Reported Earnings • May 13
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$1.00 (up from NT$1.38 loss in 1Q 2025). Revenue: NT$17.2b (down 23% from 1Q 2025). Net income: NT$892.0m (up NT$2.11b from 1Q 2025). Profit margin: 5.2% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 7.4%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$34.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Construction industry in Asia. Total returns to shareholders of 1.0% over the past three years. Reported Earnings • Mar 11
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: NT$1.91 (down from NT$2.21 in FY 2024). Revenue: NT$91.8b (down 23% from FY 2024). Net income: NT$1.69b (down 13% from FY 2024). Profit margin: 1.8% (up from 1.6% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 10
CTCI Corporation, Annual General Meeting, May 25, 2026 CTCI Corporation, Annual General Meeting, May 25, 2026, at 09:00 Taipei Standard Time. Location: no,127, sec.7 chung shan n. rd., taipei city Taiwan Buy Or Sell Opportunity • Jan 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.1% to NT$33.15. The fair value is estimated to be NT$27.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to decline by 0.04% in a year. Earnings are forecast to grow by 769% in the next year. Major Estimate Revision • Nov 26
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$108.7b to NT$87.2b. EPS estimate fell from NT$0.854 to NT$0.56 per share. Net income forecast to grow 769% next year vs 20% growth forecast for Construction industry in Taiwan. Consensus price target up from NT$36.81 to NT$40.98. Share price rose 9.8% to NT$33.60 over the past week. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$0.85 (vs NT$0.43 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.85 (up from NT$0.43 in 3Q 2024). Revenue: NT$21.2b (down 25% from 3Q 2024). Net income: NT$758.6m (up 100% from 3Q 2024). Profit margin: 3.6% (up from 1.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.29 (down from NT$0.69 in 2Q 2024). Revenue: NT$24.2b (down 22% from 2Q 2024). Net income: NT$254.3m (down 58% from 2Q 2024). Profit margin: 1.1% (down from 2.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 08
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 15 August 2025. Payment date: 17 September 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.6%). New Risk • Jul 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 7.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 307% Paying a dividend despite having no free cash flows. High level of non-cash earnings (40% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (0.2% net profit margin). Buy Or Sell Opportunity • Jun 24
Now 23% overvalued Over the last 90 days, the stock has fallen 38% to NT$26.10. The fair value is estimated to be NT$21.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to decline by 1.8% in a year. Earnings are forecast to grow by 273% in the next year. Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to NT$27.30. The fair value is estimated to be NT$34.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to decline by 1.8% in a year. Earnings are forecast to grow by 273% in the next year. Reported Earnings • May 14
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: NT$1.52 loss per share (down from NT$0.58 profit in 1Q 2024). Revenue: NT$22.3b (down 24% from 1Q 2024). Net loss: NT$1.22b (down 363% from profit in 1Q 2024). Revenue missed analyst estimates by 24%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • May 06
CTCI Corporation to Report Q1, 2025 Results on May 13, 2025 CTCI Corporation announced that they will report Q1, 2025 results on May 13, 2025 Announcement • Apr 24
CTCI Corporation announced a financing transaction CTCI Corporation announced a private placement of not more than 90,000,000 common shares on April 22, 2025. The transaction has been approved by the shareholders of the company. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$31.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Construction industry in Asia. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$31.50 per share. Buy Or Sell Opportunity • Apr 10
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at NT$39.20. The fair value is estimated to be NT$31.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 7.6%. Revenue is forecast to grow by 7.1% in a year. Earnings are forecast to grow by 45% in the next year. Announcement • Mar 05
CTCI Corporation, Annual General Meeting, May 28, 2025 CTCI Corporation, Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: no,127, sec.7 chung shan n. rd., taipei city Taiwan Announcement • Feb 20
CTCI Corporation to Report Q4, 2024 Results on Feb 27, 2025 CTCI Corporation announced that they will report Q4, 2024 results on Feb 27, 2025 Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.47 (down from NT$0.56 in 3Q 2023). Revenue: NT$28.3b (up 1.3% from 3Q 2023). Net income: NT$379.4m (down 15% from 3Q 2023). Profit margin: 1.3% (down from 1.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.8%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Oct 29
