Reported Earnings • May 09
First quarter 2026 earnings released: EPS: NT$0.52 (vs NT$0.74 in 1Q 2025) First quarter 2026 results: EPS: NT$0.52 (down from NT$0.74 in 1Q 2025). Revenue: NT$4.86b (up 2.9% from 1Q 2025). Net income: NT$308.7m (down 30% from 1Q 2025). Profit margin: 6.3% (down from 9.3% 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 2% per year whereas the company’s share price has increased by 4% per year. Buy Or Sell Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to NT$30.10. The fair value is estimated to be NT$38.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 14%. Buy Or Sell Opportunity • Apr 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to NT$30.95. The fair value is estimated to be NT$38.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 14%. New Risk • Mar 14
New major risk - Revenue and earnings growth Earnings have declined by 1.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.8% net profit margin). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.61 (vs NT$9.32 in FY 2024) Full year 2025 results: EPS: NT$2.61 (down from NT$9.32 in FY 2024). Revenue: NT$22.9b (down 20% from FY 2024). Net income: NT$1.56b (down 72% from FY 2024). Profit margin: 6.8% (down from 19% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to NT$30.00. The fair value is estimated to be NT$38.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 23%. Announcement • Mar 02
Kindom Development Co., Ltd., Annual General Meeting, May 27, 2026 Kindom Development Co., Ltd., Annual General Meeting, May 27, 2026. Location: 15 floor no,169, sec.3 min ch`uan e. rd., taipei city Taiwan Buy Or Sell Opportunity • Feb 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to NT$31.85. The fair value is estimated to be NT$39.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 23%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.57 (vs NT$2.28 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.57 (down from NT$2.28 in 3Q 2024). Revenue: NT$6.13b (down 13% from 3Q 2024). Net income: NT$339.3m (down 75% from 3Q 2024). Profit margin: 5.5% (down from 19% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.42 (vs NT$4.00 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.42 (down from NT$4.00 in 2Q 2024). Revenue: NT$5.34b (down 48% from 2Q 2024). Net income: NT$247.7m (down 90% from 2Q 2024). Profit margin: 4.6% (down from 23% in 2Q 2024). 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 only increased by 14% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 21
Dividend increased to NT$3.10 Dividend of NT$3.10 is 72% higher than last year. Ex-date: 5th August 2025 Payment date: 1st September 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 01
Kindom Development Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Kindom Development Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$43.20, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 11x in the Real Estate industry in Taiwan. Total returns to shareholders of 48% over the past three years. Announcement • Mar 12
Kindom Development Co., Ltd., Annual General Meeting, May 27, 2025 Kindom Development Co., Ltd., Annual General Meeting, May 27, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,131, sec.3 huo p`ing e. rd., taipei city Taiwan Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: NT$10.25 (vs NT$4.42 in FY 2023) Full year 2024 results: EPS: NT$10.25 (up from NT$4.42 in FY 2023). Revenue: NT$28.7b (up 48% from FY 2023). Net income: NT$5.55b (up 132% from FY 2023). Profit margin: 19% (up from 12% 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 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Kindom Development Co., Ltd. to Report Q4, 2024 Results on Mar 07, 2025 Kindom Development Co., Ltd. announced that they will report Q4, 2024 results on Mar 07, 2025 New Risk • Dec 16
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. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: NT$2.51 (vs NT$1.43 in 3Q 2023) Third quarter 2024 results: EPS: NT$2.51 (up from NT$1.43 in 3Q 2023). Revenue: NT$7.00b (up 41% from 3Q 2023). Net income: NT$1.36b (up 76% from 3Q 2023). Profit margin: 19% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: NT$4.40 (vs NT$0.36 in 2Q 2023) Second quarter 2024 results: EPS: NT$4.40 (up from NT$0.36 in 2Q 2023). Revenue: NT$10.3b (up 133% from 2Q 2023). Net income: NT$2.38b (up NT$2.19b from 2Q 2023). Profit margin: 23% (up from 4.4% 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 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$50.60, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 58% over the past three years. Announcement • Aug 02
Kindom Development Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Kindom Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 25
