Crowell Development (2528) 주식 개요는 대만에서 임대 및 판매용 상업용 및 주거용 건물을 건설하는 회사입니다. 자세히 보기2528 펀더멘털 분석스노우플레이크 점수가치 평가4/6미래 성장0/6과거 실적2/6재무 건전성5/6배당4/6강점공정 가치 추정치보다 낮은 72.1% 에서 거래위험 분석부채비율이 높네요이익 마진 (10.8%)이 지난해 (22.3%)보다 낮습니다.불안정한 배당 실적모든 위험 점검 보기2528 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair ValueNT$Current PriceNT$22.1576.6% 저평가 내재 할인율Growth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-194m53b2016201920222025202620282031Revenue NT$52.9bEarnings NT$5.7bAdvancedSet Fair ValueView all narrativesCrowell Development Corp. 경쟁사Hong Pu Real Estate DevelopmentSymbol: TWSE:2536Market cap: NT$6.6bShin Ruenn developmentSymbol: TPEX:6186Market cap: NT$7.8bKuo Yang ConstructionSymbol: TWSE:2505Market cap: NT$6.9bYeaShin International DevelopmentSymbol: TPEX:5213Market cap: NT$19.3b가격 이력 및 성과Crowell Development 주가의 최고가, 최저가 및 변동 요약과거 주가현재 주가NT$22.1552주 최고가NT$35.8652주 최저가NT$21.80베타0.221개월 변동-1.56%3개월 변동n/a1년 변동-37.56%3년 변동-11.74%5년 변동4.29%IPO 이후 변동-95.87%최근 뉴스 및 업데이트Reported Earnings • May 19First quarter 2026 earnings released: NT$0.11 loss per share (vs NT$1.02 profit in 1Q 2025)First quarter 2026 results: NT$0.11 loss per share (down from NT$1.02 profit in 1Q 2025). Revenue: NT$10.3m (down 100% from 1Q 2025). Net loss: NT$45.7m (down 110% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.Upcoming Dividend • Mar 19Upcoming dividend of NT$1.50 per shareEligible shareholders must have bought the stock before 26 March 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.9%).Declared Dividend • Mar 04Dividend of NT$1.50 announcedShareholders will receive a dividend of NT$1.50. Ex-date: 26th March 2026 Payment date: 15th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend.공시 • Mar 03+ 1 more updateCrowell Development Corp., Annual General Meeting, May 28, 2026Crowell Development Corp., Annual General Meeting, May 28, 2026. Location: no,101, ch`un to rd., jhongli district, taoyuan city TaiwanReported Earnings • Mar 03Full year 2025 earnings released: EPS: NT$3.65 (vs NT$3.10 in FY 2024)Full year 2025 results: EPS: NT$3.65 (up from NT$3.10 in FY 2024). Revenue: NT$12.3b (up 130% from FY 2024). Net income: NT$1.53b (up 18% from FY 2024). Profit margin: 13% (down from 24% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.New Risk • Mar 03New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin).더 많은 업데이트 보기Recent updatesReported Earnings • May 19First quarter 2026 earnings released: NT$0.11 loss per share (vs NT$1.02 profit in 1Q 2025)First quarter 2026 results: NT$0.11 loss per share (down from NT$1.02 profit in 1Q 2025). Revenue: NT$10.3m (down 100% from 1Q 2025). Net loss: NT$45.7m (down 110% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.Upcoming Dividend • Mar 19Upcoming dividend of NT$1.50 per shareEligible shareholders must have bought the stock before 26 March 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.9%).Declared Dividend • Mar 04Dividend of NT$1.50 announcedShareholders will receive a dividend of NT$1.50. Ex-date: 26th March 2026 Payment date: 15th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend.공시 • Mar 03+ 1 more updateCrowell Development Corp., Annual General Meeting, May 28, 2026Crowell Development Corp., Annual General Meeting, May 28, 2026. Location: no,101, ch`un to rd., jhongli district, taoyuan city TaiwanReported Earnings • Mar 03Full year 2025 earnings released: EPS: NT$3.65 (vs NT$3.10 in FY 2024)Full year 2025 results: EPS: NT$3.65 (up from NT$3.10 in FY 2024). Revenue: NT$12.3b (up 130% from FY 2024). Net income: NT$1.53b (up 18% from FY 2024). Profit margin: 13% (down from 24% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.New Risk • Mar 03New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin).Buy Or Sell Opportunity • Jan 30Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 12% to NT$27.10. The fair value is estimated to be NT$33.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 76% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 27% in a year. Earnings are forecast to decline by 13% in the next year.Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: NT$1.58 (vs NT$0.26 loss in 3Q 2024)Third quarter 2025 results: EPS: NT$1.58 (up from NT$0.26 loss in 3Q 2024). Revenue: NT$5.58b (up NT$5.56b from 3Q 2024). Net income: NT$658.4m (up NT$768.9m from 3Q 2024). Profit margin: 12% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 26% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 61%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: NT$0.73 (vs NT$0.40 loss in 2Q 2024)Second quarter 2025 results: EPS: NT$0.73 (up from NT$0.40 loss in 2Q 2024). Revenue: NT$2.61b (up NT$2.61b from 2Q 2024). Net income: NT$300.9m (up NT$463.5m from 2Q 2024). Profit margin: 12% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 62% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.New Risk • May 15New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% 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 Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.Reported Earnings • May 09First quarter 2025 earnings released: EPS: NT$1.08 (vs NT$0.10 loss in 1Q 2024)First quarter 2025 results: EPS: NT$1.08 (up from NT$0.10 loss in 1Q 2024). Revenue: NT$2.68b (up NT$2.68b from 1Q 2024). Net income: NT$444.5m (up NT$484.6m from 1Q 2024). Profit margin: 17% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Real Estate industry in Asia. 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 26% per year, which means it is tracking significantly ahead of earnings growth.공시 • May 01Crowell Development Corp. to Report Q1, 2025 Results on May 08, 2025Crowell Development Corp. announced that they will report Q1, 2025 results on May 08, 2025Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to NT$32.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Real Estate industry in Asia. Total returns to shareholders of 79% over the past three years.Upcoming Dividend • Mar 06Upcoming dividend of NT$2.00 per shareEligible shareholders must have bought the stock before 13 March 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.4%).분석 기사 • Feb 28Even With A 26% Surge, Cautious Investors Are Not Rewarding Crowell Development Corp.'s (TWSE:2528) Performance CompletelyCrowell Development Corp. ( TWSE:2528 ) shareholders would be excited to see that the share price has had a great...분석 기사 • Feb 21Crowell Development's (TWSE:2528) Promising Earnings May Rest On Soft FoundationsCrowell Development Corp.'s ( TWSE:2528 ) stock was strong after they recently reported robust earnings. However, our...New Risk • Feb 19New major risk - Dividend sustainabilityThe 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: 4.3% 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 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. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.Reported Earnings • Feb 16Full year 2024 earnings released: EPS: NT$3.26 (vs NT$0.64 in FY 2023)Full year 2024 results: EPS: NT$3.26 (up from NT$0.64 in FY 2023). Revenue: NT$5.33b (up 188% from FY 2023). Net income: NT$1.30b (up 438% from FY 2023). Profit margin: 24% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings.공시 • Feb 14Crowell Development Corp., Annual General Meeting, May 15, 2025Crowell Development Corp., Annual General Meeting, May 15, 2025. Location: no,101, ch`un to rd., jhongli district, taoyuan city Taiwan공시 • Feb 06Crowell Development Corp. to Report Q4, 2024 Results on Feb 13, 2025Crowell Development Corp. announced that they will report Q4, 2024 results on Feb 13, 2025New Risk • Dec 16New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Shareholders have been diluted in the past year (8.8% increase in shares outstanding).Reported Earnings • Nov 09Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: NT$0.27 loss per share (further deteriorated from NT$0.095 loss in 3Q 2023). Net loss: NT$110.5m (loss widened 207% from 3Q 2023). Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 111% p.a. on average during the next 2 years, compared to a 38% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance.Buy Or Sell Opportunity • Oct 18Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 22% to NT$39.20. The fair value is estimated to be NT$49.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Meanwhile, the company became loss making.New Risk • Aug 28New 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 7.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Revenue is less than US$1m (NT$917k revenue, or US$29k). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).Reported Earnings • Aug 13Second quarter 2024 earnings released: NT$0.42 loss per share (vs NT$0.058 loss in 2Q 2023)Second quarter 2024 results: NT$0.42 loss per share (further deteriorated from NT$0.058 loss in 2Q 2023). Net loss: NT$162.6m (loss widened NT$140.7m from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings.공시 • Aug 01Crowell Development Corp. to Report Q2, 2024 Results on Aug 08, 2024Crowell Development Corp. announced that they will report Q2, 2024 results on Aug 08, 2024New Risk • Jun 05New major risk - Revenue sizeThe company makes less than US$1m in revenue. Total revenue: NT$31m (US$957k) This is considered a major risk. Companies with a small amount of revenue 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). Revenue is less than US$1m (NT$31m revenue, or US$957k). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding).New Risk • May 21New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding).공시 • May 11Crowell Development Corp. announced that it expects to receive TWD 1.2 billion in fundingCrowell Development Corp. announced a private placement to issue Series 3 Secured Convertible Corporate Bond for the gross proceeds of TWD 600,000,000 and Series 4 Unsecured Convertible Corporate Bond for the gross proceeds of TWD 600,000,000; aggregate gross proceeds of TWD 1,200,000,000 on May 9, 2024. The transaction has been approved by the shareholders. The coupon rate is zero and matures after 5 years from the date of closing.공시 • May 10Crowell Development Corp. Announces Changes in Accounting DirectorCrowell Development Corp. announced changes in the company's accounting director. Name, title, and resume of the previous position holder: HSU,LIEN CHING/CROWELL DEVELOPMENT CORP. Accounting Manager; Name, title, and resume of the new position holder: ZHANG,YA QING/CROWELL DEVELOPMENT CORP. Accounting Manager. Effective date is May 9, 2024.분석 기사 • May 03Crowell Development Corp.'s (TWSE:2528) Price Is Out Of Tune With EarningsWhen close to half the companies in Taiwan have price-to-earnings ratios (or "P/E's") below 23x, you may consider...공시 • May 02Crowell Development Corp. to Report Q1, 2024 Results on May 09, 2024Crowell Development Corp. announced that they will report Q1, 2024 results on May 09, 2024분석 기사 • Mar 28Crowell Development (TWSE:2528) Seems To Be Using A Lot Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Upcoming Dividend • Mar 26Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 02 April 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (3.5%).Declared Dividend • Mar 07Dividend of NT$0.50 announcedDividend of NT$0.50 is the same as last year. Ex-date: 2nd April 2024 Payment date: 6th May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (54% 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 increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 60% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.공시 • Feb 28Crowell Development Corp., Annual General Meeting, Jun 06, 2024Crowell Development Corp., Annual General Meeting, Jun 06, 2024. Location: No.101, Chunde Rd., Jhongli Dist., Tao Yuan City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's Review of the 2023 year-end Report; to consider Distribution of Employee and Director Remuneration for 2023; to consider Report on the Status 2023 Cash Dividends Distribution; and to consider 2024 Annual Directors Remuneration Report.Reported Earnings • Aug 12Second quarter 2023 earnings released: NT$0.06 loss per share (vs NT$0.14 profit in 2Q 2022)Second quarter 2023 results: NT$0.06 loss per share (down from NT$0.14 profit in 2Q 2022). Revenue: NT$30.7m (down 90% from 2Q 2022). Net loss: NT$21.9m (down 144% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.공시 • Jun 17+ 3 more updatesCrowell Development Corp. Announces Audit Committee ChangesCrowell Development Corp. announced Audit Committee changes. Name of the previous position holder Zhao-Cheng Chen, Qi-Jun Huang Yi-Hui Li. Name of the new position holder: Hung-Ta Yu Horng-Da Lin Hsin-You Chiang Ko-Ming Huang. Resume of the new position holder: Hung-Ta Yu/Chairman of Kai Cheng Engineering Co. Ltd. Hsin-You Chiang/Managing attorney of Azure Law Offices. Ko-Ming Huang/Chief director of Taiwan Arbitration Association. Effective date of the new member: June 15, 2023.Valuation Update With 7 Day Price Move • Apr 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$24.50, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 18x in the Real Estate industry in Taiwan. Total returns to shareholders of 34% over the past three years.Upcoming Dividend • Apr 06Upcoming dividend of NT$0.50 per share at 2.2% yieldEligible shareholders must have bought the stock before 13 April 2023. Payment date: 15 May 2023. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (5.6%).Reported Earnings • Feb 25Full year 2022 earnings released: EPS: NT$0.64 (vs NT$1.49 in FY 2021)Full year 2022 results: EPS: NT$0.64 (down from NT$1.49 in FY 2021). Revenue: NT$1.73b (down 46% from FY 2021). Net income: NT$238.4m (down 51% from FY 2021). Profit margin: 14% (down from 15% 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 97% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chi-Chun Huang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 06Third quarter 2022 earnings released: NT$0.03 loss per share (vs NT$0.05 profit in 3Q 2021)Third quarter 2022 results: NT$0.03 loss per share (down from NT$0.05 profit in 3Q 2021). Revenue: NT$104.0k (down 100% from 3Q 2021). Net loss: NT$9.59m (down 158% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.