CTCI Corporation to Report Q3, 2024 Results on Nov 05, 2024 CTCI Corporation announced that they will report Q3, 2024 results on Nov 05, 2024 New Risk • Aug 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% 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 (43% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 04
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: NT$0.76 (up from NT$0.61 in 2Q 2023). Revenue: NT$30.8b (up 29% from 2Q 2023). Net income: NT$606.2m (up 25% from 2Q 2023). Profit margin: 2.0% (in line with 2Q 2023). Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 10% per year. Announcement • Jul 26
CTCI Corporation to Report Q2, 2024 Results on Aug 02, 2024 CTCI Corporation announced that they will report Q2, 2024 results on Aug 02, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of NT$2.05 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 07 August 2024. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.4%). Buy Or Sell Opportunity • Jul 01
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$53.10. The fair value is estimated to be NT$41.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 34% in the next year. Buy Or Sell Opportunity • Jun 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to NT$50.90. The fair value is estimated to be NT$41.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 10% in a year. Earnings are forecast to grow by 34% in the next year. Declared Dividend • May 29
Dividend of NT$2.06 announced Shareholders will receive a dividend of NT$2.06. Ex-date: 12th July 2024 Payment date: 7th August 2024 Dividend yield will be 4.3%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 22% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 11
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: NT$0.58 (up from NT$0.47 in 1Q 2023). Revenue: NT$29.3b (up 34% from 1Q 2023). Net income: NT$463.8m (up 27% from 1Q 2023). Profit margin: 1.6% (down from 1.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Major Estimate Revision • May 08
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from NT$110.6b to NT$124.4b. EPS estimate fell from NT$3.34 to NT$3.10. Net income forecast to grow 31% next year vs 22% growth forecast for Construction industry in Taiwan. Consensus price target broadly unchanged at NT$52.00. Share price fell 7.6% to NT$47.75 over the past week. Announcement • Apr 28
CTCI Corporation to Report Q1, 2024 Results on May 03, 2024 CTCI Corporation announced that they will report Q1, 2024 results on May 03, 2024 Price Target Changed • Mar 13
Price target increased by 8.7% to NT$52.67 Up from NT$48.47, the current price target is an average from 3 analysts. New target price is 16% above last closing price of NT$45.25. Stock is up 8.6% over the past year. The company is forecast to post earnings per share of NT$3.34 for next year compared to NT$2.39 last year. Reported Earnings • Mar 08
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: NT$2.39 (down from NT$3.07 in FY 2022). Revenue: NT$103.5b (up 8.9% from FY 2022). Net income: NT$1.89b (down 21% from FY 2022). Profit margin: 1.8% (down from 2.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
CTCI Corporation, Annual General Meeting, May 24, 2024 CTCI Corporation, Annual General Meeting, May 24, 2024. Location: 1F., No. 16, Fushan Rd., Beitou Dist., Taipei City,Taiwan International conference hall Taipei Taiwan Agenda: To consider the Company's business report of 2023; to The Supervisor's review report of 2023; to The directors and Supervisor and employees compensation of 2023; to The company’s accumulated losses in 2023 have reached one-half of the paid-in capital; to Adoption of the Company's 2023 business report and financial statements; to Adoption of the Company's 2023 peficit Compensation; to Approval of the amendment to the Company's ; and to consider other matters if any. Buy Or Sell Opportunity • Mar 01
Now 20% overvalued Over the last 90 days, the stock has fallen 1.6% to NT$43.65. The fair value is estimated to be NT$36.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 56% in the next 2 years. Reported Earnings • Nov 05
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: NT$0.56 (up from NT$0.44 in 3Q 2022). Revenue: NT$28.0b (up 15% from 3Q 2022). Net income: NT$444.7m (up 28% from 3Q 2022). Profit margin: 1.6% (up from 1.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Asia. 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: NT$0.61 (up from NT$0.56 in 2Q 2022). Revenue: NT$23.8b (up 6.6% from 2Q 2022). Net income: NT$483.4m (up 11% from 2Q 2022). Profit margin: 2.0% (up from 1.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Asia. 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 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of NT$1.90 per share at 4.5% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 26 July 2023. Payout ratio is on the higher end at 93% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.6%). Reported Earnings • Jun 05
