Te Chang Construction Co., Ltd. (5511) AI Stock Analysis

Te Chang Construction Co., Ltd.

(TPEx:5511)

Select Model

Rating:79Outperform

Price Target:TWD 77.00▲(11.59% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong financial performance and attractive valuation drive the score, supported by improving profitability, lower leverage, robust cash generation, a low P/E ratio, and a high dividend yield. Technical weakness, including negative MACD and trading below most short- and medium-term moving averages, limits the overall score.

Positive Factors

Improving profitabilityThe 2025 rebound in revenue, wider margins, and higher net income indicate stronger operating execution and earnings capacity. If maintained, improved profitability can support internal funding, strengthen resilience, and provide a better base for performance over the next several quarters.

Negative Factors

Project-driven revenue volatilityLarge year-to-year revenue swings make results harder to forecast and can create uneven utilization of project resources. Even with the 2025 recovery, the project-driven model may produce inconsistent growth and earnings visibility over the next two to six months.

Te Chang Construction Co., Ltd. (5511) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.66B
Dividend Yield: 5.22%
Average Volume (3M): 131.39K
Price to Earnings (P/E): 5.4
Beta (1Y): 0.22
Revenue Growth: 15.89%
EPS Growth: 75.28%
Country: TW
Employees: 120
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Te Chang Construction Co., Ltd. Business Overview & Revenue Model

Company Description

Operating across Taiwan and Thailand, Te Chang Construction Co., Ltd. specializes in construction contracting and civil engineering projects. Its extensive portfolio encompasses a broad spectrum of developments, including public infrastructure, healt...

Te Chang Construction Co., Ltd. Financial Statement Overview

Summary

Strong profitability, improving margins, lower leverage, increased equity, and robust free cash flow support a high score. Historical revenue and cash-flow volatility and a modest decline in return on equity are the main weaknesses.

Income Statement

88Very Positive

Balance Sheet

90Very Positive

Cash Flow

82Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.80B	11.08B	9.40B	10.46B	8.48B	6.16B
Gross Profit	2.28B	1.95B	1.41B	1.73B	1.15B	842.68M
EBITDA	1.89B	1.54B	1.14B	1.51B	828.38M	660.67M
Net Income	1.62B	1.21B	852.86M	1.15B	542.19M	470.69M
Balance Sheet
Total Assets	16.63B	14.40B	12.64B	13.41B	12.94B	12.36B
Cash, Cash Equivalents and Short-Term Investments	7.43B	5.21B	3.65B	4.57B	5.47B	5.62B
Total Debt	1.89B	1.83B	2.11B	3.09B	2.66B	2.46B
Total Liabilities	9.28B	7.39B	6.46B	7.54B	7.92B	7.68B
Stockholders Equity	7.23B	6.89B	6.11B	5.80B	4.92B	4.59B
Cash Flow
Free Cash Flow	3.86B	2.54B	1.05B	839.79M	406.15M	-111.43M
Operating Cash Flow	3.99B	2.65B	1.12B	925.43M	524.14M	-77.01M
Investing Cash Flow	-61.31M	-94.21M	-460.40M	-206.75M	41.64M	-182.06M
Financing Cash Flow	-533.55M	-742.95M	-1.53B	-52.87M	-164.20M	627.52M

Te Chang Construction Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5511 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5511	79Outperform	TWD 9.30B	5.37	―	5.22%	15.89%	75.28%
TW:5515	77Outperform	TWD 9.49B	4.76	―	6.90%	17.87%	298.44%
TW:2528	63Neutral	TWD 8.68B	10.46	―	7.74%	-69.18%	-72.70%
TW:5508	56Neutral	TWD 10.60B	12.29	―	5.67%	35.18%	9.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2527	47Neutral	TWD 11.22B	6.95	―	3.53%	-13.36%	48.38%
TW:2547	45Neutral	TWD 9.64B	86.39	―	8.46%	46.09%	-87.69%

* General Sector Average

Performance Comparison

TW:5511 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5511	Te Chang Construction Co., Ltd.	69.00	16.83	32.27%
TW:2527	Hung Ching Development & Construction Co. Ltd	42.55	17.77	71.69%
TW:2528	Crowell Development Corp.	16.85	-7.91	-31.94%
TW:2547	Radium Life Tech Co., Ltd.	9.46	-0.65	-6.47%
TW:5508	Yungshin Construction & Development Co., Ltd.	48.95	-20.06	-29.07%
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

Te Chang Construction Co., Ltd. AI Stock Analysis