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 29 July 2024. Payment date: 23 August 2024. Payout ratio is a comfortable 37% and the cash payout ratio is 97%. Trailing yield: 2.7%. Lower than top quartile of Taiwanese dividend payers (4.3%). In line with average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$66.80, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 112% over the past three years. Declared Dividend • Jul 05
Dividend of NT$1.80 announced Shareholders will receive a dividend of NT$1.80. Ex-date: 29th July 2024 Payment date: 23rd August 2024 Dividend yield will be 3.1%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not adequately covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 7.1% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 26
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 6.4% 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 Dividend is not well covered by cash flows (100% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$1.39 (vs NT$0.89 in 1Q 2023) First quarter 2024 results: EPS: NT$1.39 (up from NT$0.89 in 1Q 2023). Revenue: NT$4.81b (up 7.1% from 1Q 2023). Net income: NT$752.9m (up 57% from 1Q 2023). Profit margin: 16% (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 26% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • May 05
Kindom Development Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Kindom Development Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$50.80, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 57% over the past three years. Announcement • Mar 14
Kindom Development Co., Ltd., Annual General Meeting, May 30, 2024 Kindom Development Co., Ltd., Annual General Meeting, May 30, 2024. Location: The first floor of the company, No. 131, Section 3, Hoping East Road, Taipei City Taiwan Agenda: To discuss Business report for 2023; to discuss Audit committee's review report on the 2023 financial statements; to discuss 2023 employees' and directors' remuneration distribution report; to discuss Report on the 2023 profit and distribution of cash from capital surplus; to discuss Report on the endorsement and guarantee of the Company and its subsidiaries for the year ended December 31, 2023; and to discuss other matters. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: NT$4.42 (vs NT$4.31 in FY 2022) Full year 2023 results: EPS: NT$4.42 (up from NT$4.31 in FY 2022). Revenue: NT$19.4b (down 9.6% from FY 2022). Net income: NT$2.40b (up 2.6% from FY 2022). Profit margin: 12% (up from 11% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.43 (vs NT$0.60 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.43 (up from NT$0.60 in 3Q 2022). Revenue: NT$4.97b (up 12% from 3Q 2022). Net income: NT$773.3m (up 138% from 3Q 2022). Profit margin: 16% (up from 7.3% in 3Q 2022). 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 increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.36 (vs NT$0.82 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.36 (down from NT$0.82 in 2Q 2022). Revenue: NT$4.44b (down 5.4% from 2Q 2022). Net income: NT$195.2m (down 56% from 2Q 2022). Profit margin: 4.4% (down from 9.5% in 2Q 2022). 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 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 20
Upcoming dividend of NT$1.75 per share at 5.9% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 23 August 2023. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 5.9%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (4.6%). Announcement • Jul 13
Kindom Development Co., Ltd. Announces Cash Dividend, Payable on August 23, 2023 Kindom Development Co., Ltd. announced cash dividend of TWD 969,797,675. Ex-rights (ex-dividend) trading date is July 27, 2023; Ex-rights (ex-dividend) record date is August 02, 2023; Payment date of cash dividend distribution is August 23, 2023. Reported Earnings • Jun 02
First quarter 2023 earnings released: EPS: NT$0.89 (vs NT$1.53 in 1Q 2022) First quarter 2023 results: EPS: NT$0.89 (down from NT$1.53 in 1Q 2022). Revenue: NT$4.49b (down 9.8% from 1Q 2022). Net income: NT$480.6m (down 42% from 1Q 2022). Profit margin: 11% (down from 17% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$4.31 (vs NT$6.47 in FY 2021) Full year 2022 results: EPS: NT$4.31 (down from NT$6.47 in FY 2021). Revenue: NT$21.5b (down 15% from FY 2021). Net income: NT$2.33b (down 34% from FY 2021). Profit margin: 11% (down from 14% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. 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. 7 experienced directors. 3 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Kuo-Feng Lin was the last independent director to join the board, commencing their role in 2019. 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 07
