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2535

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

steady quality, discounted valuation.

2 active signals

252d high Foreign buy

This page refreshes daily after the close. Add 達欣工 to your watchlist to track signal changes on your next visit.

Is 達欣工 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 64th market percentile. Latest quarterly ROE ≈ 7.2%.
Valuation is low.PE is in the 12th market percentile; within its own history, PE is around the 85th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 15.7% of volume (net buy).
Signals are active now.On the latest data, signals such as 252-day price high, Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.76

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
美好 holds 8,688 lots
sellers have 473 lots left, ~1045 sessions to clear

Window from 2026-01-17 · Price +42% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 美好 has accumulated 8,688 lots since the start (sold 0%), still adding.
Main distributor 國泰證券 peaked at 312 lots, has sold 33%, 209 left, ~1045 sessions to clear at the recent pace.
TDCC big holders (absolute) >1000-lot holders +1.56pp, mid holders -1, retail -1.79pp — concentration shifting upward.
Foreign hedge-desk net short Net short -2,027 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

美好富邦-建國永豐金證券第一金永豐金-匯立凱基-北門

Distributing

國泰證券玉山-城中元富-西松元大-雙和統一-敦南統一-南京

Desks

own scale

群益金鼎美商高盛玉山證券兆豐證券

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

美好 +8,688

sold 0%· still adding
富邦-建國 +446

sold 0%· still adding
永豐金證券 +307

sold 22%· still adding
第一金 +198

sold 0%· still adding
永豐金-匯立 +159

sold 0%· still adding
凱基-北門 +130

sold 0%

Distributing

國泰證券 209 left

sold 33%· ~1045 sessions to clear
玉山-城中 40 left

sold 71%· ~8 sessions to clear
元富-西松 55 left

sold 59%· paused recently
元大-雙和 16 left

sold 86%· ~16 sessions to clear
統一-敦南 46 left

sold 55%· ~9 sessions to clear
統一-南京 11 left

sold 84%· paused recently

Desks

群益金鼎 -1,613

unclassified
美商高盛 -947

hedge desk · will cover
玉山證券 -585

unclassified
兆豐證券 -468

unclassified

Still selling 473 lots ~1045 sessions to bottom at most

Recent buy/sell force +1,184 absorbed / -243 sold buyers slightly ahead

Hedge-desk net short -1,900 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.

252-day price high (breakout)

Active

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

36 historical occurrences (since 2008-05-23)

120 days after: historical avg +11.48%

20-day +0.77%

60-day +4.92%

120-day +11.48%

20-day

60-day

120-day

Win

57.1%

73.5%

81.2%

Sample

Median

+1.81%

+6.54%

+10.66%

Excess

+0.85%

+0.7%

+2.65%

Beat mkt rate

45.7%

58.8%

65.6%

Over 32 occurrences, 120-day forward avg gained 11.48%, beat the market by 2.65 pts; win rate 81.2%.

Foreign net buying for 5 straight days

Active · now 5%

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

51 historical occurrences (since 2012-07-03)

120 days after: historical avg +7.41%

20-day +1.37%

60-day +4.08%

120-day +7.41%

20-day

60-day

120-day

Win

60%

59.2%

72.9%

Sample

Median

+1.03%

+3.73%

+4.51%

Excess

+0.99%

+1.01%

+0.27%

Beat mkt rate

54%

51%

50%

Over 48 occurrences, 120-day forward avg gained 7.41%, beat the market by 0.27 pts; win rate 72.9%.

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.

0-20 +4.2%

20-40 +6.6%

40-60 +23.6%

60-80 +25.3%

80-100 +25.4% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	546	+4.2%	+9.1%	59.5%	-3.9%
20-40	665	+6.6%	+7.1%	60.2%	-2.4%
40-60	936	+23.6%	+22.6%	86.2%	+5%
60-80	594	+25.3%	+28.4%	88%	+2.5%
80-100 You are here	284	+25.4%	+24.6%	97.2%	-5.3%

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 ≈ 11.59, at the 84.8th 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

+7.5%

Win rate 58.6% Excess +0.4%

425d

+12.2%

Win rate 77.1% Excess +3.3%

987d

Now

+7.6%

Win rate 77.4% Excess -6%

641d

60-day momentum down

-0.9%

Win rate 41.5% Excess -3.8%

468d

+10.4%

Win rate 75.4% Excess +1.8%

422d

+15.7%

Win rate 92.5% Excess +10.5%

201d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 641 historical days, 120-day forward avg gained 7.6%, win rate 77.4%, lagged the market by 6%.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

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

99 times historically; 60-day forward avg +3.79%, win rate 59.5%, beating the market by -0.01 pts on average.

