Buy Or Sell Opportunity • Apr 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to NT$13.35. The fair value is estimated to be NT$10.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • Mar 24
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 8.2% 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 Earnings have declined by 61% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (NT$1.30b market cap, or US$40.5m). Buy Or Sell Opportunity • Mar 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to NT$13.65. The fair value is estimated to be NT$11.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$0.07 loss per share (vs NT$0.14 loss in FY 2024) Full year 2025 results: NT$0.07 loss per share (improved from NT$0.14 loss in FY 2024). Revenue: NT$650.1m (flat on FY 2024). Net loss: NT$6.92m (loss narrowed 50% from FY 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Annuncio • Mar 06
Choice Development, Inc., Annual General Meeting, May 25, 2026 Choice Development, Inc., Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: 17 floor no,8, shih min ta tao, nangang district, taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.18 loss in 3Q 2024) Third quarter 2025 results: NT$0.04 loss per share (improved from NT$0.18 loss in 3Q 2024). Revenue: NT$156.8m (down 4.2% from 3Q 2024). Net loss: NT$3.59m (loss narrowed 81% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 5% per year. New Risk • Nov 05
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 6.7% 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 Earnings have declined by 72% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$35.0m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.04 loss per share (vs NT$0.088 profit in 2Q 2024) Second quarter 2025 results: NT$0.04 loss per share (down from NT$0.088 profit in 2Q 2024). Revenue: NT$139.0m (down 6.4% from 2Q 2024). Net loss: NT$4.50m (down 150% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 11
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 6.9% 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 Earnings have declined by 61% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (NT$1.48b market cap, or US$50.5m). Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.11 loss per share (vs NT$0.088 loss in 1Q 2024) First quarter 2025 results: NT$0.11 loss per share (further deteriorated from NT$0.088 loss in 1Q 2024). Revenue: NT$176.9m (down 1.3% from 1Q 2024). Net loss: NT$11.5m (loss widened 29% from 1Q 2024). 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 24% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • May 01
Choice Development, Inc. to Report Q1, 2025 Results on May 08, 2025 Choice Development, Inc. announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Mar 20
Full year 2024 earnings released: NT$0.14 loss per share (vs NT$1.04 loss in FY 2023) Full year 2024 results: NT$0.14 loss per share (improved from NT$1.04 loss in FY 2023). Revenue: NT$654.9m (down 6.6% from FY 2023). Net loss: NT$13.9m (loss narrowed 87% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Annuncio • Mar 14
Choice Development, Inc., Annual General Meeting, May 29, 2025 Choice Development, Inc., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 17 floor no,8, shih min ta tao, nangang district, taipei city Taiwan Buy Or Sell Opportunity • Nov 18
Now 19% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.6% to NT$15.80. The fair value is estimated to be NT$19.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 18
Third quarter 2024 earnings released: NT$0.18 loss per share (vs NT$0.13 profit in 3Q 2023) Third quarter 2024 results: NT$0.18 loss per share (down from NT$0.13 profit in 3Q 2023). Revenue: NT$163.8m (down 7.3% from 3Q 2023). Net loss: NT$18.5m (down 243% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.09 (vs NT$0.18 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.09 (down from NT$0.18 in 2Q 2023). Revenue: NT$148.5m (down 4.5% from 2Q 2023). Net income: NT$8.96m (down 51% from 2Q 2023). Profit margin: 6.0% (down from 12% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Annuncio • Aug 02
Choice Development, Inc. to Report Q2, 2024 Results on Aug 09, 2024 Choice Development, Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.09 loss per share (vs NT$0.017 loss in 1Q 2023) First quarter 2024 results: NT$0.09 loss per share (further deteriorated from NT$0.017 loss in 1Q 2023). Revenue: NT$179.2m (up 11% from 1Q 2023). Net loss: NT$8.95m (loss widened 432% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2023 earnings released: NT$1.04 loss per share (vs NT$0.82 loss in FY 2022) Full year 2023 results: NT$1.04 loss per share (further deteriorated from NT$0.82 loss in FY 2022). Revenue: NT$701.3m (up 16% from FY 2022). Net loss: NT$105.6m (loss widened 28% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Annuncio • Mar 15
Choice Development, Inc., Annual General Meeting, May 29, 2024 Choice Development, Inc., Annual General Meeting, May 29, 2024. Annuncio • Mar 12
