Chainqui Construction Development Co., Ltd. (2509) AI Stock Analysis

Chainqui Construction Development Co., Ltd.

(TWSE:2509)

Select Model

Rating:37Underperform

Price Target:TWD 11.50▼(-10.85% Downside)

Action:initiatedcoverage

Date:11/09/26

Chainqui scores at the low end of the range, driven primarily by severely strained financials: a NT$180m annual net loss on sharply lower revenue, a record NT$2.12bn operating cash outflow, and leverage that has risen to 1.62x as debt climbed to NT$6.33bn while equity eroded to NT$3.91bn. Technicals reinforce the caution, with the price below all key moving averages and negative MACD, though deeply depressed RSI and Stochastic readings suggest selling is stretched. Valuation offers no cushion given negative earnings and no dividend. The main potential offset is the NT$13.6bn asset base, much of it land and work-in-progress that could convert to revenue and cash when projects complete — but until deliveries land, cash burn and refinancing risk dominate the outlook.

Positive Factors

Expanded Asset BaseAn expanding asset base provides the company with a larger platform for property development and construction activity. If deployed effectively, these assets can support future project capacity and revenue generation, although returns will depend on restoring profitability and controlling leverage.

Negative Factors

Sharp Profitability DeteriorationThe reversal from 2024 operating profit to materially negative operating profit and deeply negative net margin shows that earnings power is currently unstable. Persistent profitability weakness can reduce internal funding, impair shareholder returns, and make recovery dependent on successful execution across future projects.

Chainqui Construction Development Co., Ltd. (2509) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.90B
Dividend Yield: ―
Average Volume (3M): 149.52K
Price to Earnings (P/E): 135.9
Beta (1Y): 0.43
Revenue Growth: 445.07%
EPS Growth: ―
Country: TW
Employees: 101
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Chainqui Construction Development Co., Ltd. Business Overview & Revenue Model

Company Description

Chainqui Construction Development Co., Ltd., along with its affiliated companies, primarily focuses on the development, marketing, and leasing of residential and commercial properties, serving both the Taiwanese and international markets. The company...

Chainqui Construction Development Co., Ltd. Financial Statement Overview

Summary

Very weak across all three statements. Earnings are extremely lumpy and currently negative: revenue fell from NT$1.42bn in 2024 to NT$264m, producing a NT$180m net loss (-68% net margin) with negative EBIT and EBITDA, while gross margin has eroded from 41% to 28%. The balance sheet shows assets growing to NT$13.63bn funded almost entirely by debt — borrowings more than doubled to NT$6.33bn while equity shrank to NT$3.91bn, pushing leverage from 0.57x to 1.62x. Cash flow is the weakest link, with operating cash flow negative in five of the last six years and a record -NT$2.12bn outflow in the latest period, forcing reliance on borrowings. The partial offsets are a substantial inventory/land bank that could convert to future sales and the 2024 rebound showing earnings power when projects are delivered.

Income Statement

27Negative

Balance Sheet

36Negative

Cash Flow

16Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	258.49M	264.41M	1.42B	223.47M	202.56M	792.90M
Gross Profit	74.51M	74.05M	440.91M	75.00M	73.97M	263.23M
EBITDA	27.75M	-37.41M	300.56M	-14.13M	-1.81M	158.09M
Net Income	-167.25M	-180.05M	47.30M	-245.63M	-149.17M	44.12M
Balance Sheet
Total Assets	14.48B	13.63B	11.64B	9.65B	8.38B	7.65B
Cash, Cash Equivalents and Short-Term Investments	1.48B	1.83B	2.39B	1.42B	1.97B	2.35B
Total Debt	6.95B	6.33B	4.53B	3.90B	3.14B	2.76B
Total Liabilities	10.34B	9.43B	7.02B	5.27B	3.79B	3.12B
Stockholders Equity	3.85B	3.91B	4.24B	4.01B	4.22B	4.22B
Cash Flow
Free Cash Flow	-1.38B	-2.13B	-78.76M	-1.17B	-886.70M	112.47M
Operating Cash Flow	-1.38B	-2.12B	-74.40M	-1.17B	-885.79M	115.66M
Investing Cash Flow	97.44M	95.66M	-224.70M	-164.28M	-4.63M	10.81M
Financing Cash Flow	1.56B	1.62B	434.96M	716.87M	192.88M	-226.03M

Chainqui Construction Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2509 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1439	62Neutral	TWD 2.66B	9.30	―	1.75%	160.15%	33.83%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1438	50Neutral	TWD 2.59B	8.34	―	0.93%	41.65%	―
TW:2506	43Neutral	TWD 2.98B	22.12	―	2.43%	16.90%	―
TW:5514	40Underperform	TWD 3.02B	53.63	―	―	-1.23%	-28.46%
TW:2509	37Underperform	TWD 2.89B	135.93	―	―	445.07%	―
TW:5324	27Underperform	TWD 2.78B	-188.82	―	―	-39.07%	-150.68%

* General Sector Average

Performance Comparison

TW:2509 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2509	Chainqui Construction Development Co., Ltd.	12.90	-1.90	-12.84%
TW:1438	SanDi Properties Co. Ltd.	21.60	-9.98	-31.60%
TW:1439	Ascent Development Co Ltd	28.55	1.62	6.02%
TW:2506	Pacific Construction Co., Ltd.	8.22	-1.15	-12.32%
TW:5324	Shihlin Development Co., Ltd.	12.50	1.85	17.37%
TW:5514	Sunfon Construction Co., Ltd.	13.30	-3.70	-21.76%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Chainqui Construction Development Co., Ltd. AI Stock Analysis