Reported Earnings • May 18
First quarter 2026 earnings released: EPS: NT$0.58 (vs NT$0.56 in 1Q 2025) First quarter 2026 results: EPS: NT$0.58 (up from NT$0.56 in 1Q 2025). Revenue: NT$677.0m (down 9.5% from 1Q 2025). Net income: NT$127.9m (up 4.7% from 1Q 2025). Profit margin: 19% (up from 16% 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 10% per year and the company’s share price has also increased by 10% per year. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: NT$4.96 (vs NT$3.90 in FY 2024) Full year 2025 results: EPS: NT$4.96 (up from NT$3.90 in FY 2024). Revenue: NT$5.45b (down 13% from FY 2024). Net income: NT$1.09b (up 27% from FY 2024). Profit margin: 20% (up from 14% 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 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Mar 12
LongDa Construction & Development Corporation, Annual General Meeting, May 28, 2026 LongDa Construction & Development Corporation, Annual General Meeting, May 28, 2026, at 10:30 Taipei Standard Time. Location: 26- floor no,6, min ch`uan 2nd rd., cianjhen district, kaohsiung city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$3.52 (vs NT$0.17 in 3Q 2024) Third quarter 2025 results: EPS: NT$3.52 (up from NT$0.17 in 3Q 2024). Revenue: NT$3.31b (up NT$2.82b from 3Q 2024). Net income: NT$770.6m (up NT$732.2m from 3Q 2024). Profit margin: 23% (up from 7.8% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.23 (vs NT$0.48 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.23 (down from NT$0.48 in 2Q 2024). Revenue: NT$401.0m (down 45% from 2Q 2024). Net income: NT$51.2m (down 51% from 2Q 2024). Profit margin: 13% (down from 14% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Declared Dividend • May 31
Dividend increased to NT$3.00 Dividend of NT$3.00 is 36% higher than last year. Ex-date: 17th June 2025 Payment date: 18th July 2025 Dividend yield will be 8.5%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (92% 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 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.7% to bring the payout ratio under control, which is less than the 8.8% EPS growth achieved over the last 5 years. Tillkännagivande • May 30
LongDa Construction & Development Corporation Announces Cash Dividends, Payable on July 18, 2025 LongDa Construction & Development Corporation announced cash dividends on common shares of TWD 657,591,540, TWD 3 per share. Date of the resolution by the board of directors or shareholders meeting or decision by the Company: May 29, 2025 . Ex-rights (ex-dividend) trading date is June 17, 2025. Ex-rights (ex-dividend) record date is June 23, 2025. Payment date of common stock cash dividend distribution is July 18, 2025. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: NT$0.56 (vs NT$1.22 in 1Q 2024) First quarter 2025 results: EPS: NT$0.56 (down from NT$1.22 in 1Q 2024). Revenue: NT$747.9m (down 69% from 1Q 2024). Net income: NT$122.2m (down 54% from 1Q 2024). Profit margin: 16% (up from 11% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 01
LongDa Construction & Development Corporation to Report Q1, 2025 Results on May 08, 2025 LongDa Construction & Development Corporation announced that they will report Q1, 2025 results on May 08, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$30.65, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 65% over the past three years. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$3.90 (vs NT$3.69 in FY 2023) Full year 2024 results: EPS: NT$3.90 (up from NT$3.69 in FY 2023). Revenue: NT$6.25b (up 43% from FY 2023). Net income: NT$855.4m (up 5.8% from FY 2023). Profit margin: 14% (down from 19% 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 11% per year whereas the company’s share price has increased by 16% per year. Tillkännagivande • Mar 11
LongDa Construction & Development Corporation, Annual General Meeting, May 29, 2025 LongDa Construction & Development Corporation, Annual General Meeting, May 29, 2025, at 10:30 Taipei Standard Time. Location: 26- floor no,6, min ch`uan 2nd rd., cianjhen district, kaohsiung city Taiwan Tillkännagivande • Mar 01
LongDa Construction & Development Corporation to Report Fiscal Year 2024 Results on Mar 10, 2025 LongDa Construction & Development Corporation announced that they will report fiscal year 2024 results on Mar 10, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: NT$0.18 (vs NT$0.22 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.18 (down from NT$0.22 in 3Q 2023). Revenue: NT$490.3m (up 18% from 3Q 2023). Net income: NT$38.4m (down 22% from 3Q 2023). Profit margin: 7.8% (down from 12% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Tillkännagivande • Nov 05
LongDa Construction & Development Corporation to Report Q3, 2024 Results on Nov 12, 2024 LongDa Construction & Development Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Aug 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.2% to NT$47.65. The fair value is estimated to be NT$38.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: NT$0.48 (vs NT$0.83 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.48 (down from NT$0.83 in 2Q 2023). Revenue: NT$724.5m (down 17% from 2Q 2023). Net income: NT$104.2m (down 43% from 2Q 2023). Profit margin: 14% (down from 21% in 2Q 2023). 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 but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$44.25, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 17x in the Construction industry in Taiwan. Total returns to shareholders of 172% over the past three years. Tillkännagivande • Aug 03
