TWD 4.12% $2.78 tamawood limited

Ann: Annual Report to shareholders, page-14

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    In case you have not seen it, quite interesting to watch Four Corners (17/7/23) : "House of cards : inside the broken business of building".
    A good reminder regarding the level of risk in this sector.
    2 elements in particular :
    - very low margin in this sector (the average net margin seems to be around 2 %; Metricon CEO confirmed that it is the margin of his company),
    - mid 22, Metricon was in deep financial trouble and required a capital increase of 80 m AUD.

    In this difficult period, Tamawood has proved that it is quite resilient :
    - unlike Metricon and Simonds, they did not require a recapitalization,
    - Tamawood has quite good net margin versus the rest of the sector (their net margin was 4.3 % on average during the past 5 years).
 
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