Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$24.05, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 14x in the Construction industry in Taiwan. Total loss to shareholders of 17% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.65 (vs NT$0.37 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.65 (up from NT$0.37 loss in 1Q 2025). Revenue: NT$377.5m (up NT$377.2m from 1Q 2025). Net income: NT$71.8m (up NT$112.7m from 1Q 2025). Profit margin: 19% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to NT$22.10, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total loss to shareholders of 26% over the past three years. New Risk • Mar 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.19b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 33% per year over the past 5 years. High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (NT$3.19b market cap, or US$99.7m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$1.74 (vs NT$1.54 loss in FY 2024) Full year 2025 results: EPS: NT$1.74 (up from NT$1.54 loss in FY 2024). Revenue: NT$1.26b (up 7.9% from FY 2024). Net income: NT$194.0m (up NT$334.9m from FY 2024). Profit margin: 15% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 11
SanDi Properties Co.,Ltd., Annual General Meeting, Jun 25, 2026 SanDi Properties Co.,Ltd., Annual General Meeting, Jun 25, 2026. Location: 2 floor no,118, chin ting rd., sanmin district, kaohsiung city Taiwan Aankondiging • Jan 03
Sandi Properties Co., Ltd. Announces Change of Representative for Corporate Director Effective December 31, 2025 SanDi Properties Co. Ltd. announced a change of representative for the company's corporate director. The previous position holder was Lee, Chung-His, President, Kaohsiung Bus Company Ltd. The new position holder is Hsiao, I-Fan, Chairman, Jia Yang Enterprise Co. Ltd. The reason for the change is replacement of representative. The original term was from June 26, 2024 to June 25, 2027. The effective date of the new appointment is December 31, 2025. Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.27 loss per share (vs NT$0.51 loss in 3Q 2024) Third quarter 2025 results: NT$0.27 loss per share (improved from NT$0.51 loss in 3Q 2024). Net loss: NT$29.7m (loss narrowed 36% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2025 earnings released: NT$0.26 loss per share (vs NT$0.38 loss in 2Q 2024) Second quarter 2025 results: NT$0.26 loss per share (improved from NT$0.38 loss in 2Q 2024). Net loss: NT$28.9m (loss narrowed 17% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Aankondiging • Jun 24
SanDi Properties Co.,Ltd. Approves the Election of Hsieh,Cheng-Han as Independent Director SanDi Properties Co.,Ltd. at its AGM held on June 23, 2025, approved the election of Hsieh,Cheng-Han as Independent Director. Aankondiging • May 01
SanDi Properties Co.,Ltd. to Report Q1, 2025 Results on May 09, 2025 SanDi Properties Co.,Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Mar 18
Full year 2024 earnings released: NT$1.54 loss per share (vs NT$0.71 loss in FY 2023) Full year 2024 results: NT$1.54 loss per share (further deteriorated from NT$0.71 loss in FY 2023). Revenue: NT$1.17b (up 269% from FY 2023). Net loss: NT$140.9m (loss widened 117% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 07
SanDi Properties Co.,Ltd., Annual General Meeting, Jun 23, 2025 SanDi Properties Co.,Ltd., Annual General Meeting, Jun 23, 2025, at 10:00 Taipei Standard Time. Location: 3 floor no,118, chin ting rd., sanmin district, kaohsiung city Taiwan New Risk • Jan 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 2.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings have declined by 2.9% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Aankondiging • Oct 31
SanDi Properties Co.,Ltd. to Report Q3, 2024 Results on Nov 08, 2024 SanDi Properties Co.,Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 New Risk • Sep 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.4% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risk Revenue is less than US$5m (NT$46m revenue, or US$1.4m). New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 7.0% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Revenue is less than US$5m (NT$44m revenue, or US$1.3m). Aankondiging • Jul 31
SanDi Properties Co.,Ltd. to Report Q2, 2024 Results on Aug 09, 2024 SanDi Properties Co.,Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 11
First quarter 2024 earnings released: NT$0.11 loss per share (vs NT$0.23 profit in 1Q 2023) First quarter 2024 results: NT$0.11 loss per share (down from NT$0.23 profit in 1Q 2023). Net loss: NT$10.2m (down 148% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. New Risk • May 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Aankondiging • Apr 26
