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Chung Lien Co (5604) Fair Value & Analysis

Real Estate · TW · Market cap 3.3B TWD

CL Chung Lien Co 5604 · TWO
Price30.40 TWD
Fair Value14.41 TWD
Upside-52.6%
Quality67/100
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Mixed Growth
Highly profitable · 64.1% net margin
generates free cash flow
6.61% dividend yield
Mixed vs. peers (7/13)
Moderate moat 60/100
Evidence: High Range 10.81 TWD – 17.51 TWD Share as image

Fair value as of: Jul 23, 2026

From 23 valuation models · updated 18 days ago

Share price −1.3% over the past month.

A solid business, but screening 53% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (17.51 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
  • 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)

86.58 TWD 30.25 TWD Fair Value 14.41 TWD Mar 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 30.25 TWD – 86.58 TWD · fair‑value band 10.81 TWD – 17.51 TWD · the 30.40 TWD price screens above the 14.41 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.

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Analysis

Chung Lien Co (5604) currently trades at 30.40 TWD, while our model-based Fair Value estimate is 14.41 TWD, implying the stock looks roughly 52.6% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Real Estate 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: high).

Over the trailing twelve months, Chung Lien Co generated revenue of 161M TWD at a net margin of 64.1%. Revenue grew 3.8% year over year. It earns a return on equity of 5.2%. Net debt stands at 14.1M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 10.81 TWD (bear case) to 17.51 TWD (bull case); at 30.40 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 24% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at -53%, 5604 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
Residual Income 14.50 TWD 14.61 TWD 13.48 TWD 76
Growth DCF 3.75 TWD 4.99 TWD 7.06 TWD 72
Gordon GGM 20.20 TWD 22.01 TWD 24.76 TWD 70
All 23 models by family
DCF Models
FCF DCF 3.60 TWD 4.89 TWD 7.21 TWD 38
5Y Revenue Exit 2.49 TWD 3.33 TWD 4.54 TWD 39
5Y EBITDA Exit 6.79 TWD 10.78 TWD 16.06 TWD 41
5Y P/E Exit 8.34 TWD 13.45 TWD 19.54 TWD 38
10Y Revenue Exit 2.87 TWD 3.52 TWD 4.20 TWD 36
10Y EBITDA Exit 5.47 TWD 8.03 TWD 10.80 TWD 37
10Y P/E Exit 6.38 TWD 9.64 TWD 12.80 TWD 35
Earnings-Based
Graham-Dodd 5.76 TWD 7.05 TWD 7.93 TWD 54
EPV 7.26 TWD 8.40 TWD 9.38 TWD 59
Dividend Discount
Gordon GGM 20.20 TWD 22.01 TWD 24.76 TWD 70
DDM Multi-Stage 20.20 TWD 24.96 TWD 31.46 TWD 61
Multiples
P/E Multiple 13.35 TWD 17.80 TWD 22.25 TWD 63
P/S Multiple 2.20 TWD 2.93 TWD 3.66 TWD 58
P/B Multiple 10.81 TWD 14.41 TWD 18.01 TWD 55
EV/EBIT 12.74 TWD 16.97 TWD 21.20 TWD 53
EV/EBITDA 10.41 TWD 13.86 TWD 17.31 TWD 54
EV/Revenue 1.91 TWD 2.70 TWD 3.49 TWD 43
Asset-Based
NCAV (Graham) 9.66 TWD 12.95 TWD 19.33 TWD 50
Growth DCF
Growth DCF 3.75 TWD 4.99 TWD 7.06 TWD 72
Rev-Margin DCF 2.49 TWD 3.41 TWD 4.58 TWD 67
Economic Profit
Residual Income 14.50 TWD 14.61 TWD 13.48 TWD 76
ROIC Compounder 7.26 TWD 8.40 TWD 9.38 TWD 67
Growth Earnings
Growth-Adj P/E 9.43 TWD 13.47 TWD 17.51 TWD 68

Widest divergence: Dividend Discount (22.01 TWD) versus Growth DCF (3.41 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 161M TWD
Revenue growth (YoY) +3.8%
Net margin 64.1%
Return on equity 5.2%
Free cash flow 41.6M TWD FY2025
P/E ratio 36.5
More key figures
Operating margin 70.5%
EPS (TTM) 0.8500 TWD
Dividend yield 6.5%
EPS growth (YoY) +46.5%
Net debt 14.1M TWD FY2023

