New Risk • Jun 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 86% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (86% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$2.09 (vs NT$1.85 in 1Q 2025) First quarter 2026 results: EPS: NT$2.09 (up from NT$1.85 in 1Q 2025). Revenue: NT$3.34b (up 49% from 1Q 2025). Net income: NT$407.9m (up 13% from 1Q 2025). Profit margin: 12% (down from 16% in 1Q 2025). The decrease in margin was driven by higher expenses. 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 6% per year, which means it is significantly lagging earnings growth. New Risk • Mar 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 129% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (129% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: NT$7.81 (vs NT$4.98 in FY 2024) Full year 2025 results: EPS: NT$7.81 (up from NT$4.98 in FY 2024). Revenue: NT$9.45b (up 3.7% from FY 2024). Net income: NT$1.52b (up 57% from FY 2024). Profit margin: 16% (up from 11% in FY 2024). The increase in margin was primarily driven by higher revenue. 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 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 10
Shin Ruenn development Co., LTD, Annual General Meeting, Jun 23, 2026 Shin Ruenn development Co., LTD, Annual General Meeting, Jun 23, 2026, at 09:30 Taipei Standard Time. Location: 2 floor no,6, sec.3 min sheng e. rd., taipei city Taiwan New Risk • Nov 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 117% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (117% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$2.56 (vs NT$0.15 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.56 (up from NT$0.15 in 3Q 2024). Revenue: NT$3.22b (up 145% from 3Q 2024). Net income: NT$499.1m (up NT$469.9m from 3Q 2024). Profit margin: 16% (up from 2.2% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 27
Upcoming dividend of NT$1.52 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 25 September 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.5%). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$3.56 (vs NT$1.21 in 2Q 2024) Second quarter 2025 results: EPS: NT$3.56 (up from NT$1.21 in 2Q 2024). Revenue: NT$3.67b (up 56% from 2Q 2024). Net income: NT$613.3m (up 193% from 2Q 2024). Profit margin: 17% (up from 8.9% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 13
Dividend of NT$1.52 announced Shareholders will receive a dividend of NT$1.52. Ex-date: 3rd September 2025 Payment date: 25th September 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. Independent Director Chun-Yi Lin was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • May 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 212% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (212% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$2.09 (vs NT$0.76 in 1Q 2024) First quarter 2025 results: EPS: NT$2.09 (up from NT$0.76 in 1Q 2024). Revenue: NT$2.25b (up 132% from 1Q 2024). Net income: NT$360.3m (up 177% from 1Q 2024). Profit margin: 16% (up from 14% 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 70% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • May 06
Shin Ruenn development Co., LTD to Report Q1, 2025 Results on May 12, 2025 Shin Ruenn development Co., LTD announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to NT$51.80, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 11x in the Real Estate industry in Taiwan. Total returns to shareholders of 161% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$5.63 (vs NT$2.58 in FY 2023) Full year 2024 results: EPS: NT$5.63 (up from NT$2.58 in FY 2023). Revenue: NT$9.12b (up 149% from FY 2023). Net income: NT$971.2m (up 118% from FY 2023). Profit margin: 11% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Shin Ruenn development Co., LTD, Annual General Meeting, Jun 30, 2025 Shin Ruenn development Co., LTD, Annual General Meeting, Jun 30, 2025. Location: 2 floor no,6, sec.3 min sheng e. rd., taipei city Taiwan Announcement • Mar 06
Shin Ruenn development Co., LTD to Report Fiscal Year 2024 Results on Mar 13, 2025 Shin Ruenn development Co., LTD announced that they will report fiscal year 2024 results on Mar 13, 2025 New Risk • Jan 12
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 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: 9.4% Last year net profit margin: 16% 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: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (9.4% net profit margin). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.17 (vs NT$0.46 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.17 (down from NT$0.46 in 3Q 2023). Revenue: NT$1.31b (up 156% from 3Q 2023). Net income: NT$29.1m (down 63% from 3Q 2023). Profit margin: 2.2% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$72.90, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 17x in the Real Estate industry in Taiwan. Total returns to shareholders of 263% over the past three years. Upcoming Dividend • Aug 29
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.39 (vs NT$0.10 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.39 (up from NT$0.10 in 2Q 2023). Revenue: NT$2.35b (up NT$2.14b from 2Q 2023). Net income: NT$209.0m (up NT$194.0m from 2Q 2023). Profit margin: 8.9% (up from 7.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$91.20, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 309% over the past three years. Announcement • Aug 06
Shin Ruenn development Co., LTD to Report Q2, 2024 Results on Aug 13, 2024 Shin Ruenn development Co., LTD announced that they will report Q2, 2024 results on Aug 13, 2024 New Risk • Aug 05
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 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.3% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.87 (vs NT$0.23 in 1Q 2023) First quarter 2024 results: EPS: NT$0.87 (up from NT$0.23 in 1Q 2023). Revenue: NT$968.4m (up 211% from 1Q 2023). Net income: NT$130.3m (up 270% from 1Q 2023). Profit margin: 14% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$98.80, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 25x in the Real Estate industry in Taiwan. Total returns to shareholders of 342% over the past three years. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$79.00, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 251% over the past three years. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$2.97 (vs NT$2.24 in FY 2022) Full year 2023 results: EPS: NT$2.97 (up from NT$2.24 in FY 2022). Revenue: NT$3.66b (up 47% from FY 2022). Net income: NT$445.7m (up 36% from FY 2022). Profit margin: 12% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Announcement • Mar 12