Second quarter 2022 earnings released: EPS: NT$0.82 (vs NT$2.51 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.82 (down from NT$2.51 in 2Q 2021). Revenue: NT$4.69b (down 50% from 2Q 2021). Net income: NT$446.0m (down 67% from 2Q 2021). Profit margin: 9.5% (down from 14% in 2Q 2021). The decrease in margin was driven by lower revenue. 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 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Kindom Development Co., Ltd. Announces Management Changes Kindom Development Co., Ltd. announced Po-Chen,Fan Chiang/senior manager of audit office as Chief internal auditor in place of Lung-Chun, Hou/manager of audit office, effective date as August 5, 2022. Upcoming Dividend • Jul 25
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 8.3%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (6.3%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: NT$1.53 (vs NT$0.99 in 1Q 2021) First quarter 2022 results: EPS: NT$1.53 (up from NT$0.99 in 1Q 2021). Revenue: NT$4.98b (up 1.2% from 1Q 2021). Net income: NT$830.4m (up 55% from 1Q 2021). Profit margin: 17% (up from 11% in 1Q 2021). The increase in margin was primarily driven by lower expenses. 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 21% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$46.00 Up from NT$41.82, the current price target is provided by 1 analyst. New target price is 33% above last closing price of NT$34.60. Stock is down 13% over the past year. The company posted earnings per share of NT$6.47 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Kuo-Feng Lin was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 13
Kindom Development Co., Ltd., Annual General Meeting, Jun 29, 2022 Kindom Development Co., Ltd., Annual General Meeting, Jun 29, 2022. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: NT$6.47 (vs NT$6.18 in FY 2020) Full year 2021 results: EPS: NT$6.47 (up from NT$6.18 in FY 2020). Revenue: NT$25.2b (down 7.9% from FY 2020). Net income: NT$3.51b (up 4.6% from FY 2020). Profit margin: 14% (up from 12% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS NT$1.02 (vs NT$0.75 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$4.55b (down 3.4% from 3Q 2020). Net income: NT$555.7m (up 36% from 3Q 2020). Profit margin: 12% (up from 8.7% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$2.51 (vs NT$0.89 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$9.44b (up 83% from 2Q 2020). Net income: NT$1.36b (up 182% from 2Q 2020). Profit margin: 14% (up from 9.4% 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 83% 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 • Aug 02
Upcoming dividend of NT$2.40 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 03 September 2021. Trailing yield: 5.5%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (4.7%). Price Target Changed • Jul 17
Price target increased to NT$42.00 Up from NT$35.70, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of NT$41.35. Stock is up 24% over the past year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to NT$34.45, the stock trades at a trailing P/E ratio of 4.7x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 78% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: EPS NT$1.09 (vs NT$0.61 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$4.92b (up 26% from 1Q 2020). Net income: NT$535.8m (up 77% from 1Q 2020). Profit margin: 11% (up from 7.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$6.80 (vs NT$2.60 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$27.3b (up 78% from FY 2019). Net income: NT$3.35b (up 161% from FY 2019). Profit margin: 12% (up from 8.4% in FY 2019). 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 24% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 03
New 90-day high: NT$37.45 The company is up 3.0% from its price of NT$36.40 on 03 December 2020. The Taiwanese market is up 13% 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. Is New 90 Day High Low • Jan 20
New 90-day low: NT$32.20 The company is down 18% from its price of NT$39.10 on 22 October 2020. The Taiwanese market is up 22% 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. Is New 90 Day High Low • Dec 08
New 90-day low: NT$32.85 The company is down 21% from its price of NT$41.50 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$36.34 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations Revenue exceeded analyst estimates by 4.1%. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.83 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$4.71b (up 59% from 3Q 2019). Net income: NT$409.1m (up 56% from 3Q 2019). Profit margin: 8.7% (down from 8.8% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth.