Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$40.45, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 14x in the Real Estate industry in Taiwan. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$49.55, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 14x in the Real Estate industry in Taiwan. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$39.80, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 14x in the Real Estate industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$3.00 (vs NT$0.68 loss in 1Q 2025) First quarter 2026 results: EPS: NT$3.00 (up from NT$0.68 loss in 1Q 2025). Revenue: NT$4.59b (up NT$4.41b from 1Q 2025). Net income: NT$902.9m (up NT$1.08b from 1Q 2025). Profit margin: 20% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$36.30, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 13x in the Real Estate industry in Taiwan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.93 (vs NT$4.86 in FY 2024) Full year 2025 results: EPS: NT$0.93 (down from NT$4.86 in FY 2024). Revenue: NT$658.9m (down 91% from FY 2024). Net income: NT$244.7m (down 81% from FY 2024). Profit margin: 37% (up from 18% 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 39% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 09
Hung Ching Development & Construction Co. Ltd, Annual General Meeting, Jun 24, 2026 Hung Ching Development & Construction Co. Ltd, Annual General Meeting, Jun 24, 2026, at 10:00 Taipei Standard Time. Location: no,13 ln.751, k`ang ning st., sijhih district, new taipei city Taiwan Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: NT$1.37 (vs NT$1.26 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.37 (up from NT$1.26 in 3Q 2024). Revenue: NT$279.3m (down 60% from 3Q 2024). Net income: NT$358.7m (up 8.6% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 47% 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 17
Second quarter 2025 earnings released: NT$0.09 loss per share (vs NT$0.032 profit in 2Q 2024) Second quarter 2025 results: NT$0.09 loss per share (down from NT$0.032 profit in 2Q 2024). Revenue: NT$4.51m (down 99% from 2Q 2024). Net loss: NT$23.1m (down 380% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 10
Dividend increased to NT$2.00 Dividend of NT$2.00 is 33% higher than last year. Ex-date: 25th August 2025 Payment date: 17th September 2025 Dividend yield will be 7.4%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Jun 20
Hung Ching Development & Construction Co. Ltd Approves Cash Dividend for the Year 2024 Hung Ching Development & Construction Co. Ltd. at its 2025 regular shareholders meeting held on June 19, 2025, approved cash dividend of TWD 2 per share for shareholders for the year 2024. Reported Earnings • May 16
First quarter 2025 earnings released: NT$0.68 loss per share (vs NT$0.043 profit in 1Q 2024) First quarter 2025 results: NT$0.68 loss per share (down from NT$0.043 profit in 1Q 2024). Revenue: NT$176.7m (down 59% from 1Q 2024). Net loss: NT$179.0m (down NT$190.3m from profit in 1Q 2024). 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 4% per year, which means it is well ahead of earnings. Duyuru • May 01
Hung Ching Development & Construction Co. Ltd to Report Q1, 2025 Results on May 09, 2025 Hung Ching Development & Construction Co. Ltd announced that they will report Q1, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$27.65, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$4.86 (vs NT$2.22 in FY 2023) Full year 2024 results: EPS: NT$4.86 (up from NT$2.22 in FY 2023). Revenue: NT$7.27b (up 214% from FY 2023). Net income: NT$1.27b (up 119% from FY 2023). Profit margin: 18% (down from 25% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Duyuru • Mar 10
Hung Ching Development & Construction Co. Ltd, Annual General Meeting, Jun 19, 2025 Hung Ching Development & Construction Co. Ltd, Annual General Meeting, Jun 19, 2025, at 10:00 Taipei Standard Time. Location: no,13 ln.751, k`ang ning st., sijhih district, new taipei city Taiwan Duyuru • Feb 28
Hung Ching Development & Construction Co. Ltd to Report Fiscal Year 2024 Results on Mar 07, 2025 Hung Ching Development & Construction Co. Ltd announced that they will report fiscal year 2024 results on Mar 07, 2025 New Risk • Dec 06
