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Southeast Cement Co (1110) Fair Value & Analysis

Basic Materials · TW · Market cap 9.1B TWD

SC Southeast Cement Co 1110 · TW
Price16.30 TWD
Fair Value5.20 TWD
Upside-68.1%
Quality36/100
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Expensive Growth
Thin margins · 6.9% net margin
Low debt · generates free cash flow
1.87% dividend yield
Trails peers (3/14)
Narrow moat 31/100
Evidence: High Range 3.90 TWD – 6.51 TWD Share as image

Fair value as of: Jul 23, 2026

From 21 valuation models · updated 19 days ago

Share price +4.5% over the past month.

Below-average quality, and screening another 68% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (6.51 TWD). The favourable scenario is already priced in.
  • Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

24.80 TWD 13.90 TWD Fair Value 5.20 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 13.90 TWD – 24.80 TWD · fair‑value band 3.90 TWD – 6.51 TWD · the 16.30 TWD price screens above the 5.20 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Southeast Cement Co (1110) currently trades at 16.30 TWD, while our model-based Fair Value estimate is 5.20 TWD, implying the stock looks roughly 68.1% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Southeast Cement Co generated revenue of 2.7B TWD at a net margin of 6.9%. Revenue declined 21.3% year over year. It earns a return on equity of 2.0%. Net debt stands at 2.0B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 3.90 TWD (bear case) to 6.51 TWD (bull case); at 16.30 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at -68%, 1110 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.5300 TWD 0.6200 TWD 0.7400 TWD 80
Residual Income 11.55 TWD 10.92 TWD 8.52 TWD 76
ROIC Compounder 3.28 TWD 3.76 TWD 4.17 TWD 72
All 21 models by family
DCF Models
FCF DCF 0.5200 TWD 0.6200 TWD 0.7500 TWD 38
Owner Earnings 3.74 TWD 5.03 TWD 6.85 TWD 31
5Y Revenue Exit 2.58 TWD 4.23 TWD 6.33 TWD 39
5Y EBITDA Exit 2.82 TWD 4.64 TWD 6.73 TWD 41
5Y P/E Exit 2.83 TWD 4.66 TWD 6.52 TWD 38
10Y Revenue Exit 1.66 TWD 2.96 TWD 4.57 TWD 36
10Y EBITDA Exit 1.91 TWD 3.23 TWD 4.84 TWD 37
10Y P/E Exit 1.92 TWD 3.24 TWD 4.70 TWD 35
Earnings-Based
Graham-Dodd 2.45 TWD 4.96 TWD 6.24 TWD 54
EPV 3.28 TWD 3.76 TWD 4.17 TWD 59
Multiples
P/E Multiple 4.59 TWD 6.12 TWD 7.66 TWD 63
P/S Multiple 4.59 TWD 6.12 TWD 7.66 TWD 58
P/B Multiple 4.59 TWD 6.12 TWD 7.66 TWD 55
EV/EBIT 4.72 TWD 6.20 TWD 7.69 TWD 53
EV/EBITDA 4.84 TWD 6.37 TWD 7.89 TWD 54
EV/Revenue 4.12 TWD 5.78 TWD 7.43 TWD 43
Asset-Based
NCAV (Graham) 8.30 TWD 11.12 TWD 16.60 TWD 50
Growth DCF
Growth DCF 0.5300 TWD 0.6200 TWD 0.7400 TWD 80
Economic Profit
Residual Income 11.55 TWD 10.92 TWD 8.52 TWD 76
ROIC Compounder 3.28 TWD 3.76 TWD 4.17 TWD 72
Growth Earnings
Growth-Adj P/E 3.38 TWD 4.83 TWD 6.28 TWD 68

Widest divergence: Asset-Based (11.12 TWD) versus Growth DCF (0.6200 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.7B TWD
Revenue growth (YoY) -21.3%
Net margin 6.9%
Return on equity 2.0%
Free cash flow 14.7M TWD FY2025
P/E ratio 42.9
More key figures
Operating margin 7.6%
EPS (TTM) 0.3600 TWD
Dividend yield 2.0%
EPS growth (YoY) -43.7%
Net debt 2.0B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 35 · Market factors (momentum, volatility) 54

Profitability 20
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 23
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Southeast Cement Co., Ltd., together with its subsidiaries, manufactures and sells cement in Taiwan. The company operates through four segments: Production Department, Leasing Department, Construction Department, and Engineering Department.

Full company description

Southeast Cement Co., Ltd., together with its subsidiaries, manufactures and sells cement in Taiwan. The company operates through four segments: Production Department, Leasing Department, Construction Department, and Engineering Department. It offers portland cement, water-quenched blast furnace slag powder, cement processed products, ready-mixed concrete, furnace powder, limestone, hearthstone powder, raw materials, calcined stone powder, and other related products. The company also engages in the rental business of properties, including land and factories; construction and sale of residential properties; and contracting construction projects. In addition, it is involved in the investment business; real estate leasing; residential and building development, rental, and sales; and waste clearance and disposal. The company was founded in 1956 and is based in Kaohsiung, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Southeast Cement Co reported revenue of 2.9B TWD in FY2025 versus 1.8B TWD in FY2021, a compound +11.5%/yr. Reported net income was 206M TWD in FY2025, compounding +10.1%/yr from FY2021.

Growth Quality 61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.9B TWD
Latest YoY
−0.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.4%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.4%
Revenue +11.5%/yr
FY21 1.8B TWD
FY22 1.8B TWD
FY23 2.3B TWD
FY24 2.9B TWD
FY25 2.9B TWD
Net income +10.1%/yr
FY21 140M TWD
FY22 108M TWD
FY23 150M TWD
FY24 348M TWD
FY25 206M TWD
Character of growth · EPS growth decomposed (2014-2025) +4.9 % p.a.
Revenue per share +2.8 pp

of which total revenue +3.2 pp · buybacks/dilution −0.4 pp

EBIT margin +4.7 pp
Tax rate −2.3 pp
Residual (interest, one-offs) −0.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

1110 screens 68% overvalued. Compare with CRH plc →

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Cite: Fair Value Calculator (2026). "Southeast Cement Co Fair Value". https://www.fairvalue-calculator.com/stock/1110

Peer Group

Building Materials · 253 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 36 · Bottom 25%
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets 1% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth -21% · Bottom 25%
Dividend yield (TTM) 1.9% · Below median
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Building Materials median · lower = cheaper

P/E (TTM) 44.4× · Pricier than 75% of peers
P/B 0.96× · Pricier than median
P/S (TTM) 3.39× · Pricier than 75% of peers
P/FCF 19.3× · Pricier than 75% of peers
EV/EBITDA 30.8× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 27
FUTURE 0 · sector 2
PAST 8 · sector 15
HEALTH 98 · sector 92
DIVIDEND 37 · sector 42

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is Southeast Cement Co (1110) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 5.20 TWD versus a price of 16.30 TWD, about −68% (overvalued).
What is the fair value of 1110?
Our model-based fair value for Southeast Cement Co is 5.20 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 16.30 TWD.
What is the quality score of 1110?
Southeast Cement Co has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Southeast Cement Co (1110)?
Southeast Cement Co reported trailing-twelve-month revenue of about 2.7B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 1110?
The net profit margin of Southeast Cement Co is about 6.9%, meaning it keeps roughly 6.9% of revenue as net income. Based on the latest reported figures.
Does Southeast Cement Co pay a dividend?
Southeast Cement Co currently shows a dividend yield of about 1.95% relative to its recent price (as of Jul 23, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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