What does 達欣工 do? Company profile

建材營造業／甲級綜合營造業台灣證券交易所上市

Overview

2535 對應達欣工程股份有限公司，證券簡稱達欣工，為台灣證券交易所上市普通股，非 ETF、ETN、特別股、權證或 REIT。公司成立於 1967 年 2 月 13 日，1996 年 3 月 11 日股票上市，總部位於台北市大安區敦化南路二段 92 號 9 樓。官方公司資訊與法說會揭露董事長為王人正，總經理為謝天賀代理，發言人為陳士修。資本額約新台幣 27.08 億元；2025 年報揭露 2025 年合併營業收入新台幣 22,072,399 仟元，約 220.72 億元，合併稅後純益 1,662,456 仟元，EPS 6.50 元。官方公司簡介與法說會揭露人力規模約 550 人左右；2025 年報列示 2025 年底員工 561 人，2026 年 4 月 11 日為 582 人，不含外籍勞工。主要股東名單依公司 2025 年股東會資料，包含王人正 8.94%、美好證券 6.84%、智能創新 4.95%、王人治 4.14%、達欣開發 4.03%、品欣投資 2.82%、宗漢投資 2.33%、台北富邦商業銀行 1.76%、全球人壽 1.45%、如欣投資 1.34%。關係企業包括達欣開發、達欣越南、達欣馬來西亞；達欣開發成立於 1983 年，從事委託營造廠興建住宅及商業大樓出租出售等業務。

Business

達欣工為甲級綜合營造廠與專業工程承攬商，核心商業模式為承攬大型建築、土木、公共工程、高科技廠房與部分自有或關係企業開發案，收入主要來自工程合約依進度認列及建設開發相關收入。主要服務包含集合住宅、商辦大樓、學校、醫院、飯店、商場、道路、橋樑、隧道、捷運、鐵路地下化、晶圓廠、封測廠、面板廠、玻璃基板廠、被動元件廠等工程總承包或統包。2025 年法說會與相關新聞指出，近年業務重心明顯轉向高科技廠房；2025 上半年工程營收組合約為廠房及其他 77%、商辦大樓 10%、公共工程 8%、住宅工程 5%。公司官網與年報列示完工及施工中案例涵蓋高科技廠房、台北 A26 地上權案、台中商銀商辦旅館大樓、富邦產險總部大樓、台中國際會展中心、住宅案與公共住宅等。下游客戶以科技製造業、金融保險與建設開發商、政府機關、公營／公共工程業主為主；官方法說會揭露達欣工曾獲台積電 2022 與 2024 年供應商卓越表現獎，顯示半導體廠房工程為重要業務之一。年報說明主要銷貨客戶因契約約定不得揭露名稱或個人非關係人而以代號揭露，故無法完整確認所有客戶金額與占比。

Outlook 2025–2028

2025 至 2028 年展望以高科技廠房、AI 與半導體供應鏈擴建、公共工程 BOT／統包案、都更與大型複合開發案為主要成長動能。2025 年 8 月法說會資料顯示，在建案承攬量約 916 億元，整體完工率 56.3%，未完工程餘額合計約 400 億元，其中廠房及其他約 261 億元、商辦約 83 億元、住宅約 30 億元、公共工程約 26 億元；公司與新聞稿均指向 2025 下半年至 2026 年仍有充足工程案量。中期到 2028 年，若台灣半導體與 AI 伺服器供應鏈維持資本支出，達欣工在晶圓廠、封測廠及高科技廠房的施工實績、BIM 與工程管理能力有機會延續接案優勢；公共工程與大型 BOT、捷運聯開、設定地上權與都更案則提供較長週期案源。公司年報也把 BIM、標準化作業、協力廠商管理、大宗材料採購制度化、全生命週期 Total Solution 與供應鏈管理列為競爭利基。主要風險包含半導體建廠循環下行或客戶資本支出遞延、單一大型工程認列進度波動、缺工與工資上升、鋼筋與混凝土等原物料價格波動、環保與職安法規加嚴、氣候變遷造成熱危害或暴雨洪災影響工期、金融體系對營建業融資保守，以及工程成本估算、工期延誤、追加減帳與保固責任風險。2027 至 2028 年公司未發布可量化財測，因此上述為依公開在建案、產業趨勢與公司策略推估。

