New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 (7.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 14
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: NT$1.50 (up from NT$0.097 loss in 2Q 2025). Revenue: NT$3.47b (up NT$2.97b from 2Q 2025). Net income: NT$708.6m (up NT$753.3m from 2Q 2025). Profit margin: 20% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 38%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 13
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 20 August 2026. Payment date: 15 September 2026. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 6.3%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.7%). Reported Earnings • May 13
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: NT$3.00 (up from NT$0.14 loss in 1Q 2025). Revenue: NT$4.84b (up NT$4.26b from 1Q 2025). Net income: NT$1.67b (up NT$1.73b from 1Q 2025). Profit margin: 34% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 43%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 17
Da-Li Development Co.,Ltd., Annual General Meeting, Jun 16, 2026 Da-Li Development Co.,Ltd., Annual General Meeting, Jun 16, 2026. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Reported Earnings • Mar 17
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: NT$3.84 (down from NT$4.78 in FY 2024). Revenue: NT$9.53b (down 23% from FY 2024). Net income: NT$1.80b (down 16% from FY 2024). Profit margin: 19% (up from 17% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 20% per year. Price Target Changed • Jan 20
Price target increased by 7.5% to NT$63.33 Up from NT$58.92, the current price target is an average from 3 analysts. New target price is 25% above last closing price of NT$50.60. Stock is up 26% over the past year. The company is forecast to post earnings per share of NT$3.36 for next year compared to NT$4.78 last year. Major Estimate Revision • Dec 24
Consensus revenue estimates increase by 41% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from NT$5.81b to NT$8.18b. Now expected to report a profit of NT$3.42 instead of losses of -NT$0.18 per share. Real Estate industry in Taiwan expected to see average net income growth of 88% next year. Consensus price target of NT$58.92 unchanged from last update. Share price rose 7.8% to NT$52.40 over the past week. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.026 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.02 (down from NT$0.026 in 3Q 2024). Revenue: NT$1.67b (up 193% from 3Q 2024). Net income: NT$7.52m (down 36% from 3Q 2024). Profit margin: 0.5% (down from 2.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 94% p.a. on average during the next 2 years, compared to a 61% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: 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: 91% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$50.80, the stock trades at a trailing P/E ratio of 14.3x. Average forward P/E is 13x in the Real Estate industry in Taiwan. Total returns to shareholders of 147% over the past three years. Buy Or Sell Opportunity • Sep 04
Now 25% overvalued The stock has been flat over the last 90 days, currently trading at NT$48.30. The fair value is estimated to be NT$38.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Aug 07
Second quarter 2025 earnings released: NT$0.098 loss per share (vs NT$0.77 profit in 2Q 2024) Second quarter 2025 results: NT$0.098 loss per share (down from NT$0.77 profit in 2Q 2024). Revenue: NT$494.9m (down 89% from 2Q 2024). Net loss: NT$44.8m (down 113% from profit in 2Q 2024). Revenue is forecast to grow 83% p.a. on average during the next 2 years, compared to a 58% growth forecast for the Real Estate industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 29
Upcoming dividend of NT$3.50 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 05 September 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 6.2%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (4.0%). Declared Dividend • Jul 05
Dividend of NT$3.50 announced Shareholders will receive a dividend of NT$3.50. Ex-date: 5th August 2025 Payment date: 5th September 2025 Dividend yield will be 7.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (64% 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 over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 04
First quarter 2025 earnings released: NT$0.15 loss per share (vs NT$0.042 profit in 1Q 2024) First quarter 2025 results: NT$0.15 loss per share (down from NT$0.042 profit in 1Q 2024). Revenue: NT$587.5m (up 16% from 1Q 2024). Net loss: NT$64.5m (down 458% from profit in 1Q 2024). Revenue is forecast to grow 47% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Real Estate industry in Asia. 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 22% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jun 13
Da-Li Development Co.,Ltd. Announces the Election of Yang, Chia-Hsing as Independent Director, Effective June 12, 2025 Da-Li Development Co.,Ltd. announced the election of Yang, Chia-Hsing as Independent director, effective June 12, 2025. Buy Or Sell Opportunity • Jun 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to NT$51.30. The fair value is estimated to be NT$42.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 7.3%. Buy Or Sell Opportunity • May 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to NT$52.40. The fair value is estimated to be NT$43.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 7.3%. New Risk • May 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (23% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 09
First quarter 2025 earnings released: NT$0.15 loss per share (vs NT$0.042 profit in 1Q 2024) First quarter 2025 results: NT$0.15 loss per share (down from NT$0.042 profit in 1Q 2024). Revenue: NT$587.5m (up 16% from 1Q 2024). Net loss: NT$64.5m (down 458% from profit in 1Q 2024). 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 21% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$51.90. The fair value is estimated to be NT$42.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 4.5%. Duyuru • May 01
