New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 11x cash flows per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.2% net profit margin). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.36 (vs NT$0.61 in FY 2024) Full year 2025 results: EPS: NT$0.36 (down from NT$0.61 in FY 2024). Revenue: NT$2.85b (flat on FY 2024). Net income: NT$205.5m (down 41% from FY 2024). Profit margin: 7.2% (down from 12% in FY 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 12
Southeast Cement Co., Ltd., Annual General Meeting, Jun 18, 2026 Southeast Cement Co., Ltd., Annual General Meeting, Jun 18, 2026. Location: b1 floor no,21, wu fu 3rd rd., cianjin district, kaohsiung city Taiwan New Risk • Jan 08
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 347% Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Dividend is not well covered by cash flows (347% cash payout ratio). Large one-off items impacting financial results. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.21 (vs NT$0.35 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.21 (down from NT$0.35 in 3Q 2024). Revenue: NT$653.3m (down 27% from 3Q 2024). Net income: NT$121.5m (down 39% from 3Q 2024). Profit margin: 19% (down from 22% 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 28% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to NT$16.90. The fair value is estimated to be NT$21.72, however this is not to be taken as a buy 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 39%. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.01 loss per share (vs NT$0.10 profit in 2Q 2024) Second quarter 2025 results: NT$0.01 loss per share (down from NT$0.10 profit in 2Q 2024). Revenue: NT$748.5m (up 24% from 2Q 2024). Net loss: NT$3.35m (down 106% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jul 03
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 10 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.8%). Declared Dividend • Jun 15
Dividend increased to NT$0.30 Dividend of NT$0.30 is 50% higher than last year. Ex-date: 10th July 2025 Payment date: 8th August 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.05 in 1Q 2024) First quarter 2025 results: EPS: NT$0.08 (up from NT$0.05 in 1Q 2024). Revenue: NT$740.5m (up 28% from 1Q 2024). Net income: NT$45.8m (up 60% from 1Q 2024). Profit margin: 6.2% (up from 5.0% in 1Q 2024). The increase in margin 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 fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Southeast Cement Co., Ltd. to Report Q1, 2025 Results on May 06, 2025 Southeast Cement Co., Ltd. announced that they will report Q1, 2025 results on May 06, 2025 Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.61 (vs NT$0.26 in FY 2023) Full year 2024 results: EPS: NT$0.61 (up from NT$0.26 in FY 2023). Revenue: NT$2.87b (up 26% from FY 2023). Net income: NT$348.5m (up 133% from FY 2023). Profit margin: 12% (up from 6.6% 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 31% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 14
Southeast Cement Co., Ltd., Annual General Meeting, Jun 13, 2025 Southeast Cement Co., Ltd., Annual General Meeting, Jun 13, 2025, at 09:00 Taipei Standard Time. Location: b1 floor no,21, wu fu 3rd rd., cianjin district, kaohsiung city Taiwan Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.35 (vs NT$0.099 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.35 (up from NT$0.099 in 3Q 2023). Revenue: NT$890.6m (up 79% from 3Q 2023). Net income: NT$199.9m (up 256% from 3Q 2023). Profit margin: 22% (up from 11% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Aug 17
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: 5.9% Last year net profit margin: 13% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.9% net profit margin). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.12 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.10 (down from NT$0.12 in 2Q 2023). Revenue: NT$604.6m (down 1.7% from 2Q 2023). Net income: NT$59.3m (down 11% from 2Q 2023). Profit margin: 9.8% (down from 11% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 03
