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Help me set up FinLab and analyze 1439 雋揚. Please read: https://finlab.finance/en/setup?stock=1439
1439
steady quality, discounted valuation, no active signal today.
Is 雋揚 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 50th market percentile. Latest quarterly ROE ≈ 1.7%.
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Valuation is low.PE is in the 4th market percentile; within its own history, PE is around the 20th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 40.7% of volume (net buy).
Chip flow
Institutional rotation, concentration steady — neutral
Window from 2026-01-17 · Price -17% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 永豐金證券 has accumulated 609 lots since the start (sold 0%), still adding.
- Main distributor 凱基-台北 peaked at 35 lots, has sold 77%, 8 left, ~4 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders -1.59pp, mid holders +2, retail -0.85pp — little change.
- Foreign hedge-desk net short Net short -162 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 永豐金證券 +609
- 宏遠證券 +563
- 大昌 +122
- 第一金-大稻埕 +106
- 元大-敦南 +78
- 花旗環球 +42
Distributing
- 凱基-台北 8 left
- 富邦-台北 5 left
- 元大-萬華 7 left
- (牛牛牛)亞-網路 3 left
- 凱基 2 left
- 新光-台中 3 left
Desks
- 群益金鼎-高盛 -529
- 國泰-松江 -143
- 新加坡商瑞銀 -129
- 富邦-嘉義 -119
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
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 band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 0 | Insufficient data | |||
| 20-40 You are here | 859 | +11% | +11.2% | 70.2% | -12.2% |
| 40-60 | 505 | +19.8% | +24% | 58.2% | -14.5% |
| 60-80 | 63 | -30.2% | -30% | 0% | -49.7% |
| 80-100 | 6 | Insufficient data | |||
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 ≈ 8.12, at the 20.5th 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.
(11d)
(5d)
Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 256 historical days, 120-day forward avg gained 12.2%, win rate 62.1%, lagged the market by 6.5%.
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)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
19 times historically; 60-day forward avg +12.5%, win rate 57.9%, beating the market by +5.86 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
74 times historically; 60-day forward avg +2.9%, win rate 50%, beating the market by -0.74 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
41 times historically; 60-day forward avg +1.63%, win rate 38.5%, beating the market by -3.42 pts on average.
