Kee Tai Properties Co Ltd (2538) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Kee Tai Properties Co Ltd TWD 4.36, price TWD 8.71, upside -49.9%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Kee Tai Properties Co., Ltd. engages in construction activities in Taiwan. The company constructs, leases, and sells residential and commercial buildings. It is also involved in the clearance of construction waste. Kee Tai Properties Co., Ltd. was incorporated in 1979 and is headquartered in Taipei City, Taiwan.
Stock analysis
Kee Tai Properties Co Ltd (2538) currently trades at 8.71 TWD, while our model-based Fair Value estimate is 4.36 TWD, implying the stock looks roughly 99.8% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 8.61 TWD per share, and 0 of the 7 models we run sit above the 8.71 TWD price.
Bear case: the Multiples group reads lowest at 2.38 TWD, and 7 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.27 TWD (bear) to 5.45 TWD (bull), the price of 8.71 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 55/100 (solid 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.
Kee Tai Properties Co Ltd reported revenue of 299M TWD in FY2025 versus 255M TWD in FY2021, a compound +4.0%/yr. Reported net income was 154M TWD in FY2025.
Key figures
Market cap 4.4B TWD (≈ $139M) · P/E ratio 25.6 · P/S ratio 13.2 · EPS (TTM) 0.3400 TWD · Dividend yield 5.7% · Net margin 51.4% · Return on equity 2.7% · Return on assets (EBIT) 0.2%.
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 25% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at −50%, 2538 screens richer than that median.
Fair Value models
Bear 3.27 TWDFair Value 4.36 TWDBull 5.45 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.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.19/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−69.6%
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.
−5.2%
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.
−10.0%
Start year 2020 (pandemic). Over 10 years: −24.9% 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.
−8.9%
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What shareholders gained per year (last 3 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 3 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.
−13.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.6%
Dividend (yield on the price)5.7%
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.−5% → 9%
⚠ Revenue per share shrinking 16.9%/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 Kee Tai Properties 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 · 578 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−50% · Bottom 25%
Profitability
Return on equity (TTM)3% · Below median
Return on assets0% · Below median
Net margin (TTM)54% · Top 25%
Operating margin (TTM)47% · Top 25%
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)5.7% · Top 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (TTM)25.6× · Pricier than median
P/B0.77× · Pricier than median
P/S (TTM)14.89× · Priciest 25%
EV/EBITDA76.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 48
FUTURE (revenue growth)0· sector 0
PAST (return on equity)11· sector 11
HEALTH (low debt)100· sector 83
DIVIDEND (yield)100· sector 55
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). "Kee Tai Properties Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2538
Frequently asked questions
Is Kee Tai Properties Co Ltd (2538) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4.36 TWD versus a price of 8.71 TWD, about −50% upside (overvalued).
What is the fair value of 2538?
Our model-based fair value for Kee Tai Properties Co Ltd is 4.36 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 8.71 TWD.
What is the quality score of 2538?
Kee Tai Properties Co Ltd has a Quality Score of 55/100. 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 Kee Tai Properties Co Ltd (2538)?
Our model-based price target is the fair value of 4.36 TWD (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 3.27 TWD, optimistic scenario 5.45 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Kee Tai Properties Co Ltd stock forecast for 2026?
Our models put fair value at 4.36 TWD, about −50% upside versus a price of 8.71 TWD (overvalued). Cautious scenario 3.27 TWD, optimistic scenario 5.45 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Kee Tai Properties Co Ltd (2538)?
Kee Tai Properties Co Ltd reported trailing-twelve-month revenue of about 296M TWD (latest available figure, as of Sep 24, 2026).
Does Kee Tai Properties Co Ltd pay a dividend?
Kee Tai Properties Co Ltd currently shows a dividend yield of about 5.74% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Kee Tai Properties Co Ltd (2538)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kee Tai Properties Co Ltd it is 4.36 TWD per share (as of Sep 24, 2026), against a price of 8.71 TWD. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Kee Tai Properties Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2538 trades above its calculated fair value: price 8.71 TWD, fair value 4.36 TWD, a gap of about −50% (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 2538?