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). Dividend is not well covered by earnings and cash flows. Payout ratio: 122% Paying a dividend despite having no free cash flows. Earnings have declined by 10% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$1.26 (vs NT$2.59 in 3Q 2023) Third quarter 2024 results: EPS: NT$1.26 (down from NT$2.59 in 3Q 2023). Revenue: NT$690.3m (down 62% from 3Q 2023). Net income: NT$330.3m (down 51% from 3Q 2023). Profit margin: 48% (up from 37% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.03 (vs NT$0.11 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.03 (down from NT$0.11 in 2Q 2023). Revenue: NT$459.0m (up 107% from 2Q 2023). Net income: NT$8.28m (down 72% from 2Q 2023). Profit margin: 1.8% (down from 13% 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 42% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Declared Dividend • Aug 11
Dividend increased to NT$1.50 Dividend of NT$1.50 is 50% higher than last year. Ex-date: 26th August 2024 Payment date: 18th September 2024 Dividend yield will be 3.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (57% 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 6.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Aug 10
Hung Ching Development & Construction Co. Ltd Declares Dividend for 2024, Payable on September 18, 2024 Hung Ching Development & Construction Co. Ltd. declared cash dividend of TWD 405,459,000 i.e. TWD 1.5 per share for year 2024, payable on September 18, 2024; Last date before book closure: August 27, 2024; Ex-rights (ex-dividend) trading date: August 26, 2024. Ex-rights (ex-dividend) record date: September 1, 2024. 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$38.25, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 66% over the past three years. Duyuru • Aug 02
Hung Ching Development & Construction Co. Ltd to Report Q2, 2024 Results on Aug 09, 2024 Hung Ching Development & Construction Co. Ltd announced that they will report Q2, 2024 results on Aug 09, 2024 Duyuru • Jun 26
Hung Ching Development & Construction Co. Ltd Approves Cash Dividend for the Year 2023 Hung Ching Development & Construction Co. Ltd. approved cash dividend of TWD 1.5 per share for shareholders for the year 2023 at its regular shareholders meeting held on June 25, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.38 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.04 (up from NT$0.38 loss in 1Q 2023). Revenue: NT$428.7m (up 395% from 1Q 2023). Net income: NT$11.3m (up NT$110.7m from 1Q 2023). Profit margin: 2.6% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$52.90, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 25x in the Real Estate industry in Taiwan. Total returns to shareholders of 177% over the past three years. Duyuru • May 05
Hung Ching Development & Construction Co. Ltd to Report Q1, 2024 Results on May 10, 2024 Hung Ching Development & Construction Co. Ltd announced that they will report Q1, 2024 results on May 10, 2024 New Risk • Apr 11
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 6.4% 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). Earnings have declined by 2.3% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$43.80, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 20x in the Real Estate industry in Taiwan. Total returns to shareholders of 155% over the past three years. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$2.22 (vs NT$1.17 in FY 2022) Full year 2023 results: EPS: NT$2.22 (up from NT$1.17 in FY 2022). Revenue: NT$2.32b (up 67% from FY 2022). Net income: NT$580.0m (up 90% from FY 2022). Profit margin: 25% (up from 22% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. New Risk • Mar 19
New major risk - Revenue and earnings growth Earnings have declined by 1.4% 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 1.4% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Duyuru • Mar 09
Hung Ching Development & Construction Co. Ltd, Annual General Meeting, Jun 25, 2024 Hung Ching Development & Construction Co. Ltd, Annual General Meeting, Jun 25, 2024, at 10:00 Taipei Standard Time. Location: A.S.E. Design Center, No. 13, Lane 751, Kangning Street, Xizhi District, New Taipei City Taiwan Agenda: To consider 2023 business report; to consider audit Committee's review of the 2023 annual final accounting books and statements ; to consider Report on 2023 employees' and directors' remuneration; to consider report of Fund Lending information; to consider Acknowledgment of the 2023 business report and annual final accounting books and statements; to consider acknowledgment of the 2023 Earnings Distribution; to Authorize the board of directors to choose one or a combination of ways to handle domestic cash capital increase issuance of ordinary shares or issuance of domestic and foreign convertible corporate bonds to raise funds in batches or at the same time at an appropriate time; and to consider other matters. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$2.59 (vs NT$1.00 in 3Q 2022) Third quarter 2023 results: EPS: NT$2.59 (up from NT$1.00 in 3Q 2022). Revenue: NT$1.83b (up NT$1.55b from 3Q 2022). Net income: NT$678.8m (up 158% from 3Q 2022). Profit margin: 37% (down from 96% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 17
