H 
Hwang Chang General Contractor Co 2543.TW · TWD
Industrials · Taiwan Stock Exchange · 🇹🇼 Taiwan
29.50
-1.83%
Close of 9 Nov 2026, in TWD
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At a glance
Figures in TWD, from our data supplier.
Revenue
TWD 11.84bn
FY2016FY2025
Net income
TWD 1.41bn
FY2016FY2025
Free cash flow
−TWD 2.94bn
FY2016FY2025
Shareholders' equity
TWD 9.94bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 11.84bn | TWD 12.43bn | TWD 11.28bn | TWD 8.45bn | TWD 8.00bn | TWD 6.41bn | TWD 5.62bn | TWD 4.46bn | TWD 4.01bn | TWD 4.64bn |
| Gross profit | TWD 2.21bn | TWD 2.99bn | TWD 1.01bn | TWD 381.2m | TWD 71.8m | TWD 176.1m | TWD 210.5m | −TWD 368.3m | TWD 165.8m | TWD 158.3m |
| Operating income | TWD 1.73bn | TWD 2.62bn | TWD 742.8m | TWD 368.9m | TWD 483.8m | TWD 104.2m | TWD 55.3m | −TWD 501.5m | TWD 24.9m | TWD 22.9m |
| Net income | TWD 1.41bn | TWD 2.02bn | TWD 510.0m | TWD 242.2m | TWD 369.6m | TWD 35.7m | −TWD 11.9m | −TWD 513.2m | TWD 10.3m | TWD 113.4m |
| Diluted earnings per share | 2.60 | 4.77 | 2.14 | 1.01 | 1.55 | 0.14 | -0.06 | -2.14 | 0.05 | 0.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | TWD 20.43bn | TWD 16.68bn | TWD 14.71bn | TWD 12.91bn | TWD 9.14bn | TWD 8.09bn | TWD 7.61bn | TWD 6.69bn | TWD 4.85bn | TWD 5.23bn |
| Cash and short-term investments | TWD 3.53bn | TWD 3.92bn | TWD 3.74bn | TWD 4.36bn | TWD 1.50bn | TWD 1.48bn | TWD 1.80bn | TWD 1.77bn | TWD 1.44bn | TWD 1.36bn |
| Total liabilities | TWD 10.10bn | TWD 9.47bn | TWD 11.38bn | TWD 10.08bn | TWD 6.58bn | TWD 5.92bn | TWD 5.49bn | TWD 4.58bn | TWD 2.20bn | TWD 2.50bn |
| Debt | TWD 3.91bn | TWD 2.88bn | TWD 1.88bn | TWD 2.87bn | TWD 2.45bn | TWD 2.65bn | TWD 1.69bn | TWD 1.19bn | TWD 396.8m | TWD 429.3m |
| Shareholders' equity | TWD 9.94bn | TWD 6.90bn | TWD 3.03bn | TWD 2.60bn | TWD 2.36bn | TWD 2.00bn | TWD 1.97bn | TWD 1.95bn | TWD 2.49bn | TWD 2.56bn |
| Shares outstanding | 545m | 423m | 238m | 239m | 238m | 263m | 190m | 240m | 224m | 252m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | TWD 438.2m | TWD 281.4m | TWD 3.78bn | TWD 1.34bn | TWD 810.1m | −TWD 387.3m | TWD 397.6m | −TWD 437.6m | TWD 145.1m | TWD 638.8m |
| Capital spending | −TWD 3.38bn | −TWD 2.87bn | −TWD 1.81bn | −TWD 1.20bn | −TWD 360.2m | −TWD 571.2m | −TWD 786.8m | −TWD 190.7m | −TWD 54.6m | −TWD 33.9m |
| Free cash flow | −TWD 2.94bn | −TWD 2.59bn | TWD 1.97bn | TWD 138.1m | TWD 450.0m | −TWD 958.5m | −TWD 389.2m | −TWD 628.3m | TWD 90.5m | TWD 604.9m |
| Dividends paid | −TWD 402.7m | −TWD 194.2m | −TWD 71.2m | — | — | — | — | — | −TWD 71.2m | −TWD 72.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | TWD 4.84bn | TWD 2.90bn | TWD 3.65bn | TWD 3.18bn | TWD 2.61bn | TWD 2.39bn | TWD 3.21bn | TWD 2.93bn |
| Gross profit | TWD 862.3m | TWD 371.7m | TWD 619.7m | TWD 642.3m | TWD 544.3m | TWD 407.7m | TWD 985.3m | TWD 494.2m |
| Operating income | TWD 692.2m | TWD 260.9m | TWD 512.5m | TWD 523.3m | TWD 436.4m | TWD 300.1m | TWD 880.2m | TWD 410.3m |
