Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$101, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 49% over the past three years. Upcoming Dividend • May 26
Upcoming dividend of NT$8.00 per share Eligible shareholders must have bought the stock before 02 June 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of Taiwanese dividend payers (5.0%). In line with average of industry peers (6.0%). Reported Earnings • May 06
First quarter 2026 earnings released: EPS: NT$2.28 (vs NT$0.40 loss in 1Q 2025) First quarter 2026 results: EPS: NT$2.28 (up from NT$0.40 loss in 1Q 2025). Revenue: NT$4.21b (up NT$4.19b from 1Q 2025). Net income: NT$727.4m (up NT$854.7m from 1Q 2025). Profit margin: 17% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 21%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: NT$10.15 (vs NT$4.36 in FY 2024) Full year 2025 results: EPS: NT$10.15 (up from NT$4.36 in FY 2024). Revenue: NT$18.2b (up 153% from FY 2024). Net income: NT$3.24b (up 133% from FY 2024). Profit margin: 18% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 14% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$10.15 (vs NT$4.36 in FY 2024) Full year 2025 results: EPS: NT$10.15 (up from NT$4.36 in FY 2024). Revenue: NT$18.2b (up 153% from FY 2024). Net income: NT$3.24b (up 133% from FY 2024). Profit margin: 18% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.8% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 50%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Feb 26
Huaku Development Co., Ltd., Annual General Meeting, May 29, 2026 Huaku Development Co., Ltd., Annual General Meeting, May 29, 2026, at 09:00 Taipei Standard Time. Location: 1 floor no,2, sung shou rd., sinyi district, taipei city Taiwan New Risk • Nov 07
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 372% Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (9.2% net profit margin). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: NT$1.10 (vs NT$4.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.10 (down from NT$4.12 in 3Q 2024). Revenue: NT$2.84b (down 48% from 3Q 2024). Net income: NT$350.2m (down 73% from 3Q 2024). Profit margin: 12% (down from 24% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 61% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: NT$1.12 (vs NT$0.89 in 2Q 2024) Second quarter 2025 results: EPS: NT$1.12 (up from NT$0.89 in 2Q 2024). Revenue: NT$2.02b (up 16% from 2Q 2024). Net income: NT$359.1m (up 26% from 2Q 2024). Profit margin: 18% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 18
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 20 August 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.0%). Reported Earnings • May 09
First quarter 2025 earnings released: NT$0.42 loss per share (vs NT$0.25 loss in 1Q 2024) First quarter 2025 results: NT$0.42 loss per share (further deteriorated from NT$0.25 loss in 1Q 2024). Revenue: NT$11.5m (up 58% from 1Q 2024). Net loss: NT$127.4m (loss widened 70% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Apr 30
Huaku Development Co., Ltd. to Report Q1, 2025 Results on May 07, 2025 Huaku Development Co., Ltd. announced that they will report Q1, 2025 results on May 07, 2025 Buy Or Sell Opportunity • Mar 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to NT$118. The fair value is estimated to be NT$96.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 21%. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: NT$4.58 (vs NT$11.77 in FY 2023) Full year 2024 results: EPS: NT$4.58 (down from NT$11.77 in FY 2023). Revenue: NT$7.21b (down 54% from FY 2023). Net income: NT$1.39b (down 61% from FY 2023). Profit margin: 19% (down from 23% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Feb 27
Huaku Development Co., Ltd., Annual General Meeting, May 28, 2025 Huaku Development Co., Ltd., Annual General Meeting, May 28, 2025, at 09:00 Taipei Standard Time. Location: 1 floor no,2, sung shou rd., sinyi district, taipei city Taiwan Announcement • Feb 19
Huaku Development Co., Ltd. to Report Fiscal Year 2024 Results on Feb 26, 2025 Huaku Development Co., Ltd. announced that they will report fiscal year 2024 results at 9:00 AM, Taipei Standard Time on Feb 26, 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$4.32 (vs NT$2.04 in 3Q 2023) Third quarter 2024 results: EPS: NT$4.32 (up from NT$2.04 in 3Q 2023). Revenue: NT$5.42b (up 88% from 3Q 2023). Net income: NT$1.31b (up 112% from 3Q 2023). Profit margin: 24% (up from 22% 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 10% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Oct 30
Huaku Development Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Huaku Development Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.93 (vs NT$1.00 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.93 (down from NT$1.00 in 2Q 2023). Revenue: NT$1.74b (up 8.1% from 2Q 2023). Net income: NT$284.4m (down 6.1% from 2Q 2023). Profit margin: 16% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$144, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 130% over the past three years. Announcement • Aug 01
