View ValuationJiu Han System Technology 향후 성장Future 기준 점검 5/6Jiu Han System Technology은 연간 수입과 매출이 각각 51.1%와 52.4% 증가할 것으로 예상되고 EPS는 연간 51.9%만큼 증가할 것으로 예상됩니다.핵심 정보51.1%이익 성장률51.93%EPS 성장률Construction 이익 성장13.6%매출 성장률52.4%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트10 Apr 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updatesReported Earnings • May 16First quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: NT$6.00 (up from NT$1.00 in 1Q 2025). Revenue: NT$1.93b (up 359% from 1Q 2025). Net income: NT$442.5m (up NT$376.0m from 1Q 2025). Profit margin: 23% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 31% growth forecast for the Construction industry in Taiwan. 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 33% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Apr 09Investor sentiment improves as stock rises 27%After last week's 27% share price gain to NT$356, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 144% over the past three years.공시 • Mar 09Jiu Han System Technology Co., Ltd., Annual General Meeting, May 27, 2026Jiu Han System Technology Co., Ltd., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 13 floor no,188, sec.2 chung hua rd., hsinchu city TaiwanReported Earnings • Mar 08Full year 2025 earnings released: EPS: NT$10.62 (vs NT$9.28 in FY 2024)Full year 2025 results: EPS: NT$10.62 (up from NT$9.28 in FY 2024). Revenue: NT$3.60b (up 25% from FY 2024). Net income: NT$705.5m (up 19% from FY 2024). Profit margin: 20% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Feb 12Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$276, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 124% over the past three years.New Risk • Jan 13New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 213% Earnings have declined by 8.8% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio).Valuation Update With 7 Day Price Move • Jan 13Investor sentiment improves as stock rises 21%After last week's 21% share price gain to NT$277, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 149% over the past three years.Valuation Update With 7 Day Price Move • Dec 10Investor sentiment improves as stock rises 19%After last week's 19% share price gain to NT$184, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 72% over the past three years.Valuation Update With 7 Day Price Move • Nov 14Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$167, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 58% over the past three years.Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: NT$2.70 (vs NT$1.68 in 3Q 2024)Third quarter 2025 results: EPS: NT$2.70 (up from NT$1.68 in 3Q 2024). Revenue: NT$900.0m (up 56% from 3Q 2024). Net income: NT$180.2m (up 61% from 3Q 2024). Profit margin: 20% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.New Risk • Sep 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Paying a dividend despite having no free cash flows. Earnings have declined by 6.7% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change).Valuation Update With 7 Day Price Move • Aug 27Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$151, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 5.1% over the past three years.Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$1.79 (vs NT$2.93 in 2Q 2024)Second quarter 2025 results: EPS: NT$1.79 (down from NT$2.93 in 2Q 2024). Revenue: NT$649.1m (down 31% from 2Q 2024). Net income: NT$119.5m (down 34% from 2Q 2024). Profit margin: 18% (down from 19% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.Valuation Update With 7 Day Price Move • Aug 11Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$118, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 18x in the Construction industry in Taiwan. Negligible returns to shareholders over past three years.Buy Or Sell Opportunity • Jul 29Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 6.1% to NT$101. The fair value is estimated to be NT$128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 24%.Declared Dividend • Jun 07Dividend reduced to NT$8.00Dividend of NT$8.00 is 14% lower than last year. Ex-date: 20th June 2025 Payment date: 14th July 2025 Dividend yield will be 6.5%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (112% 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 26 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control, which is more than the 6.1% EPS growth achieved over the last 5 years.New Risk • May 14New major risk - Revenue and earnings growthEarnings have declined by 3.0% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Paying a dividend despite having no free cash flows. Earnings have declined by 3.0% per year over the past 5 years. High level of non-cash earnings (101% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (19% net profit margin).공시 • May 03Jiu Han System Technology Co., Ltd. to Report Q1, 2025 Results on May 12, 2025Jiu Han System Technology Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025New Risk • May 01New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 93% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.7% 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. Payout ratio: 93% Paying a dividend despite having no free cash flows. High level of non-cash earnings (162% accrual ratio).Reported Earnings • May 01Full year 2024 earnings released: EPS: NT$9.28 (vs NT$13.54 in FY 2023)Full year 2024 results: EPS: NT$9.28 (down from NT$13.54 in FY 2023). Revenue: NT$2.89b (flat on FY 2023). Net income: NT$594.3m (down 28% from FY 2023). Profit margin: 21% (down from 29% in FY 2023).Valuation Update With 7 Day Price Move • Apr 29Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$110, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total loss to shareholders of 45% over the past year.Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$96.80, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total loss to shareholders of 56% over the past year.New Risk • Mar 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% 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: Minor Risks Dividend is not well covered by earnings (93% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change).