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Real-estate development arm of Ruentex Group, building residential and commercial properties in Taiwan.
Real-estate development arm of Ruentex Group, building residential and commercial properties in Taiwan.
Earns when finished projects are handed over to buyers, after selling many units in advance, so profit arrives in lumps tied to completions rather than evenly. It holds land for future projects, and results track Taiwan's housing sales. It is part of the Ruentex Group.
In one line: A diversified Taiwanese property developer.
Moat: none (brand, scale). Established developer brand but real estate is a cyclical, capital-intensive business.
Headquarters: Taipei, Taiwan · Employees: 2,953
Size Ruentex Development (9945.TW) is a Taiwan Consumer Discretionary company (Homebuilding) with a market value of $2.27B, the 154th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$26.45 on 6 Nov 2026.
Performance Over six months the shares gained 13.3%, against -3.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 36.9% over the last twelve months (peer median -5.0%); the operating margin is 19.0% (peer median 7.3%).
Valuation It trades at 3.0× enterprise value to sales against a peer median of 0.9× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$45.8B | NT$39.3B | NT$31.8B | NT$27.4B | NT$32.2B |
| Revenue growth | — | +24% | +16% | -15% | — |
| Gross profit | NT$11.4B | NT$9.45B | NT$8.61B | NT$7.18B | NT$7.20B |
| EBITDA | NT$9.53B | NT$7.72B | NT$7.01B | NT$5.70B | NT$5.67B |
| Net income | NT$16.1B | NT$10.7B | NT$16.6B | NT$7.74B | NT$9.16B |
| Free cash flow | NT$9.28B | NT$4.48B | NT$3.39B | NT$1.07B | NT$7.64B |
| Capital expenditure | NT$849M | NT$1.10B | NT$410M | NT$495M | NT$466M |
| Total debt | NT$63.2B | NT$66.1B | NT$64.0B | NT$59.1B | NT$62.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ruentex Development 9945.TW | $2.27B | +13% | +37% | 19% | 3.0× | -1.0% |
| Farglory Land Development 5522.TW | $1.34B | -18% | +164% | 26% | 1.9× | -13.6% |
| Cathay Real Estate Development 2501.TW | $719M | -9% | +14% | 19% | 0.8× | -20.7% |
| Highwealth Construction 2542.TW | $2.42B | -5% | +111% | 25% | n/a | n/a |
| Huaku Development 2548.TW | $928M | -21% | +331% | 22% | 1.4× | -18.6% |
| Prince Housing & Development 2511.TW | $393M | +1% | +21% | 6% | 1.5× | 0.2% |
| Kindom Development 2520.TW | $600M | +15% | +10% | 16% | 1.1× | -13.2% |
| Chong Hong Development 5534.TW | $625M | -16% | -18% | 24% | 4.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9945.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.7% | +1.5% | 5th lowest of 21 |
| 6-month return | +13.3% | -3.2% | 3rd highest of 21 |
| Distance from 52-week high | -14.7% | -25.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +36.9% | -5.0% | 2nd highest of 21 |
| Operating margin | 19.0% | 7.3% | 2nd highest of 21 |
| EV / Sales | 3.0× | 0.9× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.0% | 4.5% | 4th least demanding of 13 |
| Growth delivered (Del g) | +15.5% | +7.2% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -16.6 pp | -0.5 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | -2.0 pp | -3.1 pp | 10th highest of 21 |
| EV / EBITDA | 14.6× | 8.8× | 3rd most expensive of 13 |
| Net debt / EBITDA | 6.0× | 1.6× | 5th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | 3.0× | -1.0% | +15.5% |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 1.7× | -0.7% | +28.6% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 1.6× | 7.8% | +15.9% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 0.2× | -9.8% | +4.2% |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 1.8× | n/a | n/a |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 1.0× | 15.2% | +8.3% |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | 5.3× | 57.5% | -2.1% |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 0.9× | 8.3% | +7.7% |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 0.9× | n/a | n/a |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 0.8× | 3.2% | +0.3% |
| Gemdale 600383.SS | China | $1.45B | -26% | -47% | -24% | 3.2× | 10.8% | -15.6% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 0.7× | n/a | n/a |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 0.7× | 5.9% | +6.6% |
| Nishimatsu Construction 1820.T | Japan | $1.28B | -11% | +14% | 8% | 0.9× | n/a | n/a |
| JSL Construction & Development 2540.TW | Taiwan | $1.25B | -14% | -35% | 3% | 8.6× | n/a | n/a |
| Okumura 1833.T | Japan | $1.19B | -17% | 0% | 5% | 0.8× | n/a | n/a |
| CEVIA Enviro 000885.SZ | China | $1.16B | -14% | -2% | 27% | 3.6× | -8.3% | +14.0% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 1.2× | 1.2% | +1.6% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 0.7× | -11.6% | +9.5% |
| Vistry VTY.L | United Kingdom | $1.12B | -19% | -8% | -9% | 0.4× | n/a | n/a |
| Dream Finders Homes DFH | United States | $1.12B | -13% | -11% | 3% | 0.7× | n/a | n/a |