What does 雋揚 do? Company profile
Overview
雋揚國際股份有限公司，股票代號1439，為台灣證券交易所上市普通股。公司前身為中和羊毛工業股份有限公司，成立日期為1964-10-01，上市日期為1989-05-22；2019年加入國揚集團，2022年6月調整營運方向並轉型為土地開發與建設產業。依台灣證券交易所OpenAPI出表日2026-06-16資料，公司地址為臺北市南港區經貿一路170號11樓，董事長為侯嘉騏，總經理為游文玉代理，發言人為葉品卉；實收資本額為新台幣920,000,000元，已發行普通股92,000,000股，每股面額新台幣10元。公司官網揭露其隸屬國揚集團，原為羊毛產業上游廠商，加入國揚集團後轉型土地開發建設。主要股東方面，可查公開資訊顯示其與國揚集團、侯氏家族控制之投資平台關係密切；但截至本次研究，未能從可直接擷取的官方資料完整確認最新主要股東名單與各股東持股比例，故不填入未經確認的比例。員工規模未能在可查官方資料中明確確認。
Business
雋揚目前定位為國揚集團旗下上市營建與商用不動產開發平台，主要業務由原本羊毛相關事業及不動產租賃，轉向土地開發、商辦/廠辦大樓投資開發、合建或共同投資案，以及完工後銷售與交屋認列收入。公司商業模式以取得或參與工業區、商業不動產、都市更新或危老改建基地，進行規劃、建照取得、營造發包、預售/銷售，並於完工交屋時認列不動產銷售收入；另有部分租賃收入。可查公開資料顯示，2025年起營運改善主要來自台北內湖「國揚洲際企業總部」開始完工交屋，該案總銷約76億元，雋揚投資占比約10%；2026年動能則被市場報導聚焦於三重「國揚數位科技大樓」，總銷約68億元，預售階段已100%完銷，雋揚投資占比約15%，預計2026年年中完工入帳。公司首筆自建案「雋揚元創科技大樓」位於新北市中和區，公開實價登錄/房市資料顯示為廠辦產品，市場報導稱開賣後成交價格創中和廠辦高價紀錄。依台灣證券交易所OpenAPI月營收資料，2026年5月單月營收為新台幣11,667仟元，2026年1至5月累計營收為新台幣93,109仟元，較去年同期減少41.76%，顯示營收受建案交屋時點影響高度波動。
Outlook 2025–2028
2025至2028年展望核心在商辦/廠辦開發案的交屋認列與後續土地開發案推進。2025年主要成長動能為內湖「國揚洲際企業總部」自第一季起交屋入帳，公開報導指出雋揚2025年前8月營收已達5.08億元，明顯高於2024全年營收，反映轉型不動產開發後開始進入收益實現期。2026年主要觀察三重「國揚數位科技大樓」是否如期於年中完工交屋，該案總銷約68億元、雋揚投資占比約15%，且市場報導稱預售已100%完銷，若工程、驗收與交屋順利，將成為2026年重要入帳來源。2026至2028年後續動能包括中和「雋揚元創科技大樓」銷售/交屋、新北或雙北商辦廠辦案、汐止汐萬路、土城忠義案等開發案取得建照、開工與銷售進度；公司策略受惠於住宅信用管制下資金轉向商辦/廠辦、企業總部升級、產業用地需求、都市更新與危老改建政策。主要風險包括：不動產開發案入帳具高度時點性，單季與年度營收波動大；央行信用管制、利率維持高檔、銀行土建融審核趨嚴可能影響買方資金與開發資金；營建成本、缺工、工期延誤與使照/產權過戶進度會影響獲利認列；商辦/廠辦需求若受景氣、出口、關稅或科技業資本支出波動影響，可能壓抑去化速度；公司轉型不動產開發時間仍短，與大型建商相比案源、品牌、財務規模與風險分散仍需觀察。
Supply Chain
- 國揚實業 2505 同屬國揚集團之上市營建公司，與雋揚共同參與內湖「國揚洲際企業總部」、三重「國揚數位科技大樓」等商辦/廠辦開發案；屬案源、開發與共同投資關係，亦可能在部分市場區隔形成同業比較。
- 駿傑營造工程股份有限公司 未上市營造公司；公開市場資料顯示其參與國揚集團商辦/廠辦案營造承攬，為此類開發案的工程供應端之一；雋揚個別案承攬關係仍需逐案查證。
- 都市更新/危老改建地主與土地持有人 非單一掛牌公司；雋揚未來開發策略包含都更、危老及工業區土地開發，地主、土地持有人與合建方為上游案源供給者。
- 建築師、機電、營造及建材供應商 多為專案型供應商，涵蓋規劃設計、營建施工、鋼筋水泥、機電消防、外牆與裝修等；截至本次研究，未能確認雋揚固定且重大之上市櫃供應商名單。
- 企業總部與廠辦自用買方 主要下游客群為購置商辦、廠辦、企業總部或研發辦公空間的法人與企業客戶；多數買方未於公司公開資料逐一揭露。
- 竣為國際貿易 未上市公司；房市新聞曾報導其購置內湖「國揚洲際企業總部」部分單元，屬下游客戶案例之一。
- 超營實業 未上市不動產銷售/企劃通路公司；公開報導中常出現於國揚集團廠辦案銷售脈絡，屬銷售通路與市場推廣端，具下游通路/仲介功能。
Competitors
- 國揚實業 2505 同屬國揚集團且為共同開發夥伴；在上市營建與商辦廠辦開發市場亦可作為同業比較標的。
- 華固建設 2548 台股上市建商，長期投入住宅、商辦與廠辦開發，為雙北商用不動產與高端住宅市場競爭者。
- 興富發 2542 台股上市大型建商，案量與土地庫存規模大，產品涵蓋住宅、商辦與複合開發。
- 遠雄建設 5522 台股上市建商，具大型開發、商辦與住宅案經驗，為資金與品牌規模較大的競爭者。
- 長虹建設 5534 台股上市建商，雙北商辦、住宅與廠辦開發經驗豐富。
- 冠德建設 2520 台股上市建商，具住宅、商場、商辦及捷運聯開經驗，與雋揚在都會區不動產開發市場具可比性。
- 宏普建設 2536 台股上市建商，雙北住宅與商辦開發同業。
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.