Da-Cin Construction Co Ltd (2535) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Da-Cin Construction Co Ltd TWD 111, price TWD 89.80, upside +23.1%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 30.78 TWD – 96.70 TWD · fair‑value band 82.90 TWD – 138.16 TWD · the 89.80 TWD price screens below the 110.53 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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Da-Cin Construction Co.,Ltd. engages in the civil engineering and building construction in Taiwan, Singapore, Malaysia, and Vietnam. It operates through Engineering Department and Construction Department segments.
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Da-Cin Construction Co.,Ltd. engages in the civil engineering and building construction in Taiwan, Singapore, Malaysia, and Vietnam. It operates through Engineering Department and Construction Department segments. The company offers engineering, procurement, and construction services for roads, bridges, tunnels, hillside development, housing complexes, commercial office buildings, schools, hotels, hospitals, supermarkets, department stores, shopping centers, deep-excavation and high rises, other construction works, wafer factories, LCD panel factories, glass substrate factories, passive component factories, IC packaging factories, high-tech compounds, MRT, underground railways, and other transportation construction. It also offers land cooperation, real estate sales, and new home after sales services. In addition, the company engages in architectural information and technology; pipeline and electrical installation; engineering management-related business; builds public housing; real estate construction and infrastructure; construction, leasing, and sale of buildings; and management of investments in manufacturing and other industries. The company was incorporated in 1967 and is based in Taipei City, Taiwan.
Stock analysis
Da-Cin Construction Co Ltd (2535) currently trades at 89.80 TWD, while our model-based Fair Value estimate is 110.53 TWD, implying the stock looks roughly 18.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 182.80 TWD per share, and 18 of the 26 models we run sit above the 89.80 TWD price.
Bear case: the Asset-Based group reads lowest at 26.66 TWD, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 82.90 TWD (bear) to 138.16 TWD (bull), the price of 89.80 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 72/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Da-Cin Construction Co Ltd reported revenue of 22.1B TWD in FY2025 versus 14.8B TWD in FY2021, a compound +10.5%/yr. Reported net income was 1.7B TWD in FY2025, compounding +8.4%/yr from FY2021.
Key figures
Market cap 23.0B TWD (≈ $721M) · P/E ratio 13.9 · P/S ratio 1.06 · EPS (TTM) 6.48 TWD · Dividend yield 5.1% · Net margin 7.7% · Return on equity 22.0% · Return on assets (EBIT) 5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 56% 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 23%, 2535 screens cheaper than that median.
Fair Value models
Bear 82.90 TWDFair Value 110.53 TWDBull 138.16 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 (1.38 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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+50.3%
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.
+8.7%
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.
+7.9%
Start year 2020 (pandemic). Over 10 years: +6.4% a year
Revenue growth 23 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.
+8.5%
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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.
+13.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.1%
Dividend (yield on the price)5.1%
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.8% vs 12%, 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.9% → 8%
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).
−15.6%
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 −16.9% a year for the price.
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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 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+23% · Above median
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets4% · Above median
Net margin (TTM)9% · Top 25%
Operating margin (TTM)11% · Top 25%
Growth and dividend
Revenue growth56% · Top 25%
Dividend yield (TTM)5.1% · Top 25%
Balance sheet
Debt / equity0.37× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Da-Cin Construction Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2535
Frequently asked questions
Is Da-Cin Construction Co Ltd (2535) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 110.53 TWD versus a price of 89.80 TWD, about +23% upside (undervalued).
What is the fair value of 2535?
Our model-based fair value for Da-Cin Construction Co Ltd is 110.53 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 89.80 TWD.
What is the quality score of 2535?
Da-Cin Construction Co Ltd has a Quality Score of 72/100. 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 Da-Cin Construction Co Ltd (2535)?
Our model-based price target is the fair value of 110.53 TWD (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 82.90 TWD, optimistic scenario 138.16 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Da-Cin Construction Co Ltd stock forecast for 2026?
Our models put fair value at 110.53 TWD, about +23% upside versus a price of 89.80 TWD (undervalued). Cautious scenario 82.90 TWD, optimistic scenario 138.16 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Da-Cin Construction Co Ltd (2535)?
Da-Cin Construction Co Ltd reported trailing-twelve-month revenue of about 24.6B TWD (latest available figure, as of Sep 23, 2026).
Does Da-Cin Construction Co Ltd pay a dividend?
Da-Cin Construction Co Ltd currently shows a dividend yield of about 5.12% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Da-Cin Construction Co Ltd (2535)?
For today's price to be fair in a discounted-cash-flow model, Da-Cin Construction Co Ltd would have to grow free cash flow by -15.6 % 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 +7.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2535 use?
