Reported Earnings • May 17
First quarter 2026 earnings released: EPS: NT$0.32 (vs NT$0.22 in 1Q 2025) First quarter 2026 results: EPS: NT$0.32 (up from NT$0.22 in 1Q 2025). Revenue: NT$40.9m (up 3.8% from 1Q 2025). Net income: NT$34.6m (up 47% from 1Q 2025). Profit margin: 85% (up from 60% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$0.85 (vs NT$2.50 in FY 2024) Full year 2025 results: EPS: NT$0.85 (down from NT$2.50 in FY 2024). Revenue: NT$159.4m (flat on FY 2024). Net income: NT$92.2m (down 66% from FY 2024). Profit margin: 58% (down from 171% in FY 2024). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Mar 05
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: NT$159m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 273% Dividend per share is over 5x cash flows per share. Earnings have declined by 51% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (58% net profit margin). Revenue is less than US$5m (NT$159m revenue, or US$5.0m). Upcoming Dividend • Feb 16
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 23 February 2026. Payment date: 11 March 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (5.3%). In line with average of industry peers (5.3%). Declared Dividend • Jan 31
Dividend reduced to NT$2.00 Dividend of NT$2.00 is 13% lower than last year. Ex-date: 23rd February 2026 Payment date: 11th March 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (273% earnings payout ratio) nor is it covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 203% to bring the payout ratio under control. However, EPS has declined by 37% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.20 (vs NT$1.87 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.20 (down from NT$1.87 in 3Q 2024). Revenue: NT$40.0m (up 1.3% from 3Q 2024). Net income: NT$22.3m (down 89% from 3Q 2024). Profit margin: 56% (down from 514% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.21 (vs NT$0.20 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.21 (up from NT$0.20 in 2Q 2024). Net income: NT$23.0m (up 3.4% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.22 (vs NT$0.22 in 1Q 2024) First quarter 2025 results: EPS: NT$0.22. Net income: NT$23.6m (flat on 1Q 2024). Announcement • Apr 23
Chung Lien Co., Ltd to Report Q1, 2025 Results on Apr 30, 2025 Chung Lien Co., Ltd announced that they will report Q1, 2025 results on Apr 30, 2025 New Risk • Mar 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 228% Dividend yield: 5.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 228% Earnings have declined by 31% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (NT$159m revenue, or US$4.8m). Reported Earnings • Mar 05
Full year 2024 earnings released: EPS: NT$2.50 (vs NT$0.83 in FY 2023) Full year 2024 results: EPS: NT$2.50 (up from NT$0.83 in FY 2023). Net income: NT$272.0m (up 203% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Feb 06
Chung Lien Co., Ltd, Annual General Meeting, Jun 04, 2025 Chung Lien Co., Ltd, Annual General Meeting, Jun 04, 2025, at 10:00 Taipei Standard Time. Location: 2 floor no,7, kung yeh ou 1st rd., hsi tun district, taichung city Taiwan Declared Dividend • Feb 06
Dividend of NT$2.30 announced Shareholders will receive a dividend of NT$2.30. Ex-date: 20th February 2025 Payment date: 12th March 2025 Dividend yield will be 5.1%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not covered by cash flows (196% cash payout ratio). The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 69% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 203% 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 have declined by 25% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (196% cash payout ratio). Large one-off items impacting financial results. Revenue is less than US$5m (NT$160m revenue, or US$4.9m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.87 (vs NT$0.21 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.87 (up from NT$0.21 in 3Q 2023). Net income: NT$203.2m (up NT$180.3m from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Oct 22
Chung Lien Co., Ltd to Report Q3, 2024 Results on Oct 29, 2024 Chung Lien Co., Ltd announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.20 (vs NT$0.20 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.20 (down from NT$0.20 in 2Q 2023). Revenue: NT$39.1m (down 1.7% from 2Q 2023). Net income: NT$22.3m (flat on 2Q 2023). Profit margin: 57% (in line with 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Jul 23
Chung Lien Co., Ltd to Report Q2, 2024 Results on Jul 30, 2024 Chung Lien Co., Ltd announced that they will report Q2, 2024 results on Jul 30, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.22 (vs NT$0.20 in 1Q 2023) First quarter 2024 results: EPS: NT$0.22 (up from NT$0.20 in 1Q 2023). Revenue: NT$40.6m (up 1.2% from 1Q 2023). Net income: NT$23.7m (up 9.1% from 1Q 2023). Profit margin: 58% (up from 54% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Apr 24
Chung Lien Co., Ltd to Report Q1, 2024 Results on Apr 30, 2024 Chung Lien Co., Ltd announced that they will report Q1, 2024 results on Apr 30, 2024 New Risk • Apr 06
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: NT$160m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (121% payout ratio). Revenue is less than US$5m (NT$160m revenue, or US$5.0m). Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: NT$0.83 (vs NT$0.85 in FY 2022) Full year 2023 results: EPS: NT$0.83 (down from NT$0.85 in FY 2022). Revenue: NT$160.5m (flat on FY 2022). Net income: NT$89.8m (down 3.0% from FY 2022). Profit margin: 56% (down from 57% in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Feb 15
