Sinyi Realty Inc (9940) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Sinyi Realty Inc TWD 9.52, price TWD 20.05, upside -52.5%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Sinyi Realty Inc., together with its subsidiaries, operates in the real estate brokerage and development businesses in Taiwan, Mainland China, and Japan. The company offers transactions and leasing of residential, office, industrial, and land properties.
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Sinyi Realty Inc., together with its subsidiaries, operates in the real estate brokerage and development businesses in Taiwan, Mainland China, and Japan. The company offers transactions and leasing of residential, office, industrial, and land properties. It engages in residential development and sales, as well as invest in Sabah Malaysia's tourism sector, promoting eco-tourism resorts. In addition, the company provides property management, consulting, IT and data services, and construction management The company was incorporated in 1987 and is headquartered in Taipei, Taiwan.
Stock analysis
Sinyi Realty Inc (9940) currently trades at 20.05 TWD, while our model-based Fair Value estimate is 9.52 TWD, implying the stock looks roughly 110.6% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 18.29 TWD per share, and 0 of the 16 models we run sit above the 20.05 TWD price.
Bear case: the Growth DCF group reads lowest at 3.29 TWD, and 16 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 5.20 TWD (bear) to 15.31 TWD (bull), the price of 20.05 TWD sits above 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 38/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Sinyi Realty Inc reported revenue of 11.6B TWD in FY2025 versus 18.8B TWD in FY2021, a compound −11.5%/yr. Reported net income was 219M TWD in FY2025, compounding −44.7%/yr from FY2021.
Key figures
Market cap 15.7B TWD (≈ $494M) · P/E ratio 52.8 · P/S ratio 1.00 · EPS (TTM) 0.3800 TWD · Dividend yield 3.0% · Net margin 1.9% · Return on equity 2.1% · Return on assets (EBIT) 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −53%, 9940 screens richer than that median.
Fair Value models
Bear 5.20 TWDFair Value 9.52 TWDBull 15.31 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.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.
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.38/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−9.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−5.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−2.4%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
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What shareholders gained per year (last 5 years), in TWD ⓘ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. 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.
−30.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−33.2%
Dividend (yield on the price)3.0%
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.−33% 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.18% → 4%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +5.7% a year for the price.
Price, fair value, quality and upside side by side.
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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 Services · 547 stocks
Beats the industry median on 3/14 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−53% · Bottom 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets1% · Below median
Net margin (TTM)2% · Below median
Operating margin (TTM)7% · Below median
Growth and dividend
Revenue growth30% · Top 25%
Dividend yield (TTM)3.0% · Below median
Balance sheet
Debt / equity0.66× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (TTM)52.8× · Priciest 25%
P/B1.21× · Pricier than median
P/S (TTM)1.29× · Cheaper than median
P/FCF0.5× · Cheapest 25%
EV/EBITDA28.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 37
FUTURE (revenue growth)100· sector 12
PAST (return on equity)8· sector 16
HEALTH (low debt)67· sector 83
DIVIDEND (yield)60· sector 65
VALUE 0: the price sits above our fair-value range.
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Is Sinyi Realty Inc (9940) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9.52 TWD versus a price of 20.05 TWD, about −53% upside (overvalued).
What is the fair value of 9940?
Our model-based fair value for Sinyi Realty Inc is 9.52 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 20.05 TWD.
What is the quality score of 9940?
Sinyi Realty Inc 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 price target for Sinyi Realty Inc (9940)?
Our model-based price target is the fair value of 9.52 TWD (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 5.20 TWD, optimistic scenario 15.31 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Sinyi Realty Inc stock forecast for 2026?
Our models put fair value at 9.52 TWD, about −53% upside versus a price of 20.05 TWD (overvalued). Cautious scenario 5.20 TWD, optimistic scenario 15.31 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Sinyi Realty Inc (9940)?
Sinyi Realty Inc reported trailing-twelve-month revenue of about 12.1B TWD (latest available figure, as of Sep 24, 2026).
Does Sinyi Realty Inc pay a dividend?
Sinyi Realty Inc currently shows a dividend yield of about 2.99% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Sinyi Realty Inc (9940)?
For today's price to be fair in a discounted-cash-flow model, Sinyi Realty Inc would have to grow free cash flow by +7.4 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 9940 use?
