Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.55 (vs NT$0.60 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.55 (up from NT$0.60 loss in 1Q 2025). Revenue: NT$568.6m (up 48% from 1Q 2025). Net income: NT$28.4m (up NT$59.5m from 1Q 2025). Profit margin: 5.0% (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 3% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • Apr 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 50% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$623.7m market cap, or US$19.7m). New Risk • Apr 15
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 50% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (NT$634.0m market cap, or US$20.0m). Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: NT$0.16 (vs NT$3.61 loss in FY 2024) Full year 2025 results: EPS: NT$0.16 (up from NT$3.61 loss in FY 2024). Revenue: NT$2.18b (up 8.4% from FY 2024). Net income: NT$8.50m (up NT$194.6m from FY 2024). Profit margin: 0.4% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Sun-Sea Construction Corporation, Annual General Meeting, Jun 17, 2026 Sun-Sea Construction Corporation, Annual General Meeting, Jun 17, 2026. Location: 13 floor no,188, sec.2 chung hua rd., hsinchu city Taiwan New Risk • Feb 20
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 6.9% 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 Interest payments are not well covered by earnings (0.4x net interest cover). Earnings have declined by 52% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (NT$765.4m market cap, or US$24.3m). New Risk • Dec 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Earnings have declined by 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$695.9m market cap, or US$22.2m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: NT$0.73 (vs NT$0.025 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.73 (up from NT$0.025 loss in 3Q 2024). Revenue: NT$569.0m (up 24% from 3Q 2024). Net income: NT$37.6m (up NT$38.9m from 3Q 2024). Profit margin: 6.6% (up from net loss in 3Q 2024). 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 63 percentage points per year, which is a significant difference in performance. New Risk • Sep 30
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$701.0m market cap, or US$23.0m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.22 (vs NT$0.99 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.22 (up from NT$0.99 loss in 2Q 2024). Revenue: NT$500.4m (down 19% from 2Q 2024). Net income: NT$11.2m (up NT$62.1m from 2Q 2024). Profit margin: 2.2% (up from net loss in 2Q 2024). The move to profitability was 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 80 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2025 earnings released: NT$0.60 loss per share (vs NT$1.06 loss in 1Q 2024) First quarter 2025 results: NT$0.60 loss per share (improved from NT$1.06 loss in 1Q 2024). Revenue: NT$383.7m (up 37% from 1Q 2024). Net loss: NT$31.2m (loss narrowed 43% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2024 earnings released: NT$3.61 loss per share (vs NT$3.65 loss in FY 2023) Full year 2024 results: NT$3.61 loss per share (improved from NT$3.65 loss in FY 2023). Revenue: NT$2.01b (down 28% from FY 2023). Net loss: NT$186.1m (flat on FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • Mar 17
Sun-Sea Construction Corporation, Annual General Meeting, Jun 13, 2025 Sun-Sea Construction Corporation, Annual General Meeting, Jun 13, 2025. Location: 1 floor no,186, min tsu rd., hsinchu city Taiwan New Risk • Oct 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.8% 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 Earnings have declined by 37% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (6.8% increase in shares outstanding). Market cap is less than US$100m (NT$923.3m market cap, or US$28.7m). Upcoming Dividend • Sep 19
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 26 September 2024. Payment date: 25 October 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (3.6%). Reported Earnings • Aug 18
Second quarter 2024 earnings released: NT$1.02 loss per share (vs NT$0.089 profit in 2Q 2023) Second quarter 2024 results: NT$1.02 loss per share (down from NT$0.089 profit in 2Q 2023). Revenue: NT$615.5m (down 25% from 2Q 2023). Net loss: NT$50.9m (down NT$55.3m from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2024 earnings released: NT$1.09 loss per share (vs NT$0.66 profit in 1Q 2023) First quarter 2024 results: NT$1.09 loss per share (down from NT$0.66 profit in 1Q 2023). Revenue: NT$280.4m (down 49% from 1Q 2023). Net loss: NT$54.8m (down 267% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2023 earnings released: NT$3.75 loss per share (vs NT$2.57 profit in FY 2022) Full year 2023 results: NT$3.75 loss per share (down from NT$2.57 profit in FY 2022). Revenue: NT$2.78b (up 14% from FY 2022). Net loss: NT$187.9m (down 246% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Mar 30
Sun-Sea Construction Corporation, Annual General Meeting, Jun 27, 2024 Sun-Sea Construction Corporation, Annual General Meeting, Jun 27, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: NT$4.05 loss per share (vs NT$0.86 profit in 3Q 2022) Third quarter 2023 results: NT$4.05 loss per share (down from NT$0.86 profit in 3Q 2022). Revenue: NT$553.4m (down 12% from 3Q 2022). Net loss: NT$202.7m (down NT$245.6m from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$23.80, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 12x in the Construction industry in Taiwan. Total returns to shareholders of 130% over the past three years. New Risk • Nov 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 5.9% 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 (5.9% average weekly change). Market cap is less than US$100m (NT$1.08b market cap, or US$33.5m). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$23.00, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Construction industry in Taiwan. Total returns to shareholders of 122% over the past three years. Upcoming Dividend • Sep 08