SanDi Properties Co.,Ltd. to Report Q1, 2024 Results on May 03, 2024 SanDi Properties Co.,Ltd. announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • Mar 29
Full year 2023 earnings released: NT$0.71 loss per share (vs NT$5.17 profit in FY 2022) Full year 2023 results: NT$0.71 loss per share (down from NT$5.17 profit in FY 2022). Net loss: NT$65.0m (down 117% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Aankondiging • Mar 11
SanDi Properties Co.,Ltd. has filed a Follow-on Equity Offering in the amount of TWD 920 million. SanDi Properties Co.,Ltd. has filed a Follow-on Equity Offering in the amount of TWD 920 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: TWD 36.8
Security Name: Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: TWD 36.8
Transaction Features: Reserved Share Offering; Rights Offering Aankondiging • Mar 09
SanDi Properties Co.,Ltd., Annual General Meeting, Jun 26, 2024 SanDi Properties Co.,Ltd., Annual General Meeting, Jun 26, 2024. Location: Jin Shi Hu Hotel, No. 118, Jinding Rd. Sanmin Dist. Kaohsiung City Taiwan Agenda: To approve 2023 Business Report; to approve Audit Committee's Review Report; to approve 2023 Employees' compensation and Directors' remuneration; to approve Report on external endorsements and guarantees for 2023; to approve Amendments to the Standards of Procedures of the Board of Directors; and to consider other matters. Upcoming Dividend • Sep 04
Upcoming dividend of NT$1.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 28 September 2023. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.4%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: NT$0.39 loss per share (vs NT$5.61 profit in 2Q 2022) Second quarter 2023 results: NT$0.39 loss per share (down from NT$5.61 profit in 2Q 2022). Net loss: NT$35.9m (down 109% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$5.17 (vs NT$0.57 in FY 2021) Full year 2022 results: EPS: NT$5.17 (up from NT$0.57 in FY 2021). Revenue: NT$595.3m (up NT$583.0m from FY 2021). Net income: NT$373.5m (up NT$343.5m from FY 2021). Profit margin: 63% (down from 245% in FY 2021). 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 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$38.40, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 11x in the Construction industry in Taiwan. Total returns to shareholders of 79% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). Supervisor Guo Li Chen was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: NT$0.02 (vs NT$0.061 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.02 (up from NT$0.061 loss in 1Q 2021). Net income: NT$1.13m (up NT$4.25m from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). Supervisor Guo Li Chen was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$0.57 (down from NT$0.90 in FY 2020). Net income: NT$30.1m (down 35% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.31 (vs NT$0.052 loss in 3Q 2020) Third quarter 2021 results: Net income: NT$15.8m (up NT$18.4m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.07 loss per share (vs NT$0.094 profit in 2Q 2020) Second quarter 2021 results: Net loss: NT$3.70m (down 177% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.06 loss per share (vs NT$0.93 profit in 1Q 2020) First quarter 2021 results: Net loss: NT$3.12m (down 107% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 28% share price gain to NT$33.25, the stock trades at a trailing P/E ratio of 73.9x. Average trailing P/E is 15x in the Construction industry in Taiwan. Total returns to shareholders of 108% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.45 (vs NT$0.20 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$98.4m (up NT$98.4m from FY 2019). Net income: NT$45.9m (up NT$56.4m from FY 2019). Profit margin: 47% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 10
New 90-day low: NT$11.20 The company is down 9.0% from its price of NT$12.30 on 10 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 6.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day low: NT$11.55 The company is down 10.0% from its price of NT$12.85 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is flat over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: NT$11.70 The company is down 10.0% from its price of NT$13.00 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is flat over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: NT$0.03 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: NT$6.0k (up 50% from 3Q 2019). Net loss: NT$2.66m (loss narrowed 71% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 02
New 90-day low: NT$11.75 The company is down 8.0% from its price of NT$12.80 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. 
