Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.16 (vs NT$0.08 in 1Q 2025) First quarter 2026 results: EPS: NT$0.16 (up from NT$0.08 in 1Q 2025). Revenue: NT$7.00b (up 36% from 1Q 2025). Net income: NT$256.9m (up 101% from 1Q 2025). Profit margin: 3.7% (up from 2.5% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 32% growth forecast for the Construction industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 23% 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 23% per year over the past 5 years. Tillkännagivande • Apr 17
Delpha Construction Co.,Ltd. (TWSE:2530) acquired an additional minority stake in BES Engineering Corporation (TWSE:2515). Delpha Construction Co.,Ltd. (TWSE:2530) acquired an additional minority stake in BES Engineering Corporation (TWSE:2515) on April 16, 2026. On completion, Delpha Construction Co.,Ltd. has now secured a 22% stake in the Company. This acquisition of equity signals Delpha's commitment to obtaining control and participating directly in BES management to force a long-overdue transition toward strengthened corporate governance and enhanced operational stability.
Delpha Construction Co.,Ltd. (TWSE:2530) completed the acquisition of an additional minority stake in BES Engineering Corporation (TWSE:2515) on April 16, 2026. Reported Earnings • Mar 17
Full year 2025 earnings released: EPS: NT$0.40 (vs NT$0.45 in FY 2024) Full year 2025 results: EPS: NT$0.40 (down from NT$0.45 in FY 2024). Revenue: NT$20.7b (down 13% from FY 2024). Net income: NT$635.9m (down 11% from FY 2024). Profit margin: 3.1% (up from 3.0% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Mar 13
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Wei-Kang Pan was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Feb 11
BES Engineering Corporation, Annual General Meeting, May 21, 2026 BES Engineering Corporation, Annual General Meeting, May 21, 2026, at 09:00 Taipei Standard Time. Location: 2 floor no,100, tun hua n. rd., songshan district, taipei city Taiwan 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$15.80, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 112% over the past three years. New Risk • Nov 19
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 7.0% 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.09 (vs NT$0.15 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.09 (down from NT$0.15 in 3Q 2024). Revenue: NT$4.87b (down 24% from 3Q 2024). Net income: NT$134.5m (down 46% from 3Q 2024). Profit margin: 2.8% (down from 3.9% 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 34% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$13.45, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 82% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.10 (vs NT$0.098 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.10. Revenue: NT$4.65b (down 11% from 2Q 2024). Net income: NT$149.4m (flat on 2Q 2024). Profit margin: 3.2% (up from 2.9% in 2Q 2024). The increase in margin was driven by lower expenses. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.08 (vs NT$0.072 in 1Q 2024) First quarter 2025 results: EPS: NT$0.08 (up from NT$0.072 in 1Q 2024). Revenue: NT$5.16b (up 4.9% from 1Q 2024). Net income: NT$128.0m (up 17% from 1Q 2024). Profit margin: 2.5% (up from 2.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 06
BES Engineering Corporation to Report Q1, 2025 Results on May 13, 2025 BES Engineering Corporation announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to NT$8.60, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 16x in the Construction industry in Taiwan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: NT$0.47 (vs NT$0.41 in FY 2023) Full year 2024 results: EPS: NT$0.47 (up from NT$0.41 in FY 2023). Revenue: NT$23.8b (up 26% from FY 2023). Net income: NT$717.2m (up 15% from FY 2023). Profit margin: 3.0% (down from 3.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Tillkännagivande • Feb 27
BES Engineering Corporation, Annual General Meeting, May 29, 2025 BES Engineering Corporation, Annual General Meeting, May 29, 2025, at 09:00 Taipei Standard Time. Location: 2 floor no,327, t`i ting ta tao, neihu district, taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.16 (vs NT$0.099 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.16 (up from NT$0.099 in 3Q 2023). Revenue: NT$6.36b (up 28% from 3Q 2023). Net income: NT$247.0m (up 62% from 3Q 2023). Profit margin: 3.9% (up from 3.1% in 3Q 2023). 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 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$0.10 (vs NT$0.11 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.10 (down from NT$0.11 in 2Q 2023). Revenue: NT$5.21b (up 7.4% from 2Q 2023). Net income: NT$150.5m (down 11% from 2Q 2023). Profit margin: 2.9% (down from 3.5% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$0.52 per share Eligible shareholders must have bought the stock before 12 August 2024. Payment date: 13 September 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.7%. Lower than top quartile of Taiwanese dividend payers (4.4%). In line with average of industry peers (3.5%). Tillkännagivande • Aug 03
BES Engineering Corporation to Report Q2, 2024 Results on Aug 12, 2024 BES Engineering Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Paying a dividend despite having no free cash flows. High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). New Risk • Jun 01
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Paying a dividend despite having no free cash flows. High level of non-cash earnings (20% accrual ratio). Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$0.07 (vs NT$0.068 in 1Q 2023) First quarter 2024 results: EPS: NT$0.07 (up from NT$0.068 in 1Q 2023). Revenue: NT$4.92b (up 24% from 1Q 2023). Net income: NT$109.7m (up 4.8% from 1Q 2023). Profit margin: 2.2% (down from 2.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. New Risk • May 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 6.6% 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 127% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Tillkännagivande • May 06
