San Far Property Ltd (9946) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of San Far Property Ltd TWD 15.62, price TWD 17.10, upside -8.7%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 11.21 TWD – 49.55 TWD · fair‑value band 15.26 TWD – 15.62 TWD · the 17.10 TWD price screens above the 15.62 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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San Far Property Limited engages in the development and sale of residential and building properties in Taiwan. The company leases and sells real estate properties; and undertakes civil and building works. It also engages in production, publication, and import and export trading activities, as well as production of CDs and DVDs.
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San Far Property Limited engages in the development and sale of residential and building properties in Taiwan. The company leases and sells real estate properties; and undertakes civil and building works. It also engages in production, publication, and import and export trading activities, as well as production of CDs and DVDs. San Far Property Limited was incorporated in 1993 and is based in Taipei, Taiwan.
Stock analysis
San Far Property Ltd (9946) currently trades at 17.10 TWD, while our model-based Fair Value estimate is 15.62 TWD, implying the stock looks roughly 9.5% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 26.14 TWD per share, and 5 of the 9 models we run sit above the 17.10 TWD price.
Bear case: the Dividend Discount group reads lowest at 11.63 TWD, and 4 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 15.26 TWD (bear) to 15.62 TWD (bull), the price of 17.10 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 56/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
San Far Property Ltd reported revenue of 1.8B TWD in FY2025 versus 1.7B TWD in FY2021, a compound +1.0%/yr. Reported net income was 494M TWD in FY2025, compounding +22.1%/yr from FY2021.
Key figures
Market cap 5.6B TWD (≈ $175M) · P/E ratio 11.3 · P/S ratio 3.11 · EPS (TTM) 1.52 TWD · Dividend yield 8.0% · Net margin 27.6% · Return on equity 19.7% · Return on assets (EBIT) 2.1%.
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 −9% fair-value upside, at −9%, 9946 screens richer than that median.
Fair Value models
Bear 15.26 TWDFair Value 15.62 TWDBull 15.62 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1101 TWD per share) are deliberately not added.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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
+5.8%
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.
−16.8%
Revenue growth 22 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.
+9.5%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+30.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.5%
Dividend (yield on the price)8.0%
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.18% vs 3%, picking up
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.15% → 39%
2025 sits 256% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 8.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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 - Diversified · 133 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−9% · Below median
Profitability
Return on equity (TTM)20% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)33% · Above median
Operating margin (TTM)47% · Above median
Growth and dividend
Revenue growth75% · Top 25%
Dividend yield (TTM)8.0% · Top 25%
Balance sheet
Debt / equity0.62× · Above median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
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Cite: Fair Value Calculator (2026). "San Far Property Ltd Fair Value". https://www.fairvalue-calculator.com/stock/9946
Frequently asked questions
Is San Far Property Ltd (9946) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 15.62 TWD versus a price of 17.10 TWD, about −9% upside (fairly valued).
What is the fair value of 9946?
Our model-based fair value for San Far Property Ltd is 15.62 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 17.10 TWD.
What is the quality score of 9946?
San Far Property Ltd has a Quality Score of 56/100. 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 San Far Property Ltd (9946)?
Our model-based price target is the fair value of 15.62 TWD (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 15.26 TWD, optimistic scenario 15.62 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the San Far Property Ltd stock forecast for 2026?
Our models put fair value at 15.62 TWD, about −9% upside versus a price of 17.10 TWD (fairly valued). Cautious scenario 15.26 TWD, optimistic scenario 15.62 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of San Far Property Ltd (9946)?
San Far Property Ltd reported trailing-twelve-month revenue of about 4.0B TWD (latest available figure, as of Sep 24, 2026).
Does San Far Property Ltd pay a dividend?
San Far Property Ltd currently shows a dividend yield of about 8.01% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of San Far Property Ltd (9946)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For San Far Property Ltd it is 15.62 TWD per share (as of Sep 24, 2026), against a price of 17.10 TWD. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is San Far Property Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 9946 trades above its calculated fair value: price 17.10 TWD, fair value 15.62 TWD, a gap of about −9% (fairly valued). 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 9946?
No. The price is what the market pays today (17.10 TWD); the fair value is what the company's own numbers justify (15.62 TWD). For San Far Property Ltd the two are 1.48 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is San Far Property Ltd worth?
The market values San Far Property Ltd at about 5.6B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 17.10 TWD; our models calculate a fair value of 15.62 TWD per share.
What do the bullish and bearish scenarios say about 9946?
Our models span a range for San Far Property Ltd: cautious scenario 15.26 TWD, base 15.62 TWD, optimistic 15.62 TWD per share (as of Sep 24, 2026, price 17.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9946?
San Far Property Ltd trades at a price-to-earnings ratio of 11.3 (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 15.62 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 1.4, EV/EBITDA 4.7.
How solid is the balance sheet of San Far Property Ltd (9946)?
Balance-sheet figures for San Far Property Ltd (as of Sep 24, 2026): return on equity 19.7%, debt of 0.62 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 9946 from its 52-week high?
San Far Property Ltd trades at 17.10 TWD, about 17% below its 52-week high of 20.60 TWD and 10% above the low of 15.60 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 15.62 TWD is for.
Which stocks are comparable to San Far Property Ltd?
From the same area (Real Estate) we also value Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, The Phoenix Mills Limited, 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 San Far Property Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 17.10 TWD, calculated fair value 15.62 TWD (−9%), Quality Score 56/100, from 9 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 9946 calculated?
We run San Far Property Ltd through 9 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 15.62 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. San Far Property Ltd 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 San Far Property Ltd (9946)?
The closing price on Sep 24, 2026 was 17.10 TWD. Our model-based fair value is 15.62 TWD, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with San Far Property Ltd right now?
The price sits above even our optimistic bull case (15.62 TWD). The favourable scenario is already priced in. The price sits close to our fair value, market and models broadly agree here, little valuation tension. The models converge in a tight band (15.26 TWD to 15.62 TWD), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of San Far Property Ltd (9946) come from?
Earnings per share at San Far Property Ltd grew −1.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share −5.2 %, EBIT margin +4.0 %, tax rate +0.4 %, residual (interest, one-offs) −0.6 %. 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 San Far Property Ltd
How large is the market capitalisation of San Far Property Ltd (9946)?
The market capitalisation of San Far Property Ltd is 5.6B TWD (≈ $175M). 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 San Far Property Ltd (9946)?
The price-to-sales ratio of San Far Property Ltd is 3.11 (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 San Far Property Ltd (9946)?
Earnings per share at San Far Property Ltd are 1.52 TWD (price ÷ EPS = P/E 11.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of San Far Property Ltd (9946)?
The dividend yield of San Far Property Ltd is 8.0% (payout 90.1%). 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 San Far Property Ltd (9946)?
The net margin of San Far Property Ltd is 27.6% (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 San Far Property Ltd (9946)?
The return on equity (ROE) of San Far Property Ltd is 19.7% (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 San Far Property Ltd (9946)?
On an EBIT basis the return on assets of San Far Property Ltd is 2.1% (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 San Far Property Ltd (9946)?
The operating margin of San Far Property Ltd is 46.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at San Far Property Ltd (9946)?
Revenue at San Far Property Ltd is growing +74.7% versus a year earlier (3y avg −7.7%). 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 San Far Property Ltd (9946)?
Earnings per share at San Far Property Ltd are growing +267% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does San Far Property Ltd (9946) generate?
The free cash flow of San Far Property Ltd is −407M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does San Far Property Ltd (9946) carry?
The net debt of San Far Property Ltd is 7.0B TWD (fiscal year 2025). 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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