Da-Li Development Co.,Ltd. to Report Q1, 2025 Results on May 08, 2025 Da-Li Development Co.,Ltd. announced that they will report Q1, 2025 results on May 08, 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$38.15, the stock trades at a trailing P/E ratio of 7.6x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 59% over the past three years. Buy Or Sell Opportunity • Mar 21
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to NT$50.30. The fair value is estimated to be NT$40.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 4.5%. Duyuru • Mar 13
Da-Li Development Co.,Ltd. announced a financing transaction Da-Li Development Co.,Ltd. announced a private placement to issue shares on March 11, 2025. The transaction has been approved by shareholders of company. The transaction is expected to close from March 11, 2025 to April 14, 2025. New Risk • Mar 13
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 (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: NT$5.01 (vs NT$4.83 in FY 2023) Full year 2024 results: EPS: NT$5.01 (up from NT$4.83 in FY 2023). Revenue: NT$12.3b (down 20% from FY 2023). Net income: NT$2.15b (up 3.9% from FY 2023). Profit margin: 17% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Mar 12
Da-Li Development Co.,Ltd., Annual General Meeting, Jun 12, 2025 Da-Li Development Co.,Ltd., Annual General Meeting, Jun 12, 2025. Location: 11 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Duyuru • Mar 04
Da-Li Development Co.,Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Da-Li Development Co.,Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 Duyuru • Jan 17
Da-Li Development Co.,Ltd. has filed a Follow-on Equity Offering. Da-Li Development Co.,Ltd. has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Security Name: Shares
Security Type: Common Stock
Securities Offered: 15,000,000
Transaction Features: Reserved Share Offering; Rights Offering New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor 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 (6.3% average weekly change). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: NT$0.03 (vs NT$1.01 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.03 (down from NT$1.01 in 3Q 2023). Revenue: NT$568.9m (down 83% from 3Q 2023). Net income: NT$11.6m (down 97% from 3Q 2023). Profit margin: 2.0% (down from 13% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 7.2% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 38%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$48.15, the stock trades at a trailing P/E ratio of 8.8x. Average forward P/E is 11x in the Real Estate industry in Taiwan. Total returns to shareholders of 97% over the past three years. New Risk • Sep 20
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 9.5% 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 (9.5% average weekly change). Minor Risks High level of debt (181% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to NT$71.70, the stock trades at a trailing P/E ratio of 13.1x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 233% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at NT$43.38 per share. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: NT$0.81 (vs NT$0.19 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.81 (up from NT$0.19 loss in 2Q 2023). Revenue: NT$4.13b (up NT$3.81b from 2Q 2023). Net income: NT$346.9m (up NT$428.0m from 2Q 2023). Profit margin: 8.4% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue is expected to decline by 18% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Taiwan are expected to grow by 20%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 01
Da-Li Development Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Da-Li Development Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Upcoming Dividend • Jul 23
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (2.6%). Board Change • Jun 24
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. 4 non-independent directors. Independent Director Lin Hsiang Wang was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.41 in 1Q 2023) First quarter 2024 results: EPS: NT$0.04 (down from NT$0.41 in 1Q 2023). Revenue: NT$505.1m (down 73% from 1Q 2023). Net income: NT$18.0m (down 89% from 1Q 2023). Profit margin: 3.6% (down from 9.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 8.6% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Asia are expected to grow by 7.6%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 10
Da-Li Development Co.,Ltd. Announces the Resignation of Chen, An-Zhi as Institutional Director Da-Li Development Co.,Ltd. announces the resignation of Chen, An-Zhi as Institutional director. Date of occurrence of the change: May 9, 2024. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$64.30, the stock trades at a trailing P/E ratio of 12.7x. Average forward P/E is 10x in the Real Estate industry in Taiwan. Total returns to shareholders of 162% over the past three years. Duyuru • May 02
Da-Li Development Co.,Ltd. to Report Q1, 2024 Results on May 08, 2024 Da-Li Development Co.,Ltd. announced that they will report Q1, 2024 results on May 08, 2024 Price Target Changed • Apr 26
Price target increased by 45% to NT$57.50 Up from NT$39.75, the current price target is an average from 2 analysts. New target price is 6.5% above last closing price of NT$54.00. Stock is up 79% over the past year. The company posted earnings per share of NT$5.08 last year. Duyuru • Mar 19
Da-Li Development Co.,Ltd., Annual General Meeting, Jun 19, 2024 Da-Li Development Co.,Ltd., Annual General Meeting, Jun 19, 2024. Location: Importers & Exporters Association of Taipei 11F, No. 350, Songjiang Road, Zhongshan Dist., Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider 2023 Audit Report by the Audit Committee; to consider Report on 2023 remuneration distribution for employees and directors; to consider Report on the revision to the Company's Rules of Procedure for Board of Directors Meetings; to consider 2023 Business Report and Financial Report; to consider Election of directors; to consider Lift the restrictions on the non-compete clause of new directors and their representatives; and to consider other matters. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: NT$5.08 (vs NT$2.94 in FY 2022) Full year 2023 results: EPS: NT$5.08 (up from NT$2.94 in FY 2022). Revenue: NT$15.4b (up 80% from FY 2022). Net income: NT$2.07b (up 73% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Asia are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 05