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 63 · Market factors (momentum, volatility) 42

Profitability 35
Margins and returns on capital today
Quality Growth 26
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 7
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

Chung Lien Co., Ltd engages in the real estate leasing and selling business. It is also involved in retailing of computer information products and software; and provides information maintenance services. Chung Lien Co., Ltd was formerly known as Chung Lien Transportation Co., Ltd. Chung Lien Co., Ltd was incorporated in 1954 and is based in Taichung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chung Lien Co reported revenue of 159M TWD in FY2025 versus 150M TWD in FY2021, a compound +1.6%/yr. Reported net income was 92.2M TWD in FY2025, compounding −40.5%/yr from FY2021.

Growth Quality 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
159M TWD
Latest YoY
+0.4%
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.
−0.4%
Avg. growth/yr (5Y) ⓘ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.
+4.9%
Avg. growth/yr (8Y) ⓘ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.
−21.8%
Revenue +1.6%/yr
FY21 150M TWD
FY22 162M TWD
FY23 160M TWD
FY24 159M TWD
FY25 159M TWD
Net income −40.5%/yr
FY21 734M TWD
FY22 92.6M TWD
FY23 89.8M TWD
FY24 272M TWD
FY25 92.2M TWD

5604 screens 53% overvalued. Compare with Vingroup Joint Stock Company →

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Chung Lien Co · Fair Value
14.41 TWD −53%Fair Value
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Cite: Fair Value Calculator (2026). "Chung Lien Co Fair Value". https://www.fairvalue-calculator.com/stock/5604

Peer Group

Real Estate Services · 520 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 66 · Top 25%
Fair Value upside −53% · Bottom 25%
Return on equity (TTM) 5% · Above median
Return on assets 3% · Above median
Net margin (TTM) 64% · Top 25%
Operating margin (TTM) 71% · Top 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 6.6% · Top 25%

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 35.6× · Pricier than 75% of peers
P/B 1.57× · Pricier than 75% of peers
P/S (TTM) 20.49× · Pricier than 75% of peers
P/FCF 2.5× · Pricier than median
EV/EBITDA 28.7× · Pricier 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 0 · sector 37
FUTURE 19 · sector 10
PAST 21 · sector 16
HEALTH 0 · sector 85
DIVIDEND 100 · sector 49

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

Stock Price Fair Value vs Fair Value
Vingroup Joint Stock Company VIC 223,000 VND 25,731 VND -88%
KE Holdings 2423 HK$44.76 HK$18.03 -60%
Swire Properties Limited 1972 HK$23.90 HK$18.75 -22%
Plaza S.A MALLPLAZA 3,725 CLP 5,571 CLP +50%
SAGAA SAGAA kr 170.00 kr 75.55 -56%
Cencosud Shopping S.A CENCOMALLS 2,324 CLP 2,976 CLP +28%
PT Sarana Menara Nusantara Tbk. owns and TOWR 372.00 IDR 1,208 IDR +225%
PT Metropolitan Kentjana Tbk MKPI 20,975 IDR 19,160 IDR -9%
PT Bangun Kosambi Sukses Tbk, CBDK 3,530 IDR 3,464 IDR -2%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 3,998 ARS +60%

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Frequently asked questions

Is Chung Lien Co (5604) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 14.41 TWD versus a price of 30.40 TWD, about −53% (overvalued).
What is the fair value of 5604?
Our model-based fair value for Chung Lien Co is 14.41 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 30.40 TWD.
What is the quality score of 5604?
Chung Lien Co has a Quality Score of 67/100. 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 Chung Lien Co (5604)?
Chung Lien Co reported trailing-twelve-month revenue of about 161M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 5604?
The net profit margin of Chung Lien Co is about 64.1%, meaning it keeps roughly 64.1% of revenue as net income. Based on the latest reported figures.
Does Chung Lien Co pay a dividend?
Chung Lien Co currently shows a dividend yield of about 6.49% relative to its recent price (as of Jul 23, 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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