| Net income | TWD 528.0m | TWD 195.9m | TWD 399.7m | TWD 376.9m | TWD 335.5m | TWD 302.8m | TWD 696.1m | TWD 318.3m |
| Diluted earnings per share | 0.97 | 0.36 | 0.73 | 0.69 | 0.62 | 0.56 | 1.64 | 0.75 |
| Cash from operations | — | TWD 330.0m | TWD 883.0m | TWD 125.0m | TWD 149.0m | −TWD 27.0m | −TWD 159.0m | −TWD 61.0m |
| Capital spending | — | −TWD 1.40bn | −TWD 1.09bn | −TWD 353.0m | −TWD 1.22bn | −TWD 712.0m | −TWD 282.0m | −TWD 653.0m |
| Free cash flow | — | −TWD 1.07bn | −TWD 209.0m | −TWD 228.0m | −TWD 1.07bn | −TWD 739.0m | −TWD 441.0m | −TWD 714.0m |
| Total assets | — | TWD 21.01bn | TWD 20.43bn | TWD 19.47bn | TWD 19.13bn | TWD 18.19bn | TWD 16.68bn | TWD 16.36bn |
| Cash and short-term investments | — | TWD 3.31bn | TWD 3.53bn | TWD 3.29bn | TWD 4.16bn | TWD 4.68bn | TWD 3.92bn | TWD 2.92bn |
| Debt | — | TWD 4.95bn | TWD 4.07bn | TWD 3.00bn | TWD 3.32bn | TWD 2.79bn | TWD 2.75bn | TWD 2.22bn |
| Shareholders' equity | — | TWD 10.04bn | TWD 9.94bn | TWD 9.68bn | TWD 9.57bn | TWD 9.37bn | TWD 6.90bn | TWD 6.21bn |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.7% | 24.0% | 8.9% | 4.5% | 0.9% | 2.7% |
| Operating margin | 14.6% | 21.1% | 6.6% | 4.4% | 6.0% | 1.6% |
| Net margin | 12.0% | 16.2% | 4.5% | 2.9% | 4.6% | 0.6% |
| Return on equity | 14.2% | 29.2% | 16.8% | 9.3% | 15.6% | 1.8% |
| Return on assets | 6.9% | 12.1% | 3.5% | 1.9% | 4.0% | 0.4% |
| Free cash flow yield | 18.0% | 19.2% | 60.6% | 27.5% | 12.7% | 1.8% |
| Revenue growth | -4.8% | 10.3% | 33.5% | 5.6% | 24.9% | 14.0% |
| Earnings growth | -29.9% | 295.6% | 110.6% | -34.5% | 935.4% | -400.3% |
| Current ratio | 1.18x | 1.10x | 0.87x | 0.96x | 1.07x | 1.14x |
| Debt to equity | 0.39x | 0.40x | 0.61x | 1.04x | 1.01x | 1.26x |
| Equity ratio | 48.6% | 41.4% | 20.6% | 20.2% | 25.9% | 24.8% |
| Interest coverage | 21.54x | 40.71x | 9.60x | 4.58x | 7.14x | 1.98x |
| Buybacks as a share of market value | -28.7% | -77.9% | 0.3% | -0.2% | 9.5% | -38.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.9% | 13.1% | 8.0% |
| Operating income | 67.5% | 75.5% | 37.8% |
| Net income | 80.1% | 108.7% | 28.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.4% | 15.0% | 11.7% | 8.8% |
| Operating margin | 18.0% | 12.4% | 10.4% | 6.9% |
| Net margin | 14.1% | 9.5% | 7.9% | 5.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 23.1 | 11.3 | 4.0 | 3.1 | 1.8 | 18.5 | -41.0 | -1.3 | 62.2 | 7.2 |
| Price to sales | 2.8 | 1.8 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 4 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2017 | FY2016 | FY2003 | FY2002 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.028 | 0.80 | 0.467 | 0.163 | 0.163 | 0.166 | 0.068 | 0.171 |
- 1170-for-1000 split · 2 Sept 2025
- 1.27-for-1 split · 22 Oct 2024
- 57-for-50 split · 30 May 2024
- 1.055-for-1 split · 1 Aug 2008
- 11-for-10 split · 30 Aug 2007
- 1.097-for-1 split · 12 Oct 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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