LongDa Construction & Development Corporation to Report Q2, 2024 Results on Aug 12, 2024 LongDa Construction & Development Corporation announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jun 11
Upcoming dividend of NT$2.20 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 18 July 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Taiwanese dividend payers (4.2%). Higher than average of industry peers (3.6%). New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% 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 High level of debt (81% net debt to equity). 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 (8.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$48.00, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 182% over the past three years. Tillkännagivande • Jun 01
LongDa Construction & Development Corporation Announces Audit Committee Changes LongDa Construction & Development Corporation announced the company's third audit committee. Name of the previous position holder: Lin, Xiangkai; Jiang, Yongzheng; Resume of the previous position holder: Lin, Xiangkai Independent Director of Longda Construction Co., Ltd; Jiang, Yongzheng Independent Director of Longda Construction Co. Ltd. Name of the new position holder: Lin, Xiangkai; Jiang, Yongzheng; Lai, Biying. Resume of the new position holder: Lin, Xiangkai Independent Director of Longda Construction Co. Ltd.; Jiang, Yongzheng Independent Director of Longda Construction Co. Ltd.; Lai, Biying Professor, Department of Real Estate Management, National Pingtung University. Effective date of the new member is May 31, 2024. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: NT$1.22 (vs NT$0.27 in 1Q 2023) First quarter 2024 results: EPS: NT$1.22 (up from NT$0.27 in 1Q 2023). Revenue: NT$2.42b (up 448% from 1Q 2023). Net income: NT$266.4m (up 352% from 1Q 2023). Profit margin: 11% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 03
LongDa Construction & Development Corporation to Report Q1, 2024 Results on May 10, 2024 LongDa Construction & Development Corporation announced that they will report Q1, 2024 results on May 10, 2024 New Risk • May 02
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 Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). 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 (6.7% average weekly change). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$52.00, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 18x in the Construction industry in Taiwan. Total returns to shareholders of 197% over the past three years. Buy Or Sell Opportunity • Apr 18
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to NT$42.50. The fair value is estimated to be NT$33.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Buy Or Sell Opportunity • Apr 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to NT$40.90. The fair value is estimated to be NT$34.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Tillkännagivande • Mar 12
LongDa Construction & Development Corporation, Annual General Meeting, May 31, 2024 LongDa Construction & Development Corporation, Annual General Meeting, May 31, 2024. Location: Room 2, F26, No. 6 Minquan Second Road Qianzhen District Kaohsiung City Taiwan Agenda: To consider 2023 Business Report; to consider the Audit Committee's review report on the Company's statements for 2023; to consider Distribution of employee remunerations and director remunerations in 2023; to consider 2023 earnings distribution proposaland Cash Dividend Status Report; to consider Amendments to the Procedures of the Board of Directors. Reported Earnings • Mar 12
Full year 2023 earnings released: EPS: NT$3.69 (vs NT$4.13 in FY 2022) Full year 2023 results: EPS: NT$3.69 (down from NT$4.13 in FY 2022). Revenue: NT$4.37b (down 7.4% from FY 2022). Net income: NT$808.4m (down 11% from FY 2022). Profit margin: 19% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: NT$0.83 (vs NT$0.81 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.83 (up from NT$0.81 in 2Q 2022). Revenue: NT$872.9m (down 38% from 2Q 2022). Net income: NT$182.7m (up 2.8% from 2Q 2022). Profit margin: 21% (up from 13% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.10 per share at 8.4% yield Eligible shareholders must have bought the stock before 13 July 2023. Payment date: 10 August 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (5.5%). Tillkännagivande • Jun 16
LongDa Construction & Development Corporation Declares Common Stock Cash Dividend LongDa Construction & Development Corporation declared a common stock cash dividend of TWD 460,314,078, allotment of TWD 2.1 per share. Ex-rights (ex-dividend) trading date is July 13, 2023. Ex-rights (ex-dividend) record date is July 19, 2023. Tillkännagivande • May 10
