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1410

南染 Textiles As of 2026-06-17 Updated daily after market close

quality needs a look, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 南染 to your watchlist to track signal changes on your next visit.
Valuation 42Quality 24Growth 78Momentum 4Chips 21

Is 南染 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 23th market percentile. Latest quarterly ROE ≈ 0.0%.

  • Valuation is neutral.PE is in the 73th market percentile; within its own history, PE is around the 78th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -2.3% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 37.1%, 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

Bullish +0.49
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 華南永昌-民權 holds 372 lots
  • sellers have 43 lots left, ~10 sessions to clear

Window from 2026-01-17 · Price -27% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 華南永昌-民權 has accumulated 372 lots since the start (sold 0%), still adding.
  • Main distributor 國泰-敦南 peaked at 324 lots, has sold 89%, 36 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.73pp, mid holders +1, retail -0.96pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -33 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
華南永昌-民權統一富邦-新竹永豐金-中正台灣企銀-岡山永豐金-板新
Distributing
國泰-敦南玉山-新莊玉山-士林美林群益金鼎-大甲兆豐-鹿港
Desks
own scale
光和群益金鼎-天母元大-大灣富邦-仁愛
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 華南永昌-民權 +372
    sold 0%· still adding
  • 統一 +205
    sold 0%· still adding
  • 富邦-新竹 +134
    sold 0%· still adding
  • 永豐金-中正 +50
    sold 0%· still adding
  • 台灣企銀-岡山 +37
    sold 0%· still adding
  • 永豐金-板新 +37
    sold 0%· still adding

Distributing

  • 國泰-敦南 36 left
    sold 89%· paused recently
  • 玉山-新莊 19 left
    sold 72%· ~4 sessions to clear
  • 玉山-士林 18 left
    sold 68%· ~5 sessions to clear
  • 美林 9 left
    sold 36%· paused recently
  • 群益金鼎-大甲 4 left
    sold 50%· paused recently
  • 兆豐-鹿港 4 left
    sold 43%· paused recently

Desks

  • 光和 -252
    unclassified
  • 群益金鼎-天母 -129
    unclassified
  • 元大-大灣 -119
    unclassified
  • 富邦-仁愛 -112
    unclassified
Still selling 43 lots ~10 sessions to bottom at most
Recent buy/sell force +344 absorbed / -92 sold buyers slightly ahead
Hedge-desk net short -16 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)

Direction matches: big-holder share rose while retail share fell.

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 37.07%

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

44 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 31.6%, Sample 38, Median -0.92%, Excess -0.25%, Beat mkt rate 50%；60-day: Win 54.1%, Sample 37, Median +1.4%, Excess +1.88%, Beat mkt rate 51.4%；120-day: Win 59.5%, Sample 37, Median +2.57%, Excess +0.83%, Beat mkt rate 54.1%

120 days after: historical avg +7.19%

20-day +0.97%
60-day +5.9%
120-day +7.19%
20-day
60-day
120-day
Win
31.6%
54.1%
59.5%
Sample
38
37
37
Median
-0.92%
+1.4%
+2.57%
Excess
-0.25%
+1.88%
+0.83%
Beat mkt rate
50%
51.4%
54.1%

Over 37 occurrences, 120-day forward avg gained 7.19%, beat the market by 0.83 pts; win rate 59.5%.

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)
0-20 267+8.8% +7.8% 99.6% -8.9%
20-40 366+7.3% +3.6% 75.1% -1.6%
40-60 664+8.7% +6.4% 84.6% +1%
60-80 You are here598+8% +9.2% 72.2% +2.6%
80-100 1132+1.2% -0.1% 49.3% -28.7%

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 ≈ 45.83, at the 78.5th percentile of its own history (60-80 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
+4.4%
Win rate 88.1% Excess -2.2%
235d
+3.7%
Win rate 65.3% Excess -0.6%
576d
-0.1%
Win rate 46.4% Excess -10.1%
981d
60-day momentum down
+3.5%
Win rate 71.5% Excess +1.7%
172d
+2.6%
Win rate 64.9% Excess -2.1%
376d
Now
+3.6%
Win rate 61.6% Excess -9.8%
763d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 763 historical days, 120-day forward avg gained 3.6%, win rate 61.6%, lagged the market by 9.8%.

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.

24 times historically; 60-day forward avg -0.1%, win rate 50%, beating the market by -2.67 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.

27 times historically; 60-day forward avg +0.43%, win rate 55.6%, beating the market by -6.32 pts on average.

