Reported Earnings • May 19
First quarter 2026 earnings released: NT$0.11 loss per share (vs NT$0.056 loss in 1Q 2025) First quarter 2026 results: NT$0.11 loss per share (further deteriorated from NT$0.056 loss in 1Q 2025). Revenue: NT$177.0m (down 26% from 1Q 2025). Net loss: NT$25.8m (loss widened 105% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 14
Full year 2025 earnings released: NT$0.05 loss per share (vs NT$0.69 profit in FY 2024) Full year 2025 results: NT$0.05 loss per share (down from NT$0.69 profit in FY 2024). Revenue: NT$1.16b (down 55% from FY 2024). Net loss: NT$12.3m (down 108% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
Shihlin Development Company Limited, Annual General Meeting, May 28, 2026 Shihlin Development Company Limited, Annual General Meeting, May 28, 2026. Location: b1 floor no,88, sec.6 chung shan n. rd., taipei city Taiwan Reported Earnings • Nov 11
Third quarter 2025 earnings released: NT$0.20 loss per share (vs NT$0.50 profit in 3Q 2024) Third quarter 2025 results: NT$0.20 loss per share (down from NT$0.50 profit in 3Q 2024). Revenue: NT$151.6m (down 84% from 3Q 2024). Net loss: NT$45.1m (down 140% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 96% 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 • Sep 04
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Chia-Hsiu Chen was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 05
Shihlin Development Company Limited Announces Suspension of Construction Project in the Neihu Construction Project On June 4, 2025 SHIHLIN DEVELOPMENT COMPANY LIMITED announced the suspension of its construction project in the Neihu District. The announcement detailed that the event occurred on the same date, and it pertains to listed companies. The cause of the suspension was due to concerns about site safety, as construction was still being carried out during the construction control period, which violated the Taipei City Construction Project Construction Period Control Regulations and Articles 67 and 89 of the Construction Act. Consequently, the company's contractor received a document from the Taipei City Government on that day, mandating the suspension of work and imposing a penalty. The handling procedure indicated that the project has been temporarily suspended, and the contractor is currently preparing an improvement plan to apply for the resumption of work. The contractor also received an official document from the Taipei City Government, which included a fine of NT$30,000. However, there were no administrative fines or penalties imposed on the company itself. A preliminary assessment concluded that the incident would not cause any material impact on the company's financial and business operations. There are no available amounts for potential insurance claims. The contractor is expected to prepare a resumption plan and submit it to the competent authority for review to ensure safety before work can resume. Additionally, there has been no prior release of material information regarding this event, and there are no other matters that need to be specified. Announcement • May 28
Shihlin Development Company Limited Approves Board Elections Shihlin Development Company Limited approved the election of Directors and Independent Directors at its AGM held on May 27, 2025. The company elected Shunlin Investment Co.,Ltd. Representative: Hsu,Yu-Shan, Lin,Hsin-Cheng and Chen, Hui-Yu as Directors and Chen, Chia-Hsiu and Chiu, Hsiao-Han as Independent Directors. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$12.70, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 35% over the past three years. Reported Earnings • May 17
First quarter 2025 earnings released: NT$0.06 loss per share (vs NT$0.17 loss in 1Q 2024) First quarter 2025 results: NT$0.06 loss per share (improved from NT$0.17 loss in 1Q 2024). Revenue: NT$238.9m (up 42% from 1Q 2024). Net loss: NT$12.6m (loss narrowed 67% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Shihlin Development Company Limited to Report Q1, 2025 Results on May 08, 2025 Shihlin Development Company Limited announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$9.00, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 11x in the Real Estate industry in Taiwan. Total loss to shareholders of 2.7% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.70 (vs NT$0.53 loss in FY 2023) Full year 2024 results: EPS: NT$0.70 (up from NT$0.53 loss in FY 2023). Revenue: NT$2.59b (up 325% from FY 2023). Net income: NT$157.4m (up NT$276.7m from FY 2023). Profit margin: 6.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% 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 07
Shihlin Development Company Limited, Annual General Meeting, May 27, 2025 Shihlin Development Company Limited, Annual General Meeting, May 27, 2025. Location: 17 floor no,8, shih min ta tao, taipei city Taiwan Announcement • Jan 09
