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Help me set up FinLab and analyze 1104 環泥. Please read: https://finlab.finance/en/setup?stock=1104
1104
steady quality, discounted valuation, no active signal today.
Is 環泥 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 77th market percentile. Latest quarterly ROE ≈ 1.1%.
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Valuation is low.PE is in the 11th market percentile; within its own history, PE is around the 52th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -16.4% of volume (net sell).
Chip flow
Institutional rotation, concentration steady — neutral
Window from 2026-01-17 · Price -4% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 兆豐證券 has accumulated 624 lots since the start (sold 0%), still adding.
- Main distributor 亞東-板橋 peaked at 1,001 lots, has sold 52%, 482 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders -0.63pp, mid holders -2, retail +0.75pp — little change.
- Foreign hedge-desk net short Net short -1,802 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 兆豐證券 +624
- 新百王 +585
- 元大-新盛 +485
- 台新-台中 +476
- 富邦-陽明 +419
- 群益金鼎-新竹 +400
Distributing
- 亞東-板橋 482 left
- 富邦證券 200 left
- 新光 77 left
- 富邦-板橋 116 left
- 元大-大同 40 left
- 元富-台南 98 left
Desks
- 美商高盛 -2,558
- 台灣摩根士丹利 -2,058
- 新加坡商瑞銀 -1,683
- 凱基-台北 -925
Weak direction: big-holder share fell while retail share rose.
Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.
Historical evidence
Valuation regime and subsequent returns
Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.
| PE percentile band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 612 | +19.1% | +21.4% | 89.1% | -6.1% |
| 20-40 | 1072 | +2.6% | -3.9% | 42.7% | -5.7% |
| 40-60 You are here | 845 | +15.1% | +4.8% | 65.4% | -2.4% |
| 60-80 | 405 | +18.1% | +12.7% | 88.4% | -3.6% |
| 80-100 | 109 | -2.2% | -3.4% | 36.7% | -23.1% |
Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.
Current PE ≈ 11.37, at the 52.3th percentile of its own history (40-60 band).
Valuation × momentum historical grid
Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.
Currently in “Mid × 60-day momentum down”: across 496 historical days, 120-day forward avg gained 5.2%, win rate 50.2%, beat the market by 2.1%.
Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.
Signals not active (historical stats for reference)
These are not occurring now; historical samples shown for comparison.
252-day price high (breakout)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
36 times historically; 60-day forward avg +0.71%, win rate 47.2%, beating the market by -1.67 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
33 times historically; 60-day forward avg +8.19%, win rate 66.7%, beating the market by +4.94 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
64 times historically; 60-day forward avg +5.81%, win rate 59.4%, beating the market by +1.89 pts on average.
What does 環泥 do? Company profile
Overview
環球水泥(簡稱環泥)為台灣老牌水泥及建材廠,由「台南幫」吳三連、侯雨利等人發起籌備,1960年3月1日召開第一次股東大會正式成立(籌備始於1959年/民國48年),首任總經理為吳尊賢,迄今已逾60年歷史。為台灣證券交易所上市公司,股票代號1104。總部位於台北市中山區南京東路二段125號10樓。董事長為侯博義(2009年取得公司經營權後,推動跨入電子/感測器事業)。實收(登記)資本額約新台幣61.6億元(6,159,697,460元)。主要股東/關係企業為台南紡織與統一企業集團(台南幫體系)。生產基地包括高雄阿蓮廠等,1962年大湖廠開工、1975年阿蓮廠營運、1991年建立台灣第一座石膏板廠。
Business
公司核心本業為水泥、預拌混凝土及建材(石膏板)之製造與銷售,並兼營石膏板進出口與代理。依維基百科所載產品結構比例(年度未明確標示):預拌混凝土約55.69%、石膏板約24.35%、水泥約19.57%、其他建材約0.39%,顯示混凝土與石膏板為主要營收來源。石膏板於台灣市佔率約九成。2024年全年合併營收約新台幣79.54億元,本業獲利約8.4億元(其中多數來自混凝土)。環泥採多角化經營,並以本業穩定現金流投資高科技與其他事業:(1)持有中國六和機械約29.86%股權(汽車零組件鑄造廠,鋁/鎂/鐵金屬件,中國逾50座廠區),為主要業外獲利來源,2024年認列投資收益約8.2億元;(2)100%控股利永環球科技(UneoTech,資本額約6,000萬元),生產超薄型壓力感測器,應用於3C、運動、醫療、穿戴、工業儀器、電子貨架標籤等;(3)零售/不動產事業(環球購物中心等轉投資)。
Outlook 2025–2028
成長動能與展望:(1)水泥/混凝土本業——台灣整體建案銷售趨緩,但已開工未完工量仍高,環泥客群以南部為主,受惠南部(南科、台積電等)高科技廠房興建潮,公司表示未來一兩年獲利展望良好;(2)感測器新事業——利永環球超薄壓力感測器切入元太(8069)電子貨架標籤(ESL)供應鏈,初期出貨目標逾1,000萬個並導入Walmart貨架,並向醫療床、智慧家具、汽車座椅等應用拓展;2025年利永環球以約新台幣4.9億元收購美國感測器廠Tekscan,布局機器人/觸覺感測應用;高科技工廠端已有美系手機廠與台灣面板廠採用;(3)六和機械2025年自年初衰退後逐月回升、連續數月增長。潛在風險與挑戰:利永環球仍處虧損(約虧1,000萬元)、感測器商業化與市場競爭不確定;台灣房市/建案銷售趨緩;業外獲利高度依賴中國六和機械,易受中國車市與匯率波動影響;水泥業面臨需求成熟、碳排/環保法規與能源成本壓力。(以上前瞻內容多引自券商/媒體分析,屬推估,confidence 較低。)
Supply Chain
- 石灰石/礦石原料供應(自有礦區及外購) 水泥熟料主要原料,部分自採、部分外購,供應商多為未上市礦業者
- 燃煤/能源供應商 水泥窯燒製與發電所需燃煤,多仰賴進口,供應商非台股掛牌
- 中鋼 2002 鋼鐵副產品(爐石/水淬高爐石、飛灰)可作為混凝土摻料/水泥添加原料
- 石膏原料供應商 石膏板生產所需天然/脫硫石膏,部分仰賴進口,供應商非台股掛牌
- 建設公司/營造廠 預拌混凝土與水泥之主要下游客戶(營建工地、建案),含眾多上市櫃與未上市營建業者
- 公共工程/基礎建設 政府與民間工程採購水泥及混凝土,屬最終應用端
- 室內裝修/建材通路 石膏板用於天花板、隔間之裝潢與建材通路客戶
- 元太科技 8069 子公司利永環球之超薄壓力感測器導入元太電子貨架標籤(ESL),為感測器事業客戶
- Walmart(沃爾瑪) 電子貨架標籤/感測器之終端零售應用場域(美國上市,非台股)
Competitors
- 台灣水泥(台泥) 1101 台灣最大水泥廠,水泥工業同業
- 亞洲水泥(亞泥) 1102 遠東集團,水泥工業同業
- 嘉新水泥(嘉泥) 1103 水泥工業同業
- 幸福水泥 1108 水泥工業同業
- 信大水泥 1109 水泥工業同業
- 東南水泥(東泥) 1110 水泥工業同業,同樣以南部為據點
Sources（9）
This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.
Method and limitations
- All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
- Excess return is measured against the TAIEX total-return index (dividends included).
- Valuation regime and percentile stats use an expanding own-history window (no future data).
- Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
- Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.
This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.