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SanDi Properties Co (1438) Fair Value & Analysis

Real Estate · TW · Market cap 2.4B TWD

SP SanDi Properties Co 1438 · TW
Price22.45 TWD
Fair Value25.21 TWD
Upside+12.3%
Quality25/100
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Mixed Growth
Solidly profitable · 18.8% net margin
Low debt · negative free cash flow
Ranks above peers (9/12)
Moderate moat 54/100
Evidence: High Range 18.80 TWD – 31.51 TWD Share as image

Fair value as of: Jul 23, 2026

From 17 valuation models · updated 18 days ago

Share price +2.3% over the past month.

Below-average quality, screening 12% undervalued on our models.

What matters now

  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
  • Our model range runs from 18.80 TWD (bear) to 31.51 TWD (bull), base 25.21 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 25/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

95.00 TWD 11.20 TWD Fair Value 25.21 TWD Feb 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 11.20 TWD – 95.00 TWD · fair‑value band 18.80 TWD – 31.51 TWD · the 22.45 TWD price screens below the 25.21 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

SanDi Properties Co (1438) currently trades at 22.45 TWD, while our model-based Fair Value estimate is 25.21 TWD, implying the stock looks roughly 12.3% undervalued today. The Quality Score stands at 25/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, SanDi Properties Co generated revenue of 1.6B TWD at a net margin of 18.8%. It earns a return on equity of 10.0%. Net debt stands at 8.1B TWD. The stock trades on a trailing P/E of 14.6. Fundamentals as of Jul 23, 2026

Our scenario range runs from 18.80 TWD (bear case) to 31.51 TWD (bull case); at 22.45 TWD, the current price sits within 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 47% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -30% fair-value upside, at 12%, 1438 screens cheaper 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
Residual Income 22.12 TWD 22.85 TWD 23.03 TWD 76
ROIC Compounder 18.45 TWD 21.95 TWD 24.96 TWD 72
Gordon GGM 7.20 TWD 14.35 TWD 21.73 TWD 70
All 17 models by family
DCF Models
Owner Earnings 19.52 TWD 47.74 TWD 104.79 TWD 31
Earnings-Based
Graham-Dodd 11.86 TWD 82.74 TWD 116.11 TWD 54
Lynch FV 42.74 TWD 61.06 TWD 79.38 TWD 50
PEG = 1.0 42.74 TWD 61.06 TWD 79.38 TWD 46
EPV 18.45 TWD 21.95 TWD 24.96 TWD 59
Dividend Discount
Gordon GGM 7.20 TWD 14.35 TWD 21.73 TWD 70
DDM Multi-Stage 7.20 TWD 12.40 TWD 15.15 TWD 61
Multiples
P/E Multiple 27.48 TWD 36.64 TWD 45.80 TWD 63
P/S Multiple 16.98 TWD 22.64 TWD 28.31 TWD 58
P/B Multiple 22.24 TWD 29.66 TWD 37.07 TWD 55
EV/EBIT 30.81 TWD 42.30 TWD 53.79 TWD 53
EV/EBITDA 23.63 TWD 32.73 TWD 41.83 TWD 54
EV/Revenue 10.59 TWD 16.71 TWD 22.82 TWD 43
Asset-Based
NCAV (Graham) 14.12 TWD 18.92 TWD 28.24 TWD 50
Economic Profit
Residual Income 22.12 TWD 22.85 TWD 23.03 TWD 76
ROIC Compounder 18.45 TWD 21.95 TWD 24.96 TWD 72
Growth Earnings
Growth-Adj P/E 55.91 TWD 79.87 TWD 103.83 TWD 68

Widest divergence: Growth Earnings (79.87 TWD) versus Dividend Discount (12.40 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.6B TWD
Revenue growth (YoY) +156,530%
Net margin 18.8%
Return on equity 10.0%
Free cash flow −1.7B TWD FY2025
P/E ratio 13.3
More key figures
Operating margin 32.4%
EPS (TTM) 1.65 TWD
EPS growth (YoY) +1,355%
Net debt 8.1B TWD FY2025

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

Quality Score breakdown

Overall quality 25/100

Of which business quality 22 · Market factors (momentum, volatility) 35

Profitability 26
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 0
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

SanDi Properties Co.,Ltd. engages in the construction of commercial and industrial buildings in Taiwan. It is also involved in the residential rental and sale; real estate trading; and other types of department store distribution business. The company was formerly known as Yu Foong International Corporation. SanDi Properties Co.,Ltd.

Full company description

SanDi Properties Co.,Ltd. engages in the construction of commercial and industrial buildings in Taiwan. It is also involved in the residential rental and sale; real estate trading; and other types of department store distribution business. The company was formerly known as Yu Foong International Corporation. SanDi Properties Co.,Ltd. was founded in 1944 and is based in Kaohsiung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SanDi Properties Co reported revenue of 1.3B TWD in FY2025 versus 12.3M TWD in FY2021, a compound +218.1%/yr. Reported net income was 194M TWD in FY2025, compounding +59.3%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.3B TWD
Latest YoY
+7.9%
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.
+28.4%
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.
+66.5%
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.
+4.0%
Revenue +218.1%/yr
FY21 12.3M TWD
FY22 595M TWD
FY23 316M TWD
FY24 1.2B TWD
FY25 1.3B TWD
Net income +59.3%/yr
FY21 30.1M TWD
FY22 374M TWD
FY23 −65.0M TWD
FY24 −141M TWD
FY25 194M TWD

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Cite: Fair Value Calculator (2026). "SanDi Properties Co Fair Value". https://www.fairvalue-calculator.com/stock/1438

Peer Group

Real Estate - Diversified · 137 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 26 · Bottom 25%
Fair Value upside +12% · Above median
Return on equity (TTM) 10% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 19% · Above median
Operating margin (TTM) 32% · Above median
Revenue growth 156530% · Top 25%
Debt / equity 0.31× · Lower than median

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 13.3× · Pricier than median
P/B 0.78× · Pricier than median
P/S (TTM) 1.49× · Cheaper than median
EV/EBITDA 6.5× · Cheaper 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 50 · sector 46
FUTURE 100 · sector 32
PAST 40 · sector 17
HEALTH 84 · sector 75
DIVIDEND 0 · sector 45

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.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

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Frequently asked questions

Is SanDi Properties Co (1438) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 25.21 TWD versus a price of 22.45 TWD, about +12% (undervalued).
What is the fair value of 1438?
Our model-based fair value for SanDi Properties Co is 25.21 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 22.45 TWD.
What is the quality score of 1438?
SanDi Properties Co has a Quality Score of 25/100. 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 SanDi Properties Co (1438)?
SanDi Properties Co reported trailing-twelve-month revenue of about 1.6B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 1438?
The net profit margin of SanDi Properties Co is about 18.8%, meaning it keeps roughly 18.8% of revenue as net income. Based on the latest reported figures.

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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