Reported Earnings • Aug 08
Second quarter 2026 earnings released: EPS: NT$0.45 (vs NT$2.17 in 2Q 2025) Second quarter 2026 results: EPS: NT$0.45 (down from NT$2.17 in 2Q 2025). Revenue: NT$410.4m (down 69% from 2Q 2025). Net income: NT$86.7m (down 77% from 2Q 2025). Profit margin: 21% (down from 28% in 2Q 2025). 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 fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$38.85, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Real Estate industry in Asia. Total returns to shareholders of 11% over the past three years. Upcoming Dividend • Jul 16
Upcoming dividend of NT$5.05 per share Eligible shareholders must have bought the stock before 23 July 2026. Payment date: 21 August 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.8%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.6%). Declared Dividend • Jun 19
Dividend of NT$5.05 announced Shareholders will receive a dividend of NT$5.05. Ex-date: 23rd July 2026 Payment date: 21st August 2026 Dividend yield will be 11%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is not covered by earnings (101% 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 26% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. EPS is expected to grow by 44% over the next year, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 11
First quarter 2026 earnings released: NT$0.31 loss per share (vs NT$0.46 profit in 1Q 2025) First quarter 2026 results: NT$0.31 loss per share (down from NT$0.46 profit in 1Q 2025). Revenue: NT$72.6m (down 77% from 1Q 2025). Net loss: NT$60.7m (down 179% from profit in 1Q 2025). 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 7% per year, which means it is significantly lagging earnings growth. New Risk • Mar 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (19% increase in shares outstanding). Announcement • Mar 02
Hua Yu Lien Development Co., Ltd, Annual General Meeting, May 27, 2026 Hua Yu Lien Development Co., Ltd, Annual General Meeting, May 27, 2026, at 09:00 Taipei Standard Time. Location: 8 floor no,85, wen lung rd., fongshan district, kaohsiung city Taiwan Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: NT$5.39 (vs NT$15.32 in FY 2024) Full year 2025 results: EPS: NT$5.39 (down from NT$15.32 in FY 2024). Revenue: NT$3.89b (down 44% from FY 2024). Net income: NT$973.2m (down 58% from FY 2024). Profit margin: 25% (down from 34% 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 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: NT$3.25 (vs NT$9.56 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.25 (down from NT$9.56 in 3Q 2024). Revenue: NT$2.04b (down 50% from 3Q 2024). Net income: NT$605.1m (down 59% from 3Q 2024). Profit margin: 30% (down from 36% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: NT$2.17 (vs NT$4.41 in 2Q 2024) Second quarter 2025 results: EPS: NT$2.17 (down from NT$4.41 in 2Q 2024). Revenue: NT$1.34b (down 34% from 2Q 2024). Net income: NT$374.1m (down 42% from 2Q 2024). Profit margin: 28% (down from 32% 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 65% 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 • Jul 14
Upcoming dividend of NT$9.80 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 25 August 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.9%). Buy Or Sell Opportunity • Jul 07
Now 20% undervalued Over the last 90 days, the stock has risen 12% to NT$120. The fair value is estimated to be NT$149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 72%. Declared Dividend • Jun 21
Dividend of NT$10.12 announced Shareholders will receive a dividend of NT$10.12. Ex-date: 21st July 2025 Payment date: 25th August 2025 Dividend yield will be 8.7%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (50% 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 28% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 56% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to NT$121. The fair value is estimated to be NT$153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 72%. Buy Or Sell Opportunity • May 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$122. The fair value is estimated to be NT$153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 72%. New Risk • May 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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). High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (34% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Apr 30
Hua Yu Lien Development Co., Ltd to Report Q1, 2025 Results on May 07, 2025 Hua Yu Lien Development Co., Ltd announced that they will report Q1, 2025 results on May 07, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$106, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Real Estate industry in Asia. Total returns to shareholders of 114% over the past three years. Buy Or Sell Opportunity • Apr 07
