About Us
Plan Overview
To enhance corporate value, the Company has formulated and disclosed this operational strategy and business plan in accordance with the spirit of the "Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies." This plan will annually analyze and update the cost of capital, profitability, corporate governance, and market valuation.
Current Status Analysis
To enhance corporate value, the Company has formulated and disclosed this operational strategy and business plan in accordance with the spirit of the "Corporate Governance Best-Practice Principles for TWSE/TPEx Listed Companies." This plan will annually analyze and update the cost of capital, profitability, corporate governance, and market valuation.
Cost Analysis
WACC Analysis: The consolidated debt ratio is approximately 61%, slightly higher than the construction industry average of 57%. This is primarily due to the nature of the pre-sale system and land inventory financing. The Company maintains a reasonable cost of capital through strict financial discipline and a counter-cyclical land inventory strategy.
Market Evaluation Analysis
The Price-to-Book Ratio (PBR) is approximately 1.14x, and the Price-to-Earnings Ratio (PER) is about 10.5x. The Company possesses abundant land inventory sufficient for project launches over the next 10 years, with an estimated launch volume reaching NT$150 billion. The sales rates for the three major construction projects expected to be completed in 2025 have all exceeded 70%.
Corporate Governance Analysis
The Board of Directors consists of 10 members, including 4 independent directors (40%). Performance evaluations are conducted annually. Institutional investor conferences are held regularly, and all material resolutions are promptly disclosed on the Market Observation Post System (MOPS).
Risk and Competitive Assessment
Leveraging nearly 50 years of brand reputation, high-quality products, extensive land inventory, and robust construction cost-control capabilities, the Company has established a solid economic moat.
Policies and Plans
Short-Term Enhancement Plan: 1-2 Years
Optimizing Project Launch Strategy
Flexibly adjusting the pace of project launches and adopting a "build-first, sell-later" model for select projects to bolster market confidence and enhance product competitiveness.
Enhancing Operational Efficiency
Continuously strengthening cost control through Hung Lin Construction, optimizing construction processes, and elevating overall operational efficiency and profitability.
Maintaining Stable Dividends
Implementing a stable and predictable cash dividend policy to consistently reward shareholders, thereby boosting investor confidence and corporate market value.
Mid-to-Long-Term Enhancement Plan: 3-5 Years
Product Portfolio Optimization
Increasing the revenue contribution from commercial real estate to 20-30%, realizing a product portfolio strategy that balances residential and commercial property developments.
Strengthening Technology
Continuously strengthening cost control through Hung Lin Construction, optimizing construction processes, and elevating overall operational efficiency and profitability.
Green Innovation
Flexibly adjusting the pace of project launches and adopting a "build-first, sell-later" model for select projects to bolster market confidence and enhance product competitiveness.
Strengthening Governance
Flexibly adjusting the pace of project launches and adopting a "build-first, sell-later" model for select projects to bolster market confidence and enhance product competitiveness.
Communication and Tracking
Information Disclosure Channels
- - Disclosing the latest progress of the Corporate Value Enhancement Plan in a dedicated section on the official website.
- - Reporting execution results and future plans at the annual general shareholders' meeting.
- - Explaining strategic progress to investors at institutional investor conferences.
Periodic Review Mechanism
- - Disclosing the latest progress of the Corporate Value Enhancement Plan in a dedicated section on the official website.
- - Reporting execution results and future plans at the annual general shareholders' meeting.
- - Explaining strategic progress to investors at institutional investor conferences.