Shihlin Development Company Limited Announces Board Resignations Shihlin Development Company Limited announced the resignation of institutional director and its representative. Title and name of the previous position holder: Ambassador Investment Corp. Ltd. Representative: Lee,Ying-Chu 4.Resume of the previous position holder: Ambassador Investment Corp. Ltd. Representative: Lee,Ying-Chu /Director of Shihlin Development Co. Ltd. Reason for the change: Resignation due to business planning. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.50 (vs NT$0.072 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.50 (up from NT$0.072 loss in 3Q 2023). Revenue: NT$944.6m (up NT$793.6m from 3Q 2023). Net income: NT$113.9m (up NT$130.3m from 3Q 2023). Profit margin: 12% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.22 loss per share (vs NT$0.23 loss in 2Q 2023) Second quarter 2024 results: NT$0.22 loss per share (improved from NT$0.23 loss in 2Q 2023). Revenue: NT$152.0m (up 19% from 2Q 2023). Net loss: NT$49.5m (loss narrowed 2.9% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Announcement • Aug 02
Shihlin Development Company Limited to Report Q2, 2024 Results on Aug 08, 2024 Shihlin Development Company Limited announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: NT$0.17 loss per share (vs NT$0.20 loss in 1Q 2023) First quarter 2024 results: NT$0.17 loss per share (improved from NT$0.20 loss in 1Q 2023). Revenue: NT$167.7m (up 25% from 1Q 2023). Net loss: NT$37.9m (loss narrowed 18% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% 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 Less than 1 year of cash runway based on free cash flow trend (-NT$1.4b free cash flow). Earnings have declined by 21% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$2.99b market cap, or US$93.4m). Reported Earnings • Mar 18
Full year 2023 earnings released: NT$0.53 loss per share (vs NT$0.92 loss in FY 2022) Full year 2023 results: NT$0.53 loss per share (improved from NT$0.92 loss in FY 2022). Revenue: NT$609.2m (up 35% from FY 2022). Net loss: NT$119.3m (loss narrowed 43% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Mar 08
Shihlin Development Company Limited, Annual General Meeting, May 31, 2024 Shihlin Development Company Limited, Annual General Meeting, May 31, 2024. Location: Floor B1, No. 88, Section 6,Zhongshan North Road Taipei City Taiwan Agenda: To consider 2023 business report; to consider audit Committee's review of the 2023 annual final accounting books and statements; to consider amendments to Procedure of the Board of Directors; and to transact other business. Announcement • Dec 30
Shihlin Development Company Limited Announces Resignation of Hsu,Yu-Shan as Chief Investment Officer Effective January 1, 2024 Shihlin Development Company Limited announced about resignation of the Company Chief Investment Officer. Name, title, and resume of the previous position holder: Hsu,Yu-Shan Chairman concurrently serves as Chief Investment Officer. Effective January 1, 2024. New Risk • Oct 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (NT$2.65b market cap, or US$81.8m). Reported Earnings • Aug 18
Second quarter 2023 earnings released: NT$0.22 loss per share (vs NT$0.13 loss in 2Q 2022) Second quarter 2023 results: NT$0.22 loss per share (further deteriorated from NT$0.13 loss in 2Q 2022). Revenue: NT$128.1m (up 9.1% from 2Q 2022). Net loss: NT$50.9m (loss widened 77% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Jun 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 6.0% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 39% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (NT$2.46b market cap, or US$79.9m). Reported Earnings • Mar 19
Full year 2022 earnings released: NT$0.92 loss per share (vs NT$0.64 loss in FY 2021) Full year 2022 results: NT$0.92 loss per share (further deteriorated from NT$0.64 loss in FY 2021). Revenue: NT$452.2m (down 39% from FY 2021). Net loss: NT$208.1m (loss widened 103% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Nov 20
Third quarter 2022 earnings released: NT$0.22 loss per share (vs NT$0.033 profit in 3Q 2021) Third quarter 2022 results: NT$0.22 loss per share (down from NT$0.033 profit in 3Q 2021). Revenue: NT$111.8m (down 74% from 3Q 2021). Net loss: NT$50.3m (down NT$55.0m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. 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. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Chia-Kun Wang was the last independent director to join the board, commencing their role in 2016. 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 • Aug 16