Upcoming dividend of NT$0.50 per share at 1.7% yield Eligible shareholders must have bought the stock before 15 September 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.4%). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.098 (vs NT$0.51 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.098 (down from NT$0.51 in 2Q 2022). Revenue: NT$824.4m (up 55% from 2Q 2022). Net income: NT$4.48m (down 81% from 2Q 2022). Profit margin: 0.5% (down from 4.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$22.90, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 11x in the Construction industry in Taiwan. Total returns to shareholders of 126% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$23.70, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 10x in the Construction industry in Taiwan. Total returns to shareholders of 109% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: NT$625.4m (up 27% from 3Q 2021). Net income: NT$42.9m (up 215% from 3Q 2021). Profit margin: 6.9% (up from 2.8% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 13
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: NT$625.4m (up 27% from 3Q 2021). Net income: NT$42.9m (up 215% from 3Q 2021). Profit margin: 6.9% (up from 2.8% in 3Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 07
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 14 October 2022. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (5.8%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.56 (vs NT$0.64 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.56 (down from NT$0.64 in 2Q 2021). Revenue: NT$531.7m (up 12% from 2Q 2021). Net income: NT$23.3m (down 12% from 2Q 2021). Profit margin: 4.4% (down from 5.5% 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 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 16% share price gain to NT$20.10, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 13x in the Construction industry in Taiwan. Total returns to shareholders of 47% over the past three years. Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: NT$2.91 (vs NT$2.77 in FY 2020) Full year 2021 results: EPS: NT$2.91 (up from NT$2.77 in FY 2020). Revenue: NT$2.26b (up 47% from FY 2020). Net income: NT$120.5m (up 5.3% from FY 2020). Profit margin: 5.3% (down from 7.4% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.35 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$493.5m (up 14% from 3Q 2020). Net income: NT$13.6m (down 6.1% from 3Q 2020). Profit margin: 2.8% (down from 3.3% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% 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 • Oct 26
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 02 November 2021. Payment date: 15 December 2021. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.9%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$476.4m (up 31% from 2Q 2020). Net income: NT$26.3m (up 116% from 2Q 2020). Profit margin: 5.5% (up from 3.4% in 2Q 2020). The increase in margin 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 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 22% share price gain to NT$17.00, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the Construction industry in Taiwan. Total returns to shareholders of 67% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$2.99 (vs NT$0.86 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.54b (up 52% from FY 2019). Net income: NT$114.4m (up 247% from FY 2019). Profit margin: 7.4% (up from 3.3% in FY 2019). The increase in margin 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 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 19
Sun-Sea Construction Corporation, Annual General Meeting, Jun 01, 2021 Sun-Sea Construction Corporation, Annual General Meeting, Jun 01, 2021. Is New 90 Day High Low • Feb 23
New 90-day low: NT$12.95 The company is down 9.0% from its price of NT$14.30 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 1.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day low: NT$13.30 The company is down 9.0% from its price of NT$14.65 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 15
New 90-day low: NT$13.85 The company is down 2.0% from its price of NT$14.20 on 16 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 up 2.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day low: NT$14.15 The company is down 4.0% from its price of NT$14.80 on 30 September 2020. The Taiwanese market is up 17% 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.38 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$434.3m (up 22% from 3Q 2019). Net income: NT$14.5m (up NT$14.9m from 3Q 2019). Profit margin: 3.3% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 15
New 90-day low: NT$14.25 The company is down 10.0% from its price of NT$15.80 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: NT$14.75 The company is down 11% from its price of NT$16.60 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 7.0% over the same period.