Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$81.80, the stock trades at a trailing P/E ratio of 25.4x. Average forward P/E is 14x in the Renewable Energy industry in Taiwan. Total loss to shareholders of 19% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.25 (vs NT$0.59 in 1Q 2025) First quarter 2026 results: EPS: NT$0.25 (down from NT$0.59 in 1Q 2025). Revenue: NT$1.42b (down 2.9% from 1Q 2025). Net income: NT$35.3m (down 57% from 1Q 2025). Profit margin: 2.5% (down from 5.6% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.25 (vs NT$0.59 in 1Q 2025) First quarter 2026 results: EPS: NT$0.25 (down from NT$0.59 in 1Q 2025). Revenue: NT$1.42b (down 2.9% from 1Q 2025). Net income: NT$35.3m (down 57% from 1Q 2025). Profit margin: 2.5% (down from 5.6% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Buy Or Sell Opportunity • Mar 20
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at NT$99.00. The fair value is estimated to be NT$80.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 71% in a year. Earnings are forecast to grow by 199% in the next year. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$3.59 (vs NT$9.72 in FY 2024) Full year 2025 results: EPS: NT$3.59 (down from NT$9.72 in FY 2024). Revenue: NT$8.78b (down 13% from FY 2024). Net income: NT$503.9m (down 58% from FY 2024). Profit margin: 5.7% (down from 12% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Mar 11
HD Renewable Energy Co., Ltd., Annual General Meeting, Jun 12, 2026 HD Renewable Energy Co., Ltd., Annual General Meeting, Jun 12, 2026. Location: no,127, sec.7 chung shan n. rd., shihlin district, taipei city Taiwan Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$113, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$202 per share. New Risk • Dec 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 6.3% 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 (52% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (8.6% net profit margin). Reported Earnings • Nov 18
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: NT$0.26 (down from NT$3.59 in 3Q 2024). Revenue: NT$2.05b (down 47% from 3Q 2024). Net income: NT$37.0m (down 92% from 3Q 2024). Profit margin: 1.8% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 34%. Earnings per share (EPS) also missed analyst estimates by 91%. Revenue is forecast to grow 61% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Renewable Energy industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$105, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$178 per share. New Risk • Oct 15
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 6.7% 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 (69% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$140, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Renewable Energy industry in Asia. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$180 per share. Buy Or Sell Opportunity • Aug 29
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to NT$150. The fair value is estimated to be NT$197, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 41% in a year. Earnings are forecast to grow by 42% in the next year. New Risk • Aug 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (71% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (16% increase in shares outstanding). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: NT$0.71 (down from NT$0.97 in 2Q 2024). Revenue: NT$1.89b (up 49% from 2Q 2024). Net income: NT$100.1m (down 13% from 2Q 2024). Profit margin: 5.3% (down from 9.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 76%. Revenue is forecast to grow 51% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Renewable Energy industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 12
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$15.6b to NT$12.5b. EPS estimate fell from NT$14.78 to NT$12.31 per share. Net income forecast to grow 45% next year vs 17% growth forecast for Renewable Energy industry in Taiwan. Consensus price target of NT$287 unchanged from last update. Share price was steady at NT$229 over the past week. Major Estimate Revision • Jun 06
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$15.7b to NT$12.5b. EPS estimate fell from NT$15.39 to NT$14.90 per share. Net income forecast to grow 59% next year vs 17% growth forecast for Renewable Energy industry in Taiwan. Consensus price target of NT$271 unchanged from last update. Share price was steady at NT$233 over the past week. Announcement • May 23
HD Renewable Energy Co., Ltd. announced that it has received funding HD Renewable Energy Co., Ltd. announced a private placement that it has issued Company's Second Unsecured Convertible Bonds to receive funding on May 21, 2025. New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (71% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: NT$0.68 (up from NT$0.45 in 1Q 2024). Revenue: NT$1.47b (up 66% from 1Q 2024). Net income: NT$81.5m (up 74% from 1Q 2024). Profit margin: 5.6% (up from 5.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 01
