San Far Property Limited (9946) AI Stock Analysis

San Far Property Limited

(TWSE:9946)

Select Model

Rating:60Neutral

Price Target:TWD 15.50▲(2.65% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by negative and volatile cash flow, moderate leverage, and bearish technical trends. Strong profitability and exceptionally attractive P/E and dividend yield provide meaningful support.

Positive Factors

2025 Profitability ReboundThe 2025 rebound shows that San Far can convert a materially larger project or sales base into strong reported profitability. Best-in-period margins provide operating capacity for earnings retention and reinvestment over the next several quarters, although property revenue remains cyclical.

Negative Factors

Elevated LeveragePersistently high leverage leaves San Far meaningfully dependent on borrowing to support its asset-heavy property model. This reduces flexibility when conditions weaken, increases sensitivity to financing costs and refinancing needs, and leaves less equity cushion against a property-cycle downturn.

San Far Property Limited (9946) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.83B
Dividend Yield: 9.16%
Average Volume (3M): 294.93K
Price to Earnings (P/E): 3.3
Beta (1Y): 0.52
Revenue Growth: 335.99%
EPS Growth: 1373.59%
Country: TW
Employees: 97
Sector: General
Sector Strength: 55
Industry: Real Estate - Diversified

San Far Property Limited Business Overview & Revenue Model

Company Description

San Far Property Limited engages in the development and sale of residential and building properties in Taiwan. The company leases and sells real estate properties; and undertakes civil and building works. It also engages in production, publication, a...

San Far Property Limited Financial Statement Overview

Summary

Strong profitability is offset by moderate leverage and very weak cash generation. The component score reflects income statement strength, an adequate but leveraged balance sheet, and negative 2025 operating and free cash flow.

Income Statement

78Positive

Balance Sheet

62Positive

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.37B	1.79B	2.03B	963.12M	2.27B	1.72B
Gross Profit	2.33B	956.35M	715.08M	266.70M	386.99M	418.72M
EBITDA	1.94B	710.14M	510.40M	140.85M	193.88M	242.76M
Net Income	1.50B	494.24M	375.32M	88.86M	139.68M	222.28M
Balance Sheet
Total Assets	17.21B	17.26B	16.51B	15.74B	15.48B	15.31B
Cash, Cash Equivalents and Short-Term Investments	2.21B	1.66B	2.78B	2.22B	2.54B	2.35B
Total Debt	8.07B	8.40B	8.44B	8.21B	8.31B	7.99B
Total Liabilities	10.05B	10.53B	9.80B	9.26B	9.02B	8.76B
Stockholders Equity	7.16B	6.73B	6.71B	6.48B	6.46B	6.54B
Cash Flow
Free Cash Flow	2.33B	-406.77M	743.88M	-443.54M	377.21M	-4.05B
Operating Cash Flow	2.33B	-405.81M	748.35M	-441.01M	379.36M	-4.05B
Investing Cash Flow	-37.35M	71.47M	-494.62M	10.43M	-144.92M	-223.32M
Financing Cash Flow	-2.12B	-440.46M	63.90M	-162.28M	26.53M	3.90B

San Far Property Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9946 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5520	79Outperform	TWD 4.91B	8.62	―	8.55%	-2.83%	-6.29%
TW:5519	65Neutral	TWD 5.12B	4.39	―	15.21%	27.73%	65.34%
TW:9946	60Neutral	TWD 4.85B	3.28	―	9.16%	335.99%	1373.59%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4907	52Neutral	TWD 4.73B	5.62	―	3.71%	-16.37%	73.98%
TW:3266	51Neutral	TWD 4.77B	28.73	―	3.69%	-46.16%	-65.52%
TW:5523	39Underperform	TWD 4.67B	-266.31	―	1.66%	-25.53%	-403.43%

* General Sector Average

Performance Comparison

TW:9946 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9946	San Far Property Limited	15.10	-1.13	-6.97%
TW:3266	Sunty Development Co. Ltd.	13.55	0.44	3.34%
TW:4907	Fu Yu Property Co. Ltd.	40.40	3.09	8.27%
TW:5519	Longda Construction & Development Corporation	21.70	-2.76	-11.27%
TW:5520	Lihtai Construction Enterprise Co., Ltd.	81.90	-2.51	-2.98%
TW:5523	Fong Chien Construction Co., Ltd.	30.20	0.79	2.70%

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

San Far Property Limited AI Stock Analysis