Dividend of NT$0.20 announced Shareholders will receive a dividend of NT$0.20. Ex-date: 16th July 2024 Payment date: 9th August 2024 Dividend yield will be 0.9%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (79% 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 remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.05 (vs NT$0.06 in 1Q 2023) First quarter 2024 results: EPS: NT$0.05 (down from NT$0.06 in 1Q 2023). Revenue: NT$576.9m (up 9.2% from 1Q 2023). Net income: NT$28.6m (down 16% from 1Q 2023). Profit margin: 5.0% (down from 6.5% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Southeast Cement Corp., Ltd. Appoints Wu Yan Hui as Chief Sustainability Officer Southeast Cement Corp., Ltd. announced appointment of Wu Yan Hui, Agent President as Chief Sustainability Officer. Effective date is May 10, 2024. Announcement • May 03
Southeast Cement Corp., Ltd. to Report Q1, 2024 Results on May 10, 2024 Southeast Cement Corp., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 275% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$0.26 (vs NT$0.26 in FY 2022) Full year 2023 results: EPS: NT$0.26. Revenue: NT$2.27b (up 27% from FY 2022). Net income: NT$149.5m (flat on FY 2022). Profit margin: 6.6% (down from 8.3% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Mar 15
Southeast Cement Corp., Ltd., Annual General Meeting, Jun 21, 2024 Southeast Cement Corp., Ltd., Annual General Meeting, Jun 21, 2024. Location: B1F., No.21, Wufu 3rd Rd., Qianjin Dist Kaohsiung City Taiwan Agenda: To consider 2023 business report; to consider audit committee's review report on the 2023 financial statements; to consider 2023 distribution of remuneration for employees and directors; to consider 2023 directors' remuneration report; to consider adoption of the 2023 financial statements; to consider adoption of the proposal for distribution of 2023 profits; and to consider other issues. Announcement • Jan 25
Southeast Cement Corp., Ltd. Announces Change of Representative of Legal Person Director Southeast Cement Corp., Ltd. announced change of representative of legal person director of the company. Name of the previous position holder: Wu Chang Zhi. Resume of the previous position holder: Principal Consultant. Name of the new position holder: Huang Hsin Han. Resume of the new position holder: Deputy General Manager, Finance Department. Effective date of the new appointment: January 24, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.10 (vs NT$0.12 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.10 (down from NT$0.12 in 3Q 2022). Revenue: NT$498.1m (up 4.1% from 3Q 2022). Net income: NT$56.2m (down 21% from 3Q 2022). Profit margin: 11% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% 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 15
Second quarter 2023 earnings released: EPS: NT$0.12 (vs NT$0.10 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.12 (up from NT$0.10 loss in 2Q 2022). Revenue: NT$615.4m (up 99% from 2Q 2022). Net income: NT$66.9m (up NT$126.2m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.10 per share at 0.5% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.4%). Lower than average of industry peers (3.2%). Announcement • Jul 12
Southeast Cement Corp., Ltd. Announces to Distribute Dividend for 2022, Payable on August 18, 2023 Southeast Cement Corp., Ltd. announced that the cash dividend of TWD 0.10 per share will be distributed as a distribution of earnings in 2022. Ex-rights (ex-dividend) trading date: July 26, 2023. Ex-rights (ex-dividend) record date: August 01, 2023. Payment date of cash dividend distribution: August 18, 2023. Announcement • Jun 23
Southeast Cement Corp., Ltd. Announces Directorate Changes Southeast Cement Corp., Ltd. announced directorate changes Title and name of the previous position holder: Directors: East Tree Investment Co.,Ltd. Representative: Chen Tian zhu. Southeast Culture Foundation Representative: Chen Jian hao. Evergreen Co.,Ltd. Representative: Yang Zhao xiong. Title and name of the new position holder: East Tree Investment Co.,Ltd. Representative: Wu Yan hui, Fukang Cultural and Educational Foundation Representative: Yang Zhao xiong, Southeast Culture Foundation Representative: Zhong Shu fang. East Tree Investment Co.,Ltd. Representative: Wu Yan hui, Southeast Cement Co.,Ltd. Acting General manager Fukang Cultural and Educational Foundation. Representative:Yang Zhao xiong,Evergreen Co.,Ltd. Chairman Southeast Culture Foundation Representative:Zhong Shu fang, Fukang Asset Management Co.,Ltd. Chairman. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: NT$0.26 (vs NT$0.25 in FY 2021) Full year 2022 results: EPS: NT$0.26 (up from NT$0.25 in FY 2021). Revenue: NT$1.79b (down 2.9% from FY 2021). Net income: NT$149.0m (up 6.5% from FY 2021). Profit margin: 8.3% (up from 7.6% in FY 2021). The increase in margin was driven by lower 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 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Wen-Tsai Yang was the last independent director to join the board, commencing their role in 2017. 