HD Renewable Energy Co., Ltd. to Report Q1, 2025 Results on May 08, 2025 HD Renewable Energy Co., Ltd. announced that they will report Q1, 2025 results on May 08, 2025 New Risk • Apr 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% 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 High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Apr 19
HD Renewable Energy Co., Ltd. announced a financing transaction HD Renewable Energy Co., Ltd. announced a private placement to issue not more than 15,000,000 shares on April 18, 2025. The transaction has been approved by shareholders and restricted to a hold period. New Risk • Apr 07
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 Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). New Risk • Apr 04
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 Risk High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Major Estimate Revision • Mar 31
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from NT$16.3b to NT$15.7b. EPS estimate also fell from NT$15.78 per share to NT$13.28 per share. Net income forecast to grow 36% next year vs 19% growth forecast for Renewable Energy industry in Taiwan. Consensus price target broadly unchanged at NT$271. Share price fell 6.7% to NT$201 over the past week. Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: NT$11.10 (up from NT$8.16 in FY 2023). Revenue: NT$10.1b (up 73% from FY 2023). Net income: NT$1.20b (up 47% from FY 2023). Profit margin: 12% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 34% per year. Upcoming Dividend • Mar 25
Upcoming dividend of NT$5.26 per share Eligible shareholders must have bought the stock before 01 April 2025. Payment date: 23 April 2025. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Taiwanese dividend payers (4.6%). Lower than average of industry peers (3.0%). Declared Dividend • Mar 07
Dividend of NT$5.50 announced Shareholders will receive a dividend of NT$5.50. Ex-date: 1st April 2025 Payment date: 23rd April 2025 Dividend yield will be 2.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (38% 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 27% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 70% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 18
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: NT$4.10 (up from NT$0.90 in 3Q 2023). Revenue: NT$3.85b (up 294% from 3Q 2023). Net income: NT$436.5m (up 371% from 3Q 2023). Profit margin: 11% (up from 9.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Renewable Energy industry in Asia. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$198, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 86% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$176 per share. Buy Or Sell Opportunity • Nov 11
Now 22% overvalued Over the last 90 days, the stock has fallen 9.7% to NT$215. The fair value is estimated to be NT$177, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 237% in 2 years. Earnings are forecast to grow by 221% in the next 2 years. Price Target Changed • Nov 08
Price target decreased by 8.9% to NT$323 Down from NT$355, the current price target is an average from 3 analysts. New target price is 55% above last closing price of NT$209. Stock is up 93% over the past year. The company is forecast to post earnings per share of NT$11.71 for next year compared to NT$8.16 last year. Buy Or Sell Opportunity • Sep 23
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 55% to NT$286. The fair value is estimated to be NT$220, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 237% in 2 years. Earnings are forecast to grow by 221% in the next 2 years. New Risk • Sep 10
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 Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Aug 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% 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: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: NT$1.10 (down from NT$1.43 in 2Q 2023). Revenue: NT$1.27b (down 12% from 2Q 2023). Net income: NT$114.8m (down 22% from 2Q 2023). Profit margin: 9.0% (down from 10% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.0%. Revenue is forecast to grow 50% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Asia. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to NT$203, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 78% over the past year. Announcement • Aug 02
HD Renewable Energy Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 HD Renewable Energy Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Announcement • Aug 01
HD Renewable Energy Co., Ltd. Appoints Chen Mingxin as New Senior Vice President, August 15, 2024 HD Renewable Energy Co., Ltd. announced that the company's New Senior Vice President. Name, title, and resume of the new position holder: Chen Mingxin/Senior vice president /Managing Director of Green Investment Group Limited of Macquarie Asset Management. Effective date is August 15, 2024. Major Estimate Revision • Jul 18
