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2546

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

steady quality, discounted valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 根基 to your watchlist to track signal changes on your next visit.
Valuation 78Quality 57Growth 70Momentum 65Chips 92

Is 根基 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 46th market percentile. Latest quarterly ROE ≈ 3.0%.

  • Valuation is low.PE is in the 7th market percentile; within its own history, PE is around the 62th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 11.3% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 25.4%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.39
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 凱基-站前 holds 115 lots
  • sellers have 138 lots left, ~25 sessions to clear

Window from 2026-01-17 · Price +5% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-站前 has accumulated 115 lots since the start (sold 3%), holding.
  • Main distributor 元大-仁愛 peaked at 84 lots, has sold 36%, 54 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.26pp, mid holders +1, retail -0.62pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -499 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
凱基-站前元大-敦南摩根大通台灣企銀玉山-台南土銀-彰化
Distributing
元大-仁愛富邦-台北國泰-台中元大-松江臺銀-民權國泰-板橋
Desks
own scale
國泰-敦南土銀-建國美商高盛元大-中山北路
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-站前 +115
    sold 3%
  • 元大-敦南 +85
    sold 3%
  • 摩根大通 +78
    sold 0%· still adding
  • 台灣企銀 +76
    sold 0%
  • 玉山-台南 +61
    sold 24%
  • 土銀-彰化 +60
    sold 3%

Distributing

  • 元大-仁愛 54 left
    sold 36%· paused recently
  • 富邦-台北 34 left
    sold 41%· ~24 sessions to clear
  • 國泰-台中 8 left
    sold 85%· ~16 sessions to clear
  • 元大-松江 27 left
    sold 36%· ~18 sessions to clear
  • 臺銀-民權 4 left
    sold 90%· paused recently
  • 國泰-板橋 9 left
    sold 72%· ~23 sessions to clear

Desks

  • 國泰-敦南 -286
    day-trade · selling pressure
  • 土銀-建國 -270
    unclassified
  • 美商高盛 -138
    hedge desk · will cover
  • 元大-中山北路 -117
    unclassified
Still selling 138 lots ~25 sessions to bottom at most
Recent buy/sell force +551 absorbed / -113 sold buyers slightly ahead
Hedge-desk net short -198 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.

46 historical occurrences (since 2009-06-01)
Average forward return after 252-day price high (breakout)。20-day: Win 66.7%, Sample 45, Median +2.43%, Excess +2.57%, Beat mkt rate 64.4%；60-day: Win 73.3%, Sample 45, Median +7.64%, Excess +4.26%, Beat mkt rate 62.2%；120-day: Win 75.6%, Sample 45, Median +11.82%, Excess +5.08%, Beat mkt rate 68.9%

120 days after: historical avg +13.42%

20-day +3.26%
60-day +7.7%
120-day +13.42%
20-day
60-day
120-day
Win
66.7%
73.3%
75.6%
Sample
45
45
45
Median
+2.43%
+7.64%
+11.82%
Excess
+2.57%
+4.26%
+5.08%
Beat mkt rate
64.4%
62.2%
68.9%

Over 45 occurrences, 120-day forward avg gained 13.42%, beat the market by 5.08 pts; win rate 75.6%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 25.43%

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

129 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 67.2%, Sample 116, Median +2.24%, Excess +1.34%, Beat mkt rate 54.3%；60-day: Win 69.8%, Sample 116, Median +6.21%, Excess +2.88%, Beat mkt rate 53.4%；120-day: Win 78.1%, Sample 114, Median +12.54%, Excess +4.75%, Beat mkt rate 60.5%

120 days after: historical avg +13.76%

20-day +3.29%
60-day +7.57%
120-day +13.76%
20-day
60-day
120-day
Win
67.2%
69.8%
78.1%
Sample
116
116
114
Median
+2.24%
+6.21%
+12.54%
Excess
+1.34%
+2.88%
+4.75%
Beat mkt rate
54.3%
53.4%
60.5%

Over 114 occurrences, 120-day forward avg gained 13.76%, beat the market by 4.75 pts; win rate 78.1%.