Upcoming dividend of NT$1.00 per share at 4.3% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 15 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.3%. Lower than top quartile of Taiwanese dividend payers (5.7%). In line with average of industry peers (4.4%). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: NT$0.11 (vs NT$0.26 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.11 (down from NT$0.26 in 2Q 2022). Revenue: NT$221.7m (down 62% from 2Q 2022). Net income: NT$29.0m (down 57% from 2Q 2022). Profit margin: 13% (up from 11% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Duyuru • Aug 10
Hung Ching Development & Construction Co. Ltd Announces the Dividend Distribution Hung Ching Development & Construction Co. Ltd. announced the dividend distribution of TWD 270,306,000 of cash dividend; distributing TWD 1 per share. Ex-rights (ex-dividend) trading date August 24, 2023. Ex-rights (ex-dividend) record date is August 30, 2023. Duyuru • Jul 14
Hung Ching Development & Construction Co. Ltd Announces Change of Members of the 5th Remuneration Committee Hung Ching Development & Construction Co. Ltd. announced change of members of the 5th Remuneration Committee. Resume of the previous position holder: Wei-Li Tsuo, Former Deputy General Manager of Vivotek Inc. Hong-Long Hong, Certified Public Accountant of Quantong United Certified Public Accounts, Shen Dai, Administrative Deputy General Manager of Behavior Tech Computer Corp. Name of the new position holder: Wei-Li Tsuo, Hong-Long Hong, Chun-Chin Tu. Resume of the new position holder: Wei-Li Tsuo, Former Deputy General Manager of Vivotek Inc. Hong-Long Hong, Certified Public Accountant of Quantong United Certified Public Accounts, Chun-Chin Tu, Adjunct Professor at Ming Chuan University. Effective date of the new member: July 13, 2023. Duyuru • Jun 28
Hung Ching Development & Construction Co. Ltd Approves Cash Dividend Hung Ching Development & Construction Co. Ltd. approved cash dividend of TWD 1 per share for shareholders at its shareholders meeting held on June 26, 2023. Duyuru • May 17
Hung Ching Development & Construction Co. Ltd agreed to acquire 86.05% stake in Lu Chu Development Corp. for TWD 2.4 billion. Hung Ching Development & Construction Co. Ltd agreed to acquire 86.05% stake in Lu Chu Development Corp. from ASE Test, Inc. and Advanced Semiconductor Engineering,Inc. for TWD 2.4 billion on May 16, 2023. The share purchase agreement shall be signed on June 27, 2023. The deal has been approved by board of directors of ASE Test, Inc. and Advanced Semiconductor Engineering,Inc. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$1.17 (vs NT$6.19 in FY 2021) Full year 2022 results: EPS: NT$1.17 (down from NT$6.19 in FY 2021). Revenue: NT$1.39b (down 80% from FY 2021). Net income: NT$305.1m (down 81% from FY 2021). Profit margin: 22% (down from 23% in FY 2021). The decrease in margin was driven by lower revenue. 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 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.00 (vs NT$3.93 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.00 (down from NT$3.93 in 3Q 2021). Revenue: NT$272.7m (down 92% from 3Q 2021). Net income: NT$262.9m (down 74% from 3Q 2021). Profit margin: 96% (up from 32% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. 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. 3 experienced directors. 7 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Wei-Li Tso 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 13
Third quarter 2022 earnings released: EPS: NT$1.00 (vs NT$3.93 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.00 (down from NT$3.93 in 3Q 2021). Revenue: NT$272.7m (down 92% from 3Q 2021). Net income: NT$262.9m (down 74% from 3Q 2021). Profit margin: 96% (up from 32% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$22.80, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 13x in the Real Estate industry in Taiwan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.26 (vs NT$0.75 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.26 (down from NT$0.75 in 2Q 2021). Revenue: NT$587.1m (down 49% from 2Q 2021). Net income: NT$66.9m (down 66% from 2Q 2021). Profit margin: 11% (down from 17% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 29
