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Ancang Construction Corp (5548) Fair Value & Analysis

Industrials · TW · Market cap 1.3B TWD

AC Ancang Construction Corp 5548 · TWO
Price20.30 TWD
Fair Value27.26 TWD
Upside+34.3%
Quality55/100
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Healthy Growth
Thin margins · 0.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/11)
Moderate moat 56/100
Evidence: High Range 20.26 TWD – 34.25 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 20 days ago

Share price −2.8% over the past month.

A solid business, screening 34% undervalued on our models.

What matters now

  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 20.26 TWD (bear) to 34.25 TWD (bull), base 27.26 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (4 years)

42.15 TWD 9.78 TWD Fair Value 27.26 TWD Nov 2022 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

45‑month range 9.78 TWD – 42.15 TWD · fair‑value band 20.26 TWD – 34.25 TWD · the 20.30 TWD price screens below the 27.26 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Ancang Construction Corp (5548) currently trades at 20.30 TWD, while our model-based Fair Value estimate is 27.26 TWD, implying the stock looks roughly 34.3% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials 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.

Net debt stands at 53.5M TWD. The stock trades on a trailing P/E of 11.7. Fundamentals as of Jul 21, 2026

Our scenario range runs from 20.26 TWD (bear case) to 34.25 TWD (bull case); at 20.30 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 23% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 34%, 5548 screens cheaper 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
Growth DCF 34.80 TWD 55.18 TWD 85.19 TWD 80
Residual Income 15.05 TWD 16.40 TWD 19.49 TWD 76
Rev-Margin DCF 26.33 TWD 41.34 TWD 61.27 TWD 74
All 26 models by family
DCF Models
FCF DCF 35.50 TWD 59.21 TWD 96.73 TWD 38
Owner Earnings 23.48 TWD 38.43 TWD 62.09 TWD 31
5Y Revenue Exit 26.33 TWD 41.50 TWD 61.82 TWD 39
5Y EBITDA Exit 29.34 TWD 47.85 TWD 71.03 TWD 41
5Y P/E Exit 31.59 TWD 52.60 TWD 76.82 TWD 38
10Y Revenue Exit 28.87 TWD 43.88 TWD 66.51 TWD 36
10Y EBITDA Exit 31.26 TWD 48.19 TWD 73.71 TWD 37
10Y P/E Exit 32.64 TWD 51.41 TWD 78.25 TWD 35
Earnings-Based
Graham-Dodd 12.40 TWD 62.41 TWD 86.15 TWD 54
Lynch FV 16.91 TWD 24.16 TWD 31.41 TWD 50
PEG = 1.0 16.91 TWD 24.16 TWD 31.41 TWD 46
EPV 15.75 TWD 17.49 TWD 18.95 TWD 59
Dividend Discount
Gordon GGM 9.64 TWD 17.37 TWD 23.91 TWD 70
DDM Multi-Stage 9.64 TWD 15.86 TWD 18.55 TWD 61
Multiples
P/E Multiple 28.72 TWD 38.29 TWD 47.87 TWD 63
P/S Multiple 23.25 TWD 31.00 TWD 38.75 TWD 58
P/B Multiple 23.25 TWD 31.00 TWD 38.75 TWD 55
EV/EBIT 28.76 TWD 37.35 TWD 45.95 TWD 53
EV/EBITDA 27.84 TWD 36.13 TWD 44.42 TWD 54
EV/Revenue 21.37 TWD 29.26 TWD 37.15 TWD 43
Asset-Based
NCAV (Graham) 8.99 TWD 12.04 TWD 17.97 TWD 50
Growth DCF
Growth DCF 34.80 TWD 55.18 TWD 85.19 TWD 80
Rev-Margin DCF 26.33 TWD 41.34 TWD 61.27 TWD 74
Economic Profit
Residual Income 15.05 TWD 16.40 TWD 19.49 TWD 76
ROIC Compounder 15.75 TWD 17.49 TWD 20.20 TWD 72
Growth Earnings
Growth-Adj P/E 25.74 TWD 36.77 TWD 47.81 TWD 68

Widest divergence: DCF Models (47.85 TWD) versus Asset-Based (12.04 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Free cash flow 190M TWD FY2025
P/E ratio 11.7
EPS (TTM) 2.01 TWD
Net debt 53.5M TWD FY2024

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

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 22

Profitability 44
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 40
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 40
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

Ancang Construction Corp Ltd. operates as a construction company. The company engages in the development of architectures, civil engineering projects, exhibition centers, tunnels, harbors, stations, power plants, pumping stations, and various public works. Ancang Construction Corp Ltd. was founded in 1975 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ancang Construction Corp reported revenue of 2.5B TWD in FY2025 versus 1.9B TWD in FY2021, a compound +6.7%/yr. Reported net income was 116M TWD in FY2025, compounding +16.5%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.5B TWD
Latest YoY
+14.6%
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.
+17.6%
Revenue +6.7%/yr
FY21 1.9B TWD
FY22 1.5B TWD
FY23 1.9B TWD
FY24 2.2B TWD
FY25 2.5B TWD
Net income +16.5%/yr
FY21 63.1M TWD
FY22 64.7M TWD
FY23 84.5M TWD
FY24 104M TWD
FY25 116M TWD

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Cite: Fair Value Calculator (2026). "Ancang Construction Corp Fair Value". https://www.fairvalue-calculator.com/stock/5548

Peer Group

Engineering & Construction · 839 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 55 · Above median
Fair Value upside +46% · Top 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 0% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers

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 95 · sector 16
FUTURE 0 · sector 17
PAST 0 · sector 26
HEALTH 100 · sector 94
DIVIDEND 0 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Ancang Construction Corp (5548) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 27.26 TWD versus a price of 20.30 TWD, about +34% (undervalued).
What is the fair value of 5548?
Our model-based fair value for Ancang Construction Corp is 27.26 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 20.30 TWD.
What is the quality score of 5548?
Ancang Construction Corp 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 net profit margin of 5548?
The net profit margin of Ancang Construction Corp is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. 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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