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1316

上曜 Construction & Materials As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 上曜 to your watchlist to track signal changes on your next visit.
Valuation 34Quality 33Growth 95Momentum 13Chips 26

Is 上曜 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 37th market percentile. Latest quarterly ROE ≈ 0.3%.

  • Valuation is high.PE is in the 97th market percentile; within its own history, PE is around the 90th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.6% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 153.0%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Neutral -0.04
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 港商野村 holds 1,426 lots
  • sellers have 3,089 lots left, ~563 sessions to clear

Window from 2026-01-17 · Price -23% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 港商野村 has accumulated 1,426 lots since the start (sold 4%), still adding.
  • Main distributor 美商高盛 peaked at 1,513 lots, has sold 46%, 813 left, ~13 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.95pp, mid holders +6, retail -0.20pp — little change.
  • Foreign hedge-desk net short Net short -2,594 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
港商野村群益金鼎-開元元大-大益台新-台南元大-佳里兆豐-新竹
Distributing
美商高盛摩根大通新加坡商瑞銀宏遠-館前國票-南科統一-新竹
Desks
own scale
美林凱基-台北台新-板橋兆豐-中壢
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 港商野村 +1,426
    sold 4%· still adding
  • 群益金鼎-開元 +937
    sold 0%· still adding
  • 元大-大益 +816
    sold 15%
  • 台新-台南 +755
    sold 0%· still adding
  • 元大-佳里 +752
    sold 0%· still adding
  • 兆豐-新竹 +650
    sold 0%

Distributing

  • 美商高盛 813 left
    sold 46%· ~13 sessions to clear
  • 摩根大通 1,035 left
    sold 31%· paused recently
  • 新加坡商瑞銀 743 left
    sold 31%· ~46 sessions to clear
  • 宏遠-館前 444 left
    sold 40%· ~15 sessions to clear
  • 國票-南科 229 left
    sold 49%· ~12 sessions to clear
  • 統一-新竹 240 left
    sold 43%· paused recently

Desks

  • 美林 -4,623
    hedge desk · will cover
  • 凱基-台北 -2,056
    day-trade · selling pressure
  • 台新-板橋 -1,444
    unclassified
  • 兆豐-中壢 -1,354
    unclassified
Still selling 3,089 lots ~563 sessions to bottom at most
Recent buy/sell force +3,345 absorbed / -1,833 sold buyers slightly ahead
Hedge-desk net short -223 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Mixed direction: big-holder and retail changes are not aligned.

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

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 152.96%

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

97 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 44.1%, Sample 93, Median -1.09%, Excess -0.7%, Beat mkt rate 40.9%；60-day: Win 39.6%, Sample 91, Median -5.05%, Excess -6.21%, Beat mkt rate 25.3%；120-day: Win 26.1%, Sample 88, Median -11.52%, Excess -13.98%, Beat mkt rate 21.6%

120 days after: historical avg -6.38%

20-day +0.88%
60-day -2.12%
120-day -6.38%
20-day
60-day
120-day
Win
44.1%
39.6%
26.1%
Sample
93
91
88
Median
-1.09%
-5.05%
-11.52%
Excess
-0.7%
-6.21%
-13.98%
Beat mkt rate
40.9%
25.3%
21.6%

Over 88 occurrences, 120-day forward avg declined 6.38%, lagged the market by 13.98 pts; win rate 26.1%.

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 bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 0Insufficient data
20-40 0Insufficient data
40-60 0Insufficient data
60-80 0Insufficient data
80-100 You are here0Insufficient data

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 ≈ 175.0, at the 90.2th percentile of its own history (80-100 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.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
Insufficient data
(0d)
Insufficient data
(8d)
Insufficient data
(0d)
60-day momentum down
Insufficient data
(0d)
Insufficient data
(0d)
Now
Insufficient data
(0d)

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.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

252-day price high (breakout)

Pending

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

17 times historically; 60-day forward avg +18.34%, win rate 64.7%, beating the market by +14.87 pts on average.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

51 times historically; 60-day forward avg +1.71%, win rate 40%, beating the market by -2.58 pts on average.

