JSL Construction & Development Co Ltd (2540) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of JSL Construction & Development Co Ltd stock TWD 11.59, price TWD 43.80, that is 73.5% below the price, quality 19 out of 100. Rating: strongly overvalued. Calculated from audited financials with 7 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 3, 2026.
How to read this chart
60‑month range 10.17 TWD – 90.58 TWD · fair‑value band 8.69 TWD – 12.06 TWD · the 43.80 TWD price screens above the 11.59 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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JSL Construction & Development Co., Ltd. operates as a real estate agent and seller in Asia and internationally. The company operates through three segments: Real Estate Selling Agency, Construction, and Development.
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The company engages in the construction of public housing; development, lease, rent, and sale of residential and commercial buildings; investment, operation, commission, trade, lease, rent, and sale of real estate properties; and trading of building materials, as well as undertakes civil construction engineering projects.
It is also involved in the hotel rental and leasing; IT software and third-party payment services; international trade and land development businesses; interior decoration design and contractor services; construction equipment and building material businesses; trading of construction machinery; manufacture of baked food; wholesale and retail of food and beverage; investment in public construction; and property management services.
The company was formerly known as Kim Shangchang Development Co., Ltd and changed its name to JSL Construction & Development Co., Ltd. in July 2013. JSL Construction & Development Co., Ltd. was incorporated in 1986 and is headquartered in Taipei City, Taiwan.
Stock analysis
JSL Construction & Development Co Ltd (2540) currently trades at 43.80 TWD, while our model-based Fair Value estimate is 11.59 TWD, 74% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 23.18 TWD per share, and 0 of the 6 models we run sit above the 43.80 TWD price.
Bear case: the Dividend Discount group reads lowest at 8.76 TWD, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 8.69 TWD (bear) to 12.06 TWD (bull), the price of 43.80 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 19/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
JSL Construction & Development Co Ltd reported revenue of 11.3B TWD in FY2025 versus 5.5B TWD in FY2021, a compound +19.6%/yr. Reported net income was 644M TWD in FY2025, compounding −13.1%/yr from FY2021.
Key figures
Market cap 41.6B TWD (≈ $1.3B) Small · P/S ratio 5.16 · EPS (TTM) −0.0100 TWD · Dividend yield 13.7% · Net margin −0.1% · Return on equity −0.1% · Return on assets (EBIT) 5.0% (5-year average) · Operating margin 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −74%, 2540 screens richer than that median.
Fair Value models
Bear8.69 TWDFair Value 11.59 TWDBull12.06 TWD
Price 43.80 TWD · Downside -73.5%
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.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.
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.50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.3%
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.
+33.7%
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.
+18.8%
Start year 2020 (pandemic). Over 10 years: +29.7% a year
Revenue growth 22 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.
+29.3%
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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.
−3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.2%
Dividend (yield on the price)13.7%
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.−17.2% vs 2.1%, 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.29% → 9%
Compare JSL Construction & 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 Services · 472 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score19 · Bottom 25%
Fair Value upside−73.5% · Bottom 25%
Profitability
Return on assets1.1% · Below median
Net margin (12 months)−0.1% · Bottom 25%
Operating margin (12 months)4.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−55.9% · Bottom 25%
Dividend yield (12 months)13.7% · Top 25%
Balance sheet
Debt / equity0.32× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/B2.53× · Priciest 25%
P/S (12 months)4.98× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 55
FUTURE (revenue growth)0· sector 19
PAST (return on equity)0· sector 19
HEALTH (low debt)84· sector 83
DIVIDEND (yield)100· sector 66
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). "JSL Construction & Development Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2540
Frequently asked questions
Is JSL Construction & Development Co Ltd (2540) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 11.59 TWD versus a price of 43.80 TWD, about 74% lower (overvalued).
What is the fair value of 2540?
Our model-based fair value for JSL Construction & Development Co Ltd is 11.59 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 43.80 TWD.
What is the quality score of 2540?
JSL Construction & Development Co Ltd has a Quality Score of 19/100. 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 JSL Construction & Development Co Ltd (2540)?
Our model-based price target is the fair value of 11.59 TWD (as of Nov 3, 2026) from 7 valuation models. Cautious scenario 8.69 TWD, optimistic scenario 12.06 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the JSL Construction & Development Co Ltd stock forecast for 2026?
Our models put fair value at 11.59 TWD, about 74% lower versus a price of 43.80 TWD (overvalued). Cautious scenario 8.69 TWD, optimistic scenario 12.06 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of JSL Construction & Development Co Ltd (2540)?
JSL Construction & Development Co Ltd reported trailing-twelve-month revenue of about 8.3B TWD (latest available figure, as of Nov 3, 2026).
