Price Target Changed • Jun 26
Price target decreased by 10.0% to NT$72.00 Down from NT$80.00, the current price target is provided by 1 analyst. New target price is 12% above last closing price of NT$64.10. Stock is down 1.8% over the past year. The company posted earnings per share of NT$7.45 last year. Upcoming Dividend • Jun 18
Upcoming dividend of NT$5.50 per share Eligible shareholders must have bought the stock before 25 June 2026. Payment date: 17 July 2026. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Taiwanese dividend payers (4.9%). Higher than average of industry peers (5.5%). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$1.76 (vs NT$0.24 loss in 1Q 2025) First quarter 2026 results: EPS: NT$1.76 (up from NT$0.24 loss in 1Q 2025). Revenue: NT$5.66b (up NT$5.03b from 1Q 2025). Net income: NT$1.38b (up NT$1.57b from 1Q 2025). Profit margin: 24% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue is expected to decline by 16% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 16%. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Declared Dividend • Mar 16
Dividend of NT$5.50 announced Shareholders will receive a dividend of NT$5.50. Ex-date: 25th June 2026 Payment date: 17th July 2026 Dividend yield will be 8.1%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$7.45 (vs NT$4.32 in FY 2024) Full year 2025 results: EPS: NT$7.45 (up from NT$4.32 in FY 2024). Revenue: NT$31.2b (up 39% from FY 2024). Net income: NT$5.83b (up 73% from FY 2024). Profit margin: 19% (up from 15% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.0% 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 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 13
Farglory Land Development Co., Ltd., Annual General Meeting, May 29, 2026 Farglory Land Development Co., Ltd., Annual General Meeting, May 29, 2026. Location: b1 floor no,200, sec.1 chi lung rd., sinyi district, taipei city Taiwan Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$71.80, the stock trades at a trailing P/E ratio of 27.3x. Average forward P/E is 6x in the Real Estate industry in Taiwan. Total returns to shareholders of 43% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$2.32 (vs NT$1.53 in 3Q 2024) Third quarter 2025 results: EPS: NT$2.32 (up from NT$1.53 in 3Q 2024). Revenue: NT$8.70b (down 2.8% from 3Q 2024). Net income: NT$1.82b (up 52% from 3Q 2024). Profit margin: 21% (up from 13% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% 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 17
Second quarter 2025 earnings released: NT$0.34 loss per share (vs NT$1.33 profit in 2Q 2024) Second quarter 2025 results: NT$0.34 loss per share (down from NT$1.33 profit in 2Q 2024). Revenue: NT$325.1m (down 94% from 2Q 2024). Net loss: NT$268.8m (down 126% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 19
Upcoming dividend of NT$2.10 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 17 July 2025. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Taiwanese dividend payers (5.2%). Higher than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$72.60, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 38% over the past three years. Reported Earnings • May 16
First quarter 2025 earnings released: NT$0.24 loss per share (vs NT$0.56 profit in 1Q 2024) First quarter 2025 results: NT$0.24 loss per share (down from NT$0.56 profit in 1Q 2024). Revenue: NT$630.5m (down 81% from 1Q 2024). Net loss: NT$190.3m (down 144% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% 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. Announcement • May 06
Farglory Land Development Co., Ltd. to Report Q1, 2025 Results on May 13, 2025 Farglory Land Development Co., Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$56.90, the stock trades at a trailing P/E ratio of 13.2x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 2.7% over the past three years. Declared Dividend • Mar 15
Final dividend of NT$2.10 announced Shareholders will receive a dividend of NT$2.10. Ex-date: 26th June 2025 Payment date: 17th July 2025 Dividend yield will be 3.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 06
Farglory Land Development Co., Ltd. to Report Fiscal Year 2024 Results on Mar 13, 2025 Farglory Land Development Co., Ltd. announced that they will report fiscal year 2024 results on Mar 13, 2025 Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$81.40, the stock trades at a trailing P/E ratio of 13.6x. Average forward P/E is 8x in the Real Estate industry in Taiwan. Total returns to shareholders of 59% over the past three years. New Risk • Dec 12
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 Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$1.53 (vs NT$0.77 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.53 (up from NT$0.77 in 3Q 2023). Revenue: NT$8.95b (up 80% from 3Q 2023). Net income: NT$1.20b (up 98% from 3Q 2023). Profit margin: 13% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 48% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 19% 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. Announcement • Nov 05