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$0.12 (vs NT$0.14 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.12 (down from NT$0.14 in 3Q 2021). Revenue: NT$478.5m (up 17% from 3Q 2021). Net income: NT$70.9m (down 8.7% from 3Q 2021). Profit margin: 15% (down from 19% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.10 loss per share (vs NT$0.048 profit in 2Q 2021) Second quarter 2022 results: NT$0.10 loss per share (down from NT$0.048 profit in 2Q 2021). Revenue: NT$309.3m (down 44% from 2Q 2021). Net loss: NT$59.3m (down 315% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 14
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 10 August 2022. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (4.6%). Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.05 (vs NT$0.028 in 1Q 2021) First quarter 2022 results: EPS: NT$0.05 (up from NT$0.028 in 1Q 2021). Revenue: NT$443.2m (up 14% from 1Q 2021). Net income: NT$29.5m (up 87% from 1Q 2021). Profit margin: 6.7% (up from 4.1% in 1Q 2021). The increase in margin 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 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Wen-Tsai Yang was the last independent director to join the board, commencing their role in 2017. 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 15
Third quarter 2021 earnings released: EPS NT$0.14 (vs NT$0.044 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$408.5m (up 12% from 3Q 2020). Net income: NT$77.7m (up 211% from 3Q 2020). Profit margin: 19% (up from 6.8% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 07
Upcoming dividend of NT$0.10 per share Eligible shareholders must have bought the stock before 14 September 2021. Payment date: 01 October 2021. Trailing yield: 0.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (7.0%). Reported Earnings • Aug 16
Second quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.02 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$547.8m (up 43% from 2Q 2020). Net income: NT$27.5m (up 146% from 2Q 2020). Profit margin: 5.0% (up from 2.9% 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 44% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.054 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: NT$387.3m (flat on 1Q 2020). Net income: NT$15.8m (up NT$46.5m from 1Q 2020). Profit margin: 4.1% (up from net loss in 1Q 2020). 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 5% per year, which means it is well ahead of earnings. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS NT$0.04 (vs NT$0.058 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$1.59b (flat on FY 2019). Net income: NT$22.2m (down 33% from FY 2019). Profit margin: 1.4% (down from 2.1% in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Mar 20
Southeast Cement Co.,Ltd., Annual General Meeting, Jun 25, 2021 Southeast Cement Co.,Ltd., Annual General Meeting, Jun 25, 2021. Is New 90 Day High Low • Feb 20
New 90-day low: NT$16.60 The company is down 2.0% from its price of NT$17.00 on 20 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is down 4.0% over the same period. Is New 90 Day High Low • Feb 02
New 90-day low: NT$16.85 The company is down 2.0% from its price of NT$17.15 on 04 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Basic Materials industry, which is also down 2.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: NT$18.10 The company is up 10.0% from its price of NT$16.50 on 06 October 2020. The Taiwanese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: NT$17.90 The company is up 10.0% from its price of NT$16.30 on 17 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is flat over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$17.20 The company is up 6.0% from its price of NT$16.20 on 27 August 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 1.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.04 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$366.5m (up 2.6% from 3Q 2019). Net income: NT$24.9m (up 78% from 3Q 2019). Profit margin: 6.8% (up from 3.9% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 19
New 90-day high: NT$16.80 The company is up 1.0% from its price of NT$16.70 on 21 July 2020. The Taiwanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is down 5.0% over the same period. 