공시 • Nov 04Crowell Development Corp. Announces Management ChangesCrowell Development Corp. appoints YANG,CHING CHUAN/CROWELL DEVELOPMENT CORP. Financial Manager as Accounting Manager in place of CHENG,HSU WEN/CROWELL DEVELOPMENT CORP. Accounting Manager, effective date is November 3, 2022.Valuation Update With 7 Day Price Move • Oct 26Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to NT$16.05, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total loss to shareholders of 21% over the past three years.Reported Earnings • Aug 07Second quarter 2022 earnings released: EPS: NT$0.14 (vs NT$0.17 in 2Q 2021)Second quarter 2022 results: EPS: NT$0.14 (down from NT$0.17 in 2Q 2021). Revenue: NT$317.5m (down 32% from 2Q 2021). Net income: NT$49.8m (down 13% from 2Q 2021). Profit margin: 16% (up from 12% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.공시 • Aug 06Crowell Development Corp. Announces Management ChangesCrowell Development Corp. announced the appointment of CHENG,HSU WEN to the company's Sustainable Development Committee. Reason for the change: Due to the busyness of HSU,LIEN CHING transfer to the operation management office, CHENG,HSU WEN was appointed as the post. Effective date of this appointment is August 4, 2022.공시 • Aug 05Crowell Development Corp. Announces Management ChangesCrowell Development Corp. announces YANG, CHING CHUAN/CROWELL DEVELOPMENT CORP. as corporate governance manager in place of HSU,LIEN CHING/CROWELL DEVELOPMENT CORP. Effective date is August 4, 2022.Reported Earnings • May 07First quarter 2022 earnings released: EPS: NT$0.36 (vs NT$0.27 in 1Q 2021)First quarter 2022 results: EPS: NT$0.36 (up from NT$0.27 in 1Q 2021). Revenue: NT$818.9m (up 40% from 1Q 2021). Net income: NT$127.0m (up 41% from 1Q 2021). Profit margin: 16% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Apr 07Upcoming dividend of NT$0.47 per shareEligible shareholders must have bought the stock before 14 April 2022. Payment date: 16 May 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.7%).Reported Earnings • Feb 28Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: NT$1.49 (up from NT$0.73 loss in FY 2020). Revenue: NT$3.19b (up 172% from FY 2020). Net income: NT$490.2m (up NT$700.6m from FY 2020). Profit margin: 15% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.공시 • Feb 26+ 1 more updateCrowell Development Corp. Announces Cash Dividends for the Second Half of 2021Crowell Development Corp. announced cash dividends to shareholders of TWD 0.46 for the second half of 2021.Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.31 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$176.1m (up NT$176.0m from 3Q 2020). Net income: NT$16.5m (up NT$102.6m from 3Q 2020). Profit margin: 9.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Reported Earnings • Aug 09Second quarter 2021 earnings released: EPS NT$0.17 (vs NT$0.36 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$464.1m (up NT$464.0m from 2Q 2020). Net income: NT$57.5m (up NT$158.7m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 09First quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.25 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$586.7m (up NT$586.6m from 1Q 2020). Net income: NT$90.4m (up NT$159.0m from 1Q 2020). Profit margin: 15% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.공시 • Mar 10Crowell Development Corp., Annual General Meeting, Jun 17, 2021Crowell Development Corp., Annual General Meeting, Jun 17, 2021.Reported Earnings • Feb 28Full year 2020 earnings released: NT$0.73 loss per share (vs NT$0.38 loss in FY 2019)The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: NT$1.17b (up NT$1.17b from FY 2019). Net loss: NT$210.5m (loss widened 123% from FY 2019). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.분석 기사 • Feb 21Is Crowell Development (TPE:2528) Using Too Much Debt?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Is New 90 Day High Low • Jan 21New 90-day low: NT$22.85The company is down 4.0% from its price of NT$23.90 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is flat over the same period.Is New 90 Day High Low • Dec 15New 90-day low: NT$23.00The company is down 3.0% from its price of NT$23.80 on 16 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 2.0% over the same period.Is New 90 Day High Low • Nov 12New 90-day high: NT$25.00The company is up 8.0% from its price of NT$23.15 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 5.0% over the same period.Reported Earnings • Nov 08Third quarter 2020 earnings released: NT$0.31 loss per shareThird quarter 2020 results: Net loss: NT$86.1m (down 480% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.