Declared Dividend • Jul 16
Dividend increased to NT$1.50 Dividend of NT$1.50 is 50% higher than last year. Ex-date: 30th July 2026 Payment date: 26th August 2026 Dividend yield will be 4.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (49% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 3.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director You-Fan Gu was the last 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: Insufficient board refreshment. Annuncio • Mar 12
ReaLy Development & Construction Corp., Annual General Meeting, Jun 24, 2026 ReaLy Development & Construction Corp., Annual General Meeting, Jun 24, 2026. Location: 3 floor no,99, shih min ta tao, taipei city Taiwan New Risk • Mar 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.17b (US$99.4m) 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 (3.0% operating cash flow to total debt). Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (186% cash payout ratio). Market cap is less than US$100m (NT$3.17b market cap, or US$99.4m). New Risk • Nov 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (186% cash payout ratio). Market cap is less than US$100m (NT$3.06b market cap, or US$97.4m). Reported Earnings • Nov 19
Third quarter 2025 earnings released: NT$0.10 loss per share (vs NT$0.048 loss in 3Q 2024) Third quarter 2025 results: NT$0.10 loss per share (further deteriorated from NT$0.048 loss in 3Q 2024). Revenue: NT$74.8m (down 26% from 3Q 2024). Net loss: NT$10.3m (loss widened 115% from 3Q 2024). 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 21% per year, which means it is significantly lagging earnings growth. New Risk • Oct 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.00b (US$98.3m) 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 (currently running at an operating cash loss). Earnings have declined by 18% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.00b market cap, or US$98.3m). New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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 18% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.68 (vs NT$0.15 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.68 (up from NT$0.15 loss in 2Q 2024). Revenue: NT$476.6m (up 456% from 2Q 2024). Net income: NT$68.5m (up NT$83.9m from 2Q 2024). Profit margin: 14% (up from net loss in 2Q 2024). The move to profitability 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 19% per year, which means it is well ahead of earnings. New Risk • Jul 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.99b (US$99.8m) 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 (currently running at an operating cash loss). Earnings have declined by 19% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.99b market cap, or US$99.8m). Declared Dividend • Jul 16
Dividend of NT$1.00 announced Dividend of NT$1.00 is the same as last year. Ex-date: 30th July 2025 Payment date: 28th August 2025 Dividend yield will be 2.8%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (377% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 319% to bring the payout ratio under control, which is more than the 19% EPS growth achieved over the last 5 years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.46 (vs NT$0.12 loss in 1Q 2024) First quarter 2025 results: EPS: NT$0.46 (up from NT$0.12 loss in 1Q 2024). Revenue: NT$354.6m (up 260% from 1Q 2024). Net income: NT$46.0m (up NT$57.5m from 1Q 2024). Profit margin: 13% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Annuncio • Apr 30
ReaLy Development & Construction Corp. to Report Q1, 2025 Results on May 07, 2025 ReaLy Development & Construction Corp. announced that they will report Q1, 2025 results on May 07, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$95.6m) 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 (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 377% Paying a dividend despite having no free cash flows. Earnings have declined by 16% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (NT$3.16b market cap, or US$95.6m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$31.65, the stock trades at a trailing P/E ratio of 47.3x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.67 (vs NT$0.82 in FY 2023) Full year 2024 results: EPS: NT$0.67 (down from NT$0.82 in FY 2023). Revenue: NT$813.0m (down 11% from FY 2023). Net income: NT$67.0m (down 19% from FY 2023). Profit margin: 8.2% (down from 9.0% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Annuncio • Mar 14
ReaLy Development & Construction Corp., Annual General Meeting, Jun 25, 2025 ReaLy Development & Construction Corp., Annual General Meeting, Jun 25, 2025. Location: 3 floor no,99, shih min ta tao, taipei city Taiwan New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 373% Paying a dividend despite having no free cash flows. High level of non-cash earnings (25% accrual ratio). Reported Earnings • Nov 17
Third quarter 2024 earnings released: NT$0.05 loss per share (vs NT$0.48 profit in 3Q 2023) Third quarter 2024 results: NT$0.05 loss per share (down from NT$0.48 profit in 3Q 2023). Revenue: NT$101.2m (down 78% from 3Q 2023). Net loss: NT$4.76m (down 110% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Annuncio • Oct 30
ReaLy Development & Construction Corp. to Report Q3, 2024 Results on Nov 06, 2024 ReaLy Development & Construction Corp. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 10
