We & Win Development Co Ltd (2537) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of We & Win Development Co Ltd stock TWD 2.10, price TWD 10.90, that is 80.7% below the price, quality 24 out of 100. Rating: strongly overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 6.72 TWD – 27.65 TWD · fair‑value band 1.57 TWD – 2.63 TWD · the 10.90 TWD price screens above the 2.10 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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WE & WIN Development Co., LTD engages in the residential and building development business in Taiwan. It also involved in leasing and sales of real estate; and provision of computer equipment installation.
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The company was formerly known as Chun Chi Development Co., Ltd. and changed its name to WE & WIN Development Co., LTD in June 2008. WE & WIN Development Co., LTD was founded in 1987 and is based in Taipei, Taiwan.
Stock analysis
We & Win Development Co Ltd (2537) currently trades at 10.90 TWD, while our model-based Fair Value estimate is 2.10 TWD, 81% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 12.94 TWD per share, and 1 of the 4 models we run sit above the 10.90 TWD price.
Bear case: the Multiples group reads lowest at 6.56 TWD, and 3 of the 4 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.57 TWD (bear) to 2.63 TWD (bull), the price of 10.90 TWD sits above 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 24/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
We & Win Development Co Ltd reported revenue of 1.3B TWD in FY2025 versus 2.3B TWD in FY2021, a compound −14.4%/yr. Reported net income was 43.7M TWD in FY2025, compounding −43.0%/yr from FY2021.
Key figures
Market cap 5.0B TWD (≈ $152M) Micro · P/E ratio 26.6 · P/S ratio 1.43 · EPS (TTM) 0.4100 TWD · Net margin 5.3% · Return on equity 2.7% · Return on assets (EBIT) 1.8% (5-year average) · Operating margin 18.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 16% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at −81%, 2537 screens richer than that median.
Fair Value models
Bear1.57 TWDFair Value 2.10 TWDBull2.63 TWD
Price 10.90 TWD · Downside -80.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.3516 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
Residual Income7.77 TWD8.28 TWD9.23 TWD71
P/S Multiple1.85 TWD2.47 TWD3.09 TWD58
P/B Multiple7.99 TWD10.65 TWD13.32 TWD55
All 4 models by family
Multiples
P/S Multiple1.85 TWD2.47 TWD3.09 TWD58
P/B Multiple7.99 TWD10.65 TWD13.32 TWD55
Asset-Based
NCAV (Graham)8.54 TWD12.94 TWD16.17 TWD54
Economic Profit
Residual Income7.77 TWD8.28 TWD9.23 TWD71
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.6/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−43.3%
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.
−9.3%
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.
−3.2%
Start year 2020 (pandemic). Over 10 years: −5.3% 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.
+2.0%
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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. Basis: EBIT basis. 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.
−15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.5%
Dividend (yield on the price)0.0%
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.−31.7% vs −18.3%, 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.15% → 13%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 4.2%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare We & Win 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 · 489 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score24 · Bottom 25%
Fair Value upside−80.7% · Bottom 25%
Profitability
Return on equity (12 months)2.7% · Below median
Return on assets0.2% · Bottom 25%
Net margin (12 months)5.3% · Below median
Operating margin (12 months)18.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)96.8% · Top 25%
Balance sheet
Debt / equity0.19× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (12 months)26.6× · Priciest 25%
P/B1.12× · Pricier than median
P/S (12 months)2.18× · Pricier than median
EV/EBITDA19.1× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 68
FUTURE (revenue growth)100· sector 0
PAST (return on equity)11· sector 17
HEALTH (low debt)91· sector 83
DIVIDEND (yield)0· sector 61
VALUE 0: the price sits above our fair-value range.
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). "We & Win Development Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2537
Frequently asked questions
Is We & Win Development Co Ltd (2537) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 2.10 TWD versus a price of 10.90 TWD, about 81% lower (overvalued).
What is the fair value of 2537?
Our model-based fair value for We & Win Development Co Ltd is 2.10 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 10.90 TWD.
What is the quality score of 2537?
We & Win Development Co Ltd has a Quality Score of 24/100. 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 We & Win Development Co Ltd (2537)?
Our model-based price target is the fair value of 2.10 TWD (as of Nov 6, 2026) from 4 valuation models. Cautious scenario 1.57 TWD, optimistic scenario 2.63 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the We & Win Development Co Ltd stock forecast for 2026?