주주 수익률2528TW Real EstateTW 시장7D-1.1%-0.04%-1.2%1Y-37.6%-20.3%90.3%전체 주주 수익률 보기수익률 대 산업: 2528은 지난 1년 동안 -20.3%의 수익을 기록한 TW Real Estate 산업보다 저조한 성과를 냈습니다.수익률 대 시장: 2528은 지난 1년 동안 90.3%를 기록한 TW 시장보다 저조한 성과를 냈습니다.주가 변동성Is 2528's price volatile compared to industry and market?2528 volatility2528 Average Weekly Movement3.1%Real Estate Industry Average Movement3.3%Market Average Movement6.2%10% most volatile stocks in TW Market12.3%10% least volatile stocks in TW Market2.5%안정적인 주가: 2528는 지난 3개월 동안 TW 시장에 비해 주가 변동성이 크지 않았습니다.시간에 따른 변동성: 2528의 주간 변동성(3%)은 지난 1년 동안 안정적이었습니다.회사 소개설립직원 수CEO웹사이트198547Yung-Ping Sucrowell.com.tw는 대만에서 임대 및 판매용 상업용 및 주거용 건물을 건설하는 회사입니다. 는 1974년에 설립되었으며 대만 타오위안에 본사를 두고 있습니다.더 보기Crowell Development Corp. 기초 지표 요약Crowell Development의 순이익과 매출은 시가총액과 어떻게 비교됩니까?2528 기초 통계시가총액NT$10.09b순이익 (TTM)NT$1.04b매출 (TTM)NT$9.61b9.7x주가수익비율(P/E)1.1x주가매출비율(P/S)2528는 고평가되어 있습니까?공정 가치 및 평가 분석 보기순이익 및 매출최근 실적 보고서(TTM)의 주요 수익성 지표2528 손익계산서 (TTM)매출NT$9.61b매출원가NT$7.86b총이익NT$1.75b기타 비용NT$711.10m순이익NT$1.04b최근 보고된 실적Mar 31, 2026다음 실적 발표일해당 없음주당순이익(EPS)2.29총이익률18.24%순이익률10.85%부채/자본 비율154.9%2528의 장기 실적은 어땠습니까?과거 실적 및 비교 보기배당6.8%현재 배당 수익률60%배당 성향View Valuation기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 00:19종가2026/05/22 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 소스Crowell Development Corp.는 1명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Tommy LaiKGI Securities Co. Ltd.
Reported Earnings • May 19First quarter 2026 earnings released: NT$0.11 loss per share (vs NT$1.02 profit in 1Q 2025)First quarter 2026 results: NT$0.11 loss per share (down from NT$1.02 profit in 1Q 2025). Revenue: NT$10.3m (down 100% from 1Q 2025). Net loss: NT$45.7m (down 110% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Mar 19Upcoming dividend of NT$1.50 per shareEligible shareholders must have bought the stock before 26 March 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.9%).
Declared Dividend • Mar 04Dividend of NT$1.50 announcedShareholders will receive a dividend of NT$1.50. Ex-date: 26th March 2026 Payment date: 15th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend.
공시 • Mar 03+ 1 more updateCrowell Development Corp., Annual General Meeting, May 28, 2026Crowell Development Corp., Annual General Meeting, May 28, 2026. Location: no,101, ch`un to rd., jhongli district, taoyuan city Taiwan
Reported Earnings • Mar 03Full year 2025 earnings released: EPS: NT$3.65 (vs NT$3.10 in FY 2024)Full year 2025 results: EPS: NT$3.65 (up from NT$3.10 in FY 2024). Revenue: NT$12.3b (up 130% from FY 2024). Net income: NT$1.53b (up 18% from FY 2024). Profit margin: 13% (down from 24% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
New Risk • Mar 03New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin).
Reported Earnings • May 19First quarter 2026 earnings released: NT$0.11 loss per share (vs NT$1.02 profit in 1Q 2025)First quarter 2026 results: NT$0.11 loss per share (down from NT$1.02 profit in 1Q 2025). Revenue: NT$10.3m (down 100% from 1Q 2025). Net loss: NT$45.7m (down 110% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Mar 19Upcoming dividend of NT$1.50 per shareEligible shareholders must have bought the stock before 26 March 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.9%).
Declared Dividend • Mar 04Dividend of NT$1.50 announcedShareholders will receive a dividend of NT$1.50. Ex-date: 26th March 2026 Payment date: 15th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend.
공시 • Mar 03+ 1 more updateCrowell Development Corp., Annual General Meeting, May 28, 2026Crowell Development Corp., Annual General Meeting, May 28, 2026. Location: no,101, ch`un to rd., jhongli district, taoyuan city Taiwan
Reported Earnings • Mar 03Full year 2025 earnings released: EPS: NT$3.65 (vs NT$3.10 in FY 2024)Full year 2025 results: EPS: NT$3.65 (up from NT$3.10 in FY 2024). Revenue: NT$12.3b (up 130% from FY 2024). Net income: NT$1.53b (up 18% from FY 2024). Profit margin: 13% (down from 24% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
New Risk • Mar 03New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 12% Last year net profit margin: 24% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (12% net profit margin).
Buy Or Sell Opportunity • Jan 30Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 12% to NT$27.10. The fair value is estimated to be NT$33.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 76% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 27% in a year. Earnings are forecast to decline by 13% in the next year.
