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Sakura Development Co (2539) Fair Value & Analysis

Real Estate · TW · Market cap 48.2B TWD

SD Sakura Development Co 2539 · TW
Price43.30 TWD
Fair Value49.95 TWD
Upside+15.4%
Quality58/100
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Mixed Growth
Highly profitable · 30.8% net margin
Low debt · generates free cash flow
1.47% dividend yield
Ranks above peers (9/14)
Wide moat 70/100
Evidence: High Range 37.46 TWD – 168.49 TWD Share as image

Fair value as of: Jul 21, 2026

From 16 valuation models · updated 20 days ago

Share price +10.6% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • The model range is unusually wide (37.46 TWD to 168.49 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

60.40 TWD 14.12 TWD Fair Value 49.95 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 14.12 TWD – 60.40 TWD · fair‑value band 37.46 TWD – 168.49 TWD · the 43.30 TWD price screens below the 49.95 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

Full chart & analysis →

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Analysis

Sakura Development Co (2539) currently trades at 43.30 TWD, while our model-based Fair Value estimate is 49.95 TWD, implying the stock looks roughly 15.4% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Sakura Development Co generated revenue of 11.0B TWD at a net margin of 30.8%. Revenue declined 55.0% year over year. It earns a return on equity of 19.6%. Net debt stands at 3.2B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 37.46 TWD (bear case) to 168.49 TWD (bull case); at 43.30 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 25% below its 52-week high and 31% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 15%, 2539 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 72.70 TWD 141.52 TWD 254.31 TWD 80
Residual Income 24.41 TWD 34.71 TWD 237.83 TWD 76
Rev-Margin DCF 59.58 TWD 102.40 TWD 192.19 TWD 74
All 16 models by family
DCF Models
FCF DCF 77.11 TWD 119.73 TWD 255.43 TWD 38
5Y Revenue Exit 54.34 TWD 89.84 TWD 163.98 TWD 39
5Y EBITDA Exit 63.98 TWD 109.33 TWD 198.22 TWD 41
10Y Revenue Exit 60.14 TWD 123.66 TWD 162.47 TWD 36
10Y EBITDA Exit 68.93 TWD 144.41 TWD 274.20 TWD 37
Dividend Discount
Gordon GGM 3.83 TWD 7.95 TWD 12.62 TWD 70
DDM Multi-Stage 3.83 TWD 6.71 TWD 8.35 TWD 61
Multiples
P/S Multiple 44.07 TWD 58.76 TWD 73.46 TWD 58
P/B Multiple 22.52 TWD 30.02 TWD 37.53 TWD 55
EV/EBIT 72.70 TWD 95.99 TWD 119.29 TWD 53
EV/EBITDA 56.87 TWD 74.89 TWD 92.91 TWD 54
EV/Revenue 41.36 TWD 57.87 TWD 74.39 TWD 43
Asset-Based
NCAV (Graham) 7.51 TWD 10.06 TWD 15.01 TWD 50
Growth DCF
Growth DCF 72.70 TWD 141.52 TWD 254.31 TWD 80
Rev-Margin DCF 59.58 TWD 102.40 TWD 192.19 TWD 74
Economic Profit
Residual Income 24.41 TWD 34.71 TWD 237.83 TWD 76

Widest divergence: DCF Models (119.73 TWD) versus Dividend Discount (6.71 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 11.0B TWD
Revenue growth (YoY) -55.0%
Net margin 30.8%
Return on equity 19.6%
Free cash flow 5.3B TWD FY2025
P/E ratio 11.2
More key figures
Operating margin 40.5%
EPS (TTM) 3.46 TWD
Dividend yield 1.5%
EPS growth (YoY) -48.0%
Net debt 3.2B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 60 · Market factors (momentum, volatility) 45

Profitability 63
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Sakura Development Co.,Ltd engages in the sale and lease of residential properties with a focus on the Zhongzhangtou area in Taiwan.

Full company description

Sakura Development Co.,Ltd engages in the sale and lease of residential properties with a focus on the Zhongzhangtou area in Taiwan. It also engages in commissioning construction companies to build residential and commercial buildings for rent and sale, designing and planning gardens and landscaping, and providing consulting services for real estate investment planning, analysis, and diagnosis. The company was founded in 1976 and is based in Taichung, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sakura Development Co reported revenue of 14.0B TWD in FY2025 versus 4.3B TWD in FY2021, a compound +34.5%/yr. Reported net income was 4.1B TWD in FY2025, compounding +52.9%/yr from FY2021.

Growth Quality 92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
14.0B TWD
Latest YoY
+55.3%
Avg. growth/yr (3Y)
+30.8%
Avg. growth/yr (5Y)
+24.8%
Avg. growth/yr (22Y)
+36.1%
Revenue +34.5%/yr
FY21 4.3B TWD
FY22 6.3B TWD
FY23 7.1B TWD
FY24 9.0B TWD
FY25 14.0B TWD
Net income +52.9%/yr
FY21 754M TWD
FY22 1.5B TWD
FY23 1.9B TWD
FY24 2.8B TWD
FY25 4.1B TWD

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Cite: Fair Value Calculator (2026). "Sakura Development Co Fair Value". https://www.fairvalue-calculator.com/stock/2539

Peer Group

Real Estate - Development · 588 stocks

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.

Quality Score 57 · Top 25%
Fair Value upside +15% · Above median
Return on equity (TTM) 20% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 31% · Top 25%
Operating margin (TTM) 40% · Top 25%
Revenue growth -55% · Bottom 25%
Dividend yield (TTM) 1.5% · Below median
Debt / equity 0.13× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 11.7× · Cheaper than median
P/B 2.69× · Pricier than 75% of peers
P/S (TTM) 4.39× · Pricier than 75% of peers
P/FCF 0.3× · Cheaper than median
EV/EBITDA 10.9× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 54 · sector 48
FUTURE 0 · sector 0
PAST 78 · sector 10
HEALTH 94 · sector 84
DIVIDEND 29 · sector 38

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Sakura Development Co (2539) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 49.95 TWD versus a price of 43.30 TWD, about +15% (undervalued).
What is the fair value of 2539?
Our model-based fair value for Sakura Development Co is 49.95 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 43.30 TWD.
What is the quality score of 2539?
Sakura Development Co has a Quality Score of 58/100. 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 revenue of Sakura Development Co (2539)?
Sakura Development Co reported trailing-twelve-month revenue of about 11.0B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2539?
The net profit margin of Sakura Development Co is about 30.8%, meaning it keeps roughly 30.8% of revenue as net income. Based on the latest reported figures.
Does Sakura Development Co pay a dividend?
Sakura Development Co currently shows a dividend yield of about 1.54% relative to its recent price (as of Jul 21, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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