Skip to main content
Free trial

Ask AI to review this stock

Copy the prompt to get recent events, historical reactions, and a short research brief.

Tell your AI:

Help me set up FinLab and analyze 4113 聯上. Please read: https://finlab.finance/en/setup?stock=4113

No install, open FinLab Studio

4113

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

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 聯上 to your watchlist to track signal changes on your next visit.
Valuation 35Quality 10Growth 85Momentum 28Chips 9

Is 聯上 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 4th market percentile. Latest quarterly ROE ≈ -1.2%.

  • Valuation is high.PE is in the 93th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -5.5% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 54.7%, 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 +0.16
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 凱基-台北 holds 2,326 lots
  • sellers have 814 lots left, ~167 sessions to clear

Window from 2026-01-17 · Price -20% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-台北 has accumulated 2,326 lots since the start (sold 7%), still adding.
  • Main distributor 國泰-敦南 peaked at 379 lots, has sold 26%, 282 left, ~38 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.07pp, mid holders +4, retail -0.66pp — little change.
  • Foreign hedge-desk net short Net short -311 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-台北富邦證券凱基-松山新光-台南美林凱基-城中
Distributing
國泰-敦南美商高盛台灣摩根士丹利永豐金-台南中國信託臺銀-高雄
Desks
own scale
凱基-市政兆豐證券統一-員林凱基-大安
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-台北 +2,326
    sold 7%· still adding
  • 富邦證券 +545
    sold 9%· still adding
  • 凱基-松山 +530
    sold 0%· still adding
  • 新光-台南 +473
    sold 0%· still adding
  • 美林 +450
    sold 8%· still adding
  • 凱基-城中 +417
    sold 0%· still adding

Distributing

  • 國泰-敦南 282 left
    sold 26%· ~38 sessions to clear
  • 美商高盛 53 left
    sold 86%· ~2 sessions to clear
  • 台灣摩根士丹利 202 left
    sold 34%· ~59 sessions to clear
  • 永豐金-台南 129 left
    sold 32%· paused recently
  • 中國信託 100 left
    sold 41%· ~167 sessions to clear
  • 臺銀-高雄 34 left
    sold 57%· ~12 sessions to clear

Desks

  • 凱基-市政 -2,660
    unclassified
  • 兆豐證券 -1,360
    unclassified
  • 統一-員林 -727
    unclassified
  • 凱基-大安 -586
    unclassified
Still selling 814 lots ~167 sessions to bottom at most
Recent buy/sell force +2,649 absorbed / -451 sold buyers slightly ahead
Hedge-desk net short -307 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 54.71%

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

106 historical occurrences (since 2007-04-26)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 51.6%, Sample 91, Median +0.75%, Excess +0.83%, Beat mkt rate 47.3%；60-day: Win 60.4%, Sample 91, Median +2.93%, Excess +7.18%, Beat mkt rate 46.2%；120-day: Win 61.5%, Sample 91, Median +3.65%, Excess +9.54%, Beat mkt rate 46.2%

120 days after: historical avg +15.56%

20-day +1.65%
60-day +10.6%
120-day +15.56%
20-day
60-day
120-day
Win
51.6%
60.4%
61.5%
Sample
91
91
91
Median
+0.75%
+2.93%
+3.65%
Excess
+0.83%
+7.18%
+9.54%
Beat mkt rate
47.3%
46.2%
46.2%

Over 91 occurrences, 120-day forward avg gained 15.56%, beat the market by 9.54 pts; win rate 61.5%.

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)
0-20 590-9.7% -9.6% 28.6% -14.9%
20-40 113-10.7% -11.2% 34.5% -39.3%
40-60 353-1.9% +1.8% 61.5% -22.2%
60-80 436+35.2% +16.3% 92% +9.4%
80-100 You are here647+35.2% +13.9% 85.5% +1.8%

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 ≈ 133.08, at the 95.8th percentile of its own history (80-100 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
-2.1%
Win rate 45.4% Excess -3.5%
335d
-0.7%
Win rate 37.1% Excess -9%
224d
+8.1%
Win rate 54.7% Excess -11.8%
578d
60-day momentum down
+0.9%
Win rate 60.5% Excess -9.5%
362d
-6.6%
Win rate 46.6% Excess -9.5%
369d
Now
+50.8%
Win rate 79% Excess +31%
391d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 391 historical days, 120-day forward avg gained 50.8%, win rate 79%, beat the market by 31%.

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.

30 times historically; 60-day forward avg +7.19%, win rate 63.3%, beating the market by +2.78 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 +0.02%, win rate 56.9%, beating the market by -4.77 pts on average.