Farglory Land Development Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Farglory Land Development Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Upcoming Dividend • Oct 24
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 31 October 2024. Payment date: 21 November 2024. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 6.5%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.2%). Declared Dividend • Sep 22
First half dividend of NT$1.00 announced Shareholders will receive a dividend of NT$1.00. Ex-date: 31st October 2024 Payment date: 21st November 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Sep 21
Farglory Land Development Co., Ltd. Announces Cash Dividends for the First Half of 2024, Payable on November 21, 2024 Farglory Land Development Co., Ltd. announced cash dividends for the first half of 2024, Type and monetary amount of common stock dividend distribution: Dividend Paid in cash at TWD 1 per share with total amount at TWD 781,596,241 Ex-rights (ex-dividend) trading date: October 31, 2024. Last date before book closure: November 1, 2024 . Book closure starting date: November 2, 2024 . Book closure ending date: November 6, 2024 . Ex-rights (ex-dividend) record date: November 6, 2024. Payment date of common stock cash dividend distribution: November 21, 2024. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$1.33 (vs NT$0.01 in 2Q 2023) Second quarter 2024 results: EPS: NT$1.33 (up from NT$0.01 in 2Q 2023). Revenue: NT$5.35b (up 428% from 2Q 2023). Net income: NT$1.04b (up NT$1.03b from 2Q 2023). Profit margin: 19% (up from 0.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.6% to NT$83.30. The fair value is estimated to be NT$68.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 13%. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$71.40, the stock trades at a trailing P/E ratio of 18.3x. Average forward P/E is 9x in the Real Estate industry in Taiwan. Total returns to shareholders of 58% over the past three years. Announcement • Aug 06
Farglory Land Development Co., Ltd. to Report Q2, 2024 Results on Aug 13, 2024 Farglory Land Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 13, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 12 July 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (2.6%). Announcement • Jun 08
Farglory Land Development Co., Ltd. Announces Changes to the Members of Audit Committee and Remuneration Committee Farglory Land Development Co., Ltd. appointed Wang Pei Hsuan/Partner and CPA, Ensure & Co., CPAs as Member of Audit Committee and Remuneration Committee in place of Chen Xiu Zu. Effective date of the new member on June 7, 2024. New Risk • Jun 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 6.5% 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 (3.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 115% Cash payout ratio: 355% Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$94.90, the stock trades at a trailing P/E ratio of 24.3x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 114% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.56 (vs NT$1.41 in 1Q 2023) First quarter 2024 results: EPS: NT$0.56 (down from NT$1.41 in 1Q 2023). Revenue: NT$3.31b (down 43% from 1Q 2023). Net income: NT$437.4m (down 60% from 1Q 2023). Profit margin: 13% (down from 19% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Real Estate industry in Asia. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$80.60, the stock trades at a trailing P/E ratio of 16.9x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 82% over the past three years. Buy Or Sell Opportunity • May 02
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to NT$80.60. The fair value is estimated to be NT$63.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Earnings per share has declined by 3.4%. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$4.76 (vs NT$7.05 in FY 2022) Full year 2023 results: EPS: NT$4.76 (down from NT$7.05 in FY 2022). Revenue: NT$21.8b (down 18% from FY 2022). Net income: NT$3.72b (down 33% from FY 2022). Profit margin: 17% (down from 21% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Declared Dividend • Mar 17
Dividend of NT$2.50 announced Shareholders will receive a dividend of NT$2.50. Ex-date: 18th June 2024 Payment date: 12th July 2024 Dividend yield will be 6.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.3% to bring the payout ratio under control, which is less than the 11% EPS growth achieved over the last 5 years. Announcement • Mar 16
