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

TW:2596

Realy Development & Construction Corp.

(TPEx:2596)

Select Model
Rating:59Neutral
Price Target:TWD 33.00â–²(1.85% Upside)
Action:initiatedcoverage
Date:11/10/26

Attractive valuation provides the main support, tempered by balance sheet leverage risks and bearish technical momentum.

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)

-20%-10%0%10%20%30%40%TW:2596+13.51%SPY+14.28%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 3.17B
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

Volatile revenue with recent rebound and improved margins (26% gross, 14% net); balance sheet shows elevated leverage (D/E 0.93); operating cash flow turned positive at 249 million recently.

Income Statement

62Positive

Balance Sheet

48Neutral

Cash Flow

58Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.22B1.30B813.01M912.98M412.68M1.48B
Gross Profit450.52M339.42M164.92M153.34M151.99M488.18M
EBITDA337.42M226.93M100.90M63.23M80.33M353.98M
Net Income271.74M185.89M66.97M82.31M58.26M304.71M
Balance Sheet
Total Assets6.19B6.32B5.83B4.29B3.70B3.54B
Cash, Cash Equivalents and Short-Term Investments627.38M207.21M402.45M442.05M902.33M1.20B
Total Debt1.44B1.95B2.30B1.15B852.88M570.87M
Total Liabilities3.68B3.86B3.45B1.87B1.26B1.01B
Stockholders Equity2.16B2.11B2.02B2.05B2.07B2.16B
Cash Flow
Free Cash Flow512.53M249.39M-1.10B-347.04M-543.20M1.11B
Operating Cash Flow512.53M249.39M-1.10B-347.04M-542.89M1.11B
Investing Cash Flow144.70M15.00M127.40M145.25M-194.31M-125.26M
Financing Cash Flow-519.98M-444.63M1.06B220.40M16.00M-475.47M

Realy Development & Construction Corp. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:2596 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:2596TW:259659NeutralTWD 3.19B7.10―4.63%21.22%121.65%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:2506TW:250643NeutralTWD 2.98B22.12―2.43%16.90%―
TW:6198TW:619840UnderperformTWD 3.37B-50.14――9.17%-12.86%
TW:1316TW:131637UnderperformTWD 3.39B-29.64――156.96%75.28%
TW:2537TW:253736UnderperformTWD 3.28B27.22――62.26%-41.64%

* General Sector Average

Performance Comparison

0%100%200%TW:2596TW:1316TW:2506TW:2537TW:6198TW:7949Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:2596 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:2596Realy Development & Construction Corp.32.403.8613.51%
TW:1316Sun Yad Construction Co., Ltd.9.19-5.71-38.32%
TW:2506Pacific Construction Co., Ltd.8.22-1.15-12.32%
TW:2537We & Win Development Co., Ltd10.950.151.39%
TW:6198Rich Circle Development Co Ltd19.55-7.70-28.26%
TW:7949Yao Kuan Construction Co., Ltd.56.2029.15107.76%
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