. Ex-date: 8th July 2025 Payment date: 29th July 2025 Dividend yield will be 6.5%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • May 06
Te Chang Construction Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Te Chang Construction Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$51.60, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 98% over the past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$7.52 (vs NT$10.14 in FY 2023) Full year 2024 results: EPS: NT$7.52 (down from NT$10.14 in FY 2023). Revenue: NT$9.40b (down 10% from FY 2023). Net income: NT$852.9m (down 26% from FY 2023). Profit margin: 9.1% (down from 11% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 26% per year. Annuncio • Mar 12
Te Chang Construction Co., Ltd., Annual General Meeting, Jun 13, 2025 Te Chang Construction Co., Ltd., Annual General Meeting, Jun 13, 2025. Location: 11 floor no,401-1, wu ch`uan rd., north district, taichung city Taiwan Annuncio • Mar 04
Te Chang Construction Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Te Chang Construction Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$3.08 (vs NT$1.87 in 3Q 2023) Third quarter 2024 results: EPS: NT$3.08 (up from NT$1.87 in 3Q 2023). Revenue: NT$2.50b (flat on 3Q 2023). Net income: NT$348.8m (up 64% from 3Q 2023). Profit margin: 14% (up from 8.5% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Annuncio • Nov 05
Te Chang Construction Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Te Chang Construction Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: NT$1.47 (vs NT$3.17 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.47 (down from NT$3.17 in 2Q 2023). Revenue: NT$2.22b (down 16% from 2Q 2023). Net income: NT$166.6m (down 54% from 2Q 2023). Profit margin: 7.5% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 26% per year. Annuncio • Aug 02
Te Chang Construction Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Te Chang Construction Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$60.40, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 146% over the past three years. Upcoming Dividend • Jul 02
Upcoming dividend of NT$5.00 per share Eligible shareholders must have bought the stock before 09 July 2024. Payment date: 29 July 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.5%). Declared Dividend • May 20
Dividend increased to NT$5.00 Dividend of NT$5.00 is 108% higher than last year. Ex-date: 9th July 2024 Payment date: 29th July 2024 Dividend yield will be 7.1%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$1.32 (vs NT$3.35 in 1Q 2023) First quarter 2024 results: EPS: NT$1.32 (down from NT$3.35 in 1Q 2023). Revenue: NT$2.05b (down 10.0% from 1Q 2023). Net income: NT$149.3m (down 61% from 1Q 2023). Profit margin: 7.3% (down from 17% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 33% per year. Annuncio • May 05
Te Chang Construction Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Te Chang Construction Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$10.14 (vs NT$4.78 in FY 2022) Full year 2023 results: EPS: NT$10.14 (up from NT$4.78 in FY 2022). Revenue: NT$10.5b (up 23% from FY 2022). Net income: NT$1.15b (up 112% from FY 2022). Profit margin: 11% (up from 6.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 34% per year. Annuncio • Mar 13
Te Chang Construction Co., Ltd., Annual General Meeting, Jun 14, 2024 Te Chang Construction Co., Ltd., Annual General Meeting, Jun 14, 2024. Location: No. 401-1, Wuquan Rd., North Dist Taichung City Taiwan Agenda: To consider 2023 Business report; to consider audit Committee's review of the 2023 annual final accounting books and statements; to consider report on 2023 employees' and directors' remuneration; to consider report on 2023 Earnings Distribution of Cash Dividends; and to transact such other business matters. Buy Or Sell Opportunity • Feb 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.2% to NT$70.00. The fair value is estimated to be NT$87.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 34%. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.87 (vs NT$0.97 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.87 (up from NT$0.97 in 3Q 2022). Revenue: NT$2.49b (up 23% from 3Q 2022). Net income: NT$212.4m (up 93% from 3Q 2022). Profit margin: 8.5% (up from 5.4% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 32% per year. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$3.17 (vs NT$0.78 in 2Q 2022) Second quarter 2023 results: EPS: NT$3.17 (up from NT$0.78 in 2Q 2022). Revenue: NT$2.65b (up 31% from 2Q 2022). Net income: NT$359.0m (up 306% from 2Q 2022). Profit margin: 14% (up from 4.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$81.90, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Construction industry in Taiwan. Total returns to shareholders of 244% over the past three years. Upcoming Dividend • Jun 29
Upcoming dividend of NT$2.40 per share at 3.4% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.6%). New Risk • Jun 18
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 5.9% 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 High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$63.30, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 11x in the Construction industry in Taiwan. Total returns to shareholders of 155% over the past three years. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$42.55, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 11x in the Construction industry in Taiwan. Total returns to shareholders of 79% over the past three years. Buying Opportunity • Apr 18
Now 20% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be NT$43.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 4.8%. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.97 (vs NT$1.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.97 (down from NT$1.42 in 3Q 2021). Revenue: NT$2.02b (up 40% from 3Q 2021). Net income: NT$109.9m (down 32% from 3Q 2021). Profit margin: 5.4% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.97 (vs NT$1.42 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.97 (down from NT$1.42 in 3Q 2021). Revenue: NT$2.02b (up 40% from 3Q 2021). Net income: NT$109.9m (down 32% from 3Q 2021). Profit margin: 5.4% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.78 (vs NT$0.59 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.78 (up from NT$0.59 in 2Q 2021). Revenue: NT$2.03b (up 33% from 2Q 2021). Net income: NT$88.5m (up 31% from 2Q 2021). Profit margin: 4.4% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 30
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (6.4%). In line with average of industry peers (6.1%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.18 (vs NT$0.52 in 1Q 2021) First quarter 2022 results: EPS: NT$1.18 (up from NT$0.52 in 1Q 2021). Revenue: NT$1.93b (up 74% from 1Q 2021). Net income: NT$134.0m (up 127% from 1Q 2021). Profit margin: 6.9% (up from 5.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$4.15 (vs NT$4.20 in FY 2020) Full year 2021 results: EPS: NT$4.15 (down from NT$4.20 in FY 2020). Revenue: NT$6.16b (up 14% from FY 2020). Net income: NT$470.7m (down 1.3% from FY 2020). Profit margin: 7.6% (down from 8.8% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.42 (vs NT$0.82 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.44b (up 19% from 3Q 2020). Net income: NT$160.9m (up 72% from 3Q 2020). Profit margin: 11% (up from 7.7% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.60 (vs NT$1.05 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.52b (up 11% from 2Q 2020). Net income: NT$67.5m (down 43% from 2Q 2020). Profit margin: 4.4% (down from 8.7% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 01
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 30 July 2021. Trailing yield: 6.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (4.6%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.52 (vs NT$0.62 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.11b (down 4.0% from 1Q 2020). Net income: NT$59.0m (down 16% from 1Q 2020). Profit margin: 5.3% (down from 6.1% 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 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$4.20 (vs NT$4.74 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$5.39b (down 2.3% from FY 2019). Net income: NT$476.9m (down 11% from FY 2019). Profit margin: 8.8% (in line with FY 2019). 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 16% per year. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.82 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$1.21b (up 5.9% from 3Q 2019). Net income: NT$93.4m (down 41% from 3Q 2019). Profit margin: 7.7% (down from 14% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year.