New Risk • May 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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. Profit margins are more than 30% lower than last year (38% net profit margin). Market cap is less than US$100m (NT$2.39b market cap, or US$76.1m). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: NT$0.59 (vs NT$0.73 in 1Q 2025) First quarter 2026 results: EPS: NT$0.59 (down from NT$0.73 in 1Q 2025). Revenue: NT$75.9m (down 44% from 1Q 2025). Net income: NT$54.2m (down 19% from 1Q 2025). Profit margin: 71% (up from 49% in 1Q 2025). The increase in margin was driven by lower expenses. 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 6% per year, which means it is significantly lagging earnings growth. New Risk • Mar 27
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (36% net profit margin). Market cap is less than US$100m (NT$2.57b market cap, or US$80.4m). Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$3.21 (vs NT$1.75 in FY 2024) Full year 2025 results: EPS: NT$3.21 (up from NT$1.75 in FY 2024). Revenue: NT$813.1m (up NT$715.0m from FY 2024). Net income: NT$295.7m (up 84% from FY 2024). Profit margin: 36% (down from 164% in FY 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Ascent Development Co., Ltd., Annual General Meeting, Jun 17, 2026 Ascent Development Co., Ltd., Annual General Meeting, Jun 17, 2026. Location: b2 floor no,108, sec.1 tun hua s. rd., taipei city Taiwan Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$31.20, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 13x in the Retail Distributors industry in Taiwan. Total returns to shareholders of 52% over the past three years. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$0.87 (vs NT$0.38 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.87 (up from NT$0.38 in 3Q 2024). Revenue: NT$282.6m (up NT$268.7m from 3Q 2024). Net income: NT$80.2m (up 131% from 3Q 2024). Profit margin: 28% (down from 248% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 21% 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 • Aug 13
Second quarter 2025 earnings released: EPS: NT$0.49 (vs NT$0.13 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.49 (up from NT$0.13 in 2Q 2024). Revenue: NT$96.9m (up 213% from 2Q 2024). Net income: NT$45.2m (up 288% from 2Q 2024). Profit margin: 47% (up from 38% in 2Q 2024). 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 whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Jul 28
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 04 August 2025. Payment date: 09 September 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.4%). Declared Dividend • Jul 10
Dividend of NT$0.30 announced Dividend of NT$0.30 is the same as last year. Ex-date: 4th August 2025 Payment date: 9th September 2025 Dividend yield will be 1.0%, which is lower than the industry average of 5.2%. Announcement • Jun 20
Ascent Development Co., Ltd. Approves the Election of Hung, Sheu as Director Ascent Development Co., Ltd. at its shareholders' meeting held on June 19, 2025, approved the election of representative of Yuan-Zhong Co., Ltd.: Hung, Sheu as Director. New Risk • May 14
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: 88% Last year net profit margin: 130% 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 Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (88% net profit margin). Market cap is less than US$100m (NT$2.88b market cap, or US$94.9m). Announcement • May 01
Ascent Development Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 Ascent Development Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.74 (vs NT$2.00 in FY 2023) Full year 2024 results: EPS: NT$1.74 (down from NT$2.00 in FY 2023). Net income: NT$160.5m (down 13% from FY 2023). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. Announcement • Jan 04
Ascent Development Co., Ltd. Announces Change of CFO and Chief Accounting Officer for Subsidiary, Hanlin Development Co.,Ltd Ascent Development Co., Ltd. appointed Tan Tai Ling-Jung/Deputy Manager /Finance and Accounting Supervisor as Chief Financial Officer in place of Yeh, Ping-Hui/Manager/Finance and Accounting Supervisor for Subsidiary, Hanlin Development Co.,Ltd. Reason for the change: position adjustment. Effective date is January 3, 2025. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (NT$2.90b market cap, or US$89.2m). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: NT$0.38 (vs NT$0.27 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.38 (up from NT$0.27 in 3Q 2023). Net income: NT$34.7m (up 38% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Oct 30
Ascent Development Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Ascent Development Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 38% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 38% per year over the past 5 years. Minor Risks Revenue is less than US$5m (NT$153m revenue, or US$4.7m). Market cap is less than US$100m (NT$3.03b market cap, or US$93.9m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.13 (vs NT$0.56 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.13 (down from NT$0.56 in 2Q 2023). Revenue: NT$31.0m (up 51% from 2Q 2023). Net income: NT$11.6m (down 78% from 2Q 2023). Profit margin: 38% (down from 252% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Ascent Development Co., Ltd. to Report Q2, 2024 Results on Aug 12, 2024 Ascent Development Co., Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 31