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)
0-20 826+37.6% +39.8% 98.3% +28.7%
20-40 734+26.8% +25.7% 91.3% +13.4%
40-60 527+25.7% +25.6% 90.9% +7.5%
60-80 You are here513+18.6% +18.4% 92.6% -14.2%
80-100 442+12% +10.4% 78.1% -2.7%

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 ≈ 9.94, at the 61.6th 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
+18.2%
Win rate 92.1% Excess +13.8%
974d
Now
+8.4%
Win rate 69.3% Excess -2.2%
761d
+5.8%
Win rate 66.3% Excess -9.1%
570d
60-day momentum down
+18.5%
Win rate 88% Excess +12.2%
359d
+15.2%
Win rate 90.2% Excess +2.5%
205d
+7.3%
Win rate 70.2% Excess +4%
292d

Currently in “Mid × 60-day momentum up”: across 761 historical days, 120-day forward avg gained 8.4%, win rate 69.3%, lagged the market by 2.2%.

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.

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.

49 times historically; 60-day forward avg +6.35%, win rate 64.6%, beating the market by +1.57 pts on average.

What does 根基 do? Company profile

建材營造業／綜合營造業 台灣證券交易所上市

Overview

2546 對應證券為根基，為台灣證券交易所上市普通股，非 ETF、ETN、特別股、權證或 REIT。公司全名為根基營造股份有限公司，英文名 KEDGE CONSTRUCTION CO., LTD.，核心業務為綜合營造業，主要經營土木、建築、水利及整地工程承攬、基礎工程、橋樑與隧道工程承攬。公司成立於 1982 年 4 月 13 日，1998 年上櫃，2000 年 9 月 11 日掛牌上市，為冠德企業集團成員與甲級優良營造廠。總部地址依公開股市資料為台北市松山區民權東路三段 169 號 9 樓。董事長為袁藹維，總經理為陳俊明，發言人為范錦華。實收資本額依 2026 年初公開股市資料約新台幣 13.05 億元，已發行普通股約 130,524,193 股。2024 年股東會年報列示 2025 年 3 月 28 日主要股東包括：冠德建設 42,093,444 股、持股 34.18%；宇德投資 10,202,378 股、持股 8.29%；劉美朱 2.66%；馬銘嬭 2.15%；張柏文 1.99%；吳美金 1.79%；馬志綱 1.73%；莊素月 1.35%；馬紹齡 1.24%；張永信 1.01%。員工規模方面，2024 年永續報告書揭露截至 2024 年 12 月 31 日員工總數含全職、兼職、實習生、非本國勞工達 1,215 人；年報列示截至 2025 年 3 月 31 日工程人員 486 人、行政人員 138 人，合計 624 人，此年報口徑未含部分定期、實習與移工等永續報告口徑。

Business

根基為承攬型綜合營造公司，商業模式以投標、議價或統包方式取得政府公共工程、公民營機關與民間企業／建設公司工程，依工程進度認列工程收入，並透過發包採購、工程管理、品質／成本／工期／安全控管取得毛利。2024 年營業收入比重依年報為：其他工程 52.10%、土建工程 24.89%、建設工程 23.01%。建設工程包括民間建設開發、集合住宅、企業總部辦公大樓與都市更新；土建工程包括政府交通建設、道路、橋樑、車站、隧道、軌道等；其他工程包括政府公共工程、企業廠房、辦公大樓、高科技及民間廠房、園區基地開發、整地與基樁地工等。2024 年合併營業收入為 142.34 億元，2024 年全年承攬 31 個工程，承攬額 746 億元，新承攬或簽約案包括嘉義 C613 標、台積電 AP5B-CUP、F22P3-CUP、AP7P1-FAB 結構、AP7P1-Office、南科物流中心、冠德板橋府中段、冠德台電南港案等，合約金額約 228 億元。主要客戶依 2024 年年報主要銷貨名單包括台灣積體電路製造股份有限公司、交通部鐵道局／鐵路改建工程相關機關、冠德建設股份有限公司與其他政府及民間業主；2024 年銷貨占比中台積電約 33.74%、交通部鐵道相關機關約 24.89%、冠德建設約 23.01%。主要終端應用包括半導體與先進封裝廠房、企業辦公與總部、集合住宅與都更、社會住宅、軌道與橋梁、會展中心、醫院、運動中心、公共建築及城市基礎建設。公司技術特色包括 BIM、ISO 19650、PAS 1192-2、循環經濟、ERP／工務管理系統、BIM+AI、AR／VR、Dynamo 自動化建模、低碳工法、預鑄化、模組化、營建自動化與工地機器人導入。