Second quarter 2022 earnings released: NT$0.13 loss per share (vs NT$0.34 loss in 2Q 2021) Second quarter 2022 results: NT$0.13 loss per share (up from NT$0.34 loss in 2Q 2021). Revenue: NT$117.5m (up 68% from 2Q 2021). Net loss: NT$28.8m (loss narrowed 37% from 2Q 2021). 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2022 earnings released: NT$0.29 loss per share (vs NT$0.24 loss in 1Q 2021) First quarter 2022 results: NT$0.29 loss per share (down from NT$0.24 loss in 1Q 2021). Revenue: NT$103.9m (down 9.7% from 1Q 2021). Net loss: NT$66.3m (loss widened 103% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 05
Full year 2021 earnings released: NT$0.64 loss per share (vs NT$0.11 profit in FY 2020) Full year 2021 results: NT$0.64 loss per share (down from NT$0.11 profit in FY 2020). Revenue: NT$736.3m (up 99% from FY 2020). Net loss: NT$102.6m (down NT$117.0m from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 23
Shihlin Development Company Limited, Annual General Meeting, Jun 10, 2022 Shihlin Development Company Limited, Annual General Meeting, Jun 10, 2022. Location: Floor B1, No. 88, Section 6, Zhongshan North Road Taipei City Taiwan Agenda: To consider 2021 business report; to consider Audit Committee's review of the 2021 annual final accounting books and statements; to consider Report on the issuance of secured ordinary corporate bonds by the Company in 2021; to consider 2021 business report and final accounts list; to consider 2021 loss appropriation proposal; to consider Discussion of amendments to the Company's ”Procedures for Asset Acquisition & Disposal”; to consider Re-election of directors of the company; and to consider other matters. Announcement • Mar 06
Shihlin Development Company Limited, Annual General Meeting, Jun 02, 2022 Shihlin Development Company Limited, Annual General Meeting, Jun 02, 2022. Location: 17th Floor, No. 8, Section 7,Shi Min Road Taipei City Taiwan Agenda: To discuss 2021 Business Report; to discuss the Supervisors examines the 2021 final accounts audit report; to discuss the 2021 Business Report and Financial Statements; to discuss 2021 loss case; to consider discussion to approve the lifting of non-competition restrictions for directors; to discuss Re-election of directors and supervisors; and to consider other matters. Announcement • Feb 11
Shihlin Development Company Limited Announces Executive Changes Shihlin Development Company Limited announced the change of accounting director and spokesperson. Name, title, and resume of the previous position holder: Samantha tseng/Accounting Director and Spokesperson of the Company; Name, title, and resume of the new position holder: Jack kuo/Financial Director and Corporate governance Director of the Company; Reason for the change: resignation Effective date: February 11, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.042 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$428.7m (up 373% from 3Q 2020). Net income: NT$4.66m (up NT$10.3m from 3Q 2020). Profit margin: 1.1% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.34 loss per share (vs NT$0.82 profit in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: NT$70.0m (up 36% from 2Q 2020). Net loss: NT$46.0m (down 141% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • May 16
First quarter 2021 earnings released: NT$0.24 loss per share (vs NT$0.37 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: NT$115.1m (up 1.8% from 1Q 2020). Net loss: NT$32.7m (loss narrowed 28% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% 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. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.11 (vs NT$0.97 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$369.6m (down 52% from FY 2019). Net income: NT$14.4m (up NT$117.9m from FY 2019). Profit margin: 3.9% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% 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. Is New 90 Day High Low • Jan 20
New 90-day low: NT$10.05 The company is down 1.0% from its price of NT$10.15 on 23 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: NT$0.04 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: NT$90.6m (down 50% from 3Q 2019). Net loss: NT$5.66m (loss narrowed 79% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 19% 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 31
New 90-day high: NT$12.20 The company is up 53% from its price of NT$7.95 on 31 July 2020. The Taiwanese market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 31
Market bids up stock over the past week After last week's 20% share price gain to NT$12.20, the stock is trading at a trailing P/E ratio of 40.9x, up from the previous P/E ratio of 34x. This compares to an average P/E of 18x in the Real Estate industry in Taiwan. Total returns to shareholders over the past three years are 21%.