What does 上曜 do? Company profile

建材營造業；集團合併範圍另含PU合成樹脂、PU合成皮、保健食品、生活用品、保險經紀佣金、電子產品等多角化事業 台灣證券交易所上市

Overview

代號1316經查為台灣證券交易所上市普通股，證券簡稱「上曜」，公司全名為上曜建設開發股份有限公司。公司成立於1979年12月11日，掛牌上市日期為1992年10月15日，總部位於台南市安平區永華路二段248號20樓之6。董事長為張祐銘，總經理為曾鵬光，發言人為郭育政。公司官網基本資料列示股本約36.7億元；2026年年報揭露普通股流通在外375,946,150股，換算實收資本額約37.59億元，差異應與後續員工認股權或增資等股本變動時間點有關。2026年年報揭露截至2026年3月31日合併從業員工1,586人，平均年齡39.04歲，平均服務年資7.01年；2025年度員工1,208人。2026年4月25日前十大股東為永捷創新科技股份有限公司5.32%、啟航投資有限公司4.50%、中清科技股份有限公司3.46%、信立化學工業股份有限公司3.14%、大都會國際開發股份有限公司1.58%、普大應用材料股份有限公司1.17%、張趙素珠1.12%、和瑞投資有限公司0.96%、史勝彰0.88%、林天偉0.83%。上曜原為PU合成皮製造商，後跨足電子零組件、光電、遊戲等，2012年停止觸控面板保護玻璃及遊戲軟體事業，2013年停止仁德廠PU合成皮製造業務，2016年股東會通過更名為現名。近年透過併購及控制永捷創新科技、信立化學、斐成開發、世紀民生等上市櫃或公開發行相關公司，形成建設、化工材料、保健/生技、生活消費與佣金收入等合併事業組合。

Business

上曜母公司主要業務為住宅及大樓開發租售、不動產買賣、不動產租賃；合併事業另包括PU合成樹脂、PU合成皮與塑膠皮、保健食品、生活用品電商、保險經紀佣金、電子產品、餐飲及其他業務。2025年年報揭露114年度營業比重為：保健食品34.89%、PU合成皮21.26%、保險經紀佣金收入11.04%、聚胺酯樹脂8.75%、生活用品7.62%、房地收入5.18%；此比重為合併集團口徑，與市場對上曜「建設股」的印象不同，原因是合併子公司營收快速擴大。2026年第1季合併收入18.97267億元，主要產品服務線包括保健食品3.76476億元、房地銷售2.80506億元、佣金收入2.82345億元、連接器/線材成品及電子產品1.58534億元、生活用品1.50901億元、乾溼式PU合成皮及塑膠皮1.22319億元、PU合成樹脂1.12992億元、榔皮0.92602億元、營造工程0.89286億元、電腦割字機及雷射雕刻機0.84522億元等。建設事業商業模式為取得土地或危老/都更案源，規劃設計、預售、委託或集團營造施工，於不動產產權過戶且實際交屋時認列收入；預售款先列合約負債。化工材料業務產品包括PU合成樹脂、PU接著劑、尼龍樹脂、聚酯多元醇等，用於鞋類、皮包、成衣用PU合成皮及人造皮革、PVC乳膠皮接著、防水尼龍布、TPU原料等。保健食品與生活用品業務以零售及電商通路為主；保險經紀佣金收入來自承攬保險公司保單佣金。公司2025年全年合併營收44.83061億元，年增198.60%，官方月營收資料說明主因為子公司營收上升；2026年第1季營收18.97267億元，較2025年第1季7.61254億元大幅增加。