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to NT$114. The fair value is estimated to be NT$153, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 72%. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: NT$19.93 (vs NT$8.86 in FY 2023) Full year 2024 results: EPS: NT$19.93 (up from NT$8.86 in FY 2023). Revenue: NT$6.96b (up 327% from FY 2023). Net income: NT$2.33b (up 146% from FY 2023). Profit margin: 34% (down from 58% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Hua Yu Lien Development Co., Ltd, Annual General Meeting, May 22, 2025 Hua Yu Lien Development Co., Ltd, Annual General Meeting, May 22, 2025. Location: 8 floor no,85, wen lung rd., fongshan district, kaohsiung city Taiwan Announcement • Feb 19
Hua Yu Lien Development Co., Ltd to Report Fiscal Year 2024 Results on Feb 26, 2025 Hua Yu Lien Development Co., Ltd announced that they will report fiscal year 2024 results on Feb 26, 2025 Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$143, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Real Estate industry in Taiwan. Total returns to shareholders of 226% over the past three years. 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 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 (6.5% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 31% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Debt is not well covered by operating cash flow (6.6% operating cash flow to total debt). Earnings are forecast to decline by an average of 31% per year for the foreseeable future. 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 (8.3% average weekly change). Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: NT$12.45 (vs NT$0.24 in 3Q 2023) Third quarter 2024 results: EPS: NT$12.45 (up from NT$0.24 in 3Q 2023). Revenue: NT$4.08b (up NT$3.89b from 3Q 2023). Net income: NT$1.48b (up NT$1.45b from 3Q 2023). Profit margin: 36% (up from 13% 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 67% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$141, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Real Estate industry in Asia. Total returns to shareholders of 262% over the past three years. Announcement • Oct 26
Hua Yu Lien Development Co., Ltd to Report Q3, 2024 Results on Nov 04, 2024 Hua Yu Lien Development Co., Ltd announced that they will report Q3, 2024 results on Nov 04, 2024 New Risk • Sep 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Taiwanese stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Share price has been highly volatile over the past 3 months (9.3% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (7.1% increase in shares outstanding). Announcement • Aug 02
Hua Yu Lien Development Co., Ltd to Report Q2, 2024 Results on Aug 09, 2024 Hua Yu Lien Development Co., Ltd announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jul 20
Upcoming dividend of NT$5.63 per share Eligible shareholders must have bought the stock before 26 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.6%). Declared Dividend • Jul 05
Dividend increased to NT$6.02 Dividend of NT$6.02 is 17% higher than last year. Ex-date: 26th July 2024 Payment date: 16th August 2024 Dividend yield will be 3.4%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (62% 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 23% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$178, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 19x in the Real Estate industry in Taiwan. Total returns to shareholders of 436% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$158, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 22x in the Real Estate industry in Taiwan. Total returns to shareholders of 381% over the past three years. New Risk • May 23
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 6.6% 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 (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Shareholders have been diluted in the past year (5.0% increase in shares outstanding). New Risk • May 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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). High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Reported Earnings • May 12
First quarter 2024 earnings released: NT$0.36 loss per share (vs NT$0.40 loss in 1Q 2023) First quarter 2024 results: NT$0.36 loss per share (improved from NT$0.40 loss in 1Q 2023). Revenue: NT$20.1m (down 12% from 1Q 2023). Net loss: NT$36.1m (loss narrowed 7.4% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 03
Hua Yu Lien Development Co., Ltd to Report Q1, 2024 Results on May 10, 2024 Hua Yu Lien Development Co., Ltd announced that they will report Q1, 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$136, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 23x in the Real Estate industry in Taiwan. Total returns to shareholders of 314% over the past three years. New Risk • Apr 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Announcement • Mar 21
