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2748

雲品 Tourism & Hospitality As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

1 active signal
Foreign buy
This page refreshes daily after the close. Add 雲品 to your watchlist to track signal changes on your next visit.
Valuation 65Quality 74Growth 48Momentum 34Chips 78

Is 雲品 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 77th market percentile. Latest quarterly ROE ≈ 3.3%.

  • Valuation is neutral.PE is in the 43th market percentile; within its own history, PE is around the 34th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 5.4% of volume (net buy).

  • Signals are active now.On the latest data, signals such as Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.34
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 中國信託 holds 288 lots
  • sellers have 153 lots left, ~50 sessions to clear

Window from 2026-01-17 · Price -1% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 中國信託 has accumulated 288 lots since the start (sold 0%), still adding.
  • Main distributor 凱基-中港 peaked at 325 lots, has sold 89%, 35 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +0, retail -0.15pp — little change.
  • Foreign hedge-desk net short Net short -126 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
中國信託富邦-八德富邦-斗六永豐金-新竹國票-北高雄彰銀-台中
Distributing
凱基-中港凱基-台北台灣摩根士丹利臺銀-金山群益金鼎-館前群益金鼎-延平
Desks
own scale
永豐金-板新群益金鼎-桃園元大-仁愛元富-埔里
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 中國信託 +288
    sold 0%· still adding
  • 富邦-八德 +263
    sold 0%· still adding
  • 富邦-斗六 +218
    sold 0%
  • 永豐金-新竹 +214
    sold 0%· still adding
  • 國票-北高雄 +151
    sold 0%· still adding
  • 彰銀-台中 +137
    sold 0%

Distributing

  • 凱基-中港 35 left
    sold 89%· paused recently
  • 凱基-台北 50 left
    sold 77%· ~50 sessions to clear
  • 台灣摩根士丹利 27 left
    sold 79%· paused recently
  • 臺銀-金山 23 left
    sold 47%· ~46 sessions to clear
  • 群益金鼎-館前 4 left
    sold 88%· paused recently
  • 群益金鼎-延平 14 left
    sold 50%· paused recently

Desks

  • 永豐金-板新 -192
    unclassified
  • 群益金鼎-桃園 -132
    unclassified
  • 元大-仁愛 -131
    unclassified
  • 元富-埔里 -130
    unclassified
Still selling 153 lots ~50 sessions to bottom at most
Recent buy/sell force +777 absorbed / -82 sold buyers slightly ahead
Hedge-desk net short -45 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.

Foreign net buying for 5 straight days

Active · now 8%

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

38 historical occurrences (since 2017-01-24)
Average forward return after Foreign net buying for 5 straight days。20-day: Win 43.2%, Sample 37, Median -0.8%, Excess -0.61%, Beat mkt rate 37.8%；60-day: Win 59.5%, Sample 37, Median +2.81%, Excess -0.56%, Beat mkt rate 37.8%；120-day: Win 50%, Sample 36, Median -1.62%, Excess -6.63%, Beat mkt rate 36.1%

120 days after: historical avg +5.07%

20-day +0.94%
60-day +5.68%
120-day +5.07%
20-day
60-day
120-day
Win
43.2%
59.5%
50%
Sample
37
37
36
Median
-0.8%
+2.81%
-1.62%
Excess
-0.61%
-0.56%
-6.63%
Beat mkt rate
37.8%
37.8%
36.1%

Over 36 occurrences, 120-day forward avg gained 5.07%, lagged the market by 6.63 pts; win rate 50%.

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)
0-20 146+1.6% -4.2% 39% -53.5%
20-40 You are here159-23.4% -23.2% 0% -56.9%
40-60 122-20.2% -25% 3.3% -43.4%
60-80 193+2.6% -17.9% 40.4% -12.6%
80-100 593+31.3% +10.3% 72% +9.3%

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 ≈ 19.59, at the 34.4th percentile of its own history (20-40 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
-11.6%
Win rate 0% Excess -24.9%
33d
Now
-16.8%
Win rate 0.9% Excess -32.2%
108d
+17.7%
Win rate 56.5% Excess +7.9%
503d
60-day momentum down
-3.2%
Win rate 37.5% Excess -23.1%
296d
-8.9%
Win rate 16.6% Excess -28.9%
211d
+10.7%
Win rate 89.6% Excess +2.2%
182d

Currently in “Mid × 60-day momentum up”: across 108 historical days, 120-day forward avg declined 16.8%, win rate 0.9%, lagged the market by 32.2%.

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.

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.

6 times historically; 60-day forward avg +7.37%, win rate 50%, beating the market by +7.02 pts on average.

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).

39 times historically; 60-day forward avg +4.75%, win rate 56.8%, beating the market by +0.28 pts on average.

