Reported Earnings • May 15
First quarter 2026 earnings released First quarter 2026 results: Revenue: NT$215.6m (down 75% from 1Q 2025). Net income: NT$40.4m (down 83% from 1Q 2025). Profit margin: 19% (down from 27% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$3.96 (vs NT$6.10 in FY 2024) Full year 2025 results: EPS: NT$3.96 (down from NT$6.10 in FY 2024). Revenue: NT$1.69b (down 55% from FY 2024). Net income: NT$403.7m (down 35% from FY 2024). Profit margin: 24% (up from 16% in FY 2024). The increase in margin was driven by lower expenses. 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 15% per year, which means it is significantly lagging earnings. New Risk • Mar 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.12b (US$98.1m) This is considered a minor risk. Companies with a small market capitalization 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 Risk Debt is not well covered by operating cash flow (14% 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. Market cap is less than US$100m (NT$3.12b market cap, or US$98.1m). Announcement • Mar 10
Li Ming Development Construction Co., Ltd., Annual General Meeting, Jun 12, 2026 Li Ming Development Construction Co., Ltd., Annual General Meeting, Jun 12, 2026. Location: 11 floor no,415, sec.2 kung tao 5th rd., hsinchu city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.34 (vs NT$0.097 loss in 3Q 2024) Third quarter 2025 results: EPS: NT$0.34 (up from NT$0.097 loss in 3Q 2024). Revenue: NT$182.5m (up NT$179.3m from 3Q 2024). Net income: NT$35.2m (up NT$45.1m from 3Q 2024). Profit margin: 19% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$0.64 (vs NT$0.20 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.64 (up from NT$0.20 loss in 2Q 2024). Revenue: NT$332.9m (up NT$332.2m from 2Q 2024). Net income: NT$65.6m (up NT$86.1m from 2Q 2024). Profit margin: 20% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$40.35. The fair value is estimated to be NT$51.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 34%. Upcoming Dividend • Jul 10
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.9%). Announcement • Jun 20
Li Ming Development Construction Co., Ltd. Announces Cash Dividends, Payable on August 15, 2025 Li Ming Development Construction Co., Ltd. announced cash dividends of TWD 357,000,000 (TWD 3.5 per share). Ex-rights (Ex-dividend) date is July 17, 2025. Ex-rights (Ex-dividend) record date is July 25, 2025. Payment date of cash dividend distribution is August 15, 2025. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: NT$2.27 (vs NT$2.34 in 1Q 2024) First quarter 2025 results: EPS: NT$2.27 (down from NT$2.34 in 1Q 2024). Revenue: NT$855.4m (down 62% from 1Q 2024). Net income: NT$231.6m (down 2.8% from 1Q 2024). Profit margin: 27% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 01
Li Ming Development Construction Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Li Ming Development Construction Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$43.65, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total loss to shareholders of 16% over the past three years. New Risk • Mar 22
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 14
Li Ming Development Construction Co., Ltd., Annual General Meeting, Jun 11, 2025 Li Ming Development Construction Co., Ltd., Annual General Meeting, Jun 11, 2025. Location: 11 floor no,415, sec.2 kung tao 5th rd., hsinchu city Taiwan Announcement • Mar 06
Li Ming Development Construction Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Li Ming Development Construction Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Announcement • Oct 30
Li Ming Development Construction Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Li Ming Development Construction Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$75.50, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 17x in the Real Estate industry in Taiwan. Total returns to shareholders of 33% over the past three years. New Risk • Aug 31
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 7.4% 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: Minor Risks High level of debt (192% net debt to equity). 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 (10% net profit margin). Reported Earnings • Aug 16
Second quarter 2024 earnings released: NT$0.20 loss per share (vs NT$0.17 loss in 2Q 2023) Second quarter 2024 results: NT$0.20 loss per share (further deteriorated from NT$0.17 loss in 2Q 2023). Revenue: NT$675.0k (down 42% from 2Q 2023). Net loss: NT$20.5m (loss widened 18% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$108, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 21x in the Real Estate industry in Taiwan. Total returns to shareholders of 87% over the past three years. Announcement • Aug 03
Li Ming Development Construction Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Li Ming Development Construction Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$91.80, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 21x in the Real Estate industry in Taiwan. Total returns to shareholders of 69% over the past three years. Upcoming Dividend • Jun 21
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 26 July 2024. Trailing yield: 4.5%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.7%). New Risk • May 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks High level of debt (149% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • May 12
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: 10% Last year net profit margin: 20% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (152% net debt to equity). Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • May 10