Hua Yu Lien Development Co., Ltd, Annual General Meeting, Jun 19, 2024 Hua Yu Lien Development Co., Ltd, Annual General Meeting, Jun 19, 2024. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: NT$9.69 (vs NT$6.54 in FY 2022) Full year 2023 results: EPS: NT$9.69 (up from NT$6.54 in FY 2022). Revenue: NT$1.63b (down 59% from FY 2022). Net income: NT$945.9m (up 50% from FY 2022). Profit margin: 58% (up from 16% 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 23% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.7% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (6.7% net profit margin). Reported Earnings • Aug 15
Second quarter 2023 earnings released: NT$0.13 loss per share (vs NT$1.00 profit in 2Q 2022) Second quarter 2023 results: NT$0.13 loss per share (down from NT$1.00 profit in 2Q 2022). Revenue: NT$77.2m (down 90% from 2Q 2022). Net loss: NT$13.1m (down 114% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Jul 18
Upcoming dividend of NT$5.14 per share at 7.7% yield Eligible shareholders must have bought the stock before 25 July 2023. Payment date: 17 August 2023. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 7.7%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (4.5%). Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: NT$6.54 (vs NT$5.08 in FY 2021) Full year 2022 results: EPS: NT$6.54 (up from NT$5.08 in FY 2021). Revenue: NT$3.94b (up 53% from FY 2021). Net income: NT$630.6m (up 30% from FY 2021). Profit margin: 16% (down from 19% 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 24% per year whereas the company’s share price has increased by 19% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. No independent directors (7 non-independent directors). Vice President and Director Zhi Xue was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$5.06 (vs NT$0.91 in 3Q 2021) Third quarter 2022 results: EPS: NT$5.06 (up from NT$0.91 in 3Q 2021). Revenue: NT$2.46b (up 322% from 3Q 2021). Net income: NT$487.9m (up 459% from 3Q 2021). Profit margin: 20% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$1.00 (vs NT$3.61 in 2Q 2021) Second quarter 2022 results: EPS: NT$1.00 (down from NT$3.61 in 2Q 2021). Revenue: NT$778.4m (down 45% from 2Q 2021). Net income: NT$96.6m (down 72% from 2Q 2021). Profit margin: 12% (down from 24% 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 17% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Jul 19
Upcoming dividend of NT$4.15 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 19 August 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.7%. Lower than top quartile of Taiwanese dividend payers (6.8%). In line with average of industry peers (6.1%). Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: NT$0.49 loss per share (down from NT$0.87 profit in 1Q 2021). Revenue: NT$5.23m (down 99% from 1Q 2021). Net loss: NT$47.1m (down 157% from profit in 1Q 2021). Revenue missed analyst estimates by 12%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. No independent directors (7 non-independent directors). Vice President and Director Zhi Hong Xue was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.91 (vs NT$1.80 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$582.6m (down 31% from 3Q 2020). Net income: NT$87.3m (down 49% from 3Q 2020). Profit margin: 15% (down from 20% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$3.61 (vs NT$0.24 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.42b (up 408% from 2Q 2020). Net income: NT$344.8m (up NT$322.0m from 2Q 2020). Profit margin: 24% (up from 8.2% 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 5% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jul 26
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 26 August 2021. Trailing yield: 4.9%. Within top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (4.7%). Reported Earnings • May 09
First quarter 2021 earnings released: EPS NT$0.87 (vs NT$0.39 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$419.3m (up 7.3% from 1Q 2020). Net income: NT$83.3m (up 121% from 1Q 2020). Profit margin: 20% (up from 9.6% in 1Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$1.88 (vs NT$2.45 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$1.63b (down 21% from FY 2019). Net income: NT$179.6m (down 23% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 11
New 90-day high: NT$38.60 The company is up 2.0% from its price of NT$37.75 on 11 December 2020. The Taiwanese market is up 11% 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. Is New 90 Day High Low • Feb 02
New 90-day low: NT$37.30 The company is down 1.0% from its price of NT$37.55 on 04 November 2020. The Taiwanese market is up 19% 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 down 1.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: NT$39.05 The company is up 7.0% from its price of NT$36.50 on 20 August 2020. The Taiwanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$1.80 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$846.4m (up NT$744.3m from 3Q 2019). Net income: NT$171.9m (up NT$193.9m from 3Q 2019). Profit margin: 20% (up from net loss in 3Q 2019). The move to profitability 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 6% per year. 