Our models discount Da-Cin Construction Co Ltd at 8.6 %: a base by market capitalisation (large), damped by beta 0.33, 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 Da-Cin Construction Co Ltd that is -15.6 % 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 Da-Cin Construction Co Ltd (2535) delivered so far?
Over the past 5 years revenue at Da-Cin Construction Co Ltd grew +7.9 % a year. The price currently implies -15.6 % 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 Da-Cin Construction Co Ltd (2535) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Da-Cin Construction Co Ltd (-15.6 % 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 Da-Cin Construction Co Ltd (2535)?
The free-cash-flow yield on the price is 17.37 %: that much free cash flow Da-Cin Construction 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 Da-Cin Construction Co Ltd (2535)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Da-Cin Construction Co Ltd it is 110.53 TWD per share (as of Sep 23, 2026), against a price of 89.80 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Da-Cin Construction Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2535 trades below its calculated fair value: price 89.80 TWD, fair value 110.53 TWD, a gap of about +23% (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 2535?
No. The price is what the market pays today (89.80 TWD); the fair value is what the company's own numbers justify (110.53 TWD). For Da-Cin Construction Co Ltd the two are 20.73 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Da-Cin Construction Co Ltd worth?
The market values Da-Cin Construction Co Ltd at about 23.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 89.80 TWD; our models calculate a fair value of 110.53 TWD per share.
What do the bullish and bearish scenarios say about 2535?
Our models span a range for Da-Cin Construction Co Ltd: cautious scenario 82.90 TWD, base 110.53 TWD, optimistic 138.16 TWD per share (as of Sep 23, 2026, price 89.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2535?
Da-Cin Construction Co Ltd trades at a price-to-earnings ratio of 13.9 (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 110.53 TWD is built from several models across several years. Other multiples: P/B 2.2, P/S 0.9, EV/EBITDA 9.7.
How solid is the balance sheet of Da-Cin Construction Co Ltd (2535)?
Balance-sheet figures for Da-Cin Construction Co Ltd (as of Sep 23, 2026): return on equity 22.0%, debt of 0.37 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 2535 from its 52-week high?
Da-Cin Construction Co Ltd trades at 89.80 TWD, about 7% below its 52-week high of 96.70 TWD and 56% above the low of 57.40 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 110.53 TWD is for.
Which stocks are comparable to Da-Cin Construction Co Ltd?
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 Da-Cin Construction Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 89.80 TWD, calculated fair value 110.53 TWD (+23%), Quality Score 72/100, from 26 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 2535 calculated?
We run Da-Cin Construction Co Ltd through 26 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 110.53 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. Da-Cin Construction Co Ltd currently trades 23 % 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 Da-Cin Construction Co Ltd (2535)?
The closing price on Sep 24, 2026 was 89.80 TWD. Our model-based fair value is 110.53 TWD, about +23% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Da-Cin Construction Co Ltd right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Da-Cin Construction Co Ltd (2535) come from?
Earnings per share at Da-Cin Construction Co Ltd grew +11.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.2 %, EBIT margin +8.1 %, tax rate +0.0 %, residual (interest, one-offs) −0.2 %. 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 Da-Cin Construction Co Ltd
How large is the market capitalisation of Da-Cin Construction Co Ltd (2535)?
The market capitalisation of Da-Cin Construction Co Ltd is 23.0B TWD (≈ $721M). 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 Da-Cin Construction Co Ltd (2535)?
The price-to-sales ratio of Da-Cin Construction Co Ltd is 1.06 (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 Da-Cin Construction Co Ltd (2535)?
Earnings per share at Da-Cin Construction Co Ltd are 6.48 TWD (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Da-Cin Construction Co Ltd (2535)?
The dividend yield of Da-Cin Construction Co Ltd is 5.1% (payout 71.0%). 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 Da-Cin Construction Co Ltd (2535)?
The net margin of Da-Cin Construction Co Ltd is 7.7% (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 Da-Cin Construction Co Ltd (2535)?
The return on equity (ROE) of Da-Cin Construction Co Ltd is 22.0% (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 Da-Cin Construction Co Ltd (2535)?
On an EBIT basis the return on assets of Da-Cin Construction Co Ltd is 5.7% (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 Da-Cin Construction Co Ltd (2535)?
The operating margin of Da-Cin Construction Co Ltd is 10.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Da-Cin Construction Co Ltd (2535)?
Revenue at Da-Cin Construction Co Ltd is growing +55.6% versus a year earlier (3y avg +8.7%). 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 Da-Cin Construction Co Ltd (2535)?
Earnings per share at Da-Cin Construction Co Ltd are growing +92.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Da-Cin Construction Co Ltd (2535) carry?
The net debt of Da-Cin Construction Co Ltd is 1.1B TWD (fiscal year 2025, ≈ 0.3 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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