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: NT$0.47 (down from NT$1.50 in 1Q 2022). Revenue: NT$21.8b (down 2.6% from 1Q 2022). Net income: NT$366.1m (down 68% from 1Q 2022). Profit margin: 1.7% (down from 5.1% in 1Q 2022). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Asia. 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 2% per year, which means it is significantly lagging earnings growth. Announcement • May 27
CTCI Corporation Announces Cash Dividends, Expects Payable Date to Be July 26, 2023 CTCI Corporation announced cash dividends of TWD 1,520,476,113. The dividend distribution date is expected to be July 26, 2023 with Ex-rights (ex-dividend) trading date of July 06, 2023 and Ex-rights (ex-dividend) record date of July 12, 2023. Price Target Changed • May 15
Price target decreased by 8.9% to NT$48.00 Down from NT$52.67, the current price target is an average from 3 analysts. New target price is 18% above last closing price of NT$40.80. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$2.88 for next year compared to NT$3.07 last year. Reported Earnings • Mar 09
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: NT$3.07 (up from NT$2.15 in FY 2021). Revenue: NT$95.1b (up 35% from FY 2021). Net income: NT$2.38b (up 45% from FY 2021). Profit margin: 2.5% (up from 2.3% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in Asia. 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 9% per year, which means it is significantly lagging earnings growth. Announcement • Dec 21
CTCI Corporation Announces Retirement of Ming-Cheng Hsiao, Executive Vice President CTCI Corporation announced change in the company's corporate governance officer. Name, title, and resume of the previous position holder: Ming-Cheng Hsiao, Executive Vice President. Effective date is December 20, 2022. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Evon Chen 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 04
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: NT$0.44 (down from NT$0.64 in 3Q 2021). Revenue: NT$24.4b (up 45% from 3Q 2021). Net income: NT$346.9m (down 29% from 3Q 2021). Profit margin: 1.4% (down from 2.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Nov 03
Price target decreased to NT$54.50 Down from NT$64.00, the current price target is an average from 2 analysts. New target price is 15% above last closing price of NT$47.40. Stock is up 30% over the past year. The company is forecast to post earnings per share of NT$3.29 for next year compared to NT$2.15 last year. Reported Earnings • Aug 05
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$0.55 (up from NT$0.42 in 2Q 2021). Revenue: NT$22.4b (up 40% from 2Q 2021). Net income: NT$434.2m (up 36% from 2Q 2021). Profit margin: 1.9% (down from 2.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 9.6%, compared to a 17% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 24
Upcoming dividend of NT$2.26 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 29 July 2022. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Taiwanese dividend payers (6.4%). Lower than average of industry peers (6.0%). Announcement • Jun 17
CTCI Corporation Announces the Adjustment of Cash Dividends Ratio CTCI Corporation announced the adjustment of cash dividends ratio. Type and monetary amount of original dividend distribution: cash dividend: TWD 1,776,077,870 (TWD 2.30 per share). Type and monetary amount of dividend distribution after the change: cash dividend: TWD 1,776,077,870 (TWD 2.26028082 per share). Reason for the change: The total common shares outstanding have been changed due to the exercise of employee stock option and the cancellation of restricted stock awards. The Chairman is authorized to adjust the cash to be distributed to each common share. Announcement • May 20
CTCI Corporation Announces Board Changes CTCI Corporation announced board changes. Name of the previous position holder: Ting-Kuo Li. Resume of the previous position holder: President of Infrastructure, Environmental & Power Business Operations of CTCI Corporation. Name of the new position holder: Ming-Shyan Lee. Resume of the new position holder: Senior Vice President of CTCI Corporation. Reason for the change: Institutional director reassigned its representative. Effective date of the new appointment is July 1, 2022. Price Target Changed • May 09
