Buy Or Sell Opportunity • Jul 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$30.35. The fair value is estimated to be NT$38.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.3%. Declared Dividend • Jun 01
Dividend reduced to NT$2.60 Dividend of NT$2.60 is 7.1% lower than last year. Ex-date: 17th June 2026 Payment date: 17th July 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (239% cash payout ratio). The dividend has increased by an average of 36% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.70 (vs NT$0.71 in 1Q 2025) First quarter 2026 results: EPS: NT$0.70 (down from NT$0.71 in 1Q 2025). Revenue: NT$5.03b (down 6.0% from 1Q 2025). Net income: NT$822.2m (down 1.7% from 1Q 2025). Profit margin: 16% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: NT$3.30 (vs NT$3.90 in FY 2024) Full year 2025 results: EPS: NT$3.30 (down from NT$3.90 in FY 2024). Revenue: NT$22.5b (up 3.7% from FY 2024). Net income: NT$3.88b (down 15% from FY 2024). Profit margin: 17% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Announcement • Mar 02
Goldsun Building Materials Co., Ltd., Annual General Meeting, May 28, 2026 Goldsun Building Materials Co., Ltd., Annual General Meeting, May 28, 2026. Location: no,151, sec.5 tan chin rd., danshuei district, new taipei city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.87 (vs NT$0.73 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.87 (up from NT$0.73 in 3Q 2024). Revenue: NT$5.55b (up 3.4% from 3Q 2024). Net income: NT$1.02b (up 19% from 3Q 2024). Profit margin: 18% (up from 16% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: NT$0.87 (down from NT$1.66 in 2Q 2024). Revenue: NT$5.89b (up 7.0% from 2Q 2024). Net income: NT$1.03b (down 48% from 2Q 2024). Profit margin: 17% (down from 36% in 2Q 2024). Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is expected to decline by 1.0% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to grow by 2.3%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of NT$2.80 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.7%). Declared Dividend • Jun 06
Dividend increased to NT$2.80 Dividend of NT$2.80 is 33% higher than last year. Ex-date: 24th June 2025 Payment date: 18th July 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (72% 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 increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next year. However, it would need to fall by 20% to increase the payout ratio to a potentially unsustainable range. Announcement • May 30
Goldsun Building Materials Co., Ltd. Approves Cash Dividend for the Year 2024 Goldsun Building Materials Co., Ltd. announced at annual general meeting held on May 29, 2025, the shareholders approved to distribute cash dividends to shareholders TWD 2.8 per common share for the year 2024. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: NT$0.71 (vs NT$0.70 in 1Q 2024) First quarter 2025 results: EPS: NT$0.71 (up from NT$0.70 in 1Q 2024). Revenue: NT$5.35b (up 4.0% from 1Q 2024). Net income: NT$836.8m (up 1.3% from 1Q 2024). Profit margin: 16% (in line with 1Q 2024). Revenue is forecast to stay flat during the next 2 years compared to a 2.8% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 02
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at NT$41.05. The fair value is estimated to be NT$33.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.2%. Revenue is forecast to grow by 0.8% in 2 years. Earnings are forecast to decline by 24% in the next 2 years. Announcement • May 01
Goldsun Building Materials Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Goldsun Building Materials Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$35.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Basic Materials industry in Asia. Total returns to shareholders of 32% over the past three years. New Risk • Mar 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Price Target Changed • Mar 07
Price target decreased by 30% to NT$45.00 Down from NT$64.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$43.65. Stock is up 20% over the past year. The company is forecast to post earnings per share of NT$2.96 for next year compared to NT$3.90 last year. Announcement • Mar 03
Goldsun Building Materials Co., Ltd., Annual General Meeting, May 29, 2025 Goldsun Building Materials Co., Ltd., Annual General Meeting, May 29, 2025. Location: no,151, sec.5 tan chin rd., danshuei district, new taipei city Taiwan Reported Earnings • Mar 01
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: NT$3.90 (up from NT$3.00 in FY 2023). Revenue: NT$21.7b (up 3.2% from FY 2023). Net income: NT$4.59b (up 30% from FY 2023). Profit margin: 21% (up from 17% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