Supply Chain

Upstream

豐興鋼鐵股份有限公司 2015 年報列為鋼筋材料主要供應商；台股上市公司。
海光企業股份有限公司 2038 年報列為鋼筋材料主要供應商；台股上市公司。
威致鋼鐵工業股份有限公司 2028 年報列為鋼筋材料主要供應商；台股上市公司。
東和鋼鐵企業股份有限公司 2006 年報列為鋼筋材料主要供應商；台股上市公司。
羅東鋼鐵股份有限公司年報列為鋼筋材料主要供應商；非台股上市櫃公司或未能確認掛牌代號。
國產建材實業股份有限公司 2504 年報列為預拌混凝土材料主要供應商；台股上市公司。
台灣水泥股份有限公司 1101 年報列為預拌混凝土材料主要供應商；台股上市公司。
環球混凝土工業股份有限公司年報列為預拌混凝土材料主要供應商；非台股上市櫃公司或未能確認掛牌代號。
毅和實業有限公司年報列為土方工程主要供應商；未上市櫃。
力泰建設企業股份有限公司 5520 年報列為土方工程主要供應商；上櫃公司。
鍵蒼企業有限公司年報列為外牆石材主要供應商；未上市櫃。
振三企業股份有限公司年報列為外牆石材主要供應商；未上市櫃或未能確認掛牌代號。
永乘工程有限公司年報列為機電工程主要供應商；未上市櫃。
玉坤工程有限公司年報列為機電工程主要供應商；未上市櫃。
遠嘉實業股份有限公司年報列為機電工程主要供應商；未上市櫃或未能確認掛牌代號。

Downstream

台灣積體電路製造股份有限公司 2330 法說會揭露達欣工獲台積電 2022、2024 年供應商卓越表現獎；屬高科技晶圓廠房工程重要客戶／終端應用代表。
台中商業銀行股份有限公司 2812 官方工程與年報重要契約揭露台中商銀商辦旅館大樓工程契約；台股上市金融業。
台新金融控股股份有限公司 2887 官網完工實績列有台新銀行總部；台新銀行為台新金控子公司，此處以台新金控掛牌代號標示。
富邦產物保險股份有限公司官方法說會列示富邦產險總部大樓為施工／環境永續案例；富邦產險本身未上市櫃。
南山人壽保險股份有限公司官方法說會列示南山人壽台北 A26 地上權案；南山人壽未上市櫃。
台北市政府公共住宅、捷運與公建工程潛在或實際業主；政府機關，非上市櫃。
台中市政府台中國際會展中心等公共工程業主／終端公共建設應用；政府機關，非上市櫃。
達欣開發股份有限公司關係企業與下游建設開發案來源之一，從事住宅及商業大樓出租出售；未上市櫃。
甲山林建設股份有限公司官方法說會施工中住宅案列示甲山林相關住宅大樓；未上市櫃。
士林開發股份有限公司 5324 官方法說會施工中住宅案列示士林開發台北城心曜曜住宅大樓；上櫃公司。

Competitors

根基營造股份有限公司 2546 上市營造公司，承攬公共工程、建築與大型工程，與達欣工在大型營造案具可比性。
中國工程股份有限公司 2515 上市大型工程承攬商，業務涵蓋土木、建築、公共工程與開發，為大型工程競爭者。
冠德建設股份有限公司 2520 上市建設與營造相關公司，具建設開發及工程承攬能力，在住宅、商辦與聯開案具競爭關係。
長虹建設股份有限公司 5534 上市建設公司，雖以開發銷售為主，但在大型住宅與商辦開發市場與達欣工關係企業及承攬案源有間接競爭。
興富發建設股份有限公司 2542 上市大型建設開發商，主要在住宅、商辦與土地開發市場競爭；非純營造商。
遠雄建設事業股份有限公司 5522 上市大型建設開發商，住宅、商辦與大型開發案市場競爭者；非純營造商。
大陸工程股份有限公司台灣大型未上市營造公司，公共工程、建築與高科技廠房市場的重要競爭者。
互助營造股份有限公司未上市大型營造公司，公共工程、商辦、住宅與特殊工程市場競爭者。
中鹿營造股份有限公司未上市營造公司，與鹿島建設體系相關，在高科技廠房與大型建築工程具競爭性。

Sources（16）

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.