Board Change • Jul 03
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 not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Yi-Qiu Zhang was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 30
Upcoming dividend of NT$0.68 per share Eligible shareholders must have bought the stock before 07 July 2026. Payment date: 11 August 2026. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (3.3%). New Risk • May 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (39% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$853.1m market cap, or US$27.1m). Reported Earnings • Mar 20
Full year 2025 earnings released: EPS: NT$3.06 (vs NT$2.28 in FY 2024) Full year 2025 results: EPS: NT$3.06 (up from NT$2.28 in FY 2024). Revenue: NT$2.31b (flat on FY 2024). Net income: NT$122.1m (up 58% from FY 2024). Profit margin: 5.3% (up from 3.3% in FY 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Mar 11
Jioushun Construction Co., Ltd., Annual General Meeting, May 25, 2026 Jioushun Construction Co., Ltd., Annual General Meeting, May 25, 2026, at 10:30 Taipei Standard Time. Location: 4 floor no,257, hsin hu 2nd rd., neihu district, taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.36 (vs NT$0.77 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.36 (down from NT$0.77 in 3Q 2024). Revenue: NT$459.1m (down 27% from 3Q 2024). Net income: NT$14.3m (down 44% from 3Q 2024). Profit margin: 3.1% (down from 4.1% in 3Q 2024). The decrease in margin was driven by lower revenue. 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 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$1.26 (vs NT$0.50 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.26 (up from NT$0.50 in 2Q 2024). Revenue: NT$606.8m (up 8.6% from 2Q 2024). Net income: NT$50.2m (up 201% from 2Q 2024). Profit margin: 8.3% (up from 3.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: NT$0.76 (vs NT$0.73 in 1Q 2024) First quarter 2025 results: EPS: NT$0.76 (up from NT$0.73 in 1Q 2024). Revenue: NT$534.7m (flat on 1Q 2024). Net income: NT$27.5m (up 26% from 1Q 2024). Profit margin: 5.1% (up from 4.1% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. New Risk • Apr 07
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 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$831.6m market cap, or US$25.2m). Reported Earnings • Apr 04
Full year 2024 earnings released: EPS: NT$2.53 (vs NT$1.57 in FY 2023) Full year 2024 results: EPS: NT$2.53 (up from NT$1.57 in FY 2023). Revenue: NT$2.31b (up 6.9% from FY 2023). Net income: NT$77.2m (up 64% from FY 2023). Profit margin: 3.3% (up from 2.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Announcement • Mar 19
Jioushun Construction Co., Ltd., Annual General Meeting, Jun 02, 2025 Jioushun Construction Co., Ltd., Annual General Meeting, Jun 02, 2025, at 10:30 Taipei Standard Time. Location: 4 floor no,257, hsin hu 2nd rd., neihu district, taipei city Taiwan Declared Dividend • Mar 17
Dividend reduced to NT$0.80 Dividend of NT$0.80 is 33% lower than last year. Ex-date: 1st April 2025 Payment date: 29th April 2025 Dividend yield will be 3.3%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (43% 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 decreased over the past 56 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 15
Jioushun Construction Co., Ltd. announces Annual dividend, payable on April 29, 2025 Jioushun Construction Co., Ltd. announced Annual dividend of TWD 0.8000 per share payable on April 29, 2025, ex-date on April 01, 2025 and record date on April 03, 2025. New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$885.6m market cap, or US$26.9m). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$24.05, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 15x in the Real Estate industry in Taiwan. Total returns to shareholders of 27% over the past three years. Buy Or Sell Opportunity • Feb 05
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$22.85. The fair value is estimated to be NT$18.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 8.5%. New Risk • Jan 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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 High level of non-cash earnings (41% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$685.8m market cap, or US$20.8m). Buy Or Sell Opportunity • Aug 29
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at NT$22.10. The fair value is estimated to be NT$18.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 7.2%. Buy Or Sell Opportunity • Aug 09
Now 21% overvalued Over the last 90 days, the stock has fallen 4.7% to NT$22.20. The fair value is estimated to be NT$18.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 15%. Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$22.30, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 25x in the Real Estate industry in Taiwan. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$25.50, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 21x in the Real Estate industry in Taiwan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$1.57 (vs NT$2.35 in FY 2022) Full year 2023 results: EPS: NT$1.57 (down from NT$2.35 in FY 2022). Revenue: NT$2.16b (down 2.9% from FY 2022). Net income: NT$47.0m (down 21% from FY 2022). Profit margin: 2.2% (down from 2.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Mar 26
Upcoming dividend of NT$1.20 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 03 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.4%. Within top quartile of Taiwanese dividend payers (4.7%). Higher than average of industry peers (3.5%). Announcement • Mar 21
Jioushun Construction Co., Ltd., Annual General Meeting, Jun 05, 2024 Jioushun Construction Co., Ltd., Annual General Meeting, Jun 05, 2024. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$21.25, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 18x in the Real Estate industry in Taiwan. Total returns to shareholders of 13% over the past three years. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 207% Paying a dividend despite having no free cash flows. High level of non-cash earnings (158% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (NT$570.0m market cap, or US$18.0m). Buying Opportunity • Oct 24
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$20.89, 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, while earnings per share has been flat. Buying Opportunity • Aug 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be NT$20.44, 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, while earnings per share has been flat. New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 222% The company is paying a dividend despite having no free cash flows. Dividend yield: 9.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 222% Paying a dividend despite having no free cash flows. High level of non-cash earnings (134% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (1.0% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (NT$504.0m market cap, or US$15.8m). Upcoming Dividend • Apr 05
Upcoming dividend of NT$1.60 per share at 8.0% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 10 May 2023. Trailing yield: 8.0%. Within top quartile of Taiwanese dividend payers (5.9%). Higher than average of industry peers (5.6%). Reported Earnings • Aug 16
First half 2022 earnings released: EPS: NT$1.57 (vs NT$1.25 in 1H 2021) First half 2022 results: EPS: NT$1.57 (up from NT$1.25 in 1H 2021). Revenue: NT$1.04b (up 43% from 1H 2021). Net income: NT$39.1m (up 25% from 1H 2021). Profit margin: 3.7% (down from 4.3% in 1H 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: NT$2.19 (vs NT$1.69 in FY 2020) Full year 2021 results: EPS: NT$2.19 (up from NT$1.69 in FY 2020). Revenue: NT$1.84b (up 84% from FY 2020). Net income: NT$54.6m (up 30% from FY 2020). Profit margin: 3.0% (down from 4.2% in FY 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 18
First half 2021 earnings released: EPS NT$1.41 (vs NT$0.57 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: NT$728.3m (up 78% from 1H 2020). Net income: NT$31.3m (up 148% from 1H 2020). Profit margin: 4.3% (up from 3.1% in 1H 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 30
Upcoming dividend of NT$0.14 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 03 August 2021. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (4.9%). Is New 90 Day High Low • Nov 26
New 90-day high: NT$24.10 The company is up 10.0% from its price of NT$22.00 on 28 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period.