Huaku Development Co., Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Huaku Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$144, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 129% over the past three years. Upcoming Dividend • Jun 14
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 21 June 2024. Payment date: 12 July 2024. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.7%). Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.27 loss per share (vs NT$4.28 profit in 1Q 2023) First quarter 2024 results: NT$0.27 loss per share (down from NT$4.28 profit in 1Q 2023). Revenue: NT$7.25m (down 100% from 1Q 2023). Net loss: NT$75.2m (down 106% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 02
Huaku Development Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 Huaku Development Co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$158, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 113% over the past three years. Buy Or Sell Opportunity • Mar 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to NT$126. The fair value is estimated to be NT$105, however this is not to be taken as a sell 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 4.7%. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: NT$12.95 (vs NT$10.69 in FY 2022) Full year 2023 results: EPS: NT$12.95 (up from NT$10.69 in FY 2022). Revenue: NT$15.8b (up 6.4% from FY 2022). Net income: NT$3.58b (up 21% from FY 2022). Profit margin: 23% (up from 20% in FY 2022). The increase in margin was driven by higher 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 3% per year. Announcement • Feb 28
Huaku Development Co., Ltd., Annual General Meeting, May 29, 2024 Huaku Development Co., Ltd., Annual General Meeting, May 29, 2024. Location: No.2, Songshou Road, Xinyi District Taipei City Taiwan Agenda: To consider and approve the 2023 business report; to consider and approve the audit report; to consider and approve the remuneration of employees and directors; to consider and approve the distribution of profits; to consider and approve the related party transactions; and to consider and approve any other matters. Reported Earnings • Nov 04
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: NT$2.24 (up from NT$0.97 in 3Q 2022). Revenue: NT$2.88b (up 65% from 3Q 2022). Net income: NT$620.4m (up 130% from 3Q 2022). Profit margin: 22% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates by 56%. 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. New Risk • Aug 09
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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: NT$1.10 (down from NT$7.45 in 2Q 2022). Revenue: NT$1.61b (down 84% from 2Q 2022). Net income: NT$303.0m (down 85% from 2Q 2022). Profit margin: 19% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 39%. Earnings per share (EPS) also missed analyst estimates by 47%. 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 1% per year. Announcement • Jun 02
Huaku Development Co., Ltd. Elects Ding,Yu-Jia to the Remuneration Committee Huaku Development Co., Ltd. approved the election of Ding,Yu-Jia to the Remuneration Committee. Effective date of the new member is June 1, 2023 to May 23, 2026. Resume of the new position holder: DING,YU-JIA: Independent director: Huaku Development Co., Ltd. Announcement • May 25
Huaku Development Co., Ltd. Approves the Election of Ding,Yu-Jia to the Audit Committee Huaku Development Co., Ltd. approved the election of Ding,Yu-Jia to the Audit Committee. Effective date of the new member is May 24, 2023 to May 23, 2026. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: NT$4.28 (vs NT$2.48 in 1Q 2022) First quarter 2023 results: EPS: NT$4.28 (up from NT$2.48 in 1Q 2022). Revenue: NT$4.71b (up 66% from 1Q 2022). Net income: NT$1.19b (up 73% from 1Q 2022). Profit margin: 25% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 18
Upcoming dividend of NT$7.50 per share at 7.7% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 16 June 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 7.7%. Within top quartile of Taiwanese dividend payers (5.8%). Higher than average of industry peers (5.3%). Reported Earnings • Feb 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: NT$10.69 (up from NT$10.56 in FY 2021). Revenue: NT$14.9b (up 9.6% from FY 2021). Net income: NT$2.96b (up 1.3% from FY 2021). Profit margin: 20% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 6.4%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 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. 3 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tze-Chun Wang was the last independent director to join the board, commencing their role in 2017. 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 11