Outlook 2025–2028

2025至2028年主要成長動能來自三條線：第一，建設本業的未交屋案量與台南九份子重劃區大型案。公司及媒體揭露在手未交屋成屋與預售屋總銷約469.8億元，其中上曜本體包含湖美帝璟THE KING、湖映白、國王湖等；國王湖位於台南安南區九份子重劃區，總銷約200億元，規劃約1,012戶、地上38層地下6層，2025年動土，媒體報導預計2031年完工交屋，因此2025至2028年較可能反映為預售、工程進度、合約負債及現金流，實際大額損益認列則依交屋時點。湖映白等興建中個案則可能於2026至2028年逐步貢獻。第二，集團多角化與併購後整合，2025年起保健食品、保險經紀佣金、生活用品、電子產品等已顯著放大合併營收；若子公司世紀民生、永捷、信立、斐成等營運維持擴張，可降低單一建案交屋波動。第三，產品與技術升級，化工端年報提及環保PU、無溶劑濕氣反應型PUR、TPU、水性表面處理、特殊多元醇、快乾型架橋劑、導熱塗層材料等開發方向；建設端則強調綠建築、制震、智慧住宅、LOW-E玻璃、節能設計及ISO 50001能源管理等ESG/節能題材。主要風險包括：央行信用管制與不動產貸款成數限制使房市成交量下滑；高資產或自住買盤若轉弱，預售去化及價格可能受壓；建案收入認列集中於完工交屋，營收與獲利波動大；土地、營建人工、鋼筋水泥及融資成本上升壓縮毛利；大型案期程長，請照、變更設計、施工安全、鄰損爭議或交屋延遲均可能影響現金流；化工端受石化原料價格、匯率、環保法規與下游鞋材/合成皮需求循環影響；保健食品與生活用品需面對通路、廣告、法規與產品品質風險。2027至2028展望屬推估：若國王湖、湖映白及子公司危老都更案銷售順利，合約負債與未來收入能見度可提升；但實際盈餘仍高度取決於交屋年度、毛利率與併購事業整合成效。

Supply Chain

Upstream
  • 王冠百貨企業股份有限公司 2025年年報揭露其於2024年度曾為占進貨總額10%以上之主要供應商/交易對象，金額14.15388億元、占50.20%；非台股上市櫃公司。
  • 國內外石化原料供應商 供應PU合成樹脂與合成皮所需DMF、MEK、TOL、PTMG、PPG、1,4BG、EG、MDI等原料；年報僅揭露供應狀況，未揭露主要個別上市櫃供應商名稱。
  • 上裕營造及集團營造/工程供應鏈 支援建案營建施工、裝修及工程承攬；年報部門資訊列有上裕營收，未確認其為台股上市櫃公司。
  • 建築師、營造商、建材商、金融機構與土地賣方 不動產開發上游包含土地取得、設計、營造施工、建材、融資及不動產服務；公司未完整揭露個別上市櫃供應商名單。
  • 信立化學工業股份有限公司 4303 上曜集團關係企業與合併/控制相關事業，提供化工材料事業鏈資源；為台股上櫃公司。
  • 永捷創新科技股份有限公司 4714 上曜集團關係企業與合併/控制相關事業，涉及PU樹脂、材料與多角化事業；為台股上櫃公司。
Downstream
  • 海悅國際開發股份有限公司 2348 媒體報導國王湖建案由海悅代銷，屬建案銷售通路/代銷合作夥伴；為台股上市公司。
  • 住宅自住、換屋及高資產客戶 建設本業主要終端客戶；上曜近年鎖定台南地區自住需求及高端住宅客層，客戶分散且未揭露個別名單。
  • PU合成皮、鞋類、皮包、成衣、人造皮革及防水尼龍布製造商 化工材料下游應用客戶；年報說明產品用途，但未揭露2025年度單一主要銷貨客戶。
  • 保健食品及生活用品消費者/電商通路 合併集團保健食品與生活用品零售業務下游；未揭露主要上市櫃通路客戶。
  • 保險公司與保戶 保險經紀佣金收入來自保單銷售與承攬保險公司佣金；未揭露主要保險公司名單。

Competitors

Sources（14）

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.