Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$12.05, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 14x in the Real Estate industry in Taiwan. Total returns to shareholders of 63% over the past three years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: NT$0.40 (vs NT$0.23 in 1Q 2025) First quarter 2026 results: EPS: NT$0.40 (up from NT$0.23 in 1Q 2025). Revenue: NT$1.21b (up 298% from 1Q 2025). Net income: NT$119.3m (up 76% from 1Q 2025). Profit margin: 9.8% (down from 22% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Mar 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.5% Last year net profit margin: 14% 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: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 7.5% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (NT$3.04b market cap, or US$95.4m). Aankondiging • Mar 12
WE & WIN Development Co., LTD, Annual General Meeting, Jun 23, 2026 WE & WIN Development Co., LTD, Annual General Meeting, Jun 23, 2026, at 09:00 Taipei Standard Time. Location: 8 floor no,560, sec.4 chung hsiao e. rd., sinyi district, taipei city Taiwan New Risk • Jan 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$100.0m) 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 1.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.14b market cap, or US$100.0m). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$12.25, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 13x in the Real Estate industry in Taiwan. Total returns to shareholders of 71% over the past three years. New Risk • Nov 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.08b (US$98.7m) 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 1.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$3.08b market cap, or US$98.7m). Reported Earnings • Nov 06
Third quarter 2025 earnings released: NT$0.05 loss per share (vs NT$0.083 profit in 3Q 2024) Third quarter 2025 results: NT$0.05 loss per share (down from NT$0.083 profit in 3Q 2024). Revenue: NT$164.3m (down 40% from 3Q 2024). Net loss: NT$14.7m (down 159% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 63% 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 • Aug 11
Second quarter 2025 earnings released: NT$0.07 loss per share (vs NT$0.43 profit in 2Q 2024) Second quarter 2025 results: NT$0.07 loss per share (down from NT$0.43 profit in 2Q 2024). Revenue: NT$128.2m (down 86% from 2Q 2024). Net loss: NT$21.9m (down 117% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$13.35, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 59% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.074 in 1Q 2024) First quarter 2025 results: EPS: NT$0.23 (up from NT$0.074 in 1Q 2024). Revenue: NT$304.6m (down 8.3% from 1Q 2024). Net income: NT$67.8m (up 206% from 1Q 2024). Profit margin: 22% (up from 6.7% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • May 07
WE & WIN Development Co., LTD to Report Q1, 2025 Results on May 14, 2025 WE & WIN Development Co., LTD announced that they will report Q1, 2025 results on May 14, 2025 Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$12.15, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 32% over the past three years. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.25b (US$98.2m) 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 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 (7.7% average weekly change). Market cap is less than US$100m (NT$3.25b market cap, or US$98.2m). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$15.15, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 14x in the Real Estate industry in Taiwan. Total returns to shareholders of 57% over the past three years. New Risk • Mar 21
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 6.0% 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 Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$1.05 (vs NT$0.20 loss in FY 2023) Full year 2024 results: EPS: NT$1.05 (up from NT$0.20 loss in FY 2023). Revenue: NT$2.21b (up 306% from FY 2023). Net income: NT$314.8m (up NT$375.0m from FY 2023). Profit margin: 14% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Mar 14
WE & WIN Development Co., LTD, Annual General Meeting, Jun 25, 2025 WE & WIN Development Co., LTD, Annual General Meeting, Jun 25, 2025, at 09:00 Taipei Standard Time. Location: 8 floor no,560, sec.4 chung hsiao e. rd., sinyi district, taipei city Taiwan Aankondiging • Mar 05
WE & WIN Development Co., LTD to Report Q4, 2024 Results on Mar 12, 2025 WE & WIN Development Co., LTD announced that they will report Q4, 2024 results on Mar 12, 2025 Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.08 (vs NT$0.016 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.08 (up from NT$0.016 loss in 3Q 2023). Revenue: NT$275.8m (up 72% from 3Q 2023). Net income: NT$24.9m (up NT$29.8m from 3Q 2023). Profit margin: 9.0% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.062 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.43 (up from NT$0.062 loss in 2Q 2023). Revenue: NT$904.3m (up NT$770.6m from 2Q 2023). Net income: NT$130.2m (up NT$148.9m from 2Q 2023). Profit margin: 14% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Aankondiging • Aug 02
WE & WIN Development Co., LTD to Report Q2, 2024 Results on Aug 09, 2024 WE & WIN Development Co., LTD announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.11 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.07 (up from NT$0.11 loss in 1Q 2023). Revenue: NT$332.3m (up 432% from 1Q 2023). Net income: NT$22.2m (up NT$56.4m from 1Q 2023). Profit margin: 6.7% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Apr 08
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 6.3% 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 (6.3% average weekly change). Reported Earnings • Mar 21
Full year 2023 earnings released: NT$0.20 loss per share (vs NT$0.26 profit in FY 2022) Full year 2023 results: NT$0.20 loss per share (down from NT$0.26 profit in FY 2022). Revenue: NT$545.9m (down 68% from FY 2022). Net loss: NT$60.1m (down 177% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Aankondiging • Mar 15
