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Tacheng Real Estate Co (6171) Fair Value & Analysis

Real Estate · TW · Market cap 2.3B TWD

TR Tacheng Real Estate Co 6171 · TWO
Price24.55 TWD
Fair Value58.00 TWD
Upside+136.3%
Quality57/100
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Weak Growth
Highly profitable · 32.4% net margin
negative free cash flow
8.57% dividend yield
Ranks above peers (10/12)
Moderate moat 62/100
Evidence: High Range 43.50 TWD – 72.50 TWD Share as image

Fair value as of: Jul 23, 2026

From 9 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 59.88 TWD to 58.00 TWD (−3.1%) since Jun 26, 2026. Share price +4.0% over the past month.

A solid business, screening 136% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (43.50 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
  • 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)

58.60 TWD 15.36 TWD Fair Value 58.00 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 15.36 TWD – 58.60 TWD · fair‑value band 43.50 TWD – 72.50 TWD · the 24.55 TWD price screens below the 58.00 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Tacheng Real Estate Co (6171) currently trades at 24.55 TWD, while our model-based Fair Value estimate is 58.00 TWD, implying the stock looks roughly 136.3% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate 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.

Over the trailing twelve months, Tacheng Real Estate Co generated revenue of 1.2B TWD at a net margin of 32.4%. Revenue grew 124.7% year over year. It earns a return on equity of 17.2%. Net debt stands at 756M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 43.50 TWD (bear case) to 72.50 TWD (bull case); at 24.55 TWD, the current price sits below 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 34% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 136%, 6171 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
Residual Income 25.03 TWD 31.03 TWD 63.62 TWD 76
Gordon GGM 21.96 TWD 43.75 TWD 66.25 TWD 70
DDM Multi-Stage 21.96 TWD 37.81 TWD 46.18 TWD 61
All 9 models by family
Dividend Discount
Gordon GGM 21.96 TWD 43.75 TWD 66.25 TWD 70
DDM Multi-Stage 21.96 TWD 37.81 TWD 46.18 TWD 61
Multiples
P/S Multiple 48.70 TWD 64.94 TWD 81.17 TWD 58
P/B Multiple 38.04 TWD 50.72 TWD 63.40 TWD 55
EV/EBIT 81.44 TWD 108.20 TWD 134.96 TWD 53
EV/EBITDA 63.27 TWD 83.97 TWD 104.68 TWD 54
EV/Revenue 45.44 TWD 64.41 TWD 83.39 TWD 43
Asset-Based
NCAV (Graham) 12.68 TWD 16.99 TWD 25.36 TWD 50
Economic Profit
Residual Income 25.03 TWD 31.03 TWD 63.62 TWD 76

Widest divergence: Multiples (64.94 TWD) versus Asset-Based (16.99 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.2B TWD
Revenue growth (YoY) +125%
Net margin 32.4%
Return on equity 17.2%
Free cash flow −446M TWD FY2025
P/E ratio 6.1
More key figures
Operating margin 27.1%
EPS (TTM) 3.82 TWD
Dividend yield 8.6%
EPS growth (YoY) +183%
Net debt 756M TWD FY2025

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

Quality Score breakdown

Overall quality 57/100

Of which business quality 54 · Market factors (momentum, volatility) 40

Profitability 50
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 8
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

Tacheng Real Estate Co.,Ltd. engages in real estate development and construction-related businesses in Taiwan. It is involved in the residential construction; leasing and selling commercial buildings; wholesale and retail of building materials; and provision of landscape and interior design services. Tacheng Real Estate Co.,Ltd.

Full company description

Tacheng Real Estate Co.,Ltd. engages in real estate development and construction-related businesses in Taiwan. It is involved in the residential construction; leasing and selling commercial buildings; wholesale and retail of building materials; and provision of landscape and interior design services. Tacheng Real Estate Co.,Ltd. was founded in 1984 and is based in Taichung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tacheng Real Estate Co reported revenue of 1.2B TWD in FY2025 versus 2.0B TWD in FY2021, a compound −12.7%/yr. Reported net income was 382M TWD in FY2025, compounding −2.2%/yr from FY2021.

Growth Quality 27/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.2B TWD
Latest YoY
−35.4%
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.
−15.4%
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.
−0.8%
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.
+9.9%
Revenue −12.7%/yr
FY21 2.0B TWD
FY22 1.9B TWD
FY23 1.4B TWD
FY24 1.8B TWD
FY25 1.2B TWD
Net income −2.2%/yr
FY21 418M TWD
FY22 346M TWD
FY23 248M TWD
FY24 573M TWD
FY25 382M TWD

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Cite: Fair Value Calculator (2026). "Tacheng Real Estate Co Fair Value". https://www.fairvalue-calculator.com/stock/6171

Peer Group

Real Estate - Development · 588 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 57 · Top 25%
Fair Value upside +136% · Top 25%
Return on equity (TTM) 17% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 32% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth 125% · Top 25%
Dividend yield (TTM) 8.6% · Top 25%

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 6.1× · Cheaper than 75% of peers
P/B 0.91× · Pricier than median
P/S (TTM) 1.94× · Pricier than median
EV/EBITDA 4.5× · 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 100 · sector 48
FUTURE 100 · sector 0
PAST 69 · sector 10
HEALTH 0 · sector 84
DIVIDEND 100 · sector 38

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

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Tacheng Real Estate Co (6171) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 58.00 TWD versus a price of 24.55 TWD, about +136% (undervalued).
What is the fair value of 6171?
Our model-based fair value for Tacheng Real Estate Co is 58.00 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 24.55 TWD.
What is the quality score of 6171?
Tacheng Real Estate Co has a Quality Score of 57/100. 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 Tacheng Real Estate Co (6171)?
Tacheng Real Estate Co reported trailing-twelve-month revenue of about 1.2B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6171?
The net profit margin of Tacheng Real Estate Co is about 32.4%, meaning it keeps roughly 32.4% 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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