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Kindom Construction Corp (2520) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Kindom Construction Corp TWD 48.23, price TWD 37.30, upside +29.3%, quality 26 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Industrials · TW · ISIN TW0002520004

KC Some data Sep 23, 2026

Kindom Construction Corp

2520 · TW

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 48.23 TWD · Undervalued (+29%)
!Quality 26/100
!Weak Growth (revenue 5y −3.5 %/yr)
!Thin margins · 6.2% net margin (TTM)
!Low debt · negative free cash flow
·4.29% dividend yield
✓Ranks above peers (9/13)
!Narrow moat 40/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 15 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

66.70 TWD 22.31 TWD Fair Value 48.23 TWD Apr 2021 Sep 2026

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

How to read this chart

60‑month range 22.31 TWD – 66.70 TWD · fair‑value band 28.72 TWD – 65.71 TWD · the 37.30 TWD price screens below the 48.23 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Kindom Development Co., Ltd., together with its subsidiaries, constructs, develops, and sells real estate properties in Taiwan. It operates through three segments: Building, Construction, and Department Stores segments. The Building segment rents or sells business of commissioning construction companies to build public housing and commercial buildings.

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Kindom Development Co., Ltd., together with its subsidiaries, constructs, develops, and sells real estate properties in Taiwan. It operates through three segments: Building, Construction, and Department Stores segments. The Building segment rents or sells business of commissioning construction companies to build public housing and commercial buildings. Its Construction segment integrates the overall management and coordination of construction and management of maintenance projects. The Department Stores segment is involved in the operation of department stores, supermarkets, and import/export of international trade business. The company engages in the installation and engineering of electrical and fire safety equipment; investment and operates of shopping malls; supporting engineering consultancy services; shopping mall leasing planning and consulting services; and general investment business, as well as wholesales and retails of medical equipment, and non-store retailing business. Kindom Development Co., Ltd. was incorporated in 1979 and is based in Taipei, Taiwan.

Stock analysis

Kindom Construction Corp (2520) currently trades at 37.30 TWD, while our model-based Fair Value estimate is 48.23 TWD, implying the stock looks roughly 22.7% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 89.75 TWD per share, and 7 of the 9 models we run sit above the 37.30 TWD price.

Bear case: the Asset-Based group reads lowest at 27.74 TWD, and 2 of the 9 models stay below the price. Evidence for this calculation is medium.

Scenario range: 28.72 TWD (bear) to 65.71 TWD (bull), the price of 37.30 TWD sits inside 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 26/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Kindom Construction Corp reported revenue of 22.9B TWD in FY2025 versus 25.2B TWD in FY2021, a compound −2.4%/yr. Reported net income was 1.6B TWD in FY2025, compounding −18.4%/yr from FY2021.

Key figures

Market cap 33.5B TWD (≈ $1.1B) · P/E ratio 14.3 · P/S ratio 0.97 · EPS (TTM) 2.61 TWD · Dividend yield 4.3% · Net margin 6.8% · Return on equity 8.0% · Return on assets (EBIT) 8.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 29%, 2520 screens cheaper than that median.

Fair Value models

Bear 28.72 TWD Fair Value 48.23 TWD Bull 65.71 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 (0.7388 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.
Highest evidence
Residual Income 33.35 TWD 34.95 TWD 36.31 TWD 76
EV/EBITDA 98.66 TWD 124.46 TWD 150.27 TWD 67
Gordon GGM 26.14 TWD 54.35 TWD 86.22 TWD 66
All 9 models by family
Dividend Discount
Gordon GGM 26.14 TWD 54.35 TWD 86.22 TWD 66
DDM Multi-Stage 26.14 TWD 45.27 TWD 57.04 TWD 66
Multiples
P/S Multiple 33.65 TWD 44.87 TWD 56.08 TWD 58
P/B Multiple 33.65 TWD 44.87 TWD 56.08 TWD 55
EV/EBIT 108.19 TWD 137.18 TWD 166.16 TWD 66
EV/EBITDA 98.66 TWD 124.46 TWD 150.27 TWD 67
EV/Revenue 69.20 TWD 89.75 TWD 110.30 TWD 54
Asset-Based
NCAV (Graham) 20.70 TWD 27.74 TWD 41.41 TWD 54
Economic Profit
Residual Income 33.35 TWD 34.95 TWD 36.31 TWD 76

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Quality Score breakdown

Overall quality 26/100

Of which business quality 28 · Market factors (momentum, volatility) 60

Profitability 26
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 14/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−20.2%
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.
+2.1%
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.
−3.5%
Start year 2020 (pandemic). Over 10 years: +7.8% a year
Revenue growth 24 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.
+4.8%
What shareholders gained per year (last 5 years), in TWD ⓘ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. 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.
−16.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.9%
Dividend (yield on the price)4.3%
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.−21% vs 4%, slowing
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.19% → 14%
Start year 2020 (pandemic)

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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.Engineering & Construction · 822 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside +29% · Above median
Profitability
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 14% · Top 25%
Growth and dividend
Revenue growth 3% · Above median
Dividend yield (TTM) 4.3% · Top 25%
Balance sheet
Debt / equity 0.18× · Above median

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 14.3× · Cheaper than median
P/B 1.37× · Pricier than median
P/S (TTM) 1.46× · Priciest 25%
EV/EBITDA 6.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)72 · sector 24
FUTURE (revenue growth)15 · sector 13
PAST (return on equity)32 · sector 27
HEALTH (low debt)91 · sector 94
DIVIDEND (yield)86 · sector 40