Shin Ruenn development Co., LTD, Annual General Meeting, Jun 27, 2024 Shin Ruenn development Co., LTD, Annual General Meeting, Jun 27, 2024. Location: 2F, No. 6, Sec. 3, Minsheng E. Rd. Taipei Taiwan Agenda: To consider Business Report of the year 2023; to consider Audit Committee's Review Report of the year 2023; to consider Audit report on the Company's 2023 financial statements issued by the Audi Committee; to consider report on the distribution of 2023 employee and director remuneration; to consider reasons for fundraising by issuing the first secured ordinary corporate bonds in 2023 and report on relevant matters; to consider earnings distribution for 2023; and to consider other matters. Upcoming Dividend • Sep 19
Upcoming dividend of NT$2.20 per share at 4.2% yield Eligible shareholders must have bought the stock before 26 September 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.1%). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.10 (vs NT$0.30 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.10 (up from NT$0.30 loss in 2Q 2022). Revenue: NT$212.4m (up NT$211.1m from 2Q 2022). Net income: NT$15.0m (up NT$60.3m from 2Q 2022). Profit margin: 7.1% (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 fallen by 45% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.24 (vs NT$3.08 in FY 2021) Full year 2022 results: EPS: NT$2.24 (down from NT$3.08 in FY 2021). Revenue: NT$2.49b (down 37% from FY 2021). Net income: NT$327.2m (down 22% from FY 2021). Profit margin: 13% (up from 11% in FY 2021). The increase in margin was driven by lower expenses. 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 17% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: NT$0.15 loss per share (vs NT$0.12 loss in 3Q 2021) Third quarter 2022 results: NT$0.15 loss per share (further deteriorated from NT$0.12 loss in 3Q 2021). Net loss: NT$22.8m (loss widened 42% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. 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. No experienced directors. 10 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Ruey-Fu Hou was the last independent director to join the board, commencing their role in 2011. 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: NT$0.15 loss per share (vs NT$0.12 loss in 3Q 2021) Third quarter 2022 results: NT$0.15 loss per share (further deteriorated from NT$0.12 loss in 3Q 2021). Net loss: NT$22.8m (loss widened 42% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Oct 18
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 25 October 2022. Payment date: 16 November 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 10%. Within top quartile of Taiwanese dividend payers (7.2%). Higher than average of industry peers (6.6%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.30 loss per share (vs NT$1.49 profit in 2Q 2021) Second quarter 2022 results: NT$0.30 loss per share (down from NT$1.49 profit in 2Q 2021). Net loss: NT$45.3m (down 122% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 17
First quarter 2022 earnings released: NT$0.24 loss per share (vs NT$1.79 profit in 1Q 2021) First quarter 2022 results: NT$0.24 loss per share (down from NT$1.79 profit in 1Q 2021). Revenue: NT$1.51m (down 100% from 1Q 2021). Net loss: NT$32.7m (down 113% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 12% 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. No experienced directors. 10 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Ruey-Fu Hou was the last independent director to join the board, commencing their role in 2011. 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 • Mar 28
Full year 2021 earnings released: EPS: NT$3.08 (vs NT$3.28 in FY 2020) Full year 2021 results: EPS: NT$3.08. Revenue: NT$3.98b (up 39% from FY 2020). Net income: NT$420.3m (up 10% from FY 2020). Profit margin: 11% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$0.12 loss per share (vs NT$0.18 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$74.2m (down 19% from 3Q 2020). Net loss: NT$16.1m (down 181% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 29
Upcoming dividend of NT$1.25 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 28 October 2021. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (4.5%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.57 (vs NT$0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.95b (up NT$1.67b from 2Q 2020). Net income: NT$203.9m (up NT$183.4m from 2Q 2020). Profit margin: 11% (up from 7.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$3.45 (vs NT$4.21 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$2.86b (up 2.3% from FY 2019). Net income: NT$381.4m (down 9.4% from FY 2019). Profit margin: 13% (down from 15% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Mar 18
Shin Ruenn development Co., LTD, Annual General Meeting, Jun 01, 2021 Shin Ruenn development Co., LTD, Annual General Meeting, Jun 01, 2021. Is New 90 Day High Low • Feb 09
New 90-day low: NT$27.35 The company is down 3.0% from its price of NT$28.15 on 11 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is flat over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: NT$29.10 The company is up 4.0% from its price of NT$27.85 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 Real Estate industry, which is up 2.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.19 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$91.6m (up 131% from 3Q 2019). Net income: NT$19.8m (up NT$73.9m from 3Q 2019). Profit margin: 22% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Aug 22
Shin Ruenn development Co., LTD has completed a Follow-on Equity Offering in the amount of TWD 62.475 million. Shin Ruenn development Co., LTD has completed a Follow-on Equity Offering in the amount of TWD 62.475 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,550,000
Price\Range: TWD 24.5
Transaction Features: Subsequent Direct Listing