Cathay Real Estate Development Co Ltd (2501) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Cathay Real Estate Development Co Ltd TWD 53.00, price TWD 21.10, upside +151.2%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Cathay Real Estate Development Co., Ltd., together with its subsidiaries, engages in the real estate development business in Taiwan and internationally. It operates in two segments, Investment and Development of Real Estate, and Construction. The company constructs residential and commercial buildings for rental and sale.
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Cathay Real Estate Development Co., Ltd., together with its subsidiaries, engages in the real estate development business in Taiwan and internationally. It operates in two segments, Investment and Development of Real Estate, and Construction. The company constructs residential and commercial buildings for rental and sale. It is also involved in healthcare management and related services; real estate management; hotel brand development, construction, and operation; building rental; turnkey contracting and construction management for various construction projects, including luxury residences, office buildings, shopping malls, hotels, and hospitals; and property management, such as cleaning services, parking lot, property management consultant, facility maintenance, and interior design and remodeling. The company was founded in 1964 and is headquartered in Taipei, Taiwan.
Stock analysis
Cathay Real Estate Development Co Ltd (2501) currently trades at 21.10 TWD, while our model-based Fair Value estimate is 53.00 TWD, implying the stock looks roughly 60.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 85.11 TWD per share, and 13 of the 14 models we run sit above the 21.10 TWD price.
Bear case: the Asset-Based group reads lowest at 17.74 TWD, and 1 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 31.37 TWD (bear) to 81.65 TWD (bull), the price of 21.10 TWD sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Cathay Real Estate Development Co Ltd reported revenue of 24.3B TWD in FY2025 versus 12.5B TWD in FY2021, a compound +18.1%/yr. Reported net income was 3.3B TWD in FY2025, compounding +40.3%/yr from FY2021.
Key figures
Market cap 24.6B TWD (≈ $773M) · P/E ratio 7.5 · P/S ratio 1.01 · EPS (TTM) 2.83 TWD · Dividend yield 5.7% · Net margin 13.5% · Return on equity 14.7% · Return on assets (EBIT) 3.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −3% fair-value upside, at 151%, 2501 screens cheaper than that median.
Fair Value models
Bear 31.37 TWDFair Value 53.00 TWDBull 81.65 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.19 TWD per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.8%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+13.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.7%
Start year 2020 (pandemic). Over 10 years: +9.4% a year
Revenue growth 22 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.0%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+28.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.8%
Dividend (yield on the price)5.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19% vs 3%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 17%
2025 sits 107% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−7.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −8.7% a year for the price.
Compare Cathay Real Estate Development Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Real Estate - Development · 579 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+150% · Top 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets4% · Top 25%
Net margin (TTM)15% · Above median
Operating margin (TTM)17% · Above median
Growth and dividend
Revenue growth116% · Top 25%
Dividend yield (TTM)5.7% · Above median
Balance sheet
Debt / equity0.33× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Cathay Real Estate Development Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2501
Frequently asked questions
Is Cathay Real Estate Development Co Ltd (2501) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 53.00 TWD versus a price of 21.10 TWD, about +151% upside (undervalued).
What is the fair value of 2501?
Our model-based fair value for Cathay Real Estate Development Co Ltd is 53.00 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 21.10 TWD.
What is the quality score of 2501?
Cathay Real Estate Development Co Ltd has a Quality Score of 64/100. 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 price target for Cathay Real Estate Development Co Ltd (2501)?
Our model-based price target is the fair value of 53.00 TWD (as of Sep 23, 2026) from 14 valuation models. Cautious scenario 31.37 TWD, optimistic scenario 81.65 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Cathay Real Estate Development Co Ltd stock forecast for 2026?
Our models put fair value at 53.00 TWD, about +151% upside versus a price of 21.10 TWD (undervalued). Cautious scenario 31.37 TWD, optimistic scenario 81.65 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Cathay Real Estate Development Co Ltd (2501)?
Cathay Real Estate Development Co Ltd reported trailing-twelve-month revenue of about 30.3B TWD (latest available figure, as of Sep 23, 2026).
Does Cathay Real Estate Development Co Ltd pay a dividend?
Cathay Real Estate Development Co Ltd currently shows a dividend yield of about 5.69% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Cathay Real Estate Development Co Ltd (2501)?
For today's price to be fair in a discounted-cash-flow model, Cathay Real Estate Development Co Ltd would have to grow free cash flow by -7.3 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2501 use?
Our models discount Cathay Real Estate Development Co Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.14, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cathay Real Estate Development Co Ltd that is -7.3 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Cathay Real Estate Development Co Ltd (2501) delivered so far?
Over the past 5 years revenue at Cathay Real Estate Development Co Ltd grew +11.7 % a year. The price currently implies -7.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cathay Real Estate Development Co Ltd (2501) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Cathay Real Estate Development Co Ltd (-7.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cathay Real Estate Development Co Ltd (2501)?
