Declared Dividend • Jun 25
Dividend reduced to NT$0.60 Dividend of NT$0.60 is 40% lower than last year. Ex-date: 9th July 2026 Payment date: 5th August 2026 Dividend yield will be 4.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not adequately covered by earnings (100% 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 2.3% 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 11% to bring the payout ratio under control. However, EPS has declined by 15% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: NT$0.16 (vs NT$0.11 in 1Q 2025) First quarter 2026 results: EPS: NT$0.16 (up from NT$0.11 in 1Q 2025). Revenue: NT$342.4m (down 1.1% from 1Q 2025). Net income: NT$45.0m (up 42% from 1Q 2025). Profit margin: 13% (up from 9.1% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.56 (vs NT$1.48 in FY 2024) Full year 2025 results: EPS: NT$0.56 (down from NT$1.48 in FY 2024). Revenue: NT$1.16b (down 48% from FY 2024). Net income: NT$158.5m (down 63% from FY 2024). Profit margin: 14% (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 fallen by 46% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Founding Construction Development Corp., Annual General Meeting, Jun 23, 2026 Founding Construction Development Corp., Annual General Meeting, Jun 23, 2026. Location: no,152, sec.1 ta t`ung rd., sijhih district, new taipei city Taiwan Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.06 (vs NT$0.89 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.06 (down from NT$0.89 in 3Q 2024). Revenue: NT$206.0m (down 83% from 3Q 2024). Net income: NT$18.3m (down 93% from 3Q 2024). Profit margin: 8.9% (down from 21% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Nov 12
New major risk - Revenue and earnings growth Earnings have declined by 3.5% 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 3.5% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.25 (vs NT$0.11 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.25 (up from NT$0.11 in 2Q 2024). Revenue: NT$376.5m (up 85% from 2Q 2024). Net income: NT$70.2m (up 129% from 2Q 2024). Profit margin: 19% (up from 15% 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 49% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Jun 12
Dividend reduced to NT$1.00 Dividend of NT$1.00 is 17% lower than last year. Ex-date: 26th June 2025 Payment date: 23rd July 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 70% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
First quarter 2025 earnings released: EPS: NT$0.11 (vs NT$0.15 in 1Q 2024) First quarter 2025 results: EPS: NT$0.11 (down from NT$0.15 in 1Q 2024). Revenue: NT$346.2m (up 41% from 1Q 2024). Net income: NT$31.6m (down 27% from 1Q 2024). Profit margin: 9.1% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • May 03
Founding Construction Development Corp. to Report Q1, 2025 Results on May 12, 2025 Founding Construction Development Corp. announced that they will report Q1, 2025 results on May 12, 2025 Buy Or Sell Opportunity • Apr 15
Now 21% overvalued Over the last 90 days, the stock has fallen 9.6% to NT$17.45. The fair value is estimated to be NT$14.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 31% over the last 3 years. Earnings per share has declined by 43%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$16.05, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total loss to shareholders of 5.3% over the past three years. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: NT$1.48 (vs NT$3.12 in FY 2023) Full year 2024 results: EPS: NT$1.48 (down from NT$3.12 in FY 2023). Revenue: NT$2.24b (down 41% from FY 2023). Net income: NT$423.0m (down 53% from FY 2023). Profit margin: 19% (down from 24% 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 43% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Mar 12
Founding Construction Development Corp., Annual General Meeting, Jun 10, 2025 Founding Construction Development Corp., Annual General Meeting, Jun 10, 2025, at 09:00 Taipei Standard Time. Location: no,152, sec.1 ta t`ung rd., sijhih district, new taipei city Taiwan Announcement • Mar 11
Founding Construction Development Corp. Proposes Cash Dividend for the Year Ended December 31, 2024 Founding Construction Development Corp. proposed cash dividends to shareholders of TWD 1 per share for the year ended December 31, 2024. Total amount of cash distributed to shareholders: TWD 285,244,944. Date of the board of directors resolution: March 10, 2025. Par value of common stock: TWD 10. Announcement • Mar 01
Founding Construction Development Corp. to Report Fiscal Year 2024 Results on Mar 10, 2025 Founding Construction Development Corp. announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.89 (vs NT$0.69 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.89 (up from NT$0.69 in 3Q 2023). Revenue: NT$1.19b (up 36% from 3Q 2023). Net income: NT$255.0m (up 29% from 3Q 2023). Profit margin: 21% (down from 23% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$20.05. The fair value is estimated to be NT$25.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 14%. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.11 (vs NT$0.81 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.11 (down from NT$0.81 in 2Q 2023). Revenue: NT$204.0m (down 81% from 2Q 2023). Net income: NT$30.7m (down 87% from 2Q 2023). Profit margin: 15% (down from 22% in 2Q 2023). The decrease in margin was driven by lower 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 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 12
Now 21% overvalued Over the last 90 days, the stock has fallen 10% to NT$22.15. The fair value is estimated to be NT$18.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has grown by 3.0%. Announcement • Aug 03
Founding Construction Development Corp. to Report Q2, 2024 Results on Aug 12, 2024 Founding Construction Development Corp. announced that they will report Q2, 2024 results on Aug 12, 2024 Declared Dividend • Jun 22
Dividend of NT$1.20 announced Dividend of NT$1.20 is the same as last year. Ex-date: 8th July 2024 Payment date: 2nd August 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.15 (vs NT$1.30 in 1Q 2023) First quarter 2024 results: EPS: NT$0.15 (down from NT$1.30 in 1Q 2023). Revenue: NT$245.7m (down 83% from 1Q 2023). Net income: NT$43.3m (down 88% from 1Q 2023). Profit margin: 18% (down from 26% in 1Q 2023). The decrease in margin was driven by lower 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 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 05