Upcoming dividend of NT$0.30 per share Eligible shareholders must have bought the stock before 07 August 2024. Payment date: 09 September 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (4.4%). Lower than average of industry peers (3.4%). New Risk • May 20
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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Revenue is less than US$5m (NT$142m revenue, or US$4.4m). Market cap is less than US$100m (NT$2.60b market cap, or US$80.7m). Reported Earnings • May 20
First quarter 2024 earnings released: EPS: NT$0.54 (vs NT$0.54 in 1Q 2023) First quarter 2024 results: EPS: NT$0.54 (up from NT$0.54 in 1Q 2023). Net income: NT$49.9m (flat on 1Q 2023). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 05
Ascent Development Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Ascent Development Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: NT$2.00 (vs NT$1.00 in FY 2022) Full year 2023 results: EPS: NT$2.00 (up from NT$1.00 in FY 2022). Revenue: NT$199.2m (down 65% from FY 2022). Net income: NT$184.4m (up 100% from FY 2022). Profit margin: 93% (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 89% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Mar 15
Ascent Development Co., Ltd., Annual General Meeting, Jun 27, 2024 Ascent Development Co., Ltd., Annual General Meeting, Jun 27, 2024. Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: NT$20.5m (down 93% from 2Q 2022). Net income: NT$51.7m (up 149% from 2Q 2022). Upcoming Dividend • Jul 10
Upcoming dividend of NT$0.30 per share at 1.3% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.0%). Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Supervisor Hsiu-Yuan Lin is the most experienced director on the board, commencing their role in 2018. Independent Director Teng-Cheng Liu 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. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 22% share price gain to NT$23.90, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 10x in the Retail Distributors industry in Taiwan. Total loss to shareholders of 5.5% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.042 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.23 (up from NT$0.042 loss in 2Q 2021). Net income: NT$20.8m (up NT$24.7m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 16
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 29 July 2022. Trailing yield: 1.0%. Lower than top quartile of Taiwanese dividend payers (6.0%). Lower than average of industry peers (4.7%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.31 (vs NT$0.33 in 1Q 2021) First quarter 2022 results: EPS: NT$0.31 (down from NT$0.33 in 1Q 2021). Net income: NT$28.7m (down 4.8% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Hung-Mao Tien was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 07
Chuwa Wool Industry Co., (Taiwan) Ltd., Annual General Meeting, Jun 23, 2022 Chuwa Wool Industry Co., (Taiwan) Ltd., Annual General Meeting, Jun 23, 2022. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: NT$1.39 (vs NT$2.65 loss in FY 2020) Full year 2021 results: EPS: NT$1.39 (up from NT$2.65 loss in FY 2020). Net income: NT$128.3m (up NT$371.8m from FY 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$0.51 (vs NT$0.28 in 3Q 2020) Third quarter 2021 results: Net income: NT$46.8m (up 81% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: NT$0.04 loss per share (vs NT$0.25 loss in 2Q 2020) Second quarter 2021 results: Net loss: NT$3.89m (loss narrowed 83% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.33 (vs NT$0.084 loss in 1Q 2020) First quarter 2021 results: Net income: NT$30.1m (up NT$37.8m from 1Q 2020). 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 21% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$2.65 loss per share (vs NT$10.46 profit in FY 2019) Full year 2020 results: Net loss: NT$243.5m (down 125% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 28
New 90-day low: NT$25.60 The company is down 2.0% from its price of NT$26.00 on 30 October 2020. The Taiwanese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: NT$29.15 The company is up 3.0% from its price of NT$28.30 on 30 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 10.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.28 Third quarter 2020 results: Revenue: NT$19.7m (down 39% from 3Q 2019). Net income: NT$25.9m (up NT$25.1m from 3Q 2019). 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 12% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 20
New 90-day low: NT$27.20 The company is down 29% from its price of NT$38.30 on 22 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 Retail Distributors industry, which is up 4.0% over the same period.