The free-cash-flow yield on the price is 21.00 %: that much free cash flow Cathay Real Estate Development Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cathay Real Estate Development Co Ltd (2501)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cathay Real Estate Development Co Ltd it is 53.00 TWD per share (as of Sep 23, 2026), against a price of 21.10 TWD. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Cathay Real Estate Development Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2501 trades below its calculated fair value: price 21.10 TWD, fair value 53.00 TWD, a gap of about +151% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2501?
No. The price is what the market pays today (21.10 TWD); the fair value is what the company's own numbers justify (53.00 TWD). For Cathay Real Estate Development Co Ltd the two are 31.90 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Cathay Real Estate Development Co Ltd worth?
The market values Cathay Real Estate Development Co Ltd at about 24.6B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 21.10 TWD; our models calculate a fair value of 53.00 TWD per share.
What do the bullish and bearish scenarios say about 2501?
Our models span a range for Cathay Real Estate Development Co Ltd: cautious scenario 31.37 TWD, base 53.00 TWD, optimistic 81.65 TWD per share (as of Sep 23, 2026, price 21.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2501?
Cathay Real Estate Development Co Ltd trades at a price-to-earnings ratio of 7.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 53.00 TWD is built from several models across several years. Other multiples: PEG 0.7, P/B 0.8, P/S 0.8, EV/EBITDA 4.4.
What is the PEG ratio of 2501?
The PEG ratio of Cathay Real Estate Development Co Ltd is 0.73 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Cathay Real Estate Development Co Ltd (2501)?
Balance-sheet figures for Cathay Real Estate Development Co Ltd (as of Sep 23, 2026): return on equity 14.7%, debt of 0.33 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 2501 from its 52-week high?
Cathay Real Estate Development Co Ltd trades at 21.10 TWD, about 22% below its 52-week high of 27.00 TWD and 1% above the low of 20.95 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 53.00 TWD is for.
Which stocks are comparable to Cathay Real Estate Development Co Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, CK Asset Holdings, Hongkong Land Holdings, DLF Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cathay Real Estate Development Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 21.10 TWD, calculated fair value 53.00 TWD (+151%), Quality Score 64/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2501 calculated?
We run Cathay Real Estate Development Co Ltd through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 53.00 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Cathay Real Estate Development Co Ltd currently trades 151 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cathay Real Estate Development Co Ltd (2501)?
The closing price on Sep 24, 2026 was 21.10 TWD. Our model-based fair value is 53.00 TWD, about +151% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cathay Real Estate Development Co Ltd right now?
The price is below even our cautious bear case (31.37 TWD). The market is more pessimistic than our downside scenario. The model range is unusually wide (31.37 TWD to 81.65 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Cathay Real Estate Development Co Ltd (2501) come from?
Earnings per share at Cathay Real Estate Development Co Ltd grew −0.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin −5.0 %, tax rate −0.7 %, residual (interest, one-offs) −1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Cathay Real Estate Development Co Ltd
How large is the market capitalisation of Cathay Real Estate Development Co Ltd (2501)?
The market capitalisation of Cathay Real Estate Development Co Ltd is 24.6B TWD (≈ $773M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cathay Real Estate Development Co Ltd (2501)?
The price-to-sales ratio of Cathay Real Estate Development Co Ltd is 1.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cathay Real Estate Development Co Ltd (2501)?
Earnings per share at Cathay Real Estate Development Co Ltd are 2.83 TWD (price ÷ EPS = P/E 7.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cathay Real Estate Development Co Ltd (2501)?
The dividend yield of Cathay Real Estate Development Co Ltd is 5.7% (payout 42.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cathay Real Estate Development Co Ltd (2501)?
The net margin of Cathay Real Estate Development Co Ltd is 13.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cathay Real Estate Development Co Ltd (2501)?
The return on equity (ROE) of Cathay Real Estate Development Co Ltd is 14.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cathay Real Estate Development Co Ltd (2501)?
On an EBIT basis the return on assets of Cathay Real Estate Development Co Ltd is 3.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cathay Real Estate Development Co Ltd (2501)?
The operating margin of Cathay Real Estate Development Co Ltd is 17.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cathay Real Estate Development Co Ltd (2501)?
Revenue at Cathay Real Estate Development Co Ltd is growing +116% versus a year earlier (3y avg +13.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cathay Real Estate Development Co Ltd (2501)?
Earnings per share at Cathay Real Estate Development Co Ltd are growing +501% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cathay Real Estate Development Co Ltd (2501) carry?
The net debt of Cathay Real Estate Development Co Ltd is 32.2B TWD (fiscal year 2025, ≈ 6.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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