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Shihlin Development Company (5324) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.7B TWD

SD Shihlin Development Company 5324 · TWO
Price12.30 TWD
Fair Value3.31 TWD
Upside-73.1%
Quality38/100
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Expensive Growth
Loss-making · -2.3% net margin
Moderate debt · negative free cash flow
Trails peers (2/11)
Narrow moat 14/100
Evidence: Low Range 3.30 TWD – 11.86 TWD Share as image

Fair value as of: Jul 23, 2026

From 4 valuation models · updated 18 days ago

Share price +2.1% over the past month.

Below-average quality, and screening another 73% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (11.86 TWD). The favourable scenario is already priced in.
  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (3.30 TWD to 11.86 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

16.40 TWD 8.30 TWD Fair Value 3.31 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 8.30 TWD – 16.40 TWD · fair‑value band 3.30 TWD – 11.86 TWD · the 12.30 TWD price screens above the 3.31 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

Shihlin Development Company (5324) currently trades at 12.30 TWD, while our model-based Fair Value estimate is 3.31 TWD, implying the stock looks roughly 73.1% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Shihlin Development Company generated revenue of 1.1B TWD at a net margin of -2.3%. Revenue declined 25.9% year over year. It earns a return on equity of -0.8%. Net debt stands at 5.5B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 3.30 TWD (bear case) to 11.86 TWD (bull case); at 12.30 TWD, the current price sits above 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 5% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -62% fair-value upside, at -73%, 5324 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 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
Highest evidence
EV/EBITDA 4.32 TWD 7.51 TWD 10.71 TWD 54
EV/EBIT 0.5500 TWD 53
NCAV (Graham) 3.30 TWD 4.42 TWD 6.60 TWD 50
All 4 models by family
DCF Models
Owner Earnings 3.57 TWD 13.11 TWD 31.43 TWD 31
Multiples
EV/EBIT 0.5500 TWD 53
EV/EBITDA 4.32 TWD 7.51 TWD 10.71 TWD 54
Asset-Based
NCAV (Graham) 3.30 TWD 4.42 TWD 6.60 TWD 50

Widest divergence: DCF Models (13.11 TWD) versus Asset-Based (4.42 TWD). Highest evidence: EV/EBITDA (54).

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Key figures & financial health

Revenue (TTM) 1.1B TWD
Revenue growth (YoY) -25.9%
Net margin -2.3%
Return on equity -0.8%
Free cash flow −524M TWD FY2025
Operating margin -2.6%
More key figures
EPS (TTM) -0.0500 TWD
EPS growth (YoY) -56.3%
Net debt 5.5B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 36 · Market factors (momentum, volatility) 69

Profitability 10
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 82
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

Shihlin Development Company Limited provides guest rooms and catering services in Taiwan. The company operates through Construction and Development, Leisure and Recreation, and Catering and Hotel segments.

Full company description

Shihlin Development Company Limited provides guest rooms and catering services in Taiwan. The company operates through Construction and Development, Leisure and Recreation, and Catering and Hotel segments. The Construction and Development segment engages in the construction, sale, and rental of commercial and residential buildings, as well as real estate development. The Leisure and Recreation segment develops clubs and specialized commercial areas. The Catering and Hotel segment engages in food and beverage and accommodation services. It is also engaged in land development business; and operations of hotels. Further, it manufactures and sells small signal transistors, power transistors, and integrated circuits. Shihlin Development Company Limited was founded in 1973 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shihlin Development Company reported revenue of 1.2B TWD in FY2025 versus 736M TWD in FY2021, a compound +12.0%/yr. Reported net income was −12.3M TWD in FY2025.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.2B TWD
Latest YoY
−55.3%
Avg. growth/yr (3Y) 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.
+36.8%
Revenue +12.0%/yr
FY21 736M TWD
FY22 452M TWD
FY23 609M TWD
FY24 2.6B TWD
FY25 1.2B TWD
Net income
FY21 −103M TWD
FY22 −208M TWD
FY23 −119M TWD
FY24 157M TWD
FY25 −12.3M TWD

5324 screens 73% overvalued. Compare with Marriott International, Inc →

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Cite: Fair Value Calculator (2026). "Shihlin Development Company Fair Value". https://www.fairvalue-calculator.com/stock/5324

Peer Group

Lodging · 168 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 38 · Bottom 25%
Fair Value upside −73% · Bottom 25%
Return on assets 0% · Below median
Net margin (TTM) -2% · Below median
Operating margin (TTM) -3% · Below median
Revenue growth -26% · Bottom 25%
Debt / equity 1.20× · Higher than 75% of peers

Valuation Multiples vs Lodging median · lower = cheaper

P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 0.08× · Cheaper than 75% of peers
EV/EBITDA 13.3× · 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 0 · sector 1
FUTURE 0 · sector 18
PAST 0 · sector 11
HEALTH 40 · sector 90
DIVIDEND 0 · sector 23

VALUE 0: the price sits above our fair-value range.

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 Lodging stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Marriott International, Inc MAR $369.05 $135.64 -63%
Hilton Worldwide Holdings HLT $328.48 $123.67 -62%
InterContinental Hotels Group IHG $159.87 $85.18 -47%
Hyatt Hotels Corporation H $191.00 $47.69 -75%
H World Group HTHT $42.67 $47.55 +11%
Accor SA AC €47.25 €39.26 -17%
The Indian Hotels Company INDHOTEL ₹743.20 ₹260.68 -65%
Wyndham Hotels & Resorts, Inc WH $78.54 $24.02 -69%
Hanjin Kal, 180640 113,500 KRW 36,890 KRW -67%
Jabal Omar Development Company 4250 16.00 SAR 11.64 SAR -27%

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Frequently asked questions

Is Shihlin Development Company (5324) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 3.31 TWD versus a price of 12.30 TWD, about −73% (overvalued).
What is the fair value of 5324?
Our model-based fair value for Shihlin Development Company is 3.31 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 12.30 TWD.
What is the quality score of 5324?
Shihlin Development Company has a Quality Score of 38/100. 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 Shihlin Development Company (5324)?
Shihlin Development Company reported trailing-twelve-month revenue of about 1.1B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 5324?
The net profit margin of Shihlin Development Company is about -2.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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