Sinyi Realty Inc. (9940) AI Stock Analysis

Sinyi Realty Inc.

(TWSE:9940)

Select Model

Rating:62Neutral

Price Target:TWD 19.50▲(5.12% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by improving earnings and operating cash flow, while rising leverage and weaker cash-flow conversion remain material risks. Technical weakness across all moving averages weighs on the result, although oversold momentum indicators and a moderate dividend yield provide limited support.

Positive Factors

Improving Revenue and ProfitabilityThe latest period shows a meaningful recovery in both revenue and profitability, indicating that operating performance has improved after the 2025 weakness. If maintained, the rebound can strengthen internal funding capacity and support the company’s brokerage and transaction-support activities over the coming quarters.

Negative Factors

Profitability Below Historical PeaksThe recovery has not restored the stronger earnings power seen in 2023–2024, when net margins were in the low-to-mid teens. This gap suggests that current profitability may remain sensitive to transaction conditions, limiting the company’s ability to compound earnings consistently over the next several quarters.

Sinyi Realty Inc. (9940) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 13.63B
Dividend Yield: 3.23%
Average Volume (3M): 327.13K
Price to Earnings (P/E): 16.3
Beta (1Y): 0.23
Revenue Growth: ―
EPS Growth: ―
Country: TW
Employees: 5,983
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Sinyi Realty Inc. Business Overview & Revenue Model

Company Description

Sinyi Realty Inc., alongside its various subsidiaries, primarily engages in real estate brokerage and property development activities across Taiwan, Mainland China, and other international markets. Its development portfolio encompasses the constructi...

Sinyi Realty Inc. Financial Statement Overview

Summary

Earnings and operating cash flow improved, with TTM revenue of 13.5 billion, a 10.9% operating margin, and positive free cash flow. However, margins remain below prior peaks, leverage increased to a 1.07 debt-to-equity ratio, and free-cash-flow conversion was relatively low.

Income Statement

72Positive

Balance Sheet

58Neutral

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	13.51B	11.55B	12.78B	14.20B	13.72B	18.79B
Gross Profit	2.20B	1.41B	3.66B	3.78B	3.24B	4.93B
EBITDA	2.21B	1.46B	3.11B	3.25B	2.54B	4.11B
Net Income	827.93M	204.59M	1.78B	1.76B	1.22B	2.35B
Balance Sheet
Total Assets	32.98B	30.89B	32.43B	31.18B	34.07B	32.92B
Cash, Cash Equivalents and Short-Term Investments	9.80B	8.50B	9.62B	10.20B	10.76B	10.17B
Total Debt	14.51B	12.31B	12.27B	11.99B	14.98B	10.67B
Total Liabilities	19.30B	17.84B	18.46B	18.65B	22.13B	20.36B
Stockholders Equity	13.55B	12.91B	13.83B	12.41B	11.82B	12.44B
Cash Flow
Free Cash Flow	1.50B	978.19M	1.44B	2.89B	-608.72M	6.88B
Operating Cash Flow	3.64B	1.80B	2.07B	3.39B	-457.75M	7.03B
Investing Cash Flow	-2.27B	473.04M	-1.71B	-1.78B	-2.73B	-159.36M
Financing Cash Flow	-239.34M	-1.98B	-1.57B	-4.29B	1.82B	-3.68B

Sinyi Realty Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9940 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2546	74Outperform	TWD 13.19B	6.11	―	5.26%	13.48%	52.98%
TW:9940	62Neutral	TWD 13.63B	16.33	―	3.23%	―	―
TW:2543	57Neutral	TWD 15.06B	10.89	―	5.01%	30.85%	-14.12%
TW:2530	56Neutral	TWD 15.35B	27.01	―	6.70%	-59.46%	-71.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2524	50Neutral	TWD 11.63B	38.84	―	―	-77.56%	-89.27%
TW:2545	41Neutral	TWD 11.83B	36.84	―	8.96%	-24.11%	-43.91%

* General Sector Average

Performance Comparison

TW:9940 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9940	Sinyi Realty Inc.	18.55	-3.35	-15.29%
TW:2524	King's Town Construction Co., Ltd.	31.80	-9.20	-22.44%
TW:2530	Delpha Construction Co., Ltd.	18.05	-8.59	-32.25%
TW:2543	Hwang Chang General Contractor Co., Ltd.	30.50	-28.92	-48.67%
TW:2545	Huang Hsiang Construction Corporation	31.25	-5.76	-15.57%
TW:2546	Kedge Construction Co., Ltd.	91.30	13.56	17.44%

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 10, 2026

Sinyi Realty Inc. AI Stock Analysis