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2538.TW$9.64+3.54%
Fair $9.64+0.0%

2538.TW

Kee Tai Properties Co., Ltd.

Real Estate / Real Estate - DevelopmentTaiwan

$9.64

+0.33 (+3.54%)

Fairly Valued+0.0%Fair Value $9.64Fund rank 23/100 · Data gapFallback financials|
SA 21/D
F-Score: 2/9
Margin CompressionLow Profitability

Book/ROE base 3Y

n/d

n/d CAGR · P/B n/d

Book/ROE base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 100% · confianza 20%

Book/ROE escenarios

weak_data · book/share n/d · quality 15.0/100

Data gap 23/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 20/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

21/100

D

Piotroski

2/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 2unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Sector-specific NAV/AFFO model required: REIT/real-estate targets are disabled until FFO/AFFO/NAV/cap-rate data exists. REIT NAV/AFFO valuation requires positive AFFO/share history or TTM AFFO/share; generic FCF remains disabled. Operating margin has declined for 3 consecutive years ROE is 2.7%, below the 5% threshold
Thesis & Journal · 2538.TWLocal privado en este navegador · Kee Tai Properties Co., Ltd.
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$4.3B

P/E

28.4x

↑

EV/EBITDA

28.5x

↑

ROE

2.7%

↓

Gross Margin

83.5%

↑

Debt/Equity

1.46

↑
52-Week Range$10
$9$14

TradingView lightweight chart

2538.TW price, volumen y niveles de valoración

Último $9.640Periodo +29.7%
Fair value: $9.640

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

-5.2%

FCF CAGR

—

FCF margin

-52.6%

FCF / Net income

-1.02x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $298.7M · net income $153.7M · FCF $-157.3M

2022-FY → 2025-FY

Gross margin

83.5%+8.1% pts

Operating margin

9.3%-17.2% pts

Net margin

51.4%-3.1% pts

FCF margin

-52.6%-1773.1% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$298.7M$298.7M$983.5M$376.3M$350.6M
Net Income$153.7M$153.7M$252.6M$411.3M$191.2M
EBITDA$400.3M$400.3M$458.9M$1.91B$392.3M
EPS——0.570.920.43
Gross Margin83.5%83.5%33.5%71.6%75.4%
Operating Margin9.3%9.3%9.8%11.8%26.4%
Net Margin51.4%51.4%25.7%109.3%54.5%
Balance Sheet
Debt/Equity1.461.461.431.581.72
Current Ratio1.421.42———
Cash Flow
Free Cash Flow$-157.3M$-157.3M$529.1M$-1.09B$6.03B
Returns
ROE2.7%2.7%4.3%6.8%3.3%
Valuation
P/E28.3528.3525.5317.3529.66
EV/EBITDA28.4828.4830.038.1936.90
P/B0.750.751.101.190.98
Growth & Yield
Revenue Growth-69.6%-69.6%161.4%7.3%—
EPS Growth——-38.0%112.2%—
Dividend Yield7.3%7.3%———

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%
Reverse DCF requires positive EPS; loss-making or zero-EPS companies cannot produce a clean EPS hurdle.

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total -21.9%

Total return

-21.9%

Start / end P/E

n/dx → n/dx

EPS bridge

0.57 → n/d

Residual

-29.1%

EPS growthn/d
Multiple reratingn/d
Dividend+7.3%
Residual / FX / buybacks / cross-term-29.1%

EPS/multiple decomposition requires positive EPS at both endpoints; residual absorbs price move not explained by dividends.

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.