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: NT$85.7m (up 65% from 2Q 2023). Net loss: NT$15.4m (loss widened 32% from 2Q 2023). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$42.25, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 117% over the past three years. New Risk • Aug 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 6.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Annuncio • Jul 31
ReaLy Development & Construction Corp. to Report Q2, 2024 Results on Aug 07, 2024 ReaLy Development & Construction Corp. announced that they will report Q2, 2024 results on Aug 07, 2024 Upcoming Dividend • Jul 23
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 26 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$46.05, the stock trades at a trailing P/E ratio of 55.4x. Average trailing P/E is 21x in the Real Estate industry in Taiwan. Total returns to shareholders of 139% over the past three years. Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.12 loss in 1Q 2023) First quarter 2024 results: NT$0.11 loss per share (improved from NT$0.12 loss in 1Q 2023). Revenue: NT$98.6m (up 99% from 1Q 2023). Net loss: NT$11.5m (loss narrowed 7.1% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Annuncio • May 02
ReaLy Development & Construction Corp. to Report Q1, 2024 Results on May 08, 2024 ReaLy Development & Construction Corp. announced that they will report Q1, 2024 results on May 08, 2024 Annuncio • Mar 08
ReaLy Development & Construction Corp., Annual General Meeting, Jun 26, 2024 ReaLy Development & Construction Corp., Annual General Meeting, Jun 26, 2024. Reported Earnings • Aug 09
Second quarter 2023 earnings released: NT$0.12 loss per share (vs NT$0.15 loss in 2Q 2022) Second quarter 2023 results: NT$0.12 loss per share (improved from NT$0.15 loss in 2Q 2022). Net loss: NT$11.7m (loss narrowed 21% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$1.00 per share at 4.6% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 28 August 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.6%). New Risk • Jul 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$2.22b market cap, or US$70.7m). Reported Earnings • May 14
First quarter 2023 earnings released: NT$0.12 loss per share (vs NT$0.65 profit in 1Q 2022) First quarter 2023 results: NT$0.12 loss per share (down from NT$0.65 profit in 1Q 2022). Net loss: NT$12.4m (down 119% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$0.58 (vs NT$3.05 in FY 2021) Full year 2022 results: EPS: NT$0.58 (down from NT$3.05 in FY 2021). Revenue: NT$412.7m (down 72% from FY 2021). Net income: NT$58.3m (down 81% from FY 2021). Profit margin: 14% (down from 21% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Third quarter 2022 earnings released: EPS: NT$0.10 (vs NT$1.47 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.10 (down from NT$1.47 in 3Q 2021). Revenue: NT$38.5m (down 94% from 3Q 2021). Net income: NT$10.5m (down 93% from 3Q 2021). Profit margin: 27% (up from 24% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 07
Second quarter 2022 earnings released: NT$0.15 loss per share (vs NT$0.58 profit in 2Q 2021) Second quarter 2022 results: NT$0.15 loss per share (down from NT$0.58 profit in 2Q 2021). Revenue: NT$13.7m (down 96% from 2Q 2021). Net loss: NT$14.9m (down 126% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (6.3%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.65 (vs NT$0.11 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.65 (up from NT$0.11 loss in 1Q 2021). Revenue: NT$265.2m (up NT$262.8m from 1Q 2021). Net income: NT$64.8m (up NT$76.2m from 1Q 2021). Profit margin: 24% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$3.05 (vs NT$1.45 in FY 2020) Full year 2021 results: EPS: NT$3.05 (up from NT$1.45 in FY 2020). Revenue: NT$1.48b (up 37% from FY 2020). Net income: NT$304.7m (up 110% from FY 2020). Profit margin: 21% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annuncio • Feb 26
ReaLy Development & Construction Corp., Annual General Meeting, Jun 15, 2022 ReaLy Development & Construction Corp., Annual General Meeting, Jun 15, 2022. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$1.47 (vs NT$0.68 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$609.6m (up 46% from 3Q 2020). Net income: NT$146.6m (up 116% from 3Q 2020). Profit margin: 24% (up from 16% 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 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 19
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 17 September 2021. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.8%). Reported Earnings • May 11
First quarter 2021 earnings released: NT$0.11 loss per share (vs NT$0.039 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$2.46m (down 95% from 1Q 2020). Net loss: NT$11.4m (loss widened 190% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.45 (vs NT$0.41 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.08b (up 226% from FY 2019). Net income: NT$145.4m (up 251% from FY 2019). Profit margin: 14% (up from 13% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annuncio • Mar 03
ReaLy Development & Construction Corp., Annual General Meeting, Jun 16, 2021 ReaLy Development & Construction Corp., Annual General Meeting, Jun 16, 2021. Is New 90 Day High Low • Jan 28
New 90-day low: NT$19.80 The company is down 6.0% from its price of NT$21.10 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day low: NT$20.95 The company is down 2.0% from its price of NT$21.45 on 15 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.68 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$416.2m (up NT$414.3m from 3Q 2019). Net income: NT$67.9m (up NT$79.9m from 3Q 2019). Profit margin: 16% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.