Farglory Land Development Co., Ltd., Annual General Meeting, Jun 07, 2024 Farglory Land Development Co., Ltd., Annual General Meeting, Jun 07, 2024. Location: 32F, No.1 Songgao Road Taipei Taiwan Agenda: To consider Business report for year 2023; to consider audit Committee's Review Report on the 2023 Financial Statements; to report of Employee bonus and compensation of directors for year 2023; to report of appropriations of earnings in cash dividends to shareholders for year 2023; to report of endorsement and guarantee for year 2023; and to consider election of directors. Announcement • Dec 26
Farglory Land Development Co., Ltd. Announces the Change of President Farglory Land Development Co., Ltd. announced the resignation of Tang Chia Feng as President. Wang Yao Tang appointed as President. Effective date of the new appointment is January 1, 2024. Upcoming Dividend • Oct 24
Upcoming dividend of NT$1.00 per share at 8.3% yield Eligible shareholders must have bought the stock before 31 October 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 8.3%. Within top quartile of Taiwanese dividend payers (5.6%). Higher than average of industry peers (4.1%). Announcement • Sep 26
Farglory Land Development Co., Ltd. Announces Cash Dividends for the First Half of 2023, Payable on November 30, 2023 Farglory Land Development Co., Ltd. announced cash dividend of TWD 1 per share with total amount at TWD 781,596,241 for the first half of 2023. Ex-rights (ex-dividend) trading date is October 31, 2023. Ex-rights (ex-dividend) record date is November 6, 2023. Dividends distribution date is November 30, 2023. Announcement • Aug 17
Fu Yu Construction Co., Ltd. signed an agreement to acquire Land and buildings located at Beitun District, Taichung City from Farglory Land Development Co., Ltd. (TWSE:5522) for TWD 4 billion. Fu Yu Construction Co., Ltd. signed an agreement to acquire Land and buildings located at Beitun District, Taichung City from Farglory Land Development Co., Ltd. (TWSE:5522) for TWD 4 billion on August 15, 2023. Terms of delivery or payment is defined in the agreement signed by both parties. The profit from disposal is expected to be of TWD 0.5 billion. New Risk • Aug 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 277% Dividend yield: 8.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 277% Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: NT$0.01 (vs NT$1.30 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.01 (down from NT$1.30 in 2Q 2022). Revenue: NT$1.01b (down 79% from 2Q 2022). Net income: NT$7.90m (down 99% from 2Q 2022). Profit margin: 0.8% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. 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 9% per year, which means it is significantly lagging earnings growth. Announcement • Jun 11
Farglory Land Development Co., Ltd. Approves Cash Dividend for the Second Half of 2022 Farglory Land Development Co., Ltd. announced that at its AGM held on June 9, 2023, the shareholders approved the dividend paid in cash for the second half of 2022 with total amount at TWD 2,344,788,723. Upcoming Dividend • Jun 08
Upcoming dividend of NT$3.00 per share at 8.1% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 14 July 2023. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 8.1%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (5.2%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$7.04 (vs NT$7.78 in FY 2021) Full year 2022 results: EPS: NT$7.04 (down from NT$7.78 in FY 2021). Revenue: NT$26.6b (down 20% from FY 2021). Net income: NT$5.51b (down 9.4% from FY 2021). Profit margin: 21% (up from 18% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to NT$61.00 Up from NT$52.50, the current price target is provided by 1 analyst. New target price is 17% above last closing price of NT$52.30. Stock is down 23% over the past year. The company posted earnings per share of NT$7.78 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Xiu Zu Chen was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: NT$1.84 (vs NT$1.82 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.84 (up from NT$1.82 in 3Q 2021). Revenue: NT$6.70b (down 27% from 3Q 2021). Net income: NT$1.44b (flat on 3Q 2021). Profit margin: 21% (up from 16% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 11
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 18 October 2022. Payment date: 17 November 2022. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Taiwanese dividend payers (7.0%). Higher than average of industry peers (6.6%). Announcement • Sep 24