공시 • Mar 06+ 1 more updateJiu Han System Technology Co., Ltd., Annual General Meeting, May 28, 2025Jiu Han System Technology Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 13 floor no,188, sec.2 chung hua rd., hsinchu city TaiwanValuation Update With 7 Day Price Move • Dec 30Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$136, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total loss to shareholders of 12% over the past year.Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$1.68 (vs NT$3.42 in 3Q 2023)Third quarter 2024 results: EPS: NT$1.68 (down from NT$3.42 in 3Q 2023). Revenue: NT$575.1m (down 14% from 3Q 2023). Net income: NT$112.1m (down 46% from 3Q 2023). Profit margin: 20% (down from 31% in 3Q 2023).공시 • Oct 17Jiu Han System Technology Co., Ltd. to Report Q3, 2024 Results on Oct 24, 2024Jiu Han System Technology Co., Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024New Risk • Aug 13New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor 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: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (10% increase in shares outstanding).Reported Earnings • Aug 08Second quarter 2024 earnings released: EPS: NT$2.93 (vs NT$3.35 in 2Q 2023)Second quarter 2024 results: EPS: NT$2.93 (down from NT$3.35 in 2Q 2023). Revenue: NT$937.6m (up 37% from 2Q 2023). Net income: NT$182.0m (down 10% from 2Q 2023). Profit margin: 19% (down from 30% in 2Q 2023). The decrease in margin was driven by higher expenses.Buy Or Sell Opportunity • Aug 02Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 23% to NT$161. The fair value is estimated to be NT$203, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last year. Earnings per share has declined by 27%.공시 • Jul 19Jiu Han System Technology Co., Ltd. to Report Q2, 2024 Results on Jul 26, 2024Jiu Han System Technology Co., Ltd. announced that they will report Q2, 2024 results on Jul 26, 2024Upcoming Dividend • Jun 24Upcoming dividend of NT$9.27 per shareEligible shareholders must have bought the stock before 01 July 2024. Payment date: 23 July 2024. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.6%).Valuation Update With 7 Day Price Move • Apr 08Investor sentiment improves as stock rises 23%After last week's 23% share price gain to NT$221, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 29% over the past year.공시 • Apr 03Jiu Han System Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 60.76 million.Jiu Han System Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 60.76 million. Security Name: Shares Security Type: Common Stock Securities Offered: 450,074 Price\Range: TWD 135공시 • Mar 09Jiu Han System Technology Co., Ltd., Annual General Meeting, May 30, 2024Jiu Han System Technology Co., Ltd., Annual General Meeting, May 30, 2024.Reported Earnings • Dec 21Third quarter 2023 earnings released: EPS: NT$3.42 (vs NT$3.86 in 3Q 2022)Third quarter 2023 results: EPS: NT$3.42 (down from NT$3.86 in 3Q 2022). Revenue: NT$669.7m (down 34% from 3Q 2022). Net income: NT$207.5m (down 11% from 3Q 2022). Profit margin: 31% (up from 23% in 3Q 2022). The increase in margin was driven by lower expenses.Buying Opportunity • Oct 11Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 23%. The fair value is estimated to be NT$163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last year. Earnings per share has declined by 22%.New Risk • Jun 23New minor risk - Dividend sustainabilityThe company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 6.5% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Short dividend paying track record (less than a year of continuous dividend payments).Valuation Update With 7 Day Price Move • Mar 06Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$298, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 11x in the Construction industry in Taiwan.이익 및 매출 성장 예측TPEX:6903 - 애널리스트 향후 추정치 및 과거 재무 데이터 (TWD Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202714,5972,960N/A3,228112/31/202610,8122,166N/A2,50413/31/20265,1101,0828611,039N/A12/31/20253,604706771780N/A9/30/20252,533473250260N/A6/30/20252,208405-37-11N/A3/31/20252,497467-419-390N/A12/31/20242,886594-551-530N/A9/30/20243,008683708729N/A6/30/20243,1027791,1531,159N/A3/31/20242,849800885890N/A12/31/20232,8688201,1381,143N/A9/30/20233,209809523528N/A6/30/20233,542884223229N/A3/31/20234,6231,301181191N/A12/31/20224,7171,303552566N/A9/30/20224,3321,258563576N/A6/30/20223,9711,1141,2481,260N/A3/31/20222,8886541,3901,396N/A12/31/20212,6475971,0361,037N/A12/31/20202,136377312313N/A12/31/2019950180N/A180N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 6903 의 연간 예상 수익 증가율(51.1%)이 saving rate(1.3%)보다 높습니다.수익 vs 시장: 6903 의 연간 수익(51.1%)이 TW 시장(26.6%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: 6903 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: 6903 의 수익(연간 52.4%)이 TW 시장(연간 19%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: 6903 의 수익(연간 52.4%)은 연간 20%보다 빠르게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 6903의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YCapital-goods 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/29 20:14종가2026/05/29 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Jiu Han System Technology Co., Ltd.는 1명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Licheng ZhuangCapital Securities Corporation
Reported Earnings • May 16First quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: NT$6.00 (up from NT$1.00 in 1Q 2025). Revenue: NT$1.93b (up 359% from 1Q 2025). Net income: NT$442.5m (up NT$376.0m from 1Q 2025). Profit margin: 23% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 31% growth forecast for the Construction industry in Taiwan. 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 33% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment improves as stock rises 27%After last week's 27% share price gain to NT$356, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 144% over the past three years.