Price target increased by 7.0% to NT$39.75 Up from NT$37.14, the current price target is an average from 2 analysts. New target price is 13% above last closing price of NT$35.30. Stock is up 22% over the past year. The company posted earnings per share of NT$2.94 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: NT$1.06 (vs NT$1.00 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.06 (up from NT$1.00 in 3Q 2022). Revenue: NT$3.29b (up 124% from 3Q 2022). Net income: NT$430.1m (up 5.4% from 3Q 2022). Profit margin: 13% (down from 28% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 56% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Real Estate industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 08
Da-Li Development Co.,Ltd. Appoints Pan,Pei-Ru as Corporate Governance Officer Da-Li Development Co.,Ltd. announced that the Change to the Corporate governance officer of the company. Name, title, and resume of the new position holder: PAN,PEI-RU/Principal accounting officer of DA-LI Development Co.,Ltd. The effective date is November 07, 2023. Upcoming Dividend • Aug 16
Upcoming dividend of NT$1.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 28 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.2%. Lower than top quartile of Taiwanese dividend payers (5.7%). Lower than average of industry peers (4.4%). Reported Earnings • Aug 09
Second quarter 2023 earnings released: NT$0.21 loss per share (vs NT$0.69 profit in 2Q 2022) Second quarter 2023 results: NT$0.21 loss per share (down from NT$0.69 profit in 2Q 2022). Revenue: NT$323.1m (down 87% from 2Q 2022). Net loss: NT$81.0m (down 130% from profit in 2Q 2022). Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Real Estate industry in Asia. 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: NT$3.09 (vs NT$4.03 in FY 2021) Full year 2022 results: EPS: NT$3.09 (down from NT$4.03 in FY 2021). Revenue: NT$8.59b (down 15% from FY 2021). Net income: NT$1.20b (down 23% from FY 2021). Profit margin: 14% (down from 16% 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 48% 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 are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Hung Chi Lee was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: NT$1.05 (vs NT$0.93 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.05 (up from NT$0.93 in 3Q 2021). Revenue: NT$1.47b (down 52% from 3Q 2021). Net income: NT$408.2m (up 13% from 3Q 2021). Profit margin: 28% (up from 12% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: NT$0.69 (vs NT$0.99 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.69 (down from NT$0.99 in 2Q 2021). Revenue: NT$2.51b (down 5.1% from 2Q 2021). Net income: NT$268.2m (down 30% from 2Q 2021). Profit margin: 11% (down from 14% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of NT$3.00 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 25 August 2022. Trailing yield: 10%. Within top quartile of Taiwanese dividend payers (6.8%). Higher than average of industry peers (6.1%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: NT$1.67 (vs NT$0.10 loss in 1Q 2021) First quarter 2022 results: EPS: NT$1.67 (up from NT$0.10 loss in 1Q 2021). Revenue: NT$4.39b (up NT$4.37b from 1Q 2021). Net income: NT$645.9m (up NT$684.6m from 1Q 2021). Profit margin: 15% (up from net loss in 1Q 2021). The move to profitability 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 5% per year. 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. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Lin Hsiang Wang 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 07
Third quarter 2021 earnings released: EPS NT$0.93 (vs NT$0.025 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$3.05b (up NT$2.73b from 3Q 2020). Net income: NT$362.0m (up NT$354.5m from 3Q 2020). Profit margin: 12% (up from 2.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS NT$1.01 (vs NT$0.28 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$2.64b (up NT$2.41b from 2Q 2020). Net income: NT$384.3m (up NT$462.8m from 2Q 2020). Profit margin: 14% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Executive Departure • Jul 15
Director Shui An Cheng has left the company On the 7th of July, Shui An Cheng's tenure as Director ended. We don't have any record of a personal shareholding under Shui An's name. Shui An is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 7.33 years. Reported Earnings • May 08
First quarter 2021 earnings released: NT$0.10 loss per share (vs NT$0.80 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: NT$16.3m (down 99% from 1Q 2020). Net loss: NT$38.7m (down 117% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS NT$0.50 (vs NT$3.27 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$2.10b (down 68% from FY 2019). Net income: NT$158.1m (down 83% from FY 2019). Profit margin: 7.5% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 20
New 90-day low: NT$28.75 The company is down 5.0% from its price of NT$30.25 on 22 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: NT$31.55 The company is up 9.0% from its price of NT$28.85 on 01 September 2020. The Taiwanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is NT$16.63 per share. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue beats expectations Revenue exceeded analyst estimates by 37%. Over the next year, revenue is forecast to grow 258%, compared to a 25% growth forecast for the Real Estate industry in Taiwan. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS NT$0.03 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$325.0m (down 66% from 3Q 2019). Net income: NT$7.49m (down 92% from 3Q 2019). Profit margin: 2.3% (down from 9.8% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.