Stock

Sakura Development Co.

2539.TW
70
Real Estate - Development · Real Estate
Price
NT$33.70
+0.25 (+0.75%)
Market Cap
NT$40.21B
Exchange
Taiwan Stock Exchange
Winston Score
70
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
25/30
Growth
Mixed
8/20
Cash Flow
Strong
8/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

70 of 100 counted points = Winston Score 70.

Share count rising — dilution

+39.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 855.9M (2021) → 1.19B (2025)

§Winston Score History

The full picture

Sakura Development Co., Ltd is a real estate developer based in Taiwan that builds and sells residential properties, primarily apartments and housing complexes. The company focuses on home buyers in Taiwan's urban and suburban markets, delivering completed units to individual purchasers and families. It operates within Taiwan's competitive residential real estate sector and is one of the notable mid-to-large developers listed on the Taiwan Stock Exchange.

The company earns money mainly by selling completed residential units, which is a project-based revenue model where income is recognized when properties are delivered to buyers. With a gross margin above 43% and an operating margin near 39%, Sakura demonstrates strong cost discipline relative to many peers in the region. Its operations are concentrated in Taiwan, limiting geographic diversification. The key risk the business faces is sensitivity to Taiwan's property market cycles, interest rate changes, and government housing policy, all of which can quickly shift buyer demand and affect future project sales.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+313.1% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+366.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

63.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

NT$5.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Sakura Development Co. is growing revenue at 313% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
44.6%
Healthy — 44.6% gross margin
Profit after running costs
Operating Margin
40.6%
Excellent — 40.6% operating margin
Return on the money invested
ROCE
23.5%
Exceptional — 23.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+9.6%
Steady sales growth (+9.6% YoY)
Profit growth
EPS YoY
-2.3%
Earnings shrinking (-2.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
94%
Modest — 94% of profit becomes cash
Spare cash per sale
FCF Margin
30.3%
Converts sales into free cash efficiently (30.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.40
Conservative — low debt load (0.40)
Covers its interest
Interest Cover
977.67x
Comfortably covers interest (977.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.0x
Attractive valuation — P/E 8.0

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
2.08%
Moderate income — 2.08% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+22.0%
Dividend growing fast (22.0% YoY)
Payout Ratio
10%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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