2026 Q1 Chia Hsin Cement Corp. Earnings Call2026 Q1 Chia Hsin Cement Corp. Earnings Call

Company Overview:

Chia Hsin Cement Corporation (CHC) is a diversified company with a presence in cement, real estate development, and hospitality. The company is committed to sustainable practices, as evidenced by its LEED Gold certified headquarters. CHC's business is segmented into three main areas: Hotel and Leisure, Real Estate, and Cement.

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Financial Highlights (Q1 2026):

• Consolidated Revenue: NT$688 million, a decrease of 8.5% year-over-year from NT$752 million in Q1 2025.
• Gross Profit: NT$146 million, an increase of 20.6% compared to NT$121 million in the same period last year.
• Gross Margin: 21%, a 5 percentage point improvement from 16% in Q1 2025.
• Operating Income (Loss): Turned profitable with a net income of NT$15.79 million, compared to a net loss of NT$8.16 million in the prior year.
• Pre-tax Net Income: NT$68.39 million, a 28.1% decrease from NT$95.09 million in Q1 2025.
• Net Income for the Period: NT$51.33 million, down 39.7% from NT$85.15 million in the same quarter last year.
• Basic Earnings Per Share (EPS): NT$0.08, a decrease from NT$0.13 in Q1 2025.

The year-over-year decline in pre-tax and net income is primarily due to a significant gain from financial asset and foreign exchange valuation in Q1 2025 (NT$103 million) compared to Q1 2026 (NT$53 million). The company's core business performance, as indicated by the operating income, has improved.

Business Segments:

Hotel and Leisure:

• Revenue (Q1 2026): NT$297 million, a 36% increase year-over-year.
• Operating Profit (Q1 2026): NT$71.13 million, a 41% increase year-over-year.
• Performance: The hotel business, particularly Hotel Collective in Okinawa, has shown strong performance, benefiting from the recovery in the tourism market. The hotel achieved profitability for the full year 2023 and continues to see strong revenue and operating profit growth. Occupancy rates have been consistently above 80%, and both Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) have surpassed pre-pandemic levels.

Real Estate:

• Revenue (Q1 2026): NT$121 million, an 8% increase year-over-year.
• Operating Profit (Q1 2026): NT$4.43 million, turning from a loss in the previous year.
• Key Projects:
  • Chia Hsin Building: Continues to maintain high occupancy rates, providing stable rental income.
  • "Zhongshan Jun" (中山雋) Urban Renewal Project: Located on Zhongshan North Road, Section 2, Taipei City. This mixed-use building (residential and commercial) is under construction, with the residential portion already fully sold out. Completion is expected in 2028 and is anticipated to generate significant returns.

Cement:

• Performance: The cement business is facing challenges due to a downturn in the mainland China market and overcapacity, leading to low cement prices.
• Strategy: The company is focusing on improving production efficiency and reducing carbon emissions to navigate the difficult market conditions. The cement and related products distribution business in Taiwan continues to operate.

Sustainability Initiatives:

• Environmental: The company actively supports the "Taiwan Qilan Mountain Cypress Forest" conservation project in partnership with the National Taiwan University Experimental Forest.
• Social Responsibility: CHC is committed to employee well-being, providing various benefits and a safe work environment. The company also supports community and cultural activities, including a long-term partnership with the Cloud Gate Dance Theatre.
• Governance: The company has consistently ranked high in corporate governance evaluations.

Outlook:

The company is focused on the synergistic development of its various business segments, aiming to enhance operational efficiency and explore new growth opportunities to create long-term value for its shareholders. The strong performance of the hotel and real estate sectors is expected to continue, while the company implements strategies to mitigate the challenges in the cement industry.

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