Full year 2023 earnings released: EPS: NT$6.26 (vs NT$1.75 in FY 2022) Full year 2023 results: EPS: NT$6.26 (up from NT$1.75 in FY 2022). Revenue: NT$5.66b (up 360% from FY 2022). Net income: NT$639.0m (up 257% from FY 2022). Profit margin: 11% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 03
Li Ming Development Construction Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Li Ming Development Construction Co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$76.20, the stock trades at a trailing P/E ratio of 47.9x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 42% over the past three years. Announcement • Mar 24
Li Ming Development Construction Co., Ltd., Annual General Meeting, Jun 12, 2024 Li Ming Development Construction Co., Ltd., Annual General Meeting, Jun 12, 2024. Reported Earnings • Aug 12
Second quarter 2023 earnings released: NT$0.17 loss per share (vs NT$0.29 loss in 2Q 2022) Second quarter 2023 results: NT$0.17 loss per share (improved from NT$0.29 loss in 2Q 2022). Revenue: NT$1.17m (up 18% from 2Q 2022). Net loss: NT$17.4m (loss narrowed 41% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.75 (vs NT$4.09 in FY 2021) Full year 2022 results: EPS: NT$1.75 (down from NT$4.09 in FY 2021). Revenue: NT$1.23b (down 63% from FY 2021). Net income: NT$178.9m (down 57% from FY 2021). Profit margin: 14% (up from 13% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2022 earnings released: NT$0.09 loss per share (vs NT$2.20 profit in 3Q 2021) Third quarter 2022 results: NT$0.09 loss per share (down from NT$2.20 profit in 3Q 2021). Revenue: NT$676.0k (down 100% from 3Q 2021). Net loss: NT$8.68m (down 104% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: NT$0.29 loss per share (vs NT$0.12 loss in 2Q 2021) Second quarter 2022 results: NT$0.29 loss per share (down from NT$0.12 loss in 2Q 2021). Revenue: NT$996.0k (up 40% from 2Q 2021). Net loss: NT$29.4m (loss widened 148% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$1.17 (vs NT$0.50 in 1Q 2021) First quarter 2022 results: EPS: NT$1.17 (up from NT$0.50 in 1Q 2021). Revenue: NT$867.1m (up 61% from 1Q 2021). Net income: NT$119.1m (up 132% from 1Q 2021). Profit margin: 14% (up from 9.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 9% 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. 2 experienced directors. 6 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Tian-Yow Chern was the last independent director to join the board, commencing their role in 2018. 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 31
Full year 2021 earnings released: EPS: NT$4.09 (vs NT$3.42 in FY 2020) Full year 2021 results: EPS: NT$4.09 (up from NT$3.42 in FY 2020). Revenue: NT$3.28b (flat on FY 2020). Net income: NT$416.8m (up 20% from FY 2020). Profit margin: 13% (up from 11% in FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Mar 24
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. 2 experienced directors. 6 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Tian-Yow Chern was the last independent director to join the board, commencing their role in 2018. 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 17
Third quarter 2021 earnings released: EPS NT$2.20 (vs NT$0.54 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.77b (up 154% from 3Q 2020). Net income: NT$223.9m (up 307% from 3Q 2020). Profit margin: 13% (up from 7.9% in 3Q 2020). The increase in margin was driven by higher revenue. 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 11% per year, which means it is well ahead of earnings. Board Change • Nov 17
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. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Tian-Yow Chern was the last independent director to join the board, commencing their role in 2018. 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 15
Second quarter 2021 earnings released: NT$0.12 loss per share (vs NT$0.086 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: NT$711.0k (down 26% from 2Q 2020). Net loss: NT$11.9m (loss widened 35% from 2Q 2020). 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 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 19 August 2021. Trailing yield: 5.0%. Within top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (4.7%). Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.50 (vs NT$0.10 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$539.4m (up 239% from 1Q 2020). Net income: NT$51.4m (up 397% from 1Q 2020). Profit margin: 9.5% (up from 6.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$3.42 (vs NT$0.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.31b (up 380% from FY 2019). Net income: NT$348.7m (up NT$328.0m from FY 2019). Profit margin: 11% (up from 3.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 23
New 90-day low: NT$55.90 The company is down 5.0% from its price of NT$58.90 on 25 November 2020. The Taiwanese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: NT$57.50 The company is down 1.0% from its price of NT$58.00 on 21 October 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 up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.54 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$696.7m (up NT$696.0m from 3Q 2019). Net income: NT$55.0m (up NT$62.1m from 3Q 2019). Profit margin: 7.9% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 06
New 90-day high: NT$57.00 The company is up 19% from its price of NT$48.00 on 08 July 2020. The Taiwanese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period.