No. The price is what the market pays today (8.71 TWD); the fair value is what the company's own numbers justify (4.36 TWD). For Kee Tai Properties Co Ltd the two are 4.35 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Kee Tai Properties Co Ltd worth?
The market values Kee Tai Properties Co Ltd at about 4.4B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 8.71 TWD; our models calculate a fair value of 4.36 TWD per share.
What do the bullish and bearish scenarios say about 2538?
Our models span a range for Kee Tai Properties Co Ltd: cautious scenario 3.27 TWD, base 4.36 TWD, optimistic 5.45 TWD per share (as of Sep 24, 2026, price 8.71 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2538?
Kee Tai Properties Co Ltd trades at a price-to-earnings ratio of 25.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.36 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 14.9, EV/EBITDA 76.0.
How solid is the balance sheet of Kee Tai Properties Co Ltd (2538)?
Balance-sheet figures for Kee Tai Properties Co Ltd (as of Sep 24, 2026): return on equity 2.7%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 2538 from its 52-week high?
Kee Tai Properties Co Ltd trades at 8.71 TWD, about 25% below its 52-week high of 11.55 TWD and 3% above the low of 8.46 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 4.36 TWD is for.
Which stocks are comparable to Kee Tai Properties Co Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Kee Tai Properties Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 8.71 TWD, calculated fair value 4.36 TWD (−50%), Quality Score 55/100, from 7 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 2538 calculated?
We run Kee Tai Properties Co Ltd through 7 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 4.36 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 14.0 % above its aggregate fair value. Kee Tai Properties 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 Kee Tai Properties Co Ltd (2538)?
The closing price on Sep 24, 2026 was 8.71 TWD. Our model-based fair value is 4.36 TWD, about −50% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kee Tai Properties Co Ltd right now?
The price sits above even our optimistic bull case (5.45 TWD). The favourable scenario is already priced in. 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 but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Kee Tai Properties Co Ltd (2538) come from?
Earnings per share at Kee Tai Properties Co Ltd grew −15.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share −17.4 %, EBIT margin −13.7 %, tax rate −1.1 %, residual (interest, one-offs) +19.7 %. 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 Kee Tai Properties Co Ltd
How large is the market capitalisation of Kee Tai Properties Co Ltd (2538)?
The market capitalisation of Kee Tai Properties Co Ltd is 4.4B TWD (≈ $139M). 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 Kee Tai Properties Co Ltd (2538)?
The price-to-sales ratio of Kee Tai Properties Co Ltd is 13.2 (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 Kee Tai Properties Co Ltd (2538)?
Earnings per share at Kee Tai Properties Co Ltd are 0.3400 TWD (price ÷ EPS = P/E 25.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kee Tai Properties Co Ltd (2538)?
The dividend yield of Kee Tai Properties Co Ltd is 5.7% (payout 147%). 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 Kee Tai Properties Co Ltd (2538)?
The net margin of Kee Tai Properties Co Ltd is 51.4% (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 Kee Tai Properties Co Ltd (2538)?
The return on equity (ROE) of Kee Tai Properties 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 Kee Tai Properties Co Ltd (2538)?
On an EBIT basis the return on assets of Kee Tai Properties Co Ltd is 0.2% (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 Kee Tai Properties Co Ltd (2538)?
The operating margin of Kee Tai Properties Co Ltd is 46.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kee Tai Properties Co Ltd (2538)?
Revenue at Kee Tai Properties Co Ltd is growing −2.7% versus a year earlier (3y avg −5.2%). 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 Kee Tai Properties Co Ltd (2538)?
Earnings per share at Kee Tai Properties Co Ltd are growing +172% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kee Tai Properties Co Ltd (2538) generate?
The free cash flow of Kee Tai Properties Co Ltd is −336M 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 Kee Tai Properties Co Ltd (2538) carry?
The net debt of Kee Tai Properties Co Ltd is 7.9B 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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