Outlook 2025–2028

2025 年：公司 2024 年年報對 2025 年營業計畫指出，將聚焦永續建築與高附加價值工程標案，營收動能鎖定高科技業主新增產能與政府軌道建設案源，並透過優良協力包商、營建自動化、AI 協作、模組化與低碳建材提升管理效率；同時因應缺工、缺料與成本波動，善用移工政策、彈性採購與施工排程。2025 年實際營運依 2026 年 5 月公開新聞，根基 2025 年營收達 214.95 億元、年增 51.01%，稅後純益 12.43 億元、年增 42.14%，EPS 9.5 元，營收、獲利與股利創歷史新高。2026 年：依 2026 年 5 月公開新聞，公司在手工程案量約 869 億元，其中半導體廠房訂單約五成、冠德集團內案約兩成、公共工程長單約二至三成；2026 年新承攬工程內部目標約 200 億元，新承攬指標案包括台積電 AP7P2-FAB 結構、合作金庫商辦大樓、冠德北投軟橋段案、台積電 F22P5 CUP 及 AP8P2 試樁工程等。2027 至 2028 年：公司未公開逐年財測；以目前公開資料可合理推估，未來 2 至 3 年能見度主要來自高科技廠房、先進封裝與半導體供應鏈建廠、政府軌道與公共建設、都更與大型商辦住宅案，以及低碳／綠建築要求提高帶來的高附加價值工程需求。中長期成長動能包括 AI 與半導體資本支出、政府公共建設預算、軌道經濟、科技廠辦、BIM+AI 與營建自動化降本增效、低碳混凝土與循環建材導入、SBTi 減碳承諾提高ESG標案競爭力。主要風險包括鋼筋、水泥、預拌混凝土、砂石、鋼構與金屬建材價格波動，缺工與工資上升，工期展延與工程履約風險，高利率壓抑房市與土地交易，業主資本支出放緩，公共工程預算或發包時程變動，氣候變遷造成施工中斷，碳費與低碳材料要求提高成本，以及大型工程完工比例法下營收與獲利認列時點波動。

Supply Chain

Upstream
Downstream
  • 台灣積體電路製造股份有限公司 2330 主要科技廠房客戶；2024 年年報列為主要銷貨客戶，占 2024 年銷貨淨額約 33.74%，承攬案含 AP5B-CUP、F22P3-CUP、AP7P1-FAB、AP7P1-Office、南科物流中心等。
  • 冠德建設股份有限公司 2520 母集團關係企業與重要建設工程業主；2024 年年報列為主要銷貨客戶，占 2024 年銷貨淨額約 23.01%，承攬案含板橋府中段、台電南港、萬大線 LG08、秀朗橋站開發案等。
  • 交通部鐵道局及鐵路改建工程相關機關 政府機關，非上市櫃公司；2024 年年報列為主要銷貨客戶之一，占 2024 年銷貨淨額約 24.89%，承攬嘉義鐵路高架化、台南車站地下化等軌道工程。
  • 聯發科技股份有限公司 2454 年報與永續報告列示承攬聯發科銅鑼科學園區廠房，屬企業廠房／科技廠辦終端客戶。
  • 大成長城企業股份有限公司 1210 年報與永續報告列示承攬大成長城集團新總部案，屬企業總部工程客戶。
  • 合作金庫金融控股股份有限公司 5880 2026 年公開新聞提及新承攬合作金庫商辦大樓；屬金融業商辦工程客戶。
  • 新北市政府、桃園市政府及其他地方政府機關 政府機關，非上市櫃公司；下游客戶包括社會住宅、會展中心、公辦都更、運動中心、道路橋梁等公共工程業主。
  • 半導體設備供應商林口廠業主 年報列示半導體設備供應商林口廠新建工程；未揭露或未確認具體台股上市櫃證券代號。

Competitors

Sources（13）

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.