Upcoming Dividend • Jun 11
Upcoming dividend of NT$3.30 per share Eligible shareholders must have bought the stock before 18 June 2026. Payment date: 14 August 2026. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 5.6%. Within top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (5.4%). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$1.37 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00. Revenue: NT$924.2m (up 6.4% from 1Q 2025). Net income: NT$33.4m (up 8.5% from 1Q 2025). Profit margin: 3.6% (in line with 1Q 2025). Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$4.65 (vs NT$4.39 in FY 2024) Full year 2025 results: EPS: NT$4.65 (up from NT$4.39 in FY 2024). Revenue: NT$3.63b (up 9.2% from FY 2024). Net income: NT$104.7m (up 6.0% from FY 2024). Profit margin: 2.9% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 10
Sincere Security Corp. Ltd., Annual General Meeting, Jun 03, 2026 Sincere Security Corp. Ltd., Annual General Meeting, Jun 03, 2026, at 09:30 Taipei Standard Time. Location: 2 floor no,26, t`ai yuan st., jhubei city, hsinchu county Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$1.43 (vs NT$1.43 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.43 (down from NT$1.43 in 3Q 2024). Revenue: NT$918.7m (up 11% from 3Q 2024). Net income: NT$32.1m (flat on 3Q 2024). Profit margin: 3.5% (down from 3.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$1.11 (vs NT$1.27 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.11 (down from NT$1.27 in 2Q 2024). Revenue: NT$890.7m (up 6.8% from 2Q 2024). Net income: NT$25.1m (down 12% from 2Q 2024). Profit margin: 2.8% (down from 3.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Declared Dividend • Jul 10
Dividend increased to NT$3.00 Dividend of NT$3.00 is 15% higher than last year. Ex-date: 23rd July 2025 Payment date: 22nd August 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not covered by cash flows (170% cash payout ratio). The dividend has remained flat since 6 years ago. However, payments have been volatile during that time. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$1.37 (vs NT$0.79 in 1Q 2024) First quarter 2025 results: EPS: NT$1.37 (up from NT$0.79 in 1Q 2024). Revenue: NT$868.9m (up 9.5% from 1Q 2024). Net income: NT$30.8m (up 74% from 1Q 2024). Profit margin: 3.5% (up from 2.2% 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 4% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: NT$4.39 (vs NT$3.33 in FY 2023) Full year 2024 results: EPS: NT$4.39 (up from NT$3.33 in FY 2023). Revenue: NT$3.32b (up 11% from FY 2023). Net income: NT$98.8m (up 32% from FY 2023). Profit margin: 3.0% (up from 2.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Announcement • Mar 12
Sincere Security Corp. Ltd., Annual General Meeting, Jun 12, 2025 Sincere Security Corp. Ltd., Annual General Meeting, Jun 12, 2025, at 09:30 Taipei Standard Time. Location: 2 floor no,26, t`ai yuan st., jhubei city, hsinchu county Taiwan Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$1.43 (vs NT$0.72 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.43 (up from NT$0.72 in 3Q 2023). Revenue: NT$825.7m (up 8.6% from 3Q 2023). Net income: NT$32.2m (up 98% from 3Q 2023). Profit margin: 3.9% (up from 2.1% in 3Q 2023). 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 whereas the company’s share price has fallen by 7% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.27 (vs NT$0.98 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.27 (up from NT$0.98 in 2Q 2023). Revenue: NT$834.1m (up 11% from 2Q 2023). Net income: NT$28.6m (up 30% from 2Q 2023). Profit margin: 3.4% (up from 2.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 17
Upcoming dividend of NT$2.60 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 23 August 2024. Payout ratio and cash payout ratio are on the higher end at 77% and 76% respectively. Trailing yield: 4.9%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.5%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.79 (vs NT$0.73 in 1Q 2023) First quarter 2024 results: EPS: NT$0.79 (up from NT$0.73 in 1Q 2023). Revenue: NT$793.8m (up 12% from 1Q 2023). Net income: NT$17.7m (up 8.2% from 1Q 2023). Profit margin: 2.2% (down from 2.3% 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 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$3.33 (vs NT$3.08 in FY 2022) Full year 2023 results: EPS: NT$3.33 (up from NT$3.08 in FY 2022). Revenue: NT$2.98b (up 13% from FY 2022). Net income: NT$75.0m (up 12% from FY 2022). Profit margin: 2.5% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Sincere Security Corp. Ltd., Annual General Meeting, Jun 06, 2024 Sincere Security Corp. Ltd., Annual General Meeting, Jun 06, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$0.72 (vs NT$0.73 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.72 (down from NT$0.73 in 3Q 2022). Revenue: NT$760.4m (up 9.9% from 3Q 2022). Net income: NT$16.3m (flat on 3Q 2022). Profit margin: 2.1% (down from 2.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% 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. Buying Opportunity • Nov 13