Reported Earnings • Nov 07Third quarter 2025 earnings released: EPS: NT$1.58 (vs NT$0.26 loss in 3Q 2024)Third quarter 2025 results: EPS: NT$1.58 (up from NT$0.26 loss in 3Q 2024). Revenue: NT$5.58b (up NT$5.56b from 3Q 2024). Net income: NT$658.4m (up NT$768.9m from 3Q 2024). Profit margin: 12% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 26% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 61%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: NT$0.73 (vs NT$0.40 loss in 2Q 2024)Second quarter 2025 results: EPS: NT$0.73 (up from NT$0.40 loss in 2Q 2024). Revenue: NT$2.61b (up NT$2.61b from 2Q 2024). Net income: NT$300.9m (up NT$463.5m from 2Q 2024). Profit margin: 12% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 62% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
New Risk • May 15New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% 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 Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
Reported Earnings • May 09First quarter 2025 earnings released: EPS: NT$1.08 (vs NT$0.10 loss in 1Q 2024)First quarter 2025 results: EPS: NT$1.08 (up from NT$0.10 loss in 1Q 2024). Revenue: NT$2.68b (up NT$2.68b from 1Q 2024). Net income: NT$444.5m (up NT$484.6m from 1Q 2024). Profit margin: 17% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Real Estate industry in Asia. 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 26% per year, which means it is tracking significantly ahead of earnings growth.
공시 • May 01Crowell Development Corp. to Report Q1, 2025 Results on May 08, 2025Crowell Development Corp. announced that they will report Q1, 2025 results on May 08, 2025
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$32.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Real Estate industry in Asia. Total returns to shareholders of 79% over the past three years.
Upcoming Dividend • Mar 06Upcoming dividend of NT$2.00 per shareEligible shareholders must have bought the stock before 13 March 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.4%).
분석 기사 • Feb 28Even With A 26% Surge, Cautious Investors Are Not Rewarding Crowell Development Corp.'s (TWSE:2528) Performance CompletelyCrowell Development Corp. ( TWSE:2528 ) shareholders would be excited to see that the share price has had a great...
분석 기사 • Feb 21Crowell Development's (TWSE:2528) Promising Earnings May Rest On Soft FoundationsCrowell Development Corp.'s ( TWSE:2528 ) stock was strong after they recently reported robust earnings. However, our...
New Risk • Feb 19New major risk - Dividend sustainabilityThe 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: 4.3% 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 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. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows.
Reported Earnings • Feb 16Full year 2024 earnings released: EPS: NT$3.26 (vs NT$0.64 in FY 2023)Full year 2024 results: EPS: NT$3.26 (up from NT$0.64 in FY 2023). Revenue: NT$5.33b (up 188% from FY 2023). Net income: NT$1.30b (up 438% from FY 2023). Profit margin: 24% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings.
공시 • Feb 14Crowell Development Corp., Annual General Meeting, May 15, 2025Crowell Development Corp., Annual General Meeting, May 15, 2025. Location: no,101, ch`un to rd., jhongli district, taoyuan city Taiwan
공시 • Feb 06Crowell Development Corp. to Report Q4, 2024 Results on Feb 13, 2025Crowell Development Corp. announced that they will report Q4, 2024 results on Feb 13, 2025
New Risk • Dec 16New major risk - Financial data availabilityThe company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Shareholders have been diluted in the past year (8.8% increase in shares outstanding).
Reported Earnings • Nov 09Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: NT$0.27 loss per share (further deteriorated from NT$0.095 loss in 3Q 2023). Net loss: NT$110.5m (loss widened 207% from 3Q 2023). Revenue missed analyst estimates by 24%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 111% p.a. on average during the next 2 years, compared to a 38% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance.
Buy Or Sell Opportunity • Oct 18Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 22% to NT$39.20. The fair value is estimated to be NT$49.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Meanwhile, the company became loss making.
New Risk • Aug 28New 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 7.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Revenue is less than US$1m (NT$917k revenue, or US$29k). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
Reported Earnings • Aug 13Second quarter 2024 earnings released: NT$0.42 loss per share (vs NT$0.058 loss in 2Q 2023)Second quarter 2024 results: NT$0.42 loss per share (further deteriorated from NT$0.058 loss in 2Q 2023). Net loss: NT$162.6m (loss widened NT$140.7m from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings.