Farglory Land Development Co., Ltd. Announces Cash Dividends for the First Half of 2022, Payable on November 17, 2022 Farglory Land Development Co., Ltd. announced cash dividend of TWD 4.5 per share with total amount at TWD 1,563,192,482 for the first half of 2022. Ex-rights (ex-dividend) trading date is October 18, 2022. Ex-rights (ex-dividend) record date is October 24, 2022. Dividends distribution date is November 17, 2022. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: NT$1.30 (vs NT$1.18 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.30 (up from NT$1.18 in 2Q 2021). Revenue: NT$4.89b (down 3.2% from 2Q 2021). Net income: NT$1.02b (up 10.0% from 2Q 2021). Profit margin: 21% (up from 18% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of NT$4.50 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (6.0%). Higher than average of industry peers (5.6%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.88 (vs NT$0.97 in 1Q 2021) First quarter 2022 results: EPS: NT$1.88 (up from NT$0.97 in 1Q 2021). Revenue: NT$6.89b (up 73% from 1Q 2021). Net income: NT$1.47b (up 93% from 1Q 2021). Profit margin: 21% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to NT$61.00 Up from NT$52.50, the current price target is provided by 1 analyst. New target price is 9.5% below last closing price of NT$67.40. Stock is up 16% over the past year. The company posted earnings per share of NT$7.78 last year. 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. 5 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Xiu Chen was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: NT$7.78 (vs NT$4.86 in FY 2020) Full year 2021 results: EPS: NT$7.78 (up from NT$4.86 in FY 2020). Revenue: NT$33.1b (up 23% from FY 2020). Net income: NT$6.08b (up 59% from FY 2020). Profit margin: 18% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% 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 • Nov 15
Third quarter 2021 earnings released: EPS NT$1.82 (vs NT$1.59 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$9.14b (up 34% from 3Q 2020). Net income: NT$1.42b (up 15% from 3Q 2020). Profit margin: 16% (down from 18% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 07
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 14 October 2021. Payment date: 18 November 2021. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.6%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.19 (vs NT$0.86 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$5.05b (up 8.7% from 2Q 2020). Net income: NT$924.3m (up 36% from 2Q 2020). Profit margin: 18% (up from 15% 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 31% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Executive Departure • Jul 02
Manager & Chief Accounting Officer Christ Lu has left the company On the 25th of June, Christ Lu's tenure as Manager & Chief Accounting Officer ended. We don't have any record of a personal shareholding under Christ's name. Christ is the only executive to leave the company over the last 12 months. Upcoming Dividend • Jun 10
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 17 June 2021. Payment date: 16 July 2021. Trailing yield: 7.9%. 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: EPS NT$0.97 (vs NT$0.27 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$3.97b (down 28% from 1Q 2020). Net income: NT$760.8m (up 249% from 1Q 2020). Profit margin: 19% (up from 3.9% in 1Q 2020). 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 16% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Farglory Land Development Co., Ltd. Announces Cash Dividends for the Second Half of 2020, Payable on July 16, 2021 Farglory Land Development Co., Ltd. announced cash dividends for the second half of 2020 of TWD 3.5 per share with total amount at TWD 2,735,586,843. The dividend will be payable on July 16, 2021 with Ex-rights (ex-dividend) record date of June 23, 2021 and Ex-rights (ex-dividend) trading date of June 17, 2021. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS NT$4.86 (vs NT$3.89 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$26.8b (up 30% from FY 2019). Net income: NT$3.84b (up 22% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 20% per year. Announcement • Dec 26
Farglory Land Development Co., Ltd. Update the Board Passes Construction Contract Farglory Land Development Co., Ltd. update the board passed construction contract, with land bank located in Sec. San-Min, Taoyuan District, Taoyuan City. The contract amount is TWD 596,949. Is New 90 Day High Low • Dec 25
New 90-day high: NT$57.00 The company is up 30% from its price of NT$44.00 on 25 September 2020. The Taiwanese market is up 16% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$18.97 per share. Is New 90 Day High Low • Nov 24
New 90-day high: NT$48.45 The company is up 5.0% from its price of NT$46.25 on 26 August 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it 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$1.59 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: NT$6.84b (up 20% from 3Q 2019). Net income: NT$1.24b (up 25% from 3Q 2019). Profit margin: 18% (in line with 3Q 2019). 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 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 14
Upcoming Dividend of NT$1.00 Per Share Will be paid on the 19th of November to those who are registered shareholders by the 21st of October. The trailing yield of 4.4% is below the top quartile of Taiwanese dividend payers (5.5%), and is lower than industry peers (5.0%). 