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from NT$11.7b to NT$10.7b. EPS estimate also fell from NT$14.03 per share to NT$12.29 per share. Net income forecast to grow 84% next year vs 27% growth forecast for Renewable Energy industry in Taiwan. Consensus price target up from NT$181 to NT$256. Share price rose 19% to NT$281 over the past week. Buy Or Sell Opportunity • Jul 01
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to NT$210. The fair value is estimated to be NT$159, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 110% in a year. Earnings are forecast to grow by 103% in the next year. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$208, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Renewable Energy industry in Asia. Total returns to shareholders of 78% over the past year. Simply Wall St's valuation model estimates the intrinsic value at NT$159 per share. Buy Or Sell Opportunity • Jun 24
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to NT$193. The fair value is estimated to be NT$159, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 110% in a year. Earnings are forecast to grow by 103% in the next year. Reported Earnings • May 19
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: NT$0.46 (down from NT$0.82 in 1Q 2023). Revenue: NT$883.6m (up 48% from 1Q 2023). Net income: NT$46.8m (down 36% from 1Q 2023). Profit margin: 5.3% (down from 12% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Renewable Energy industry in Asia. Announcement • May 02
HD Renewable Energy Co., Ltd. to Report Q1, 2024 Results on May 08, 2024 HD Renewable Energy Co., Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Announcement • Apr 19
HD Renewable Energy Co., Ltd. announced a financing transaction HD Renewable Energy Co., Ltd. announced a private placement of 15,000,000 common shares on April 17, 2024. The transaction has been approved by the shareholders of the company. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$186, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Renewable Energy industry in Asia. Total returns to shareholders of 43% over the past year. Upcoming Dividend • Mar 27
Upcoming dividend of NT$4.03 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 20
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: NT$8.36 (up from NT$8.18 in FY 2022). Revenue: NT$5.84b (up 15% from FY 2022). Net income: NT$815.4m (up 25% from FY 2022). Profit margin: 14% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Renewable Energy industry in Asia. Announcement • Mar 09
HD Renewable Energy Co., Ltd. Declares Year Dividend for the Year Ended December 31, 2023 HD Renewable Energy Co., Ltd. declared year dividend of TWD 4.08000000 per share or total amount of cash distributed to shareholders TWD 408,000,000, for the year ended December 31, 2023. Announcement • Mar 08
HD Renewable Energy Co., Ltd., Annual General Meeting, Jun 07, 2024 HD Renewable Energy Co., Ltd., Annual General Meeting, Jun 07, 2024. Location: International Conference Hall of Mellow Fields Hotel, (No. 127 Zhongshan North Road, Shilin District, Taipei City) Taipei City Taiwan Agenda: To approve Issue of new shares via capitalization of retained earnings; to acknowledge 2023 Business Report and Financial Statements ; to acknowledge the 2023 profits distribution proposal; to approve the business report of 2023; to approve Audit Committee's review on 2023 annual accounting final reports and statements; to approve The 2023 distribution of employees compensation and remuneration to directors; to approve The 2023 profits distribution of cash dividends; to approve The amendment of the Rules of Procedure for Board of Directors Meeting; to approve The results for the execution of the Domestic Unsecured Convertible Bond in 2023; and to consider other matters. Upcoming Dividend • Jul 10
Upcoming dividend of NT$4.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (1.8%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: NT$8.18 (vs NT$3.02 in FY 2021) Full year 2022 results: EPS: NT$8.18 (up from NT$3.02 in FY 2021). Revenue: NT$5.06b (up 89% from FY 2021). Net income: NT$650.1m (up 293% from FY 2021). Profit margin: 13% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$156, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 32x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 77% over the past year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$116, the stock trades at a trailing P/E ratio of 26.5x. Average trailing P/E is 26x in the Renewable Energy industry in Taiwan. Total returns to shareholders of 37% over the past year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 16% share price gain to NT$102, the stock trades at a trailing P/E ratio of 24.7x. Average forward P/E is 14x in the Renewable Energy industry in Taiwan.