Goldsun Building Materials Co., Ltd. Announces Cash Dividend for the Year Ended December 31, 2024 Goldsun Building Materials Co., Ltd. announced cash dividend to shareholders of TWD 2.8 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders is TWD 3,304,000,000. Par value of common stock is TWD 10 per share. Announcement • Feb 20
Goldsun Building Materials Co., Ltd. to Report Fiscal Year 2024 Results on Feb 27, 2025 Goldsun Building Materials Co., Ltd. announced that they will report fiscal year 2024 results on Feb 27, 2025 Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$43.95, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Basic Materials industry in Asia. Total returns to shareholders of 100% over the past three years. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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 Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 12x cash flows per share). Large one-off items impacting financial results. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$0.73 (up from NT$0.63 in 3Q 2023). Revenue: NT$5.37b (up 4.5% from 3Q 2023). Net income: NT$860.3m (up 15% from 3Q 2023). Profit margin: 16% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 5.2%. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (246% cash payout ratio). Large one-off items impacting financial results. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (246% cash payout ratio). Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: NT$1.66 (up from NT$0.64 in 2Q 2023). Revenue: NT$5.50b (up 6.1% from 2Q 2023). Net income: NT$1.96b (up 159% from 2Q 2023). Profit margin: 36% (up from 15% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
Goldsun Building Materials Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Goldsun Building Materials Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.8%). Declared Dividend • Jun 05
Dividend increased to NT$2.10 Dividend of NT$2.10 is 5.0% higher than last year. Ex-date: 25th June 2024 Payment date: 19th July 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (134% cash payout ratio). The dividend has increased by an average of 18% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 1.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 01
Goldsun Building Materials Co., Ltd. Approves Cash Dividend for the Year 2023 Goldsun Building Materials Co., Ltd. at its regular shareholders meeting held on May 31, 2024, approved to distribute cash dividends to shareholders of TWD 2.1 per common share for the year 2023. Reported Earnings • May 18
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: NT$0.70 (down from NT$0.72 in 1Q 2023). Revenue: NT$5.15b (up 2.4% from 1Q 2023). Net income: NT$825.9m (down 2.5% from 1Q 2023). Profit margin: 16% (in line with 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 1.1% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 05
Goldsun Building Materials Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Goldsun Building Materials Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Buy Or Sell Opportunity • Apr 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 62% to NT$47.25. The fair value is estimated to be NT$38.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.7%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to decline by 4.2% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$48.05, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Basic Materials industry in Asia. Total returns to shareholders of 108% over the past three years. Buy Or Sell Opportunity • Apr 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 69% to NT$47.35. The fair value is estimated to be NT$38.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.7%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to decline by 4.2% in the next 2 years. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$3.00 (vs NT$3.51 in FY 2022) Full year 2023 results: EPS: NT$3.00 (down from NT$3.51 in FY 2022). Revenue: NT$21.0b (down 1.1% from FY 2022). Net income: NT$3.53b (down 15% from FY 2022). Profit margin: 17% (down from 19% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Feb 17
Price target increased by 28% to NT$37.00 Up from NT$29.00, the current price target is provided by 1 analyst. New target price is 24% above last closing price of NT$29.90. Stock is up 12% over the past year. The company is forecast to post earnings per share of NT$2.91 for next year compared to NT$3.51 last year. New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 21x cash flows per share). Announcement • Nov 11
Goldsun Building Materials Co., Ltd. Announces Appointments to Sustainable and Nominating Committee Goldsun Building Materials Co., Ltd. announced appointment of Wen-Che Tseng(Independent director), Tai-Jen Chen(Independent director), Yin-Wen Chan(Independent director) and Chi-Te Hung(Independent director)to Sustainable and Nominating Committee. Effective date of the new member is November 10, 2023. Price Target Changed • Sep 05