공시 • Mar 09Jiu Han System Technology Co., Ltd., Annual General Meeting, May 27, 2026Jiu Han System Technology Co., Ltd., Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 13 floor no,188, sec.2 chung hua rd., hsinchu city Taiwan
Reported Earnings • Mar 08Full year 2025 earnings released: EPS: NT$10.62 (vs NT$9.28 in FY 2024)Full year 2025 results: EPS: NT$10.62 (up from NT$9.28 in FY 2024). Revenue: NT$3.60b (up 25% from FY 2024). Net income: NT$705.5m (up 19% from FY 2024). Profit margin: 20% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Feb 12Investor sentiment improves as stock rises 16%After last week's 16% share price gain to NT$276, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 124% over the past three years.
New Risk • Jan 13New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 8.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 213% Earnings have declined by 8.8% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio).
Valuation Update With 7 Day Price Move • Jan 13Investor sentiment improves as stock rises 21%After last week's 21% share price gain to NT$277, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 149% over the past three years.
Valuation Update With 7 Day Price Move • Dec 10Investor sentiment improves as stock rises 19%After last week's 19% share price gain to NT$184, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 72% over the past three years.
Valuation Update With 7 Day Price Move • Nov 14Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$167, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 58% over the past three years.
Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: NT$2.70 (vs NT$1.68 in 3Q 2024)Third quarter 2025 results: EPS: NT$2.70 (up from NT$1.68 in 3Q 2024). Revenue: NT$900.0m (up 56% from 3Q 2024). Net income: NT$180.2m (up 61% from 3Q 2024). Profit margin: 20% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.
New Risk • Sep 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Paying a dividend despite having no free cash flows. Earnings have declined by 6.7% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change).
Valuation Update With 7 Day Price Move • Aug 27Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$151, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 5.1% over the past three years.
Reported Earnings • Aug 17Second quarter 2025 earnings released: EPS: NT$1.79 (vs NT$2.93 in 2Q 2024)Second quarter 2025 results: EPS: NT$1.79 (down from NT$2.93 in 2Q 2024). Revenue: NT$649.1m (down 31% from 2Q 2024). Net income: NT$119.5m (down 34% from 2Q 2024). Profit margin: 18% (down from 19% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.
Valuation Update With 7 Day Price Move • Aug 11Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$118, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 18x in the Construction industry in Taiwan. Negligible returns to shareholders over past three years.
Buy Or Sell Opportunity • Jul 29Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 6.1% to NT$101. The fair value is estimated to be NT$128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 24%.
Declared Dividend • Jun 07Dividend reduced to NT$8.00Dividend of NT$8.00 is 14% lower than last year. Ex-date: 20th June 2025 Payment date: 14th July 2025 Dividend yield will be 6.5%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (112% 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 26 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control, which is more than the 6.1% EPS growth achieved over the last 5 years.
New Risk • May 14New major risk - Revenue and earnings growthEarnings have declined by 3.0% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Paying a dividend despite having no free cash flows. Earnings have declined by 3.0% per year over the past 5 years. High level of non-cash earnings (101% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (19% net profit margin).
공시 • May 03Jiu Han System Technology Co., Ltd. to Report Q1, 2025 Results on May 12, 2025Jiu Han System Technology Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025
New Risk • May 01New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 93% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.7% 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. Payout ratio: 93% Paying a dividend despite having no free cash flows. High level of non-cash earnings (162% accrual ratio).
