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Kunyue Development Co Ltd (5206) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Kunyue Development Co Ltd TWD 21.85, price TWD 22.85, upside -4.4%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Real Estate · TW · ISIN TW0005206007

KD Thin data Sep 24, 2026

Kunyue Development Co Ltd

5206 · TWO

Low PriorityFair Value upside is limited and quality is weak.

·Fair value 21.85 TWD · Fairly valued (−4%)
!Quality 46/100
!Mixed Growth (revenue YoY +55.1 %/yr)
✓Solidly profitable · 20.0% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (8/13)
!Moderate moat 60/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 27 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

90.70 TWD 9.92 TWD Fair Value 21.85 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 9.92 TWD – 90.70 TWD · fair‑value band 18.43 TWD – 41.07 TWD · the 22.85 TWD price screens above the 21.85 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Kunyue Development Co., Ltd. engages in the construction and leasing of residential buildings and commercial buildings in Taiwan. It operates in two segments, Development and Construction. The company is involved in land development, building construction, residential development, house sales, and customer service activities.

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Kunyue Development Co., Ltd. engages in the construction and leasing of residential buildings and commercial buildings in Taiwan. It operates in two segments, Development and Construction. The company is involved in land development, building construction, residential development, house sales, and customer service activities. It also offers structural, hydropower, waterproof, and other engineering services. In addition, the company is involved in real estate development; and civil construction business. Kunyue Development Co., Ltd. was incorporated in 1975 and is based in Taichung, Taiwan.

Stock analysis

Kunyue Development Co Ltd (5206) currently trades at 22.85 TWD, while our model-based Fair Value estimate is 21.85 TWD, implying the stock looks roughly 4.6% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 55.69 TWD per share, and 5 of the 7 models we run sit above the 22.85 TWD price.

Bear case: the Asset-Based group reads lowest at 13.73 TWD, and 2 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: 18.43 TWD (bear) to 41.07 TWD (bull), the price of 22.85 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 46/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Kunyue Development Co Ltd reported revenue of 3.8B TWD in FY2025 versus 1.9B TWD in FY2021, a compound +18.2%/yr. Reported net income was 590M TWD in FY2025, compounding +63.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap 3.9B TWD (≈ $123M) · P/E ratio 7.0 · P/S ratio 1.09 · EPS (TTM) 3.28 TWD · Net margin 15.6% · Return on equity 23.1% · Return on assets (EBIT) 2.1% · Operating margin 31.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (medium confidence).

What moves the price

The share trades about 75% below its 52-week high and 16% 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 −4%, 5206 screens richer than that median.

Fair Value models

Bear 18.43 TWD Fair Value 21.85 TWD Bull 41.07 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 (2.41 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.
Highest evidence
Residual Income 18.87 TWD 22.83 TWD 46.52 TWD 69
EV/EBITDA 52.74 TWD 70.50 TWD 88.26 TWD 67
EV/EBIT 66.61 TWD 88.99 TWD 111.36 TWD 66
All 7 models by family
Multiples
P/S Multiple 41.77 TWD 55.69 TWD 69.62 TWD 58
P/B Multiple 30.74 TWD 40.99 TWD 51.24 TWD 55
EV/EBIT 66.61 TWD 88.99 TWD 111.36 TWD 66
EV/EBITDA 52.74 TWD 70.50 TWD 88.26 TWD 67
EV/Revenue 36.50 TWD 52.37 TWD 68.23 TWD 53
Asset-Based
NCAV (Graham) 10.25 TWD 13.73 TWD 20.49 TWD 54
Economic Profit
Residual Income 18.87 TWD 22.83 TWD 46.52 TWD 69

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Quality Score breakdown

Overall quality 46/100

Of which business quality 41 · Market factors (momentum, volatility) 29

Profitability 36
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 65
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.7%
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.7% vs 14%, 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.20% → 19%
2025 sits 65% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)

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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 · 577 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside −5% · Below median
Profitability
Return on equity (TTM) 23% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 31% · Top 25%
Growth and dividend
Revenue growth 45% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.27× · Below median

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/E (TTM) 7.0× · Cheaper than median
P/B 1.07× · Pricier than median
P/S (TTM) 0.92× · Pricier than median
EV/EBITDA 3.8× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 49
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)92 · sector 12
HEALTH (low debt)86 · sector 83
DIVIDEND (yield)0 · sector 56

Context: sector, industry, market

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

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 0016 HK$109.10 HK$147.78 +35%
China Resources Land Limited 1109 HK$29.62 HK$74.05 +150%
Vinhomes Joint Stock Company VHM 68,200 VND 112,796 VND +65%
CK Asset Holdings 1113 HK$46.44 HK$71.69 +54%
Hongkong Land Holdings H78 $8.74 $1.52 −83%
DLF Limited DLF ₹675.00 ₹167.21 −75%
China Overseas Land & Investment Limited 0688 HK$12.43 HK$22.35 +80%
Lodha Developers Limited LODHA ₹1,163 ₹275.95 −76%
Poly Developments and Holdings 600048 ¥5.64 ¥14.10 +150%
CTP N.V CTPNV €13.58 €10.30 −24%