Price target decreased by 9.4% to NT$29.00 Down from NT$32.00, the current price target is an average from 2 analysts. New target price is 9.8% above last closing price of NT$26.40. Stock is up 6.2% over the past year. The company is forecast to post earnings per share of NT$2.70 for next year compared to NT$3.51 last year. New Risk • Aug 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 83% 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: NT$0.64 (up from NT$0.60 in 2Q 2022). Revenue: NT$5.19b (down 1.3% from 2Q 2022). Net income: NT$755.1m (up 7.5% from 2Q 2022). Profit margin: 15% (up from 13% in 2Q 2022). Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 1.6%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 13
Upcoming dividend of NT$2.00 per share at 6.9% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.7%). Announcement • Jun 01
Goldsun Building Materials Co., Ltd. Cash Dividend Distribution, Payable on July 14, 2023 Goldsun Building Materials Co., Ltd. announced dividend of TWD 2 per share will be distributed. Date of the resolution by the board of directors or shareholders meeting or decision by the Company May 31 2023 . Ex-rights (ex-dividend) record date: June 26, 2023. Payment date of cash dividend distribution: July 14, 2023. Price Target Changed • May 25
Price target increased by 8.5% to NT$32.00 Up from NT$29.50, the current price target is an average from 2 analysts. New target price is 11% above last closing price of NT$28.75. Stock is up 7.9% over the past year. The company is forecast to post earnings per share of NT$2.80 for next year compared to NT$3.51 last year. Reported Earnings • Feb 28
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: NT$3.51 (up from NT$2.42 in FY 2021). Revenue: NT$21.3b (down 2.4% from FY 2021). Net income: NT$4.13b (up 45% from FY 2021). Profit margin: 19% (up from 13% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Basic Materials 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 22% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to NT$30.00 Up from NT$28.00, the current price target is provided by 1 analyst. New target price is 22% above last closing price of NT$24.50. Stock is down 11% over the past year. The company is forecast to post earnings per share of NT$3.59 for next year compared to NT$2.42 last year. Buying Opportunity • Nov 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be NT$30.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to decline by 21% in the next 2 years. Buying Opportunity • Nov 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be NT$29.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to decline by 23% in the next 2 years. Reported Earnings • Nov 06
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: NT$0.57 (down from NT$0.65 in 3Q 2021). Revenue: NT$5.40b (up 2.4% from 3Q 2021). Net income: NT$670.0m (down 12% from 3Q 2021). Profit margin: 12% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Goldsun Building Materials Co., Ltd. Replaces Chiu, Sui-Yi with Cheng, Li-Yen as Accounting Officer, with Effect from November 4, 2022 Goldsun Building Materials Co., Ltd. replaced Chiu, Sui-Yi with Cheng, Li-Yen, Vice President of Accounting Department as Accounting Officer, with effect from November 4, 2022. Price Target Changed • Aug 19
Price target decreased to NT$28.00 Down from NT$37.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of NT$25.15. Stock is up 17% over the past year. The company is forecast to post earnings per share of NT$3.72 for next year compared to NT$2.42 last year. Reported Earnings • Aug 08
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: NT$0.60 (down from NT$0.65 in 2Q 2021). Revenue: NT$5.25b (down 4.2% from 2Q 2021). Net income: NT$702.7m (down 8.7% from 2Q 2021). Profit margin: 13% (in line with 2Q 2021). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 5.1%, compared to a 11% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Aug 02
Goldsun Building Materials Co., Ltd. Announces Appointment of Cliff Lin as Chief Information Security Officer, Effective August 22, 2022 Goldsun Building Materials Co., Ltd. announced appointment of Cliff Lin as chief information security officer with effect from August 22, 2022. Name, title, and resume of the new position holder: Cliff Lin, IBM Taiwan Corporation Director. Announcement • Jul 02
Goldsun Building Materials Co., Ltd. Announces Director Changes Goldsun Building Materials Co., Ltd. announced director changes. Name of the previous position holder: Yong Ni; Name of the new position holder:Shih-Chung Chang, Resume of the new position holder: Director of Goldsun Building Materials Co., Ltd. Reason for the change:The institutional director assigned a new representative. Effective date of the new appointment: 1 July 2022. Upcoming Dividend • Jun 16
