Crowell Development Corp. (2528) AI Stock Analysis

Crowell Development Corp.

(TWSE:2528)

Select Model

Rating:63.9Neutral

Price Target:TWD 18.00▲(6.82% Upside)

Action:initiatedcoverage

Date:11/10/26

The score reflects moderate financial strength as the primary support, reinforced by attractive valuation. Weak technical momentum, including a price below all provided moving averages and a negative MACD, materially limits the overall score.

Positive Factors

Strong ProfitabilityHealthy gross and net margins demonstrate that the company can convert revenue into meaningful operating and bottom-line earnings. This profitability provides internal funding capacity and a stronger base for resilience, even though results have varied across prior periods.

Negative Factors

Revenue ContractionThe sharp 2025 revenue decline signals an uneven demand or project cycle and reduces visibility into the durability of the company’s earnings base. Sustained top-line weakness could pressure operating leverage, constrain reinvestment, and make future profitability more dependent on timing.

Crowell Development Corp. (2528) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.49B
Dividend Yield: 7.74%
Average Volume (3M): 484.37K
Price to Earnings (P/E): 10.5
Beta (1Y): 0.34
Revenue Growth: -69.18%
EPS Growth: -72.70%
Country: TW
Employees: 47
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Crowell Development Corp. Business Overview & Revenue Model

Company Description

Established in 1974, Crowell Development Corp. primarily focuses on developing and constructing commercial and residential properties across Taiwan, making them available for both lease and direct sale. Beyond these core activities, the company's ope...

Crowell Development Corp. Financial Statement Overview

Summary

Moderate financial strength: profitability remains positive, leverage improved, and operating and free cash flow returned to positive territory. However, declining revenue and margins, weaker free-cash-flow momentum, and limited cash conversion constrain the score.

Income Statement

67Positive

Balance Sheet

70Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.66B	12.28B	5.33B	1.85B	1.73B	3.19B
Gross Profit	1.78B	2.46B	2.21B	499.81M	443.60M	785.12M
EBITDA	1.35B	1.92B	1.70B	326.65M	320.63M	575.63M
Net Income	1.07B	1.53B	1.30B	241.60M	238.39M	490.15M
Balance Sheet
Total Assets	21.67B	22.46B	28.59B	21.43B	19.21B	16.55B
Cash, Cash Equivalents and Short-Term Investments	485.38M	1.58B	2.33B	61.55M	963.03M	1.14B
Total Debt	10.98B	10.98B	15.03B	11.86B	10.12B	9.82B
Total Liabilities	14.14B	14.57B	21.49B	16.14B	14.04B	12.32B
Stockholders Equity	7.53B	7.89B	7.10B	5.29B	5.16B	4.23B
Cash Flow
Free Cash Flow	2.92B	4.42B	-1.90B	-1.83B	-1.18B	-3.32B
Operating Cash Flow	3.23B	4.77B	-1.87B	-1.81B	-1.18B	-3.31B
Investing Cash Flow	-162.35M	-360.28M	-297.89M	-23.07M	2.78M	4.94M
Financing Cash Flow	-3.18B	-4.82B	3.71B	1.62B	991.72M	3.63B

Crowell Development Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2528 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5515	77Outperform	TWD 9.49B	4.76	―	6.90%	17.87%	298.44%
TW:5511	75Outperform	TWD 9.30B	5.37	―	5.22%	15.89%	75.28%
TW:2528	64Neutral	TWD 8.68B	10.46	―	7.74%	-69.18%	-72.70%
TW:2013	63Neutral	TWD 8.13B	12.62	―	5.90%	-5.75%	8.87%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1532	48Neutral	TWD 9.11B	22.83	―	3.73%	0.87%	215.40%
TW:2547	45Neutral	TWD 9.64B	86.39	―	8.46%	46.09%	-87.69%

* General Sector Average

Performance Comparison

TW:2528 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2528	Crowell Development Corp.	16.85	-7.91	-31.94%
TW:1532	China Metal Products Co., Ltd.	21.45	-4.30	-16.71%
TW:2013	China Steel Structure Co., Ltd.	40.65	1.89	4.87%
TW:2547	Radium Life Tech Co., Ltd.	9.46	-0.65	-6.47%
TW:5511	Te Chang Construction Co., Ltd.	69.00	16.83	32.27%
TW:5515	Chien Kuo Construction Co., Ltd	47.85	20.60	75.60%

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

Crowell Development Corp. AI Stock Analysis