Longda Construction & Development Corporation Announces Executive Changes LongDa Construction & Development Corporation announced position adjustment of Wu-Tsung Chen from the position of CEO to the position of Chief Strategy Officer. Effective date is May 10, 2023. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: NT$4.13 (vs NT$2.73 in FY 2021) Full year 2022 results: EPS: NT$4.13 (up from NT$2.73 in FY 2021). Revenue: NT$4.71b (flat on FY 2021). Net income: NT$905.8m (up 51% from FY 2021). Profit margin: 19% (up from 13% in FY 2021). 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 18% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Xiangkai Lin was the last independent director to join the board, commencing their role in 2018. 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 10
Third quarter 2022 earnings released: EPS: NT$2.06 (vs NT$0.30 in 3Q 2021) Third quarter 2022 results: EPS: NT$2.06 (up from NT$0.30 in 3Q 2021). Revenue: NT$1.89b (up 160% from 3Q 2021). Net income: NT$450.9m (up NT$385.8m from 3Q 2021). Profit margin: 24% (up from 9.0% 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 15% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: NT$0.81 (vs NT$0.84 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.81 (down from NT$0.84 in 2Q 2021). Revenue: NT$1.41b (up 5.9% from 2Q 2021). Net income: NT$177.8m (down 3.5% from 2Q 2021). Profit margin: 13% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 01
Upcoming dividend of NT$2.00 per share Eligible shareholders must have bought the stock before 08 August 2022. Payment date: 06 September 2022. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 8.9%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (6.3%). Tillkännagivande • Jul 24
Longda Construction & Development Corporation Declares Dividend LongDa Construction & Development Corporation declared a common stock cash dividend of TWD 438,394,360, allotment of TWD 2 per share. Ex-rights (ex-dividend) trading date is August 8, 2022. Ex-rights (ex-dividend) record date is August 14, 2022. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: NT$0.24 (vs NT$0.19 in 1Q 2021) First quarter 2022 results: EPS: NT$0.24 (up from NT$0.19 in 1Q 2021). Revenue: NT$420.7m (down 28% from 1Q 2021). Net income: NT$51.5m (up 22% from 1Q 2021). Profit margin: 12% (up from 7.3% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buying Opportunity • Apr 11
Now 20% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be NT$29.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has declined by 9.3%. Buying Opportunity • Feb 14
Now 21% undervalued Over the last 90 days, the stock is up 8.2%. The fair value is estimated to be NT$29.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. Earnings per share has declined by 6.3% per annum over the last 3 years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.30 (vs NT$0.72 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$726.7m (down 42% from 3Q 2020). Net income: NT$65.1m (down 59% from 3Q 2020). Profit margin: 9.0% (down from 13% in 3Q 2020). The decrease in margin was driven by lower revenue. 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 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 23
Upcoming dividend of NT$1.80 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 30 September 2021. Trailing yield: 8.2%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (5.1%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS NT$0.84 (vs NT$0.16 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.33b (up 136% from 2Q 2020). Net income: NT$184.3m (up 430% from 2Q 2020). Profit margin: 14% (up from 6.1% 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 2% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.19 (vs NT$0.27 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: NT$580.4m (up 42% from 1Q 2020). Net income: NT$42.4m (down 27% from 1Q 2020). Profit margin: 7.3% (down from 14% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 16% share price gain to NT$23.75, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 16x in the Construction industry in Taiwan. Total returns to shareholders of 133% over the past three years. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS NT$2.07 (vs NT$2.43 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: NT$3.41b (down 22% from FY 2019). Net income: NT$453.1m (down 7.4% from FY 2019). Profit margin: 13% (up from 11% in FY 2019). The increase in margin was driven by lower expenses. 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 19% per year. Tillkännagivande • Mar 11
LongDa Construction & Development Corporation, Annual General Meeting, May 25, 2021 LongDa Construction & Development Corporation, Annual General Meeting, May 25, 2021. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 19% share price gain to NT$18.00, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 17x in the Construction industry in Taiwan. Total returns to shareholders over the past three years are 104%. Is New 90 Day High Low • Feb 24
New 90-day high: NT$17.00 The company is up 9.0% from its price of NT$15.60 on 26 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$14.75 The company is down 2.0% from its price of NT$15.05 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 2.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS NT$0.72 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: NT$1.25b (up 123% from 3Q 2019). Net income: NT$158.0m (up 81% from 3Q 2019). Profit margin: 13% (down from 16% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 22
New 90-day low: NT$14.90 The company is down 5.0% from its price of NT$15.65 on 24 June 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 9.0% over the same period.