Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.73 (vs NT$0.81 loss in 1Q 2025) First quarter 2026 results: EPS: NT$0.73 (up from NT$0.81 loss in 1Q 2025). Revenue: NT$1.15b (up NT$1.14b from 1Q 2025). Net income: NT$91.9m (up NT$193.6m from 1Q 2025). Profit margin: 8.0% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2025 earnings released: NT$0.76 loss per share (vs NT$4.84 profit in FY 2024) Full year 2025 results: NT$0.76 loss per share (down from NT$4.84 profit in FY 2024). Revenue: NT$2.77b (down 42% from FY 2024). Net loss: NT$95.2m (down 116% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Full Wang International Development Co., Ltd., Annual General Meeting, May 29, 2026 Full Wang International Development Co., Ltd., Annual General Meeting, May 29, 2026. Location: 4 floor no,20, ta lung rd., west district, taichung city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: NT$0.70 loss per share (vs NT$0.16 loss in 3Q 2024) Third quarter 2025 results: NT$0.70 loss per share (further deteriorated from NT$0.16 loss in 3Q 2024). Revenue: NT$737.0k (down 100% from 3Q 2024). Net loss: NT$87.2m (loss widened 329% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. 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). High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (NT$2.50b market cap, or US$83.2m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.96 loss per share (vs NT$1.49 profit in 2Q 2024) Second quarter 2025 results: NT$0.96 loss per share (down from NT$1.49 profit in 2Q 2024). Revenue: NT$751.0k (down 100% from 2Q 2024). Net loss: NT$119.7m (down 164% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 26
Upcoming dividend of NT$0.70 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 30 July 2025. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (3.9%). Announcement • Jun 20
Full Wang International Development Co., Ltd. Approves Cash Dividend, Payable on July 30, 2025 Full Wang International Development Co., Ltd. approved cash dividends of TWD 83,311,393 (TWD 0.7 per share). The ex-dividend date is July 3, 2025; the record date is July 9, 2025; and the payment date is July 30, 2025. New Risk • Jun 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$2.93b (US$99.5m) 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 (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$2.93b market cap, or US$99.5m). Announcement • Jun 02
Full Wang International Development Co., Ltd. Elects Directors Full Wang International Development Co., Ltd. at its AGM, held on May 29, 2025, approved the election for directors and supervisors: 9 directors (including 4 independent directors) elected in this time: Director: Lin, Tsung-Yi; PAO CHU Investment Co., Ltd. deputy: Lin, Yu-Jen, PAO CHU Investment Co., Ltd. deputy: CHUNG, KUO-WEN, Independent Director: Chang, Kuo-Hsiung Lii, Yuan-shuh; YANG FU CHUAN. Reported Earnings • May 15
First quarter 2025 earnings released: NT$0.85 loss per share (vs NT$0.20 profit in 1Q 2024) First quarter 2025 results: NT$0.85 loss per share (down from NT$0.20 profit in 1Q 2024). Revenue: NT$6.07m (down 96% from 1Q 2024). Net loss: NT$101.7m (down NT$125.2m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.05b (US$92.7m) 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 3.8% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (NT$3.05b market cap, or US$92.7m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$28.45, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 8.5% over the past three years. New Risk • Mar 31
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 3.8% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$5.08 (vs NT$2.02 in FY 2023) Full year 2024 results: EPS: NT$5.08 (up from NT$2.02 in FY 2023). Revenue: NT$4.77b (up 83% from FY 2023). Net income: NT$605.0m (up 213% from FY 2023). Profit margin: 13% (up from 7.4% in FY 2023). The increase in margin was driven by higher revenue. 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 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 14
Full Wang International Development Co., Ltd., Annual General Meeting, May 29, 2025 Full Wang International Development Co., Ltd., Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 4-5 floor no,20, ta lung rd., west district, taichung city Taiwan Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$37.20, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 17x in the Real Estate industry in Taiwan. Total returns to shareholders of 36% over the past three years. Announcement • Mar 12
Full Wang International Development Co., Ltd. to Approve Dividend for the Year Ended December 31, 2024 Full Wang International Development Co., Ltd. to approve dividend of TWD 0.7 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders TWD 83,311,393. Announcement • Mar 04
Full Wang International Development Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Full Wang International Development Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: NT$0.17 loss per share (vs NT$0.44 profit in 3Q 2023) Third quarter 2024 results: NT$0.17 loss per share (down from NT$0.44 profit in 3Q 2023). Revenue: NT$705.5m (down 26% from 3Q 2023). Net loss: NT$20.3m (down 149% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. 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$39.25, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 17x in the Real Estate industry in Taiwan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.56 (vs NT$1.50 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.56 (up from NT$1.50 in 2Q 2023). Revenue: NT$955.1m (up 12% from 2Q 2023). Net income: NT$186.2m (up 32% from 2Q 2023). Profit margin: 20% (up from 17% 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 7% per year but the company’s share price has increased by 17% 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 19% After last week's 19% share price gain to NT$53.70, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 21x in the Real Estate industry in Taiwan. Total returns to shareholders of 67% over the past three years. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Announcement • Aug 02
Full Wang International Development Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Full Wang International Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$54.60, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$47.40, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 21x in the Real Estate industry in Taiwan. Total returns to shareholders of 38% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.20 (vs NT$0.043 in 1Q 2023) First quarter 2024 results: EPS: NT$0.20 (up from NT$0.043 in 1Q 2023). Revenue: NT$151.0m (up NT$129.4m from 1Q 2023). Net income: NT$23.5m (up 479% from 1Q 2023). Profit margin: 16% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 05
Full Wang International Development Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Full Wang International Development Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: NT$2.02 (vs NT$10.40 loss in FY 2022) Full year 2023 results: EPS: NT$2.02 (up from NT$10.40 loss in FY 2022). Revenue: NT$2.60b (up 350% from FY 2022). Net income: NT$193.1m (up NT$1.17b from FY 2022). Profit margin: 7.4% (up from net loss in FY 2022). 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 only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Mar 14
Full Wang International Development Co., Ltd., Annual General Meeting, May 30, 2024 Full Wang International Development Co., Ltd., Annual General Meeting, May 30, 2024. Location: 4F-5, No.20, Dalong Road, West District, Taichung City Taiwan Agenda: To consider 2023 business report; to consider 2023 audit committee audit report; to Report on the remuneration of directors and employees in 2023; and to consider other matters. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$29.30, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 19x in the Real Estate industry in Taiwan. Negligible returns to shareholders over past three years. New Risk • Aug 20
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 6.2% 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 49% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$2.16b market cap, or US$67.6m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$1.50 (vs NT$4.86 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$1.50 (up from NT$4.86 loss in 2Q 2022). Revenue: NT$855.5m (up 276% from 2Q 2022). Net income: NT$140.8m (up NT$598.0m from 2Q 2022). Profit margin: 17% (up from net loss in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • Jan 13
Full Wang International Development Co., Ltd., Annual General Meeting, Apr 10, 2023 Full Wang International Development Co., Ltd., Annual General Meeting, Apr 10, 2023. Location: 4F-5, No.20, Dalong Road, West District Taichung City Taiwan Agenda: To discuss the business report; to discuss the 2022 audit report; to discuss about the corporate bond enforcement report; to accept 2022 financial statements; and to discuss other matters. Reported Earnings • Nov 19
Third quarter 2022 earnings released: NT$0.73 loss per share (vs NT$1.68 loss in 3Q 2021) Third quarter 2022 results: NT$0.73 loss per share (improved from NT$1.68 loss in 3Q 2021). Revenue: NT$98.0m (down 64% from 3Q 2021). Net loss: NT$112.7m (loss narrowed 56% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2022 earnings released: NT$2.97 loss per share (vs NT$0.56 profit in 2Q 2021) Second quarter 2022 results: NT$2.97 loss per share (down from NT$0.56 profit in 2Q 2021). Revenue: NT$227.4m (down 83% from 2Q 2021). Net loss: NT$457.2m (down NT$543.5m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 28
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 29 July 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Taiwanese dividend payers (6.3%). Lower than average of industry peers (5.6%). Reported Earnings • May 16
First quarter 2022 earnings released: NT$1.89 loss per share (vs NT$0.17 loss in 1Q 2021) First quarter 2022 results: NT$1.89 loss per share (down from NT$0.17 loss in 1Q 2021). Revenue: NT$51.5m (down 82% from 1Q 2021). Net loss: NT$290.9m (loss widened NT$265.4m from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: NT$0.44 (vs NT$2.35 in FY 2020) Full year 2021 results: EPS: NT$0.44 (down from NT$2.35 in FY 2020). Revenue: NT$3.19b (flat on FY 2020). Net income: NT$67.8m (down 81% from FY 2020). Profit margin: 2.1% (down from 11% in FY 2020). Over the last 3 years on average, earnings per share has increased by 19% 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 15
Third quarter 2021 earnings released: NT$1.68 loss per share (vs NT$0.70 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$268.8m (down 49% from 3Q 2020). Net loss: NT$258.4m (down 339% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.56 (vs NT$1.34 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$1.32b (up 93% from 2Q 2020). Net income: NT$86.3m (down 58% from 2Q 2020). Profit margin: 6.5% (down from 30% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 06 July 2021. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.1%). Reported Earnings • May 15
First quarter 2021 earnings released: NT$0.17 loss per share (vs NT$1.84 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: NT$285.7m (down 45% from 1Q 2020). Net loss: NT$25.5m (loss narrowed 91% from 1Q 2020). 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 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$2.35 (vs NT$1.30 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: NT$3.19b (up 97% from FY 2019). Net income: NT$362.6m (up 81% from FY 2019). Profit margin: 11% (down from 12% in FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 21% per year. Is New 90 Day High Low • Mar 16
New 90-day high: NT$23.40 The company is up 42% from a price of NT$16.50 on 16 December 2020. Outperformed the Taiwanese market which is up 15% over the last 90 days. Exceeded the Real Estate industry, which is up 7.0% over the same period. Announcement • Feb 25
Full Wang International Development Co., Ltd., Annual General Meeting, May 10, 2021 Full Wang International Development Co., Ltd., Annual General Meeting, May 10, 2021. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to NT$19.50, the stock is trading at a trailing P/E ratio of 21.1x, up from the previous P/E ratio of 17.7x. This compares to an average P/E of 16x in the Real Estate industry in Taiwan. Total returns to shareholders over the past three years are 122%. Is New 90 Day High Low • Dec 30
New 90-day high: NT$18.25 The company is up 22% from its price of NT$14.90 on 30 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$18.00 The company is up 18% from its price of NT$15.30 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: NT$16.50 The company is up 20% from its price of NT$13.70 on 19 August 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.70 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$532.4m (up 29% from 3Q 2019). Net income: NT$108.2m (up 38% from 3Q 2019). Profit margin: 20% (up from 19% in 3Q 2019). 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 whereas the company’s share price has increased by 15% per year. Is New 90 Day High Low • Oct 14
New 90-day high: NT$16.15 The company is up 17% from its price of NT$13.80 on 16 July 2020. The Taiwanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period. 