Context: sector, industry, market

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

Similar stocks

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Larsen & Toubro Limited LT ₹3,866 ₹1,994 −48%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 264,296 KRW −28%
HOCHTIEF Aktiengesellschaft HOT €403.60 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €95.95 €75.04 −22%
EMCOR Group EME $756.50 $521.87 −31%
MasTec, Inc MTZ $221.69 $106.05 −52%

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Kindom Construction Corp · Fair Value
48.23 TWD +23%Fair Value
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Cite: Fair Value Calculator (2026). "Kindom Construction Corp Fair Value". https://www.fairvalue-calculator.com/stock/2520

Frequently asked questions

Is Kindom Construction Corp (2520) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 48.23 TWD versus a price of 37.30 TWD, about +29% upside (undervalued).
What is the fair value of 2520?
Our model-based fair value for Kindom Construction Corp is 48.23 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 37.30 TWD.
What is the quality score of 2520?
Kindom Construction Corp has a Quality Score of 26/100. 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 Kindom Construction Corp (2520)?
Our model-based price target is the fair value of 48.23 TWD (as of Sep 23, 2026) from 9 valuation models. Cautious scenario 28.72 TWD, optimistic scenario 65.71 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Kindom Construction Corp stock forecast for 2026?
Our models put fair value at 48.23 TWD, about +29% upside versus a price of 37.30 TWD (undervalued). Cautious scenario 28.72 TWD, optimistic scenario 65.71 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Kindom Construction Corp (2520)?
Kindom Construction Corp reported trailing-twelve-month revenue of about 23.0B TWD (latest available figure, as of Sep 23, 2026).
Does Kindom Construction Corp pay a dividend?
Kindom Construction Corp currently shows a dividend yield of about 4.29% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Kindom Construction Corp (2520)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kindom Construction Corp it is 48.23 TWD per share (as of Sep 23, 2026), against a price of 37.30 TWD. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Kindom Construction Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2520 trades below its calculated fair value: price 37.30 TWD, fair value 48.23 TWD, a gap of about +29% (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 2520?
No. The price is what the market pays today (37.30 TWD); the fair value is what the company's own numbers justify (48.23 TWD). For Kindom Construction Corp the two are 10.93 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Kindom Construction Corp worth?
The market values Kindom Construction Corp at about 33.5B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 37.30 TWD; our models calculate a fair value of 48.23 TWD per share.
What do the bullish and bearish scenarios say about 2520?
Our models span a range for Kindom Construction Corp: cautious scenario 28.72 TWD, base 48.23 TWD, optimistic 65.71 TWD per share (as of Sep 23, 2026, price 37.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2520?
Kindom Construction Corp trades at a price-to-earnings ratio of 14.3 (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 48.23 TWD is built from several models across several years. Other multiples: P/B 1.4, P/S 1.5, EV/EBITDA 6.4.
How solid is the balance sheet of Kindom Construction Corp (2520)?
Balance-sheet figures for Kindom Construction Corp (as of Sep 23, 2026): return on equity 8.0%, debt of 0.18 per unit of equity. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is 2520 from its 52-week high?
Kindom Construction Corp trades at 37.30 TWD, about 3% below its 52-week high of 38.35 TWD and 30% above the low of 28.75 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 48.23 TWD is for.
Which stocks are comparable to Kindom Construction Corp?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro 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 Kindom Construction Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 37.30 TWD, calculated fair value 48.23 TWD (+29%), Quality Score 26/100, from 9 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 2520 calculated?
We run Kindom Construction Corp through 9 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 48.23 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. Kindom Construction Corp currently trades 29 % 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 Kindom Construction Corp (2520)?
The closing price on Sep 24, 2026 was 37.30 TWD. Our model-based fair value is 48.23 TWD, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kindom Construction Corp right now?
A fairly wide model range (28.72 TWD to 65.71 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Kindom Construction Corp (2520) come from?
Earnings per share at Kindom Construction Corp grew +7.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.1 %, EBIT margin +1.7 %, tax rate −0.9 %, residual (interest, one-offs) +0.7 %. 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 Kindom Construction Corp

How large is the market capitalisation of Kindom Construction Corp (2520)?
The market capitalisation of Kindom Construction Corp is 33.5B TWD (≈ $1.1B). 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 Kindom Construction Corp (2520)?
The price-to-sales ratio of Kindom Construction Corp is 0.97 (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 Kindom Construction Corp (2520)?
Earnings per share at Kindom Construction Corp are 2.61 TWD (price ÷ EPS = P/E 14.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kindom Construction Corp (2520)?
The dividend yield of Kindom Construction Corp is 4.3% (payout 61.3%). 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 Kindom Construction Corp (2520)?
The net margin of Kindom Construction Corp is 6.8% (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 Kindom Construction Corp (2520)?
The return on equity (ROE) of Kindom Construction Corp is 8.0% (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 Kindom Construction Corp (2520)?
On an EBIT basis the return on assets of Kindom Construction Corp is 8.4% (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 Kindom Construction Corp (2520)?
The operating margin of Kindom Construction Corp is 13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kindom Construction Corp (2520)?
Revenue at Kindom Construction Corp is growing +2.9% versus a year earlier (3y avg +2.1%). 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 Kindom Construction Corp (2520)?
Earnings per share at Kindom Construction Corp are growing −29.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kindom Construction Corp (2520) generate?
The free cash flow of Kindom Construction Corp is −4.2B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kindom Construction Corp (2520) carry?
The net debt of Kindom Construction Corp is 6.9B TWD (fiscal year 2025). 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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