Li Ming Development Construction Co., Ltd. (6212) AI Stock Analysis

Li Ming Development Construction Co., Ltd.

(TPEx:6212)

Select Model

Rating:62Neutral

Price Target:TWD 38.00▲(7.34% Upside)

Action:initiatedcoverage

Date:11/09/26

Li Ming Development Construction scores in the middle of the range. The dominant drag is cash generation: despite record margins and unbroken profitability, operating cash flow has been negative in five of the last six years, leaving the company reliant on debt and the unpredictable timing of project hand-overs, while leverage remains high at roughly 61% of assets. Revenue volatility — a 55% drop in the latest year — further limits earnings visibility. Offsetting this, the balance sheet has deleveraged meaningfully (debt-to-equity from 3.37 to 1.80), valuation is undemanding at a 17.5 P/E, and the near-10% dividend yield provides strong income appeal. Technically the shares are in an established uptrend above all major moving averages, though an RSI near 79 suggests the rally is extended and entry timing warrants care.

Positive Factors

Improved Profitability MarginsThe substantial expansion in gross and net margins indicates stronger profitability per project and a more favorable earnings mix. If maintained, this improvement can support cash generation, strengthen returns on completed developments, and provide greater resilience during uneven sales periods.

Negative Factors

Sharp Revenue and Earnings DeclineThe steep revenue contraction demonstrates that reported performance remains highly dependent on project timing and asset handovers rather than a steadily expanding sales base. Lower net income alongside the decline reduces earnings visibility and can make future profitability more uneven across development cycles.

Li Ming Development Construction Co., Ltd. (6212) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.61B
Dividend Yield: 9.87%
Average Volume (3M): 3,494
Price to Earnings (P/E): 17.1
Beta (1Y): 0.05
Revenue Growth: -60.85%
EPS Growth: -70.77%
Country: TW
Employees: 25
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

Li Ming Development Construction Co., Ltd. Business Overview & Revenue Model

Company Description

Li Ming Development Construction Co., Ltd. operates primarily within Taiwan's real estate development sector. The company's core business involves the construction, rental, and sale of various building types. Beyond property initiatives, they also di...

Li Ming Development Construction Co., Ltd. Financial Statement Overview

Summary

A mixed picture. The income statement (62) is the bright spot: record margins of 39.5% gross, 32.2% operating and 23.8% net, with profitability in every year of the six-year window — though revenue collapsed roughly 55% to NT$1.69B and net income fell to NT$403.7M as project hand-overs dried up. The balance sheet (54) is improving but still heavy, with debt-to-equity down from 3.37 to 1.80, equity compounding to NT$3.73B, yet debt funding about 61% of assets and ROE compressing to 10.8% from 18.7%. Cash flow (29) is the clear weak link: operating and free cash flow were negative in five of six years, including -NT$331M in the latest period, so reported profits are not converting to cash and the business leans on borrowings and the unpredictable timing of project completions.

Income Statement

62Positive

Balance Sheet

54Neutral

Cash Flow

29Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.06B	1.69B	3.79B	5.66B	1.23B	3.28B
Gross Profit	405.25M	669.23M	1.03B	1.14B	364.30M	740.95M
EBITDA	310.71M	548.80M	802.85M	823.65M	255.75M	530.34M
Net Income	204.87M	403.70M	621.67M	638.96M	178.87M	416.85M
Balance Sheet
Total Assets	11.25B	10.99B	11.92B	13.01B	14.88B	12.95B
Cash, Cash Equivalents and Short-Term Investments	403.12M	250.95M	882.29M	900.18M	383.58M	254.50M
Total Debt	6.57B	6.70B	6.66B	5.90B	9.35B	7.75B
Total Liabilities	7.43B	7.26B	8.24B	9.60B	12.11B	10.36B
Stockholders Equity	3.82B	3.73B	3.68B	3.42B	2.78B	2.60B
Cash Flow
Free Cash Flow	-45.30M	-331.07M	-432.82M	4.00B	-1.51B	-3.85B
Operating Cash Flow	232.99M	-331.07M	-425.09M	4.00B	-1.51B	-3.85B
Investing Cash Flow	24.90M	2.68M	6.81M	74.86M	16.60M	-51.08M
Financing Cash Flow	11.79M	-302.47M	411.51M	-3.49B	1.64B	3.10B

Li Ming Development Construction Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6212 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2516	68Neutral	TWD 3.71B	9.59	―	―	-17.80%	82.70%
TW:6212	62Neutral	TWD 3.62B	17.10	―	9.87%	-60.85%	-70.77%
TW:5533	60Neutral	TWD 3.92B	19.93	―	4.36%	-19.87%	-6.97%
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:2538	48Neutral	TWD 3.64B	13.61	―	6.11%	-36.52%	―
TW:1316	37Underperform	TWD 3.39B	-29.64	―	―	156.96%	75.28%

* General Sector Average

Performance Comparison

TW:6212 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6212	Li Ming Development Construction Co., Ltd.	35.40	-4.95	-12.27%
TW:1316	Sun Yad Construction Co., Ltd.	9.19	-5.71	-38.32%
TW:2516	New Asia Construction & Development Corp.	16.50	1.65	11.11%
TW:2538	Kee Tai Properties Co., Ltd.	8.18	-2.13	-20.64%
TW:2596	Realy Development & Construction Corp.	32.40	3.86	13.51%
TW:5533	Founding Construction Development Co., Ltd.	13.75	-0.28	-1.97%

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

Li Ming Development Construction Co., Ltd. AI Stock Analysis