Price target increased to NT$59.75 Up from NT$51.00, the current price target is an average from 2 analysts. New target price is 24% above last closing price of NT$48.25. Stock is up 23% over the past year. The company is forecast to post earnings per share of NT$3.76 for next year compared to NT$2.15 last year. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.50 (up from NT$0.31 in 1Q 2021). Revenue: NT$22.4b (up 53% from 1Q 2021). Net income: NT$1.15b (up 390% from 1Q 2021). Profit margin: 5.1% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 87%. Over the next year, revenue is forecast to grow 6.8%, compared to a 16% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Evon Chen 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 • Mar 13
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$2.15 (up from NT$1.01 in FY 2020). Revenue: NT$70.5b (up 27% from FY 2020). Net income: NT$1.64b (up 114% from FY 2020). Profit margin: 2.3% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 5.1%, compared to a 14% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS NT$0.64 (vs NT$0.28 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$16.8b (up 18% from 3Q 2020). Net income: NT$488.4m (up 130% from 3Q 2020). Profit margin: 2.9% (up from 1.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 13
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 20 August 2021. Payment date: 17 September 2021. Trailing yield: 5.2%. Within top quartile of Taiwanese dividend payers (5.1%). In line with average of industry peers (4.8%). Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS NT$0.42 (vs NT$0.20 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$16.0b (up 21% from 2Q 2020). Net income: NT$319.6m (up 108% from 2Q 2020). Profit margin: 2.0% (up from 1.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% 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. Major Estimate Revision • May 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from NT$62.7b to NT$67.2b. EPS estimate fell from NT$2.28 to NT$2.02 per share. Net income forecast to grow 103% next year vs 29% growth forecast for Construction industry in Taiwan. Consensus price target broadly unchanged at NT$49.00. Share price rose 2.2% to NT$38.95 over the past week. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.9%. Earnings per share (EPS) also missed analyst estimates by 7.8%. Over the next year, revenue is forecast to grow 17%, compared to a 12% growth forecast for the Construction industry in Taiwan. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS NT$1.01 (vs NT$1.55 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$55.6b (down 4.6% from FY 2019). Net income: NT$766.5m (down 35% from FY 2019). Profit margin: 1.4% (down from 2.0% in FY 2019). The decrease in margin was driven by lower 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 8% per year, which means it has not declined as severely as earnings. Executive Departure • Feb 22
Senior VP & CFO has left the company On the 19th of February, Patrick Lin's tenure as Senior VP & CFO ended after 4.1 years in the role. We don't have any record of a personal shareholding under Patrick's name. Patrick is the only executive to leave the company over the last 12 months. Announcement • Feb 20
CTCI Corporation Announces Chief Financial Officer Changes CTCI Corporation announced retirement of Patrick Lin as Chief Financial Officer, Effective February 19, 2021. The Vice President, Ming-Cheng Hsiao, will act for the position till the appointment of the new replacement to be resolved by the board of directors. Is New 90 Day High Low • Jan 26
New 90-day low: NT$35.10 The company is down 11% from its price of NT$39.35 on 28 October 2020. The Taiwanese market is up 23% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$77.30 per share. Is New 90 Day High Low • Jan 06
New 90-day low: NT$37.65 The company is down 5.0% from its price of NT$39.45 on 08 October 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 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$82.86 per share. Is New 90 Day High Low • Nov 18
New 90-day high: NT$40.00 The company is up 14% from its price of NT$35.00 on 20 August 2020. The Taiwanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$72.79 per share. Major Estimate Revision • Nov 12
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from NT$1.67 to NT$1.09. Revenue estimate was approximately flat at NT$56.5b. Net income is expected to grow by 29% next year compared to 14% growth forecast for the Construction industry in Taiwan. The consensus price target of NT$47.23 was unchanged from the last update. Share price is up 1.6% to NT$39.30 over the past week. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 50%. Over the next year, revenue is forecast to grow 12%, compared to a 11% growth forecast for the Construction industry in Taiwan. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS NT$0.28 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$14.2b (down 11% from 3Q 2019). Net income: NT$212.8m (up NT$177.8m from 3Q 2019). Profit margin: 1.5% (up from 0.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.