Our models put fair value at 2.10 TWD, about 81% lower versus a price of 10.90 TWD (overvalued). Cautious scenario 1.57 TWD, optimistic scenario 2.63 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of We & Win Development Co Ltd (2537)?
We & Win Development Co Ltd reported trailing-twelve-month revenue of about 2.3B TWD (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of We & Win Development Co Ltd (2537)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For We & Win Development Co Ltd it is 2.10 TWD per share (as of Nov 6, 2026), against a price of 10.90 TWD. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is We & Win Development Co Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 2537 trades above its calculated fair value: price 10.90 TWD, fair value 2.10 TWD, a gap of about −81% (overvalued). 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 2537?
No. The price is what the market pays today (10.90 TWD); the fair value is what the company's own numbers justify (2.10 TWD). For We & Win Development Co Ltd the two are 8.80 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is We & Win Development Co Ltd worth?
The market values We & Win Development Co Ltd at about 5.0B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 10.90 TWD; our models calculate a fair value of 2.10 TWD per share.
What do the bullish and bearish scenarios say about 2537?
Our models span a range for We & Win Development Co Ltd: cautious scenario 1.57 TWD, base 2.10 TWD, optimistic 2.63 TWD per share (as of Nov 6, 2026, price 10.90 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2537?
We & Win Development Co Ltd trades at a price-to-earnings ratio of 26.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.10 TWD is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings: 22.1. Other multiples: P/B 1.1, P/S 2.2, EV/EBITDA 19.1.
How solid is the balance sheet of We & Win Development Co Ltd (2537)?
Balance-sheet figures for We & Win Development Co Ltd (as of Nov 6, 2026): return on equity 2.7%, debt of 0.19 per unit of equity. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is 2537 from its 52-week high?
We & Win Development Co Ltd trades at 10.90 TWD, about 12% below its 52-week high of 12.40 TWD and 16% above the low of 9.39 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 2.10 TWD is for.
Which stocks are comparable to We & Win Development Co Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset 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 We & Win Development Co Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 10.90 TWD, calculated fair value 2.10 TWD (−81%), Quality Score 24/100, from 4 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 2537 calculated?
We run We & Win Development Co Ltd through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2.10 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. We & Win Development Co Ltd itself currently trades above fair value. 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 We & Win Development Co Ltd (2537)?
The closing price on Nov 9, 2026 was 10.90 TWD. Our model-based fair value is 2.10 TWD, about 81% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with We & Win Development Co Ltd right now?
The price sits above even our optimistic bull case (2.63 TWD). The favourable scenario is already priced in. Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of We & Win Development Co Ltd (2537) come from?
Earnings per share at We & Win Development Co Ltd grew −8.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.4 %, EBIT margin −5.8 %, tax rate −2.3 %, residual (interest, one-offs) −2.4 %. 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 We & Win Development Co Ltd
How large is the market capitalisation of We & Win Development Co Ltd (2537)?
The market capitalisation of We & Win Development Co Ltd is 5.0B TWD (≈ $152M). 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 We & Win Development Co Ltd (2537)?
The price-to-sales ratio of We & Win Development Co Ltd is 1.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of We & Win Development Co Ltd (2537)?
Earnings per share at We & Win Development Co Ltd are 0.4100 TWD (price ÷ EPS = P/E 26.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of We & Win Development Co Ltd (2537)?
The net margin of We & Win Development Co Ltd is 5.3% (last twelve months). 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 We & Win Development Co Ltd (2537)?
The return on equity (ROE) of We & Win Development Co Ltd is 2.7% (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 We & Win Development Co Ltd (2537)?
On an EBIT basis the return on assets of We & Win Development Co Ltd is 1.8% (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 We & Win Development Co Ltd (2537)?
The operating margin of We & Win Development Co Ltd is 18.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at We & Win Development Co Ltd (2537)?
Revenue at We & Win Development Co Ltd is growing +96.8% versus a year earlier (3y avg −9.3%). 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 We & Win Development Co Ltd (2537)?
Earnings per share at We & Win Development Co Ltd are growing +76.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does We & Win Development Co Ltd (2537) generate?
The free cash flow of We & Win Development Co Ltd is −1.0B 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 We & Win Development Co Ltd (2537) carry?
The net debt of We & Win Development Co Ltd is 10.5B 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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Thin data
Nov 6, 2026