Does JSL Construction & Development Co Ltd pay a dividend?
JSL Construction & Development Co Ltd currently shows a dividend yield of 13.70% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of JSL Construction & Development Co Ltd (2540) and when is the ex-dividend date?
JSL Construction & Development Co Ltd pays a dividend of 6.00 TWD per share a year, a dividend yield of 13.7%. The last ex-dividend date was Aug 10, 2026. A dividend has been paid every year since at least 2021. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What is the intrinsic value of JSL Construction & Development Co Ltd (2540)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JSL Construction & Development Co Ltd it is 11.59 TWD per share (as of Nov 3, 2026), against a price of 43.80 TWD. It is the blended result of 7 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is JSL Construction & Development Co Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 2540 trades above its calculated fair value: price 43.80 TWD, fair value 11.59 TWD, a gap of about −74% (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 2540?
No. The price is what the market pays today (43.80 TWD); the fair value is what the company's own numbers justify (11.59 TWD). For JSL Construction & Development Co Ltd the two are 32.21 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is JSL Construction & Development Co Ltd worth?
The market values JSL Construction & Development Co Ltd at about 41.6B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 43.80 TWD; our models calculate a fair value of 11.59 TWD per share.
What do the bullish and bearish scenarios say about 2540?
Our models span a range for JSL Construction & Development Co Ltd: cautious scenario 8.69 TWD, base 11.59 TWD, optimistic 12.06 TWD per share (as of Nov 3, 2026, price 43.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of JSL Construction & Development Co Ltd (2540)?
Balance-sheet figures for JSL Construction & Development Co Ltd (as of Nov 3, 2026): return on equity −0.1%, debt of 0.32 per unit of equity. They feed the Quality Score of 19/100, which measures business quality independently of the share price.
How far is 2540 from its 52-week high?
JSL Construction & Development Co Ltd trades at 43.80 TWD, about 19% below its 52-week high of 54.33 TWD and 9% above the low of 40.04 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 11.59 TWD is for.
Which stocks are comparable to JSL Construction & Development Co Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties 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 JSL Construction & Development Co Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price 43.80 TWD, calculated fair value 11.59 TWD (−74%), Quality Score 19/100, 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 2540 calculated?
We run JSL Construction & Development Co Ltd through 7 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 11.59 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 13.0% above its aggregate fair value. JSL Construction & 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 JSL Construction & Development Co Ltd (2540)?
The closing price on Nov 6, 2026 was 43.80 TWD. Our model-based fair value is 11.59 TWD, about 74% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JSL Construction & Development Co Ltd right now?
The price sits above even our optimistic bull case (12.06 TWD). The favourable scenario is already priced in. Weak quality (19/100) 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 JSL Construction & Development Co Ltd (2540) come from?
Earnings per share at JSL Construction & Development Co Ltd grew +13.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +17.5 %, EBIT margin −3.3 %, tax rate −1.1 %, residual (interest, one-offs) +1.4 %. 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 JSL Construction & Development Co Ltd
How large is the market capitalisation of JSL Construction & Development Co Ltd (2540)?
The market capitalisation of JSL Construction & Development Co Ltd is 41.6B TWD (≈ $1.3B). 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 JSL Construction & Development Co Ltd (2540)?
The price-to-sales ratio of JSL Construction & Development Co Ltd is 5.16 (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 JSL Construction & Development Co Ltd (2540)?
Earnings per share at JSL Construction & Development Co Ltd are −0.0100 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JSL Construction & Development Co Ltd (2540)?
The dividend yield of JSL Construction & Development Co Ltd is 13.7%. 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 JSL Construction & Development Co Ltd (2540)?
The net margin of JSL Construction & Development Co Ltd is −0.1% (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 JSL Construction & Development Co Ltd (2540)?
The return on equity (ROE) of JSL Construction & Development Co Ltd is −0.1% (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 JSL Construction & Development Co Ltd (2540)?
On an EBIT basis the return on assets of JSL Construction & Development Co Ltd is 5.0% (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 JSL Construction & Development Co Ltd (2540)?
The operating margin of JSL Construction & Development Co Ltd is 4.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JSL Construction & Development Co Ltd (2540)?
Revenue at JSL Construction & Development Co Ltd is growing −55.9% versus a year earlier (3y avg +33.7%). 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 JSL Construction & Development Co Ltd (2540)?
Earnings per share at JSL Construction & Development Co Ltd are growing −95.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does JSL Construction & Development Co Ltd (2540) generate?
The free cash flow of JSL Construction & Development Co Ltd is −8.2B 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 JSL Construction & Development Co Ltd (2540) carry?
The net debt of JSL Construction & Development Co Ltd is 26.7B 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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Nov 3, 2026