What does 雲品 do? Company profile

觀光餐旅 上市（台灣證券交易所）

Overview

雲品國際酒店股份有限公司，股票代號2748，為台股上市普通股，非ETF、ETN、權證或特別股。公司成立於2012年11月22日，2015年11月2日登錄興櫃，2016年11月23日上市。總部/公司地址為台北市中山區中山北路二段96號8樓；統一編號54023418；董事長為盛治仁，總經理為丁原偉，發言人為曾景宏。實收資本額約新台幣1,057,787,400元，已發行普通股105,778,740股，每股面額10元。員工規模依2024年年報：2023年底697人、2024年底808人、截至2025年3月31日750人；FT資料顯示近期員工數876人，但口徑與日期可能不同。主要股東依2024年年報、基準日2025年3月30日：雲朗觀光股份有限公司持有61,825,502股、持股58.44%，為最大股東；其餘前十大股東包括徐益聖、康浩實業、中國信託商銀受雲品員工持股會信託財產專戶、林家語、徐進勝、聯邦臺灣精選收益多重資產基金專戶、陳禹守、花旗託管瑞銀歐洲SE投資專戶、花旗託管柏克萊資本SBL/PB投資專戶，前十大合計61.95%。公司隸屬雲朗觀光體系，主要經營國際觀光旅館、餐飲與宴會服務。

Business

雲品核心業務為國際觀光旅館、餐館經營、宴會餐飲、經營管理及技術服務。2024年主要營收結構為：餐飲收入新台幣12.09828億元、占49.51%；客房收入10.34699億元、占42.34%；經營管理及技術服務收入1.16356億元、占4.76%；其他收入0.82711億元、占3.39%；合計24.43594億元，銷售地區100%為內銷。主要據點及服務包括：雲品溫泉酒店日月潭，為日月潭五星度假酒店、207間客房，提供住宿、溫泉、水療、餐飲與親子設施；君品酒店台北，位於台北車站交通樞紐，結合住宿、宴會與餐飲，其中頤宮中餐廳2018至2025年連續8年獲米其林三星；頤品大飯店、君品Collection與館外餐飲宴會據點，承接婚宴、尾牙春酒、工商團體宴席、商務會議、產品發表會與大型晚會。公司商業模式包含自有/經營飯店之客房與餐飲收入，以及以輕資產方式為業主或特色場域導入品牌、廚藝、宴會企劃、營運管理與技術服務，藉管理費、餐飲宴會收入或平台共享收益擴大規模。主要客戶為一般旅客、國內外商務客、旅行社、企業與會展/獎勵旅遊客戶、婚宴與宴會消費者；年報揭露銷貨對象分散，最近二年度無單一銷貨客戶占銷貨總額10%以上。市場地位方面，雲品溫泉酒店於2024年度南投縣觀光旅館營收規模比重50.91%，在日月潭主要觀光旅館排名第一；台北君品大酒店於2024年度台北地區國際觀光旅館營收規模比重2.97%，排名第十二。

Outlook 2025–2028

2025至2028年展望以觀光復甦、入境旅客回升、餐飲宴會需求、輕資產委託經營與新據點開出為主軸。產業面，2024年來台旅客786萬人次、年增21.13%，航空公司加開國際航線有助提升載客量；觀光旅館住房率與平均房價已較疫情期間明顯修復，但國旅出國潮、度假飯店平日需求、國際飯店新供給與人力成本仍是壓力。公司短期策略為控管客房庫存、供需與售價，提高每房平均產值，培訓飯店餐飲人才，鞏固現有客源並開發新產業客源。中長期策略為多元化經營、提高休閒度假旅客住房比率與附加消費、爭取獎勵旅遊與國際會議、拓展委託經營業務，以零資產/純管理模式優化獲利能力，並布局義大利據點與海內外委託經營案。2025年公司上半年營收12.47億元、年增1%，為同期新高，但獲利受新台幣升值導致美元定存與美國國庫券帳面匯兌利益較去年同期減少而下滑；2025年全年合併營收報導為24.24億元、年減0.76%，稅後淨利2.29億元、年減，顯示本業穩定但財務收益與匯率波動影響獲利。2026至2027年成長動能包括杭州雲品酒店、南投埔里福興溫泉Villa、嘉義Villa Resort野奢度假村、烏來蘇卡利漫活Villa、海外阿布達比頤宮等規劃或新據點，以及台中北屯富貴天心特區「森邸」精品宴會廳，預計2027年第一季營運。公司與萬寶資產管理合作導入高端餐飲與宴會管理經驗，目標搶占中台灣高端餐飲與宴會商機；大台中餐飲宴會版圖已涵蓋蘭克斯特、台中市役所、芳庭路壹號莊園、沙鹿德光建設、森邸等。2028年較缺乏公開量化指引，合理推估重點仍為輕資產管理案爬坡、海外餐飲品牌輸出、宴會餐飲據點利用率提升與既有飯店RevPAR維持。主要風險包括國內旅遊被出境旅遊排擠、國際品牌飯店供給增加、餐飲原物料與進口食材成本、基本工資與缺工、匯率造成金融資產評價波動、食安事件、委託經營案初期磨合與新據點開辦成本。