Hung Ching Development & Construction Co. Ltd. Approves Cash Dividend Hung Ching Development & Construction Co. Ltd. at its 2022 regular shareholders meeting held on June 27, 2022 approved Cash dividend of TWD 3 per share for shareholders. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.27 (vs NT$0.84 in 1Q 2021) First quarter 2022 results: EPS: NT$0.27 (down from NT$0.84 in 1Q 2021). Revenue: NT$434.0m (down 75% from 1Q 2021). Net income: NT$69.8m (down 68% from 1Q 2021). Profit margin: 16% (up from 13% 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 31% per year but the company’s share price has only increased by 8% 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. 5 experienced directors. 5 highly experienced directors. 3 independent directors (8 non-independent directors). Independent Director Wei-Li Tso 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 • Apr 01
Full year 2021 earnings released: EPS: NT$6.19 (vs NT$1.49 in FY 2020) Full year 2021 results: EPS: NT$6.19 (up from NT$1.49 in FY 2020). Revenue: NT$6.99b (up 101% from FY 2020). Net income: NT$1.62b (up 314% from FY 2020). Profit margin: 23% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 06
Hung Ching Development & Construction Co. Ltd., Annual General Meeting, Jun 27, 2022 Hung Ching Development & Construction Co. Ltd., Annual General Meeting, Jun 27, 2022. Location: No. 13, Lane 751, Kangning Street, Xizhi District A.S.E. Design Center New Taipei City Taiwan Agenda: To consider 2021 business report; to consider Audit Committee's review of the 2021 annual final accounting books and statements; to consider Report on 2021 employees' and directors' remuneration; to consider Acknowledgment of the 2021 Earnings Distribution; to consider Authorize the Board of Directors to select one or a combination of options or a combination of domestic issuance of common stocks by cash capital increase, issuance of common stock by cash capital increase to participate in the issuance of overseas depositary receipts, or the issuance of domestic and foreign convertible corporate bonds to raise funds at the appropriate time; and to consider other matters. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$3.92 (vs NT$0.56 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.19b (up 336% from 3Q 2020). Net income: NT$1.03b (up NT$881.0m from 3Q 2020). Profit margin: 32% (up from 20% in 3Q 2020). 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 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 17% share price gain to NT$30.70, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 11x in the Real Estate industry in Taiwan. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Aug 16
Upcoming dividend of NT$1.40 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 16 September 2021. Trailing yield: 5.1%. Lower than top quartile of Taiwanese dividend payers (5.2%). In line with average of industry peers (4.8%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.75 (vs NT$0.10 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$1.14b (up 133% from 2Q 2020). Net income: NT$195.3m (up NT$167.7m from 2Q 2020). Profit margin: 17% (up from 5.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 16% share price gain to NT$26.40, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 12x in the Real Estate industry in Taiwan. Total loss to shareholders of 11% over the past three years. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$0.84 (vs NT$0.20 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$1.71b (up 171% from 1Q 2020). Net income: NT$218.9m (up 323% from 1Q 2020). Profit margin: 13% (up from 8.2% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$1.49 (vs NT$2.84 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: NT$3.47b (down 46% from FY 2019). Net income: NT$391.2m (down 47% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Mar 09
Hung Ching Development & Construction Co. Ltd., Annual General Meeting, Jun 28, 2021 Hung Ching Development & Construction Co. Ltd., Annual General Meeting, Jun 28, 2021. Is New 90 Day High Low • Feb 19
New 90-day high: NT$19.80 The company is up 8.0% from its price of NT$18.25 on 20 November 2020. The Taiwanese market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: NT$19.25 The company is up 5.0% from its price of NT$18.25 on 29 September 2020. The Taiwanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: NT$19.20 The company is up 1.0% from its price of NT$19.05 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 5.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.56 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$732.9m (down 80% from 3Q 2019). Net income: NT$146.3m (down 71% from 3Q 2019). Profit margin: 20% (up from 14% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 24
New 90-day low: NT$18.55 The company is down 13% from its price of NT$21.25 on 24 June 2020. The Taiwanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 6.0% over the same period.