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5525

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

strong quality, discounted valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 順天 to your watchlist to track signal changes on your next visit.
Valuation 86Quality 87Growth 98Momentum 9Chips 70

Is 順天 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~88% of the market. Latest quarterly ROE ≈ 5.3%.

  • Valuation is low.PE is in the 5th market percentile; within its own history, PE is around the 25th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 3.3% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 406.8%, 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 +0.21
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 寶盛 holds 301 lots
  • sellers have 616 lots left, ~145 sessions to clear

Window from 2026-01-17 · Price -15% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 寶盛 has accumulated 301 lots since the start (sold 2%), still adding.
  • Main distributor 富邦-公益 peaked at 278 lots, has sold 28%, 201 left, ~26 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.22pp, mid holders +2, retail -0.33pp — little change.
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
寶盛第一金-自由統一-台中中國信託-文心花旗環球富邦-建國
Distributing
富邦-公益凱基-台北永豐金-市政摩根大通新光國票-中正
Desks
own scale
凱基-台中永豐金-松山群益金鼎-民權新光-新竹
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 寶盛 +301
    sold 2%· still adding
  • 第一金-自由 +274
    sold 5%
  • 統一-台中 +183
    sold 1%· still adding
  • 中國信託-文心 +166
    sold 0%· still adding
  • 花旗環球 +137
    sold 15%· still adding
  • 富邦-建國 +105
    sold 0%· still adding

Distributing

  • 富邦-公益 201 left
    sold 28%· ~26 sessions to clear
  • 凱基-台北 98 left
    sold 47%· ~18 sessions to clear
  • 永豐金-市政 132 left
    sold 28%· ~43 sessions to clear
  • 摩根大通 42 left
    sold 58%· ~42 sessions to clear
  • 新光 58 left
    sold 33%· ~145 sessions to clear
  • 國票-中正 16 left
    sold 81%· ~40 sessions to clear

Desks

  • 凱基-台中 -488
    unclassified
  • 永豐金-松山 -323
    unclassified
  • 群益金鼎-民權 -282
    unclassified
  • 新光-新竹 -141
    unclassified
Still selling 616 lots ~145 sessions to bottom at most
Recent buy/sell force +704 absorbed / -219 sold buyers slightly ahead
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 406.8%

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

116 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 46.6%, Sample 103, Median -0.26%, Excess -0.58%, Beat mkt rate 47.6%；60-day: Win 53.5%, Sample 101, Median +0.67%, Excess -0.18%, Beat mkt rate 45.5%；120-day: Win 57.1%, Sample 98, Median +2.15%, Excess +1.38%, Beat mkt rate 46.9%

120 days after: historical avg +5.95%

20-day +0.11%
60-day +2.59%
120-day +5.95%
20-day
60-day
120-day
Win
46.6%
53.5%
57.1%
Sample
103
101
98
Median
-0.26%
+0.67%
+2.15%
Excess
-0.58%
-0.18%
+1.38%
Beat mkt rate
47.6%
45.5%
46.9%

Over 98 occurrences, 120-day forward avg gained 5.95%, beat the market by 1.38 pts; win rate 57.1%.

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)
0-20 660+1.9% +0.6% 55% -10.4%
20-40 You are here480+14.8% +17.3% 75% -7.7%
40-60 446+13.6% +9.7% 57% -14.4%
60-80 446+12.4% +3.9% 55.4% -7.1%
80-100 695+24.7% +18.2% 83.7% +13.6%

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 ≈ 8.96, at the 25.1th 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
+7.7%
Win rate 63.6% Excess -0.6%
582d
+2.5%
Win rate 62.7% Excess -6%
491d
+11.3%
Win rate 66.2% Excess +2.1%
621d
60-day momentum down
Now
+5%
Win rate 60.9% Excess +0.9%
379d
+3.5%
Win rate 58.6% Excess -9.2%
295d
+3.4%
Win rate 57.4% Excess -8.5%
479d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 379 historical days, 120-day forward avg gained 5%, win rate 60.9%, beat the market by 0.9%.

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.

27 times historically; 60-day forward avg +5.45%, win rate 66.7%, beating the market by +1.77 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.

52 times historically; 60-day forward avg +2.77%, win rate 58%, beating the market by -1.39 pts on average.

What does 順天 do? Company profile

建材營造業 台灣證券交易所上市

Overview

5525 對應證券為順天建設股份有限公司普通股，英文簡稱 SWEETEN，為台灣證券交易所上市公司，產業別為建材營造業。公司成立於 1987/11/28，公開發行日為 1997/05/22，上櫃日為 2000/05/22，上市日為 2004/11/26。總部位於台中市西屯區文心路二段201號3樓；董事長為柯興樹，總經理兼發言人為林丙申。依 2026 年可查資料，實收資本額約新台幣31.81億元，已發行普通股318,105,378股；2025年3月31日年報揭露平均員工人數70人。主要股東依113年度年報於114/03/31揭露為天興投資7.24%、天盛投資6.97%、柯興樹6.57%、天啟投資5.16%、品達投資3.82%、建高工程3.40%、忠泰投資3.22%、達盈投資2.79%、裕友投資2.61%、林益任2.50%。公司轉投資包含建高工程100%、台大興興業100%、順鼎建設85.61%、順天環匯企業100%。