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Kunyue Development Co Ltd · Fair Value
21.85 TWD −5%Fair Value
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Cite: Fair Value Calculator (2026). "Kunyue Development Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/5206

Frequently asked questions

Is Kunyue Development Co Ltd (5206) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 21.85 TWD versus a price of 22.85 TWD, about −4% upside (fairly valued).
What is the fair value of 5206?
Our model-based fair value for Kunyue Development Co Ltd is 21.85 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 22.85 TWD.
What is the quality score of 5206?
Kunyue Development Co Ltd has a Quality Score of 46/100. 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 Kunyue Development Co Ltd (5206)?
Our model-based price target is the fair value of 21.85 TWD (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 18.43 TWD, optimistic scenario 41.07 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Kunyue Development Co Ltd stock forecast for 2026?
Our models put fair value at 21.85 TWD, about −4% upside versus a price of 22.85 TWD (fairly valued). Cautious scenario 18.43 TWD, optimistic scenario 41.07 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Kunyue Development Co Ltd (5206)?
Kunyue Development Co Ltd reported trailing-twelve-month revenue of about 4.3B TWD (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Kunyue Development Co Ltd (5206)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kunyue Development Co Ltd it is 21.85 TWD per share (as of Sep 24, 2026), against a price of 22.85 TWD. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Kunyue Development Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5206 trades above its calculated fair value: price 22.85 TWD, fair value 21.85 TWD, a gap of about −4% (fairly valued). 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 5206?
No. The price is what the market pays today (22.85 TWD); the fair value is what the company's own numbers justify (21.85 TWD). For Kunyue Development Co Ltd the two are 1.00 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Kunyue Development Co Ltd worth?
The market values Kunyue Development Co Ltd at about 3.9B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 22.85 TWD; our models calculate a fair value of 21.85 TWD per share.
What do the bullish and bearish scenarios say about 5206?
Our models span a range for Kunyue Development Co Ltd: cautious scenario 18.43 TWD, base 21.85 TWD, optimistic 41.07 TWD per share (as of Sep 24, 2026, price 22.85 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5206?
Kunyue Development Co Ltd trades at a price-to-earnings ratio of 7.0 (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 21.85 TWD is built from several models across several years. Other multiples: P/B 1.1, P/S 0.9, EV/EBITDA 3.8.
How solid is the balance sheet of Kunyue Development Co Ltd (5206)?
Balance-sheet figures for Kunyue Development Co Ltd (as of Sep 24, 2026): return on equity 23.1%, debt of 0.27 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 5206 from its 52-week high?
Kunyue Development Co Ltd trades at 22.85 TWD, about 75% below its 52-week high of 90.70 TWD and 16% above the low of 19.62 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 21.85 TWD is for.
Which stocks are comparable to Kunyue Development 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 Kunyue Development Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 22.85 TWD, calculated fair value 21.85 TWD (−4%), Quality Score 46/100, 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 5206 calculated?
We run Kunyue Development 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 21.85 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 13.2 % above its aggregate fair value. Kunyue 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 Kunyue Development Co Ltd (5206)?
The closing price on Sep 24, 2026 was 22.85 TWD. Our model-based fair value is 21.85 TWD, about −4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kunyue Development Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (18.43 TWD to 41.07 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Kunyue Development Co Ltd

How large is the market capitalisation of Kunyue Development Co Ltd (5206)?
The market capitalisation of Kunyue Development Co Ltd is 3.9B TWD (≈ $123M). 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 Kunyue Development Co Ltd (5206)?
The price-to-sales ratio of Kunyue Development Co Ltd is 1.09 (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 Kunyue Development Co Ltd (5206)?
Earnings per share at Kunyue Development Co Ltd are 3.28 TWD (price ÷ EPS = P/E 7.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kunyue Development Co Ltd (5206)?
The net margin of Kunyue Development Co Ltd is 15.6% (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 Kunyue Development Co Ltd (5206)?
The return on equity (ROE) of Kunyue Development Co Ltd is 23.1% (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 Kunyue Development Co Ltd (5206)?
On an EBIT basis the return on assets of Kunyue Development Co Ltd is 2.1% (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 Kunyue Development Co Ltd (5206)?
The operating margin of Kunyue Development Co Ltd is 31.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kunyue Development Co Ltd (5206)?
Revenue at Kunyue Development Co Ltd is growing +44.7% versus a year earlier (3y avg +112%). 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 Kunyue Development Co Ltd (5206)?
Earnings per share at Kunyue Development Co Ltd are growing +179% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kunyue Development Co Ltd (5206) generate?
The free cash flow of Kunyue Development Co Ltd is −1.3B 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 Kunyue Development Co Ltd (5206) carry?
The net debt of Kunyue Development Co Ltd is 9.9B 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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