Supply Chain

Upstream
  • 多家食材供應商 上游供應餐飲服務所需食材；年報揭露主要原料為餐飲食材與客房備品，供應商分散，最近二年度無進貨金額占進貨總額10%以上之供應商，未揭露具名供應商。
  • 客房備品與旅館用品供應商 上游供應客房備品、清潔用品、旅館營運物料；公司未揭露具名主要供應商。
  • 大陸水工股份有限公司 年報揭露為日月潭分公司汙水處理代操作維護廠商，屬環保設備維護與營運服務供應商；非台股上市櫃公司或未確認掛牌。
  • 萬寶資產管理 與雲品合作於台中北屯富貴天心特區打造高端餐飲場域「森邸」，偏向場域/資產業主合作方；報導稱其為味丹企業轉投資，未確認為台股掛牌公司。
Downstream
  • 一般旅客與餐飲消費者 主要終端客戶，購買住宿、溫泉、餐飲、婚宴、宴會與休閒體驗；非企業證券。
  • 旅行社通路 年報指出銷貨對象包含旅行社及一般消費者，並會透過旅行社合作開發國內外客源；具體合作旅行社未揭露。
  • 雄獅旅遊 2731 台股上市旅行社，為觀光旅遊通路代表；雲品年報僅揭露旅行社為銷售對象，未確認雄獅為雲品特定重大客戶，列為可能通路/產業下游客戶代表。
  • 企業、會展與獎勵旅遊客戶 承接尾牙春酒、工商團體宴席、商務會議、產品發表、國際會議與獎勵旅遊住房/餐飲需求；客戶分散，無單一銷貨客戶占比逾10%。
  • 婚宴與宴會場域業主/合作夥伴 君品Collection以特色場域合作、委託經營或平台共享模式擴大宴會餐飲服務；多數合作場域未上市櫃或未確認掛牌。

Competitors

  • 晶華 2707 台股上市觀光飯店龍頭，經營台北晶華、酒店與餐飲品牌；與雲品在都會飯店、餐飲、宴會與高端旅宿市場競爭。
  • 國賓 2704 台股上市飯店業者，經營飯店與餐飲，為台灣老牌酒店投資管理集團；與雲品在高端飯店、餐飲與宴會市場競爭。
  • 寒舍 2739 台股上市餐旅集團，旗下有台北喜來登、寒舍艾美、寒居、礁溪寒沐等；與雲品在台北都會型飯店、餐飲與宴會市場競爭。
  • 夏都 2722 台股上市度假飯店業者，以墾丁等度假住宿市場為主；與雲品日月潭度假飯店在國旅與高端休閒旅宿市場競爭。
  • 六福 2705 台股上市觀光飯店與休閒娛樂業者，涵蓋飯店、餐飲與主題樂園；與雲品在飯店住宿、餐飲與宴會市場部分重疊。
  • 老爺知 5704 上櫃觀光飯店業者，知本老爺為知名溫泉度假飯店；與雲品溫泉酒店在溫泉度假與國旅客群競爭。
  • 亞都 5703 上櫃飯店業者，經營台北亞都麗緻等；與雲品在高端都會旅宿及餐飲服務競爭。
  • 漢來美食 1268 台股上市餐飲集團，雖非飯店股，但在高端餐飲、宴會與餐飲管理市場與雲品部分競爭。
  • 王品 2727 台股上市連鎖餐飲集團，與雲品館外餐飲、宴會與高端餐飲消費有部分競爭。
  • 新天地 8940 上櫃宴會餐飲業者，與雲品在婚宴、尾牙春酒與大型宴席市場競爭。
  • 涵碧樓大飯店 日月潭高端度假飯店，年報列為日月潭主要競爭同業；未查得台股上市櫃掛牌。
  • 日月潭力麗溫德姆溫泉酒店 日月潭主要競爭同業；所屬集團或業主是否上市櫃。
  • 台北君悅酒店 台北國際觀光旅館主要競爭者之一，屬國際品牌飯店/非台股掛牌個體。
  • 台北萬豪酒店 台北國際觀光旅館主要競爭者之一，屬國際品牌飯店/非台股掛牌個體。
Sources（19）

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.