Business

順天為台中起家的不動產開發商，主要業務為委託營造廠商興建國民住宅與商業大樓出租出售、工業廠房開發出租、辦公大樓出租，以及廣告企劃代理與策劃製作。公司主要產品為土地開發、設計規劃與興建建物，類型包含獨立透天住宅、高層住宅大樓、店舖、辦公大樓、商辦與工業廠房等。商業模式以取得土地或與地主合建、都更合作、公辦都更等方式取得案源，經市場調查、土地開發、規劃設計、工程發包、營建施工、推案銷售、完工交屋與售後服務認列收入；營建個案採全部完工法，因此營收會隨交屋年度高度波動。2024年個體營業收入為新台幣27.87億元，較2023年減少37.1%；年報主要銷貨客戶列為其他100%，代表客戶高度分散，多為購屋個人、家庭、置產客戶與商辦租賃客戶，未揭露單一占比超過10%的具名客戶。公司亦經營順天經貿廣場商辦租賃與順天環匯旅館、酒店式公寓等經常性收入業務，但最新公開資料未見完整分項占比；較早期鉅亨資料曾顯示營建收入為主要收入來源。主要銷售區域以大台中為核心，並逐步拓展大台北都更與酒店式公寓高規租賃市場。

Outlook 2025–2028

2025至2028年展望重點在於完工交屋節奏、台中核心區推案、北部都更案拓展與政策風險。公司113年度年報指出，2025年可認列主要收入來源預計包含ONE 33、順天緮華等完工個案，以及順天經貿廣場、順天環匯租賃收入；興建中個案包含ONE 33、KING'S ROAD、順天緮華、順天蘊華，總銷約191億元；2025年預計新推台中南屯昌明段MR.L、南屯永豐段案、北屯仁平段288等地號，台中案量約120億元，台北信義區兒福A1都更案約71億元。2025年底至2026年報導指出，公司已完成中長期推案與完工節奏布局，未來三年約200億元案量完工入帳；2025/2026年重點完工或交屋包含ONE 33、順天緮華A/C區、順天緮華B區、順天蘊華大樓與金店墅，2027年則有台中北屯14期KING'S ROAD總銷約56億元。2026年籌備推案包含北屯14期仁平段288等地號、仁平段232等地號，以及台北信義兒福中心A1公辦都更案，三案總銷逾150億元並預計2030年完工，因此對2028以前較偏向預售、品牌與案源能見度，實際營收認列多數可能落在完工年度後。產業趨勢上，公司受惠於台中重劃區、公共建設、都市更新、剛性需求、綠建築與智慧建築需求；風險則包括央行選擇性信用管制、銀行房貸緊縮、預售市場觀望、土地與營建成本上升、缺工、利率、房地合一稅與政策打炒房。2028年之後具體完工案源未在已查資料完整揭露，相關成長判斷屬依既有案量與推案節奏推估。

Supply Chain

Upstream
  • 建高工程股份有限公司 順天100%持股子公司，年報揭露為主要營建工程承攬與進貨來源；2024年度個體進貨金額約新台幣23.48億元，占進貨淨額68.7%，為未上市公司。
  • 地主、合建戶與都市更新權利人 土地為主要原料之一；公司以自地自建、合建分屋、合建分售、都市更新等方式取得或整合土地，交易對象多為個人、法人或權利人，未揭露具名台股公司。
  • 其他營造廠商與建材供應商 年報指出除建高工程外仍有其他供應商，2024年度占進貨淨額31.3%；建築材料價格波動為重要成本風險，但未揭露具名供應商。
  • 國家住宅及都市更新中心 非上市櫃機構；順天台北信義區兒福中心A1公辦都更案係攜手國家住都中心推動，屬都更案源與公辦都更合作關係。
Downstream
  • 自住與置產購屋客戶 住宅大樓、透天、店面等銷售主要終端客戶；年報主要銷貨客戶列為其他100%，未揭露具名單一大客戶。
  • 商辦、店面與酒店式公寓承租客戶 順天經貿廣場商辦、順天環匯旅館及酒店式公寓等帶來租賃與服務收入，客戶包含企業租戶、商用空間使用者與旅宿住客，未揭露具名上市櫃客戶。
  • 代銷、房仲與不動產通路 協助預售與成屋銷售之通路與服務夥伴；公開資料未揭露具名上市櫃公司，故stock_id設為null。

Competitors

  • 興富發 2542 上市建商，推案量大，產品涵蓋住宅與商辦，與順天在都會住宅、重劃區推案及預售市場競爭。
  • 達麗 6177 上市建商，台中與都會區住宅推案具能見度，與順天在中部及核心都會住宅市場競爭。
  • 富宇 4907 台股掛牌建商，深耕中部住宅市場，與順天在台中重劃區及住宅產品競爭。
  • 永信建 5508 台股掛牌建商，台中與區域住宅推案為主要競爭範圍。
  • 鄉林 5531 上市建商，具台中與不動產開發背景，與順天在住宅、商用不動產及品牌建商市場競爭。
  • 長虹 5534 上市建商，以住宅與商辦開發見長，與順天在大台北都更、高端住宅與商辦開發市場有間接競爭。
  • 冠德 2520 上市建商，具都更與捷運聯開經驗，與順天拓展大台北都更案時形成競爭。
  • 欣陸 3703 上市營建集團，旗下具營造與建設資源，屬建材營造產業競爭者。
Sources（9）

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.