BES Engineering Corporation to Report Q1, 2024 Results on May 13, 2024 BES Engineering Corporation announced that they will report Q1, 2024 results on May 13, 2024 Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$15.95, the stock trades at a trailing P/E ratio of 39.1x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 105% over the past three years. New Risk • Mar 23
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 127% Paying a dividend despite having no free cash flows. High level of non-cash earnings (21% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.3% net profit margin). Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$0.41 (vs NT$0.54 in FY 2022) Full year 2023 results: EPS: NT$0.41 (down from NT$0.54 in FY 2022). Revenue: NT$19.0b (up 26% from FY 2022). Net income: NT$624.7m (down 24% from FY 2022). Profit margin: 3.3% (down from 5.4% in FY 2022). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 15
BES Engineering Corporation, Annual General Meeting, May 31, 2024 BES Engineering Corporation, Annual General Meeting, May 31, 2024. Tillkännagivande • Mar 06
BES Engineering Co. Announces Resignation of Chen,Wen-Ke as Institutional Director BES Engineering Co. announced resignation of Tian-Jing Investment Corporation Representative: Chen,Wen-Ke as institutional director due to considerations regarding strategic planning. Resignation letter on March 5, 2024, with effect from May 30, 2024. Tillkännagivande • Dec 29
BES Engineering Corporation Announces the Change of the Company's Financial Officer BES Engineering Corporation announced the change of the company's financial officer. Name, title, and resume of the previous position holder: Fang Ming Ching,Manager of Financial Dept. of BES. Name, title, and resume of the new position holder: You Li-Cheng,Manager of Financial Dept. of BES. The changes are effective from December 27, 2023. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$14.25, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 15x in the Construction industry in Taiwan. Total returns to shareholders of 70% over the past three years. Tillkännagivande • Dec 19
BES Engineering Corporation Announces the Change of the Financial Officer BES Engineering Corporation announced the change of the financial officer. Name, title, and resume of the previous position holder: Fang Ming Ching, Manager of Financial Dept. of BES. Name, title, and resume of the new position holder: You Li Cheng,Manager of Financial Dept. of BES. Effective date: December 18, 2023. New Risk • Nov 28
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (3.6% net profit margin). Tillkännagivande • Oct 27
BES Engineering Corporation Announces the Change of Corporate Governance Officer BES Engineering Corporation announced the change of corporate governance officer. Name, title, and resume of the previous position holder: Fang Ming Ching, Former Manager of Financial Dept. of the BES. Name, title, and resume of the new position holder: Su Yu-Min, Manager of Accounting Dept. of BES. Reason for the change: The position of Corporate Governance Manager is held by Mr. Su Yu-Min, the Manager of the Accounting Dept. Effective date: October 25, 2023. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$11.65, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 12x in the Construction industry in Taiwan. Total returns to shareholders of 78% over the past three years. New Risk • Aug 24
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 133% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: NT$0.11 (vs NT$0.035 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.11 (up from NT$0.035 in 2Q 2022). Revenue: NT$4.85b (up 71% from 2Q 2022). Net income: NT$168.1m (up 213% from 2Q 2022). Profit margin: 3.5% (up from 1.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of NT$0.53 per share at 4.7% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 23 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (5.4%). Tillkännagivande • Jul 06
BES Engineering Corporation Announces Appointment of Compensation Committee Members BES Engineering Corporation Board of Directors resolved to appoint the 5th Term of Compensation Committee member. Name and resume of the previous position holder: LU,HANYI-YI, Independent Director of BES Engineering Corporation. KO,SHU-JEN, Independent Director of BES Engineering Corporation. HUANG,CHAO-SUNG, Adjunct professor of Shih Hsin University. Name and resume of the new position holder: Ko,Shu-Jen, Independent Director of BES Engineering Corporation. Chang,Pan Independent Director of BES Engineering Corporation. Liu,Deng,Cheng Independent Director of BES Engineering Corporation. Effective date of the new member is June 28, 2023. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$11.15, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 11x in the Construction industry in Taiwan. Total returns to shareholders of 81% over the past three years. Tillkännagivande • Jan 19
BES Engineering Corporation Announces Change of Corporate Governance Officer BES Engineering Corporation announced Change of Corporate Governance Officer. Name, title, and resume of the previous position holder: Chen Kuo Hsien, The corporate governance officer of the BES. Name, title, and resume of the new position holder: Fang Ming Ching, The financial officer of the BES. Effective date: January 20, 2023. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: NT$0.07 (vs NT$0.09 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.07 (down from NT$0.09 in 3Q 2021). Revenue: NT$4.07b (down 13% from 3Q 2021). Net income: NT$100.8m (down 27% from 3Q 2021). Profit margin: 2.5% (down from 2.9% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Fan Chang was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Oct 22
