Realy Development & Construction Corp. (2596) AI Stock Analysis

Realy Development & Construction Corp.

(TPEx:2596)

Select Model

Rating:59Neutral

Price Target:TWD 33.00▲(1.85% Upside)

Action:initiatedcoverage

Date:11/09/26

Realy Development scores in the middle of the range. Financial performance dominates the assessment: a strong fiscal 2025 recovery in revenue, profit, margins and cash generation is offset by rising leverage (debt-to-equity near 0.93), a thin equity cushion and notoriously lumpy project-driven results. Valuation is supportive, with a low 7.1x P/E and a 4.7% dividend yield. The main drag is technical: the shares trade below their key short- and medium-term moving averages with negative MACD and subdued RSI, pointing to weak near-term momentum. With no earnings call or corporate event data available, the score rests on fundamentals, technicals and valuation.

Positive Factors

Improved ProfitabilityMaterially stronger gross, operating, and net margins in 2025 indicate improved project mix and execution. If maintained, this raises earnings quality and can improve the company’s ability to fund development and absorb the inherent cyclicality of property sales.

Negative Factors

Revenue VolatilityRevenue is volatile and project-driven, and declined in 2025 after a relatively flat-to-down prior trend. Such lumpy top-line performance reduces earnings visibility and makes future profitability more dependent on the timing and mix of project commercialization.

Realy Development & Construction Corp. (2596) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.23B
Dividend Yield: 4.63%
Average Volume (3M): 86.52K
Price to Earnings (P/E): 7.1
Beta (1Y): 0.25
Revenue Growth: 21.22%
EPS Growth: 121.65%
Country: TW
Employees: 80
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

Realy Development & Construction Corp. Business Overview & Revenue Model

Company Description

ReaLy Development & Construction Corp. is a Taiwanese company primarily engaged in the property development sector. Its comprehensive services span the creation, leasing, and sale of various property types, including residential buildings, commercial...

Realy Development & Construction Corp. Financial Statement Overview

Summary

Fiscal 2025 marked a clear cyclical upswing: revenue rose roughly 60% to NT$1.30 billion, net income nearly tripled to NT$186 million, and margins widened across gross (26.1%), operating (18.5%) and net (14.3%) lines. Cash flow also swung back to positive, with NT$249 million of operating and free cash flow after a NT$1.10 billion outflow in 2024, and operating cash flow covering net income about 1.3 times. These strengths are tempered by a weaker balance sheet and erratic history: total assets have nearly doubled to NT$6.32 billion while equity stayed flat near NT$2.0–2.2 billion, pushing debt-to-equity to 0.93 from 0.26 in 2021, with equity funding only about a third of assets. Results remain highly lumpy and project-dependent, and free cash flow was negative in 2022, 2023 and 2024, so the current improvement should be viewed as cyclical rather than durable.

Income Statement

62Positive

Balance Sheet

50Neutral

Cash Flow

54Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.22B	1.30B	813.01M	912.98M	412.68M	1.48B
Gross Profit	450.52M	339.42M	164.92M	153.34M	151.99M	488.18M
EBITDA	337.42M	226.93M	100.90M	63.23M	80.33M	353.98M
Net Income	271.74M	185.89M	66.97M	82.31M	58.26M	304.71M
Balance Sheet
Total Assets	6.19B	6.32B	5.83B	4.29B	3.70B	3.54B
Cash, Cash Equivalents and Short-Term Investments	627.38M	207.21M	402.45M	442.05M	902.33M	1.20B
Total Debt	1.44B	1.95B	2.30B	1.15B	852.88M	570.87M
Total Liabilities	3.68B	3.86B	3.45B	1.87B	1.26B	1.01B
Stockholders Equity	2.16B	2.11B	2.02B	2.05B	2.07B	2.16B
Cash Flow
Free Cash Flow	512.53M	249.39M	-1.10B	-347.04M	-543.20M	1.11B
Operating Cash Flow	512.53M	249.39M	-1.10B	-347.04M	-542.89M	1.11B
Investing Cash Flow	144.70M	15.00M	127.40M	145.25M	-194.31M	-125.26M
Financing Cash Flow	-519.98M	-444.63M	1.06B	220.40M	16.00M	-475.47M

Realy Development & Construction Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2596 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2596	59Neutral	TWD 3.19B	7.10	―	4.63%	21.22%	121.65%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2506	43Neutral	TWD 2.98B	22.12	―	2.43%	16.90%	―
TW:6198	40Underperform	TWD 3.37B	-50.14	―	―	9.17%	-12.86%
TW:1316	37Underperform	TWD 3.39B	-29.64	―	―	156.96%	75.28%
TW:2537	36Underperform	TWD 3.28B	27.22	―	―	62.26%	-41.64%

* General Sector Average

Performance Comparison

TW:2596 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2596	Realy Development & Construction Corp.	32.40	3.86	13.51%
TW:1316	Sun Yad Construction Co., Ltd.	9.19	-5.71	-38.32%
TW:2506	Pacific Construction Co., Ltd.	8.22	-1.15	-12.32%
TW:2537	We & Win Development Co., Ltd	10.95	0.15	1.39%
TW:6198	Rich Circle Development Co Ltd	19.55	-7.70	-28.26%
TW:7949	Yao Kuan Construction Co., Ltd.	56.20	29.15	107.76%

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

Realy Development & Construction Corp. AI Stock Analysis