Third quarter 2022 earnings released: EPS: NT$0.97 (vs NT$4.17 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.97 (down from NT$4.17 in 3Q 2021). Revenue: NT$1.75b (down 69% from 3Q 2021). Net income: NT$269.3m (down 77% from 3Q 2021). Profit margin: 15% (down from 20% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: NT$7.45 (vs NT$1.19 in 2Q 2021) Second quarter 2022 results: EPS: NT$7.45 (up from NT$1.19 in 2Q 2021). Revenue: NT$9.88b (up 479% from 2Q 2021). Net income: NT$2.06b (up NT$1.73b from 2Q 2021). Profit margin: 21% (up from 19% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 22
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be NT$115, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Upcoming Dividend • Jun 16
Upcoming dividend of NT$7.50 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 8.1%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (5.5%). Reported Earnings • May 06
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: NT$2.48 (up from NT$0.69 in 1Q 2021). Revenue: NT$2.83b (up 146% from 1Q 2021). Net income: NT$685.1m (up 257% from 1Q 2021). Profit margin: 24% (up from 17% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% 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. 3 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tze-Chun Wang was the last independent director to join the board, commencing their role in 2017. 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 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: NT$10.56 (up from NT$10.05 in FY 2020). Revenue: NT$13.5b (up 20% from FY 2020). Net income: NT$2.92b (up 5.0% from FY 2020). Profit margin: 22% (down from 25% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 7.2%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS NT$4.17 (vs NT$1.54 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: NT$5.65b (up 181% from 3Q 2020). Net income: NT$1.15b (up 171% from 3Q 2020). Profit margin: 20% (in line with 3Q 2020). 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$1.19 (vs NT$5.92 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.71b (down 75% from 2Q 2020). Net income: NT$328.2m (down 80% from 2Q 2020). Profit margin: 19% (down from 24% in 2Q 2020). The decrease in margin was driven by lower revenue. 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 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of NT$7.00 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 30 June 2021. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.1%). Reported Earnings • May 11
First quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.56 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.15b (up 13% from 1Q 2020). Net income: NT$192.0m (up 25% from 1Q 2020). Profit margin: 17% (up from 15% 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 27% 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 • Mar 13
Full year 2020 earnings released: EPS NT$10.05 (vs NT$11.35 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$11.3b (down 43% from FY 2019). Net income: NT$2.78b (down 12% from FY 2019). Profit margin: 25% (up from 16% in FY 2019). The increase in margin was driven by lower 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 9% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is forecast to grow 45%, compared to a 54% growth forecast for the Real Estate industry in Taiwan. Announcement • Mar 11
Huaku Development Co., Ltd., Annual General Meeting, May 25, 2021 Huaku Development Co., Ltd., Annual General Meeting, May 25, 2021. Location: No. 2, Songshou Road, Xinyi District Taipei City Taiwan Agenda: To consider 2020 Business Report; to consider 2020 Audit Report by the Audit Committee; to consider Report on 2020 remuneration distribution for employees and directors; to consider 2020 Distribution of Profits; to consider 2020 Business Report and Financial Report; to consider 2020 Annual Profit Distribution Table; and to consider other matters. Is New 90 Day High Low • Mar 03
New 90-day high: NT$89.20 The company is up 1.0% from its price of NT$88.60 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. Price Target Changed • Dec 09
Price target raised to NT$100.00 Up from NT$89.50, the current price target is an average from 2 analysts. The new target price is 15% above the current share price of NT$86.60. As of last close, the stock is down 8.8% over the past year. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS NT$1.54 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$2.01b (down 85% from 3Q 2019). Net income: NT$425.4m (down 83% from 3Q 2019). Profit margin: 21% (up from 19% in 3Q 2019). The increase in margin was driven by lower expenses. 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 8% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 07
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 18%.