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$63.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 15%. Buying Opportunity • Oct 24
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$64.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 15%. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.98 (vs NT$0.54 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.98 (up from NT$0.54 in 2Q 2022). Revenue: NT$753.2m (up 16% from 2Q 2022). Net income: NT$22.0m (up 89% from 2Q 2022). Profit margin: 2.9% (up from 1.8% in 2Q 2022). The increase in margin was driven by higher revenue. 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 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 19
Upcoming dividend of NT$2.40 per share at 4.5% yield Eligible shareholders must have bought the stock before 26 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 75% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.4%). In line with average of industry peers (4.6%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.73 (vs NT$1.39 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.73 (down from NT$1.39 in 3Q 2021). Revenue: NT$691.7m (up 22% from 3Q 2021). Net income: NT$16.4m (down 41% from 3Q 2021). Profit margin: 2.4% (down from 4.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be NT$50.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 19%. Buying Opportunity • Oct 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$53.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 19%. Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: EPS: NT$0.54. Net income: NT$11.7m (up NT$11.7m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buying Opportunity • Aug 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$59.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 25%. Upcoming Dividend • Jul 20
Upcoming dividend of NT$3.56 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 19 August 2022. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 7.7%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (6.1%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.57 (vs NT$1.23 in 1Q 2021) First quarter 2022 results: EPS: NT$0.57 (down from NT$1.23 in 1Q 2021). Revenue: NT$596.3m (up 12% from 1Q 2021). Net income: NT$11.5m (down 53% from 1Q 2021). Profit margin: 1.9% (down from 4.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be NT$88.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$5.44 (vs NT$5.47 in FY 2020) Full year 2021 results: EPS: NT$5.44 (down from NT$5.47 in FY 2020). Revenue: NT$2.22b (up 6.7% from FY 2020). Net income: NT$108.9m (flat on FY 2020). Profit margin: 4.9% (down from 5.3% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$1.39 (vs NT$1.44 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$566.8m (up 6.9% from 3Q 2020). Net income: NT$27.8m (down 3.2% from 3Q 2020). Profit margin: 4.9% (down from 5.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 19
Upcoming dividend of NT$4.00 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 17 September 2021. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (4.8%). Reported Earnings • Apr 29
Full year 2020 earnings released: EPS NT$5.47 (vs NT$2.95 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.08b (up 11% from FY 2019). Net income: NT$109.5m (up 88% from FY 2019). Profit margin: 5.3% (up from 3.1% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$70.00, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 16x in the Real Estate industry in Taiwan. Total returns to shareholders of 80% over the past year. Announcement • Mar 12
Sincere Security Co. Ltd., Annual General Meeting, May 27, 2021 Sincere Security Co. Ltd., Annual General Meeting, May 27, 2021. Is New 90 Day High Low • Feb 20
New 90-day low: NT$52.00 The company is down 1.0% from its price of NT$52.50 on 20 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 10
New 90-day high: NT$55.10 The company is up 1.0% from its price of NT$54.80 on 13 October 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 4.0% over the same period.