Choice Development, Inc., Annual General Meeting, Apr 17, 2024 Choice Development, Inc., Annual General Meeting, Apr 17, 2024. Location: 9F., No. 288, Sec. 6 Taipei City Taiwan Agenda: To 2023 Annual Business Report Case; to approve 2023 Annual Supervisor Inspection Report Case; to approve 2023 Annual Business Report and Financial Statement Case; to approve 2023 annual loss appropriation case; and to consider other matters. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$17.45, the stock trades at a trailing P/E ratio of 54.6x. Average trailing P/E is 25x in the Commercial Services industry in Taiwan. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$12.80, the stock trades at a trailing P/E ratio of 40x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total loss to shareholders of 9.9% over the past three years. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.18 (vs NT$0.081 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.18 (up from NT$0.081 in 2Q 2022). Revenue: NT$155.6m (up 27% from 2Q 2022). Net income: NT$18.1m (up 122% from 2Q 2022). Profit margin: 12% (up from 6.7% in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$11.05, the stock trades at a trailing P/E ratio of 49.9x. Average trailing P/E is 24x in the Commercial Services industry in Taiwan. Total loss to shareholders of 9.6% over the past three years. New Risk • Jun 21
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.1% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$923.7m market cap, or US$29.8m). Reported Earnings • Mar 27
Full year 2022 earnings released: NT$0.82 loss per share (vs NT$0.046 profit in FY 2021) Full year 2022 results: NT$0.82 loss per share (down from NT$0.046 profit in FY 2021). Revenue: NT$604.1m (up 2.1% from FY 2021). Net loss: NT$82.8m (down NT$87.5m from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.14 (vs NT$0.026 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.14 (up from NT$0.026 in 3Q 2021). Revenue: NT$139.6m (up 4.8% from 3Q 2021). Net income: NT$13.8m (up 413% from 3Q 2021). Profit margin: 9.9% (up from 2.0% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 28% per year and the company’s share price has also fallen by 28% per year. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.14 (vs NT$0.026 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.14 (up from NT$0.026 in 3Q 2021). Revenue: NT$139.6m (up 4.8% from 3Q 2021). Net income: NT$13.8m (up 413% from 3Q 2021). Profit margin: 9.9% (up from 2.0% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 28% per year and the company’s share price has also fallen by 28% per year. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.08 (vs NT$0.033 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.08 (up from NT$0.033 in 2Q 2021). Revenue: NT$122.2m (down 11% from 2Q 2021). Net income: NT$8.17m (up 143% from 2Q 2021). Profit margin: 6.7% (up from 2.5% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 16
First quarter 2022 earnings released: NT$1.06 loss per share (vs NT$0.032 profit in 1Q 2021) First quarter 2022 results: NT$1.06 loss per share (down from NT$0.032 profit in 1Q 2021). Revenue: NT$148.8m (down 1.2% from 1Q 2021). Net loss: NT$106.9m (down NT$110.2m from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$0.05 (vs NT$8.42 in FY 2020) Full year 2021 results: EPS: NT$0.05 (down from NT$8.42 in FY 2020). Revenue: NT$591.4m (down 21% from FY 2020). Net income: NT$4.69m (down 99% from FY 2020). Profit margin: 0.8% (down from 114% in FY 2020). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.17 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$133.2m (down 20% from 3Q 2020). Net income: NT$2.68m (down 85% from 3Q 2020). Profit margin: 2.0% (down from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.03 (vs NT$8.77 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: NT$136.9m (flat on 2Q 2020). Net income: NT$3.37m (down 100% from 2Q 2020). Profit margin: 2.5% (down from 644% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 06
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 09 September 2021. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (4.7%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.35 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$150.6m (down 42% from 1Q 2020). Net income: NT$3.25m (down 91% from 1Q 2020). Profit margin: 2.2% (down from 14% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$6.94 (vs NT$2.47 loss in FY 2019) Full year 2020 results: Revenue: NT$750.0m (down 37% from FY 2019). Net income: NT$852.5m (up NT$1.10b from FY 2019). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annuncio • Mar 10
Choice Development, Inc., Annual General Meeting, May 15, 2021 Choice Development, Inc., Annual General Meeting, May 15, 2021. Is New 90 Day High Low • Feb 19
New 90-day low: NT$13.35 The company is down 38% from its price of NT$21.42 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day low: NT$14.05 The company is down 34% from its price of NT$21.17 on 08 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: NT$14.35 The company is down 32% from its price of NT$21.00 on 24 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 14
New 90-day low: NT$14.60 The company is down 32% from its price of NT$21.58 on 15 September 2020. The Taiwanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is flat over the same period. Upcoming Dividend • Nov 26
First Dividend Is NT$4.00 Per Share Will be paid on the 21st of December to those who are registered shareholders by the 3rd of December. This is the first dividend for Choice Development since going public. The average dividend yield among industry peers is 4.8%. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.10 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$165.7m (down 43% from 3Q 2019). Net income: NT$17.6m (up NT$65.8m from 3Q 2019). Profit margin: 11% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.