BES Engineering Corporation Appoints Chuo Chih-Ming as Chief Information Security Officer BES Engineering Corporation appointed Chuo Chih-Ming as Chief Information Security Officer. Name, title, and resume of the new position holder: Chuo Chih-Ming, Chairman and CEO also served as General Manager of BES. Effective date is October 21, 2022. Tillkännagivande • Sep 18
BES Engineering Corporation Announces CEO Changes BES Engineering Corporation announced CEO changes. Name, title, and resume of the previous position holder: Chen, Ruey-Long, The chairman of the company. Name, title, and resume of the new position holder: Chuo,Chih-Ming. The director of the company. Reason for the change: The chairman serving concurrently as the chief executive officer. Effective date of this change is September 16, 2022. Tillkännagivande • Sep 17
BES Engineering Corporation Announces Change of Chairman of Board BES Engineering Corporation announced appointment of Chou, Chih-Ming, Former President of Mudgee Park, Director of reRubber, LLC (U.S.A) as chairman of the board in place of Chen, Ruey-Long. Effective date of the new appointment is September 16, 2022. Upcoming Dividend • Sep 15
Upcoming dividend of NT$0.53 per share Eligible shareholders must have bought the stock before 22 September 2022. Payment date: 24 October 2022. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 5.9%. Lower than top quartile of Taiwanese dividend payers (6.6%). In line with average of industry peers (5.6%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.04 (vs NT$0.046 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.04 (down from NT$0.046 in 2Q 2021). Revenue: NT$2.83b (down 27% from 2Q 2021). Net income: NT$53.7m (down 23% from 2Q 2021). Profit margin: 1.9% (up from 1.8% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 15
BES Engineering Corporation Announces Resignation of Hui-Lan Chu as Representative of Institutional Director BES Engineering Corporation announced the resignation of Hui-Lan Chu as representative of Institutional Director, with effect from June 14, 2022. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$0.28 (vs NT$0.057 in 1Q 2021) First quarter 2022 results: EPS: NT$0.28 (up from NT$0.057 in 1Q 2021). Revenue: NT$3.68b (down 4.2% from 1Q 2021). Net income: NT$434.5m (up 398% from 1Q 2021). Profit margin: 12% (up from 2.3% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 4% 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 not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Fan Chang was the last independent director to join the board, commencing their role in 2017. 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 15
Third quarter 2021 earnings released: EPS NT$0.09 (vs NT$0.084 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: NT$4.68b (up 37% from 3Q 2020). Net income: NT$138.0m (up 7.7% from 3Q 2020). Profit margin: 2.9% (down from 3.7% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 15
Upcoming dividend of NT$0.23 per share Eligible shareholders must have bought the stock before 22 September 2021. Payment date: 22 October 2021. Trailing yield: 2.6%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (4.8%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.18 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: NT$3.88b (up 14% from 2Q 2020). Net income: NT$69.9m (down 74% from 2Q 2020). Profit margin: 1.8% (down from 8.0% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.06 (vs NT$0.003 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$3.84b (up 34% from 1Q 2020). Net income: NT$87.3m (up NT$83.1m from 1Q 2020). Profit margin: 2.3% (up from 0.1% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 16% share price gain to NT$11.05, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 60% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$0.40 (vs NT$0.20 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$13.5b (up 7.0% from FY 2019). Net income: NT$619.0m (up 98% from FY 2019). Profit margin: 4.6% (up from 2.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Tillkännagivande • Mar 18
BES Engineering Corporation, Annual General Meeting, Jun 16, 2021 BES Engineering Corporation, Annual General Meeting, Jun 16, 2021. Location: No.100,Dunhua N. Rd.,Songshan Dist Taipei Taiwan Agenda: To consider Business Report for 2020, audit Committee Report, 2020 report on compensation to Employee and Directors of the company; to consider the Status of Endorsement and Guarantee; to consider the Status of Acquisition and Disposal of Assets; to consider the Status of Impairment of Assets; to consider acknowledge of the Company's 2020 business report and financial statements; to consider acknoeledge of Earnings Distribution for 2020; and to consider other matters. Is New 90 Day High Low • Dec 25
New 90-day high: NT$9.70 The company is up 30% from its price of NT$7.46 on 25 September 2020. The Taiwanese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 17% share price gain to NT$8.99, the stock is trading at a trailing P/E ratio of 26.8x, up from the previous P/E ratio of 23x. This compares to an average P/E of 16x in the Construction industry in Taiwan. Total returns to shareholders over the past three years are 21%. Is New 90 Day High Low • Nov 30
New 90-day high: NT$8.99 The company is up 10.0% from its price of NT$8.16 on 01 September 2020. The Taiwanese market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Construction industry, which is up 8.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.08 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$3.42b (up 8.4% from 3Q 2019). Net income: NT$128.1m (up NT$111.7m from 3Q 2019). Profit margin: 3.7% (up from 0.5% 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 2% per year whereas the company’s share price has increased by 3% per year. Is New 90 Day High Low • Oct 29
New 90-day low: NT$7.40 The company is down 1.0% from its price of NT$7.47 on 31 July 2020. The Taiwanese market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 10.0% over the same period.