WE & WIN Development Co., LTD, Annual General Meeting, Jun 26, 2024 WE & WIN Development Co., LTD, Annual General Meeting, Jun 26, 2024. Buy Or Sell Opportunity • Mar 14
Now 22% undervalued Over the last 90 days, the stock has risen 5.8% to NT$9.67. The fair value is estimated to be NT$12.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 28
Now 21% undervalued Over the last 90 days, the stock is up 8.3%. The fair value is estimated to be NT$11.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 13
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be NT$11.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 14
Third quarter 2023 earnings released: NT$0.02 loss per share (vs NT$0.07 profit in 3Q 2022) Third quarter 2023 results: NT$0.02 loss per share (down from NT$0.07 profit in 3Q 2022). Revenue: NT$160.6m (down 38% from 3Q 2022). Net loss: NT$4.81m (down 123% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2023 earnings released: NT$0.06 loss per share (vs NT$0.023 profit in 2Q 2022) Second quarter 2023 results: NT$0.06 loss per share (down from NT$0.023 profit in 2Q 2022). Revenue: NT$133.7m (down 63% from 2Q 2022). Net loss: NT$18.7m (down 366% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 12
Now 21% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be NT$8.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • May 26
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$8.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$0.26 (vs NT$1.38 in FY 2021) Full year 2022 results: EPS: NT$0.26 (down from NT$1.38 in FY 2021). Revenue: NT$1.68b (down 28% from FY 2021). Net income: NT$77.9m (down 81% from FY 2021). Profit margin: 4.6% (down from 18% 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 80% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.07 (vs NT$1.29 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.07 (down from NT$1.29 in 3Q 2021). Revenue: NT$259.9m (down 85% from 3Q 2021). Net income: NT$20.9m (down 95% from 3Q 2021). Profit margin: 8.1% (down from 23% in 3Q 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 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Li Wen Ying was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.07 (vs NT$1.29 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.07 (down from NT$1.29 in 3Q 2021). Revenue: NT$259.9m (down 85% from 3Q 2021). Net income: NT$20.9m (down 95% from 3Q 2021). Profit margin: 8.1% (down from 23% in 3Q 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 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.02 (vs NT$0.028 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.02 (down from NT$0.028 in 2Q 2021). Revenue: NT$360.6m (up 81% from 2Q 2021). Net income: NT$7.03m (down 17% from 2Q 2021). Profit margin: 1.9% (down from 4.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 26
Upcoming dividend of NT$0.90 per share Eligible shareholders must have bought the stock before 02 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 10%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (6.2%). Aankondiging • Jun 29
WE & WIN Development Co., LTD Announces Cash Dividend, Payable on August 26, 2022 WE & WIN Development Co., LTD announced cash dividend of TWD 270,502,016 (TWD 0.9 per share). Ex-rights (ex-dividend) trading date is August 2, 2022. Ex-rights (ex-dividend) record date is August 8, 2022. The expected payment date for cash dividend is August 26, 2022. Buying Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.2%. The fair value is estimated to be NT$11.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Li Wen Ying was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$1.38 (vs NT$0.59 in FY 2020) Full year 2021 results: EPS: NT$1.38 (up from NT$0.59 in FY 2020). Revenue: NT$2.33b (up 58% from FY 2020). Net income: NT$414.7m (up 135% from FY 2020). Profit margin: 18% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.29 (vs NT$0.061 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$1.72b (up NT$1.66b from 3Q 2020). Net income: NT$388.8m (up NT$407.2m from 3Q 2020). Profit margin: 23% (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 64% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.67 in 2Q 2020) Second quarter 2021 results: Net income: NT$8.45m (down 96% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of NT$0.40 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 27 August 2021. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (4.8%). Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.13 loss per share (vs NT$0.12 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$3.30m (down 99% from 1Q 2020). Net loss: NT$37.8m (down 205% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.59 (vs NT$0.88 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$1.48b (up 87% from FY 2019). Net income: NT$176.4m (up NT$440.7m from FY 2019). Profit margin: 12% (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 4% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Mar 16
New 90-day high: NT$9.91 The company is up 3.0% from a price of NT$9.65 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Lagged the Real Estate industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: NT$9.21 The company is down 12% from its price of NT$10.45 on 20 October 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day low: NT$9.47 The company is down 9.0% from its price of NT$10.35 on 10 September 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: NT$9.80 The company is down 2.0% from its price of NT$10.05 on 19 August 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.06 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$61.5m (down 71% from 3Q 2019). Net loss: NT$18.9m (loss narrowed 78% from 3Q 2019). 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 8% per year, which means it is well ahead of earnings.