공시 • Aug 01Crowell Development Corp. to Report Q2, 2024 Results on Aug 08, 2024Crowell Development Corp. announced that they will report Q2, 2024 results on Aug 08, 2024
New Risk • Jun 05New major risk - Revenue sizeThe company makes less than US$1m in revenue. Total revenue: NT$31m (US$957k) This is considered a major risk. Companies with a small amount of revenue 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). Revenue is less than US$1m (NT$31m revenue, or US$957k). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
New Risk • May 21New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
공시 • May 11Crowell Development Corp. announced that it expects to receive TWD 1.2 billion in fundingCrowell Development Corp. announced a private placement to issue Series 3 Secured Convertible Corporate Bond for the gross proceeds of TWD 600,000,000 and Series 4 Unsecured Convertible Corporate Bond for the gross proceeds of TWD 600,000,000; aggregate gross proceeds of TWD 1,200,000,000 on May 9, 2024. The transaction has been approved by the shareholders. The coupon rate is zero and matures after 5 years from the date of closing.
공시 • May 10Crowell Development Corp. Announces Changes in Accounting DirectorCrowell Development Corp. announced changes in the company's accounting director. Name, title, and resume of the previous position holder: HSU,LIEN CHING/CROWELL DEVELOPMENT CORP. Accounting Manager; Name, title, and resume of the new position holder: ZHANG,YA QING/CROWELL DEVELOPMENT CORP. Accounting Manager. Effective date is May 9, 2024.
분석 기사 • May 03Crowell Development Corp.'s (TWSE:2528) Price Is Out Of Tune With EarningsWhen close to half the companies in Taiwan have price-to-earnings ratios (or "P/E's") below 23x, you may consider...
공시 • May 02Crowell Development Corp. to Report Q1, 2024 Results on May 09, 2024Crowell Development Corp. announced that they will report Q1, 2024 results on May 09, 2024
분석 기사 • Mar 28Crowell Development (TWSE:2528) Seems To Be Using A Lot Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Upcoming Dividend • Mar 26Upcoming dividend of NT$0.50 per shareEligible shareholders must have bought the stock before 02 April 2024. Payment date: 06 May 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (3.5%).
Declared Dividend • Mar 07Dividend of NT$0.50 announcedDividend of NT$0.50 is the same as last year. Ex-date: 2nd April 2024 Payment date: 6th May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (54% 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 increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 60% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
공시 • Feb 28Crowell Development Corp., Annual General Meeting, Jun 06, 2024Crowell Development Corp., Annual General Meeting, Jun 06, 2024. Location: No.101, Chunde Rd., Jhongli Dist., Tao Yuan City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's Review of the 2023 year-end Report; to consider Distribution of Employee and Director Remuneration for 2023; to consider Report on the Status 2023 Cash Dividends Distribution; and to consider 2024 Annual Directors Remuneration Report.
Reported Earnings • Aug 12Second quarter 2023 earnings released: NT$0.06 loss per share (vs NT$0.14 profit in 2Q 2022)Second quarter 2023 results: NT$0.06 loss per share (down from NT$0.14 profit in 2Q 2022). Revenue: NT$30.7m (down 90% from 2Q 2022). Net loss: NT$21.9m (down 144% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.
공시 • Jun 17+ 3 more updatesCrowell Development Corp. Announces Audit Committee ChangesCrowell Development Corp. announced Audit Committee changes. Name of the previous position holder Zhao-Cheng Chen, Qi-Jun Huang Yi-Hui Li. Name of the new position holder: Hung-Ta Yu Horng-Da Lin Hsin-You Chiang Ko-Ming Huang. Resume of the new position holder: Hung-Ta Yu/Chairman of Kai Cheng Engineering Co. Ltd. Hsin-You Chiang/Managing attorney of Azure Law Offices. Ko-Ming Huang/Chief director of Taiwan Arbitration Association. Effective date of the new member: June 15, 2023.
Valuation Update With 7 Day Price Move • Apr 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to NT$24.50, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 18x in the Real Estate industry in Taiwan. Total returns to shareholders of 34% over the past three years.
Upcoming Dividend • Apr 06Upcoming dividend of NT$0.50 per share at 2.2% yieldEligible shareholders must have bought the stock before 13 April 2023. Payment date: 15 May 2023. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Taiwanese dividend payers (5.9%). Lower than average of industry peers (5.6%).
Reported Earnings • Feb 25Full year 2022 earnings released: EPS: NT$0.64 (vs NT$1.49 in FY 2021)Full year 2022 results: EPS: NT$0.64 (down from NT$1.49 in FY 2021). Revenue: NT$1.73b (down 46% from FY 2021). Net income: NT$238.4m (down 51% from FY 2021). Profit margin: 14% (down from 15% 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 97% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Chi-Chun Huang was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 06Third quarter 2022 earnings released: NT$0.03 loss per share (vs NT$0.05 profit in 3Q 2021)Third quarter 2022 results: NT$0.03 loss per share (down from NT$0.05 profit in 3Q 2021). Revenue: NT$104.0k (down 100% from 3Q 2021). Net loss: NT$9.59m (down 158% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings.