Reported Earnings • May 01Full year 2024 earnings released: EPS: NT$9.28 (vs NT$13.54 in FY 2023)Full year 2024 results: EPS: NT$9.28 (down from NT$13.54 in FY 2023). Revenue: NT$2.89b (flat on FY 2023). Net income: NT$594.3m (down 28% from FY 2023). Profit margin: 21% (down from 29% in FY 2023).
Valuation Update With 7 Day Price Move • Apr 29Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$110, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total loss to shareholders of 45% over the past year.
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$96.80, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total loss to shareholders of 56% over the past year.
New Risk • Mar 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.0% 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: Minor Risks Dividend is not well covered by earnings (93% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change).
공시 • Mar 06+ 1 more updateJiu Han System Technology Co., Ltd., Annual General Meeting, May 28, 2025Jiu Han System Technology Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 13 floor no,188, sec.2 chung hua rd., hsinchu city Taiwan
Valuation Update With 7 Day Price Move • Dec 30Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$136, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total loss to shareholders of 12% over the past year.
Reported Earnings • Nov 18Third quarter 2024 earnings released: EPS: NT$1.68 (vs NT$3.42 in 3Q 2023)Third quarter 2024 results: EPS: NT$1.68 (down from NT$3.42 in 3Q 2023). Revenue: NT$575.1m (down 14% from 3Q 2023). Net income: NT$112.1m (down 46% from 3Q 2023). Profit margin: 20% (down from 31% in 3Q 2023).
공시 • Oct 17Jiu Han System Technology Co., Ltd. to Report Q3, 2024 Results on Oct 24, 2024Jiu Han System Technology Co., Ltd. announced that they will report Q3, 2024 results on Oct 24, 2024
New Risk • Aug 13New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor 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: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Shareholders have been diluted in the past year (10% increase in shares outstanding).
Reported Earnings • Aug 08Second quarter 2024 earnings released: EPS: NT$2.93 (vs NT$3.35 in 2Q 2023)Second quarter 2024 results: EPS: NT$2.93 (down from NT$3.35 in 2Q 2023). Revenue: NT$937.6m (up 37% from 2Q 2023). Net income: NT$182.0m (down 10% from 2Q 2023). Profit margin: 19% (down from 30% in 2Q 2023). The decrease in margin was driven by higher expenses.
Buy Or Sell Opportunity • Aug 02Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 23% to NT$161. The fair value is estimated to be NT$203, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% over the last year. Earnings per share has declined by 27%.
공시 • Jul 19Jiu Han System Technology Co., Ltd. to Report Q2, 2024 Results on Jul 26, 2024Jiu Han System Technology Co., Ltd. announced that they will report Q2, 2024 results on Jul 26, 2024
Upcoming Dividend • Jun 24Upcoming dividend of NT$9.27 per shareEligible shareholders must have bought the stock before 01 July 2024. Payment date: 23 July 2024. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.6%).
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment improves as stock rises 23%After last week's 23% share price gain to NT$221, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 29% over the past year.
공시 • Apr 03Jiu Han System Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 60.76 million.Jiu Han System Technology Co., Ltd. has filed a Follow-on Equity Offering in the amount of TWD 60.76 million. Security Name: Shares Security Type: Common Stock Securities Offered: 450,074 Price\Range: TWD 135
공시 • Mar 09Jiu Han System Technology Co., Ltd., Annual General Meeting, May 30, 2024Jiu Han System Technology Co., Ltd., Annual General Meeting, May 30, 2024.
Reported Earnings • Dec 21Third quarter 2023 earnings released: EPS: NT$3.42 (vs NT$3.86 in 3Q 2022)Third quarter 2023 results: EPS: NT$3.42 (down from NT$3.86 in 3Q 2022). Revenue: NT$669.7m (down 34% from 3Q 2022). Net income: NT$207.5m (down 11% from 3Q 2022). Profit margin: 31% (up from 23% in 3Q 2022). The increase in margin was driven by lower expenses.
Buying Opportunity • Oct 11Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 23%. The fair value is estimated to be NT$163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last year. Earnings per share has declined by 22%.
New Risk • Jun 23New minor risk - Dividend sustainabilityThe company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 6.5% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Short dividend paying track record (less than a year of continuous dividend payments).
Valuation Update With 7 Day Price Move • Mar 06Investor sentiment improves as stock rises 18%After last week's 18% share price gain to NT$298, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 11x in the Construction industry in Taiwan.