What does 南染 do? Company profile

紡織纖維(交易所分類);實質營運已轉型為不動產租賃+半導體封測 台灣證券交易所(上市)

Overview

南染股份有限公司成立於1964年12月22日,1973年10月18日於台灣證券交易所掛牌上市,股票代號1410,交易所產業分類仍歸屬「紡織纖維」。總部位於桃園市蘆竹區南山路三段233號,董事長為何鈞,總經理為何承榮(何氏家族經營)。實收資本額約新台幣6.2億元(2024年曾自市場買回約100萬股庫藏股並完成減資),發行股數約6,300萬股。股東結構:前十大股東持股約20.38%,外資持股約18.89%,股東人數約6,636人(資料時點2025-2026)。南染最大的特色是其「資產股」屬性——擁有大筆早年取得、位於雙北及桃園精華區段的不動產;土地帳面成本原僅約20億元,2023年資產重估後價值約80億元,以股本約6.3億計算,等於每股淨值大幅提升。

Business

南染原為絲、棉、毛、合成及化學纖維織品之印染與樹脂加工定型整理(染整代工)廠商,並兼營布匹進出口買賣及工業廠房開發租售。2022年8月26日董事會決議退出染整本業(原因為產業環境變遷、原物料與能源成本上漲、缺工),約70名染整員工依規定退休/轉業/資遣。轉型後集團營運分兩大主體:(1)母公司南染——不動產租賃事業,核心資產包括新北市三重區土地(鄰近新北產業園區,已簽長期租約並調漲租金、提供穩定現金流)與桃園市蘆竹區土地(原染整廠舊址,鄰近機場捷運A10站,廠房已拆除、為待租素地);(2)子公司南岩半導體股份有限公司(未上市,成立於1998年,位於桃園市蘆竹區,負責人何鈞)——從事半導體後段封裝測試(OSAT)代工,產品偏向分離式元件/二極體封測,導入銅線製程降低成本,並取得IATF 16949車用品質認證、布局車用電子。依2025年11月法說會,2024年合併營收約2.36億元,其中不動產租賃收入約4,900萬元(約21%)、南岩半導體約1.87億元(約79%;封測勞務收入約1.42億、自產自銷銷貨收入約4,475萬);母公司不動產租賃稅後淨利率高達約55%,2024年股利每股約0.5元。

Outlook 2025–2028

成長動能與策略:(1)不動產活化是核心題材——三重土地已長租並調漲租金;桃園蘆竹A10站素地原規劃興建物流倉,因銀行信貸收緊改採純土地出租,先前租約於2025年7月終止、認列違約金約4,700餘萬元,目前正與多家廠商洽談新租約,管理層對找到長期承租戶、創造穩定金流持樂觀看法;蘆竹土地能否順利出租為未來營運關鍵變數。(2)南岩半導體聚焦高頻應用與車用電子封裝測試,2024年汽車產業訂單較前一年同期成長約80%、並轉為正向淨利,策略上優先承接美元計價訂單、開發歐美客戶以因應供應鏈去中化,並推動年輕工程師跨職能訓練。潛在風險與挑戰:消費電子(筆電、平板)需求疲軟、中美貿易戰衝擊銷往中國大陸訂單、客戶與認證開發過渡期營收波動、蘆竹土地租賃成敗的不確定性,以及整體獲利規模仍小、易受景氣與單一資產進度影響。長線投資價值主要來自龐大重估後不動產資產(資產股),而非傳統營運獲利。(註:2025-2028多為依2024年財報及2025/11法說會內容推估,實際數字以公司後續公告為準。)

Supply Chain

Upstream
  • 封測客戶提供之晶圓/晶粒 南岩半導體屬封裝測試代工(OSAT),晶圓/晶粒多由委託客戶提供,屬產業上游投入(推估)
  • 導線架(leadframe)等封裝材料供應商 封裝用導線架、環氧樹脂、銅線/打線材料供應;台股相關業者如順德(2351)、界霖(5285),惟非確認為南岩實際供應商(推估)
  • 土地與營建/不動產開發資源 不動產租賃事業以自有土地為核心資產,改建/整地涉及營建資源(推估,無特定上市櫃供應商)
Downstream
  • IC設計/IDM/分離式元件品牌客戶 南岩封測代工之委託客戶,客戶名稱未公開(推估)
  • 車用電子終端應用 南岩取得IATF 16949認證,車用封測訂單為主要成長來源
  • 消費電子(筆電、平板)終端 南岩封測產品終端應用之一,惟近年需求疲軟
  • 不動產承租企業(產業園區/物流業者) 三重土地長期承租戶、桃園蘆竹A10素地潛在承租戶,承租戶名稱未完整公開

Competitors

  • 南紡 1440 紡織同業且同具大量不動產之資產股,市場常拿來與南染相互比較
  • 菱生 2369 分離式元件/IC封裝測試同業,對應子公司南岩半導體業務(推估)
  • 大中 6435 功率/分離式元件業者,與南岩產品領域部分重疊(推估)
  • 強茂 2481 二極體/分離式元件IDM,與南岩封測之產品終端相近(推估)
Sources（10）

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.