Founding Construction Development Corp. to Report Q1, 2024 Results on May 13, 2024 Founding Construction Development Corp. announced that they will report Q1, 2024 results on May 13, 2024 Announcement • Mar 26
Founding Construction Development Corp., Annual General Meeting, Jun 20, 2024 Founding Construction Development Corp., Annual General Meeting, Jun 20, 2024. Reported Earnings • Mar 16
Full year 2023 earnings released: EPS: NT$3.12 (vs NT$3.56 in FY 2022) Full year 2023 results: EPS: NT$3.12 (down from NT$3.56 in FY 2022). Revenue: NT$3.76b (down 22% from FY 2022). Net income: NT$889.5m (down 12% from FY 2022). Profit margin: 24% (up from 21% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
Founding Construction Development Corp. Proposes Cash Dividends for the Year Ended December 31, 2023 Founding Construction Development Corp. announced the board of directors proposed cash dividends of TWD 1.2 per share for the year ended December 31, 2023. Total amount of cash distributed to shareholders is TWD 342,293,933. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$24.30, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 17x in the Real Estate industry in Taiwan. Total returns to shareholders of 77% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$0.69 (vs NT$0.68 in 3Q 2022) Third quarter 2023 results: EPS: NT$0.69 (up from NT$0.68 in 3Q 2022). Revenue: NT$879.8m (up 20% from 3Q 2022). Net income: NT$197.6m (up 2.1% from 3Q 2022). Profit margin: 23% (down from 26% in 3Q 2022). 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.81 (vs NT$0.69 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.81 (up from NT$0.69 in 2Q 2022). Revenue: NT$1.06b (down 43% from 2Q 2022). Net income: NT$232.4m (up 17% from 2Q 2022). Profit margin: 22% (up from 11% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of NT$1.20 per share at 6.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (5.2%). Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: NT$3.56 (vs NT$3.72 in FY 2021) Full year 2022 results: EPS: NT$3.56 (down from NT$3.72 in FY 2021). Revenue: NT$4.82b (up 28% from FY 2021). Net income: NT$1.01b (down 4.4% from FY 2021). Profit margin: 21% (down from 28% in FY 2021). The decrease in margin was driven by higher expenses. 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 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.68 (vs NT$0.38 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.68 (up from NT$0.38 in 3Q 2021). Revenue: NT$735.1m (down 27% from 3Q 2021). Net income: NT$193.5m (up 78% from 3Q 2021). Profit margin: 26% (up from 11% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. 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 an independent director. The company's board is composed of: 1 new director. No experienced directors. 8 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Lung-Ping Hung was the last independent director to join the board, commencing their role in 2020. 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 13
Third quarter 2022 earnings released: EPS: NT$0.68 (vs NT$0.38 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.68 (up from NT$0.38 in 3Q 2021). Revenue: NT$735.1m (down 27% from 3Q 2021). Net income: NT$193.5m (up 78% from 3Q 2021). Profit margin: 26% (up from 11% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: NT$0.69 (vs NT$0.69 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.69 (up from NT$0.69 in 2Q 2021). Revenue: NT$1.87b (up 102% from 2Q 2021). Net income: NT$198.0m (flat on 2Q 2021). Profit margin: 11% (down from 21% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (6.0%). In line with average of industry peers (5.2%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$2.14 (vs NT$0.39 in 1Q 2021) First quarter 2022 results: EPS: NT$2.14 (up from NT$0.39 in 1Q 2021). Revenue: NT$2.01b (up 187% from 1Q 2021). Net income: NT$610.6m (up 445% from 1Q 2021). Profit margin: 30% (up from 16% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Lung-Ping Hung was the last independent director to join the board, commencing their role in 2020. 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 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$3.72 (up from NT$0.85 in FY 2020). Revenue: NT$3.77b (down 1.6% from FY 2020). Net income: NT$1.06b (up 337% from FY 2020). Profit margin: 28% (up from 6.3% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.38 (vs NT$0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$1.01b (up 65% from 3Q 2020). Net income: NT$109.0m (up 165% from 3Q 2020). Profit margin: 11% (up from 6.7% in 3Q 2020). The increase in margin was driven by higher 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 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.69 (vs NT$0.34 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$922.4m (down 35% from 2Q 2020). Net income: NT$196.4m (up 100% from 2Q 2020). Profit margin: 21% (up from 6.9% in 2Q 2020). The increase in margin was driven by lower expenses. 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 1% per year. Upcoming Dividend • Jun 04
Upcoming dividend of NT$0.60 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 09 July 2021. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (5.0%). Lower than average of industry peers (5.0%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.39 (vs NT$0.11 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$701.6m (up 188% from 1Q 2020). Net income: NT$112.1m (up NT$142.4m from 1Q 2020). Profit margin: 16% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Mar 19
Founding Construction & Development Co., Ltd., Annual General Meeting, Jun 10, 2021 Founding Construction & Development Co., Ltd., Annual General Meeting, Jun 10, 2021. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS NT$0.85 (vs NT$0.33 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.83b (up 135% from FY 2019). Net income: NT$242.8m (up 157% from FY 2019). Profit margin: 6.3% (up from 5.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 09
New 90-day high: NT$16.55 The company is up 3.0% from its price of NT$16.00 on 09 December 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Real Estate industry, which is also up 3.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.14 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$612.7m (up 61% from 3Q 2019). Net income: NT$41.1m (up 151% from 3Q 2019). Profit margin: 6.7% (up from 4.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 19
New 90-day high: NT$16.50 The company is up 3.0% from its price of NT$15.95 on 21 July 2020. The Taiwanese market is up 4.0% 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.