공시 • Nov 04Crowell Development Corp. Announces Management ChangesCrowell Development Corp. appoints YANG,CHING CHUAN/CROWELL DEVELOPMENT CORP. Financial Manager as Accounting Manager in place of CHENG,HSU WEN/CROWELL DEVELOPMENT CORP. Accounting Manager, effective date is November 3, 2022.
Valuation Update With 7 Day Price Move • Oct 26Investor sentiment deteriorated over the past weekAfter last week's 16% share price decline to NT$16.05, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total loss to shareholders of 21% over the past three years.
Reported Earnings • Aug 07Second quarter 2022 earnings released: EPS: NT$0.14 (vs NT$0.17 in 2Q 2021)Second quarter 2022 results: EPS: NT$0.14 (down from NT$0.17 in 2Q 2021). Revenue: NT$317.5m (down 32% from 2Q 2021). Net income: NT$49.8m (down 13% from 2Q 2021). Profit margin: 16% (up from 12% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
공시 • Aug 06Crowell Development Corp. Announces Management ChangesCrowell Development Corp. announced the appointment of CHENG,HSU WEN to the company's Sustainable Development Committee. Reason for the change: Due to the busyness of HSU,LIEN CHING transfer to the operation management office, CHENG,HSU WEN was appointed as the post. Effective date of this appointment is August 4, 2022.
공시 • Aug 05Crowell Development Corp. Announces Management ChangesCrowell Development Corp. announces YANG, CHING CHUAN/CROWELL DEVELOPMENT CORP. as corporate governance manager in place of HSU,LIEN CHING/CROWELL DEVELOPMENT CORP. Effective date is August 4, 2022.
Reported Earnings • May 07First quarter 2022 earnings released: EPS: NT$0.36 (vs NT$0.27 in 1Q 2021)First quarter 2022 results: EPS: NT$0.36 (up from NT$0.27 in 1Q 2021). Revenue: NT$818.9m (up 40% from 1Q 2021). Net income: NT$127.0m (up 41% from 1Q 2021). Profit margin: 16% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Apr 07Upcoming dividend of NT$0.47 per shareEligible shareholders must have bought the stock before 14 April 2022. Payment date: 16 May 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Taiwanese dividend payers (5.6%). Lower than average of industry peers (4.7%).
Reported Earnings • Feb 28Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: NT$1.49 (up from NT$0.73 loss in FY 2020). Revenue: NT$3.19b (up 172% from FY 2020). Net income: NT$490.2m (up NT$700.6m from FY 2020). Profit margin: 15% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
공시 • Feb 26+ 1 more updateCrowell Development Corp. Announces Cash Dividends for the Second Half of 2021Crowell Development Corp. announced cash dividends to shareholders of TWD 0.46 for the second half of 2021.
Reported Earnings • Nov 07Third quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.31 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$176.1m (up NT$176.0m from 3Q 2020). Net income: NT$16.5m (up NT$102.6m from 3Q 2020). Profit margin: 9.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Aug 09Second quarter 2021 earnings released: EPS NT$0.17 (vs NT$0.36 loss in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$464.1m (up NT$464.0m from 2Q 2020). Net income: NT$57.5m (up NT$158.7m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 09First quarter 2021 earnings released: EPS NT$0.27 (vs NT$0.25 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$586.7m (up NT$586.6m from 1Q 2020). Net income: NT$90.4m (up NT$159.0m from 1Q 2020). Profit margin: 15% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
공시 • Mar 10Crowell Development Corp., Annual General Meeting, Jun 17, 2021Crowell Development Corp., Annual General Meeting, Jun 17, 2021.
Reported Earnings • Feb 28Full year 2020 earnings released: NT$0.73 loss per share (vs NT$0.38 loss in FY 2019)The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: NT$1.17b (up NT$1.17b from FY 2019). Net loss: NT$210.5m (loss widened 123% from FY 2019). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
분석 기사 • Feb 21Is Crowell Development (TPE:2528) Using Too Much Debt?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Is New 90 Day High Low • Jan 21New 90-day low: NT$22.85The company is down 4.0% from its price of NT$23.90 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is flat over the same period.
Is New 90 Day High Low • Dec 15New 90-day low: NT$23.00The company is down 3.0% from its price of NT$23.80 on 16 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 2.0% over the same period.
Is New 90 Day High Low • Nov 12New 90-day high: NT$25.00The company is up 8.0% from its price of NT$23.15 on 14 August 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 5.0% over the same period.
Reported Earnings • Nov 08Third quarter 2020 earnings released: NT$0.31 loss per shareThird quarter 2020 results: Net loss: NT$86.1m (down 480% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth.