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 48% and the cash payout ratio is 92%. Trailing yield: 6.9%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (4.7%). Reported Earnings • May 11
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: NT$1.77 (up from NT$0.45 in 1Q 2021). Revenue: NT$4.85b (down 4.7% from 1Q 2021). Net income: NT$2.08b (up 293% from 1Q 2021). Profit margin: 43% (up from 10% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Over the next year, revenue is forecast to grow 9.6%, compared to a 12% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$37.00 Up from NT$33.00, the current price target is provided by 1 analyst. New target price is 26% above last closing price of NT$29.40. Stock is up 3.0% over the past year. The company is forecast to post earnings per share of NT$3.55 for next year compared to NT$2.42 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Wen-Che Tseng was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 08
Consensus EPS estimates increase by 42% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from NT$22.0b to NT$23.2b. EPS estimate increased from NT$2.50 to NT$3.55 per share. Net income forecast to grow 47% next year vs 15% growth forecast for Basic Materials industry in Taiwan. Consensus price target up from NT$33.00 to NT$37.00. Share price rose 3.5% to NT$31.00 over the past week. Announcement • Feb 27
Goldsun Building Materials Co., Ltd. Proposes Dividend for the Year Ended December 31, 2021 Goldsun Building Materials Co., Ltd. proposed cash dividend of TWD 1.8 per share for the year ended December 31, 2021. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$2.42 (up from NT$2.22 in FY 2020). Revenue: NT$21.8b (up 16% from FY 2020). Net income: NT$2.85b (up 15% from FY 2020). Profit margin: 13% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS NT$0.65 (vs NT$0.67 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$5.28b (up 12% from 3Q 2020). Net income: NT$762.1m (up 5.8% from 3Q 2020). Profit margin: 14% (in line with 3Q 2020). 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 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.65 (vs NT$0.65 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: NT$5.48b (up 20% from 2Q 2020). Net income: NT$769.7m (flat on 2Q 2020). Profit margin: 14% (down from 17% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 19
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 26 July 2021. Payment date: 20 August 2021. Trailing yield: 6.0%. Within top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (6.5%). Major Estimate Revision • May 27
Consensus revenue estimates increase to NT$22.6b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from NT$20.0b to NT$22.6b. EPS estimate increased from NT$2.36 to NT$2.45 per share. Net income forecast to grow 7.8% next year vs 13% growth forecast for Basic Materials industry in Taiwan. Consensus price target of NT$34.00 unchanged from last update. Share price rose 13% to NT$25.45 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.45 (vs NT$0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$5.09b (up 29% from 1Q 2020). Net income: NT$530.4m (up 98% from 1Q 2020). Profit margin: 10% (up from 6.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$23.05, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 143% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$1.90 (vs NT$0.93 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: NT$18.9b (flat on FY 2019). Net income: NT$2.47b (up 125% from FY 2019). Profit margin: 13% (up from 5.8% in FY 2019). Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 34% per year. Announcement • Mar 17
Goldsun Building Materials Co., Ltd. Announces Dividend for the year 2020 Goldsun Building Materials Co., Ltd. announced dividend of TWD 1.5 per share. Total amount of cash distributed to shareholders TWD 1,770,000,000. Announcement • Mar 16
Goldsun Building Materials Co., Ltd., Annual General Meeting, Jun 10, 2021 Goldsun Building Materials Co., Ltd., Annual General Meeting, Jun 10, 2021. Location: No. 68, Neighborhood 6, Gongguanli, Zhunan Township, Miaoli County (Zhunan Factory) Zhunan Taiwan Agenda: To consider Business Report of 2020; to consider Audit committee's review opinions on 2020 annual final accounting books and statements; to consider the report on short-form merger between GBM and GOLDSUN INVESTMENT CO.,LTD; to consider the report on 2020 employees' and directors' compensation; to consider the Business Report and Financial Statements of 2020; and to consider the proposal of Distribution of Profits of 2020. Is New 90 Day High Low • Mar 16
New 90-day high: NT$25.65 The company is up 4.0% from a price of NT$24.70 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Exceeded the Basic Materials industry, which is up 1.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at NT$23.65 per share.