Our models discount Sinyi Realty Inc at 10.3 %: a base by market capitalisation (small), damped by beta 0.17, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sinyi Realty Inc that is +7.4 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Sinyi Realty Inc (9940) delivered so far?
Over the past 5 years revenue at Sinyi Realty Inc grew -2.4 % a year. The price currently implies +7.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sinyi Realty Inc (9940) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Sinyi Realty Inc (+7.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sinyi Realty Inc (9940)?
The free-cash-flow yield on the price is 6.24 %: that much free cash flow Sinyi Realty Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sinyi Realty Inc (9940)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sinyi Realty Inc it is 9.52 TWD per share (as of Sep 24, 2026), against a price of 20.05 TWD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Sinyi Realty Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 9940 trades above its calculated fair value: price 20.05 TWD, fair value 9.52 TWD, a gap of about −53% (overvalued). 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 9940?
No. The price is what the market pays today (20.05 TWD); the fair value is what the company's own numbers justify (9.52 TWD). For Sinyi Realty Inc the two are 10.53 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Sinyi Realty Inc worth?
The market values Sinyi Realty Inc at about 15.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 20.05 TWD; our models calculate a fair value of 9.52 TWD per share.
What do the bullish and bearish scenarios say about 9940?
Our models span a range for Sinyi Realty Inc: cautious scenario 5.20 TWD, base 9.52 TWD, optimistic 15.31 TWD per share (as of Sep 24, 2026, price 20.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9940?
Sinyi Realty Inc trades at a price-to-earnings ratio of 52.8 (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 9.52 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 1.3, EV/EBITDA 28.0.
How solid is the balance sheet of Sinyi Realty Inc (9940)?
Balance-sheet figures for Sinyi Realty Inc (as of Sep 24, 2026): return on equity 2.1%, debt of 0.66 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 9940 from its 52-week high?
Sinyi Realty Inc trades at 20.05 TWD, about 17% below its 52-week high of 24.20 TWD and 10% above the low of 18.25 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 9.52 TWD is for.
Which stocks are comparable to Sinyi Realty Inc?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Sinyi Realty Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 20.05 TWD, calculated fair value 9.52 TWD (−53%), Quality Score 38/100, from 16 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 9940 calculated?
We run Sinyi Realty Inc through 16 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 9.52 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 13.0 % above its aggregate fair value. Sinyi Realty Inc 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 Sinyi Realty Inc (9940)?
The closing price on Sep 24, 2026 was 20.05 TWD. Our model-based fair value is 9.52 TWD, about −53% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sinyi Realty Inc right now?
The price sits above even our optimistic bull case (15.31 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 (5.20 TWD to 15.31 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.
Where does the earnings growth of Sinyi Realty Inc (9940) come from?
Earnings per share at Sinyi Realty Inc grew +4.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.2 %, EBIT margin +2.2 %, tax rate −0.8 %, residual (interest, one-offs) −2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Sinyi Realty Inc
How large is the market capitalisation of Sinyi Realty Inc (9940)?
The market capitalisation of Sinyi Realty Inc is 15.7B TWD (≈ $494M). 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 Sinyi Realty Inc (9940)?
The price-to-sales ratio of Sinyi Realty Inc is 1.00 (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 Sinyi Realty Inc (9940)?
Earnings per share at Sinyi Realty Inc are 0.3800 TWD (price ÷ EPS = P/E 52.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sinyi Realty Inc (9940)?
The dividend yield of Sinyi Realty Inc is 3.0% (payout 158%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sinyi Realty Inc (9940)?
The net margin of Sinyi Realty Inc is 1.9% (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 Sinyi Realty Inc (9940)?
The return on equity (ROE) of Sinyi Realty Inc is 2.1% (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 Sinyi Realty Inc (9940)?
On an EBIT basis the return on assets of Sinyi Realty Inc is 5.9% (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 Sinyi Realty Inc (9940)?
The operating margin of Sinyi Realty Inc is 7.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sinyi Realty Inc (9940)?
Revenue at Sinyi Realty Inc is growing +30.0% versus a year earlier (3y avg −5.6%). 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 Sinyi Realty Inc (9940)?
Earnings per share at Sinyi Realty Inc are growing +80.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sinyi Realty Inc (9940) carry?
The net debt of Sinyi Realty Inc is 9.9B TWD (fiscal year 2025, ≈ 10.1 yrs of FCF). 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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