Upcoming dividend of NT$2.00 per share at 4.4% yield Eligible shareholders must have bought the stock before 22 February 2024. Payment date: 13 March 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.4%. Lower than top quartile of Taiwanese dividend payers (5.1%). Higher than average of industry peers (3.7%). Declared Dividend • Feb 02
Dividend of NT$2.00 announced Dividend of NT$2.00 is the same as last year. Ex-date: 22nd February 2024 Payment date: 13th March 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (241% earnings payout ratio) nor is it covered by cash flows (167% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 167% to bring the payout ratio under control, which is more than the 3.9% EPS growth achieved over the last 5 years. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: NT$0.21 (vs NT$0.21 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.21 (up from NT$0.21 in 3Q 2022). Revenue: NT$40.2m (flat on 3Q 2022). Net income: NT$22.9m (flat on 3Q 2022). Profit margin: 57% (in line with 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.21 (vs NT$0.21 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.21 (down from NT$0.21 in 2Q 2022). Revenue: NT$39.7m (flat on 2Q 2022). Net income: NT$22.4m (down 2.8% from 2Q 2022). Profit margin: 56% (down from 57% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% 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 • Mar 09
Full year 2022 earnings released: EPS: NT$0.85 (vs NT$6.75 in FY 2021) Full year 2022 results: EPS: NT$0.85 (down from NT$6.75 in FY 2021). Revenue: NT$161.5m (up 7.8% from FY 2021). Net income: NT$92.6m (down 87% from FY 2021). Profit margin: 57% (down from 490% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 16
Upcoming dividend of NT$2.00 per share at 11% yield Eligible shareholders must have bought the stock before 23 February 2023. Payment date: 15 March 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (6.5%). Higher than average of industry peers (6.2%). Buying Opportunity • Jan 10
Now 21% undervalued Over the last 90 days, the stock is up 6.5%. The fair value is estimated to be NT$65.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 14%. Upcoming Dividend • Jun 16
Upcoming dividend of NT$6.10 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 13 July 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.5%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (5.5%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.22 (vs NT$5.97 in 1Q 2021) First quarter 2022 results: EPS: NT$0.22 (down from NT$5.97 in 1Q 2021). Revenue: NT$40.3m (up 15% from 1Q 2021). Net income: NT$23.5m (down 96% from 1Q 2021). Profit margin: 58% (down from 1,857% in 1Q 2021). 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 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$6.75 (down from NT$8.80 in FY 2020). Net income: NT$734.1m (down 23% from FY 2020). Revenue was in line with analyst estimates. 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 33% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Chung Lien Co., Ltd, Annual General Meeting, Jun 06, 2022 Chung Lien Co., Ltd, Annual General Meeting, Jun 06, 2022. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.19 (vs NT$8.24 in 3Q 2020) Third quarter 2021 results: Net income: NT$21.1m (down 98% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$78.50, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 230% over the past three years. Upcoming Dividend • Aug 09
Upcoming dividend of NT$7.95 per share Eligible shareholders must have bought the stock before 16 August 2021. Payment date: 01 September 2021. Trailing yield: 8.6%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 20% share price gain to NT$108, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 13x in the Real Estate industry in Taiwan. Total returns to shareholders of 332% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$5.97 (vs NT$0.12 in 1Q 2020) First quarter 2021 results: Net income: NT$648.9m (up NT$635.7m from 1Q 2020). 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 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS NT$8.80 (vs NT$0.26 in FY 2019) Full year 2020 results: Net income: NT$957.7m (up NT$929.2m from FY 2019). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 28
New 90-day high: NT$77.60 The company is up 13% from its price of NT$68.50 on 30 November 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is flat over the same period. Announcement • Feb 10
Chung Lien Transportation Co., Ltd, Annual General Meeting, Jun 03, 2021 Chung Lien Transportation Co., Ltd, Annual General Meeting, Jun 03, 2021. Is New 90 Day High Low • Feb 04
New 90-day high: NT$70.00 The company is up 3.0% from its price of NT$68.20 on 06 November 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is flat over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$8.24 Third quarter 2020 results: Net income: NT$896.0m (up NT$882.2m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 15
New 90-day high: NT$63.70 The company is up 4.0% from its price of NT$61.20 on 17 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 3.0% over the same period. 