What does 聯上 do? Company profile

建材營造業／住宅及大樓開發租售業 櫃買中心上櫃

Overview

聯上實業股份有限公司，統一編號16126477，成立於1998年2月11日，前身為榮睿生物科技股份有限公司，2003年7月22日上櫃，2005年更名為聯上生物科技，2009年更名為聯上實業，2010年股票類別轉為營建類股。總部位於高雄市左營區富國路185號17樓之2。董事長兼總經理為蘇永義，發言人為呂信杰。114年第三季止股本為2,311,381仟元，已發行普通股231,138,137股；2024年年報揭露期初實收資本額為新臺幣2,311,381,370元。員工規模依2024年年報截至2025年3月31日為30人，其中經理人6人、員工24人。主要股東依2024年年報前十名股東資料包含聯景投資31,507,053股、持股13.63%；聯上投資27,983,321股、12.11%；聯捷建設18,307,629股、7.92%；廣上投資8,241,883股、3.57%；聯立建設8,003,227股、3.46%；多數與蘇永義家族或關係企業有關。

Business

公司核心業務為住宅及大樓開發租售、不動產買賣及租賃，並包含新市鎮、新社區開發與公共建設投資興建；產品以住宅大樓、店面、地下室停車位及少量透天別墅或商用不動產為主。商業模式為取得土地或合建後，委託建築規劃設計，採包工包料方式委託營造廠施工，公司負責產品定位、工程品質與進度控管，再以預售或成屋方式銷售並於完工交屋或過戶時認列收入。2024年主要認列苓雅區聯上鉑麗、鳳山區聯上WE、新興區聯上V1、臺南聯上海棠及租賃收入，全年營業收入5,715,260仟元，較2023年518,059仟元大增，主因聯上鉑麗、聯上海棠與聯上WE陸續交屋。2024年銷貨客戶幾乎全為一般個人，年報揭露一般個人銷貨5,714,705仟元、占99.99%，因此無特定大客戶集中；終端需求以高雄、臺南自住首購、首換、換屋、置產族群及科技產業就業人口帶動之區域居住需求為主。2025年法說會揭露成屋銷售包含聯上鉑麗、聯上WE、聯上海棠；預售案聯上康橋總銷44億元且銷售率100%；2025下半年公開銷售預售案包含聯上世界極、聯上佐川、聯上芯城、聯上豐實。

Outlook 2025–2028

2025年為交屋空窗與餘屋銷售調整期，法說會揭露2025年前三季營收572,679仟元、EPS為-0.16元，主因缺乏2024年大型交屋入帳的高基期，且部分疫情前後銷售個案受通膨與營建成本上漲侵蝕獲利。2026年主要動能來自臺南聯上康橋完工入帳，並搭配聯上鉑麗、聯上WE、聯上海棠餘屋去化；公司法說資料列示2026年預計完工或成屋案總銷包含康橋44億元、鉑麗餘屋約9億元、WE餘屋約1.8億元、海棠餘屋約5億元。2027年預計五福案完工，總銷35億元，並可受高雄亞洲新灣區、三鐵共構與南臺灣產業發展支撐。2028年預計聯上世界極總銷30億元與聯上豐實總銷45億元完工入帳，合計約75億元；長線至2032年公司規劃推案總銷逾500億元，土地庫存近16,000坪，集中於高雄、臺南精華地段。成長動能包括南科與高雄半導體S廊帶、臺積電與上下游廠商進駐、都更與危老重建、捷運聯開、BOT商用不動產帶來的收益型不動產機會。主要風險為央行選擇性信用管制與房貸緊縮、利率與融資成本、房市景氣循環、少子化與高齡化、土地取得成本上升、營建缺工缺料與鋼筋水泥等成本波動、建案開工與使照取得時程延遲，以及未來推案總銷屬公司前瞻資訊，實際入帳年度與金額可能變動。

Supply Chain

Upstream
  • 地主、政府機關、都更／危老整合權利人 土地為公司主要原料；取得方式包含議價洽購、標購、合建、都市更新、危老整合、捷運聯開與BOT等，交易對象多為不特定自然人、公司或政府機關，非固定供應商。
  • 美力營造股份有限公司 未上市櫃關係企業，年報揭露為主要營造工程供應商；2024年度進貨淨額約1,181,987仟元、占進貨淨額66.22%，與發行人具關係人關係。
  • 甲級營造廠、建築師、設計與工程顧問、建材供應商 公司住宅大樓開發以包工包料方式委託營造廠興建，並委請專家進行規劃設計；鋼筋、水泥、砂石、機電與設備等成本透過營造發包反映，年報未揭露固定台股掛牌供應商。
  • 土地銀行股份有限公司 非上市櫃銀行；年報重要契約揭露多項土地融資、建築融資與信用貸款往來，屬資金供應與土建融合作銀行。
Downstream
  • 一般個人購屋者 主要銷售對象；2024年銷貨淨額5,714,705仟元、占99.99%，公司說明產品直接銷售予一般購屋大眾，無特定銷售對象集中。
  • 南臺灣首購、首換、換屋與長期置產族群 終端需求族群，集中於高雄、臺南精華地段及交通、學區、商圈、科技廊帶周邊住宅需求。
  • 商辦與商場承租戶 未來下游之一；公司規劃高雄農16特區50年加20年BOT商用不動產，定位為A級辦公與購物商場，預期形成租賃收入，但承租戶尚未具體揭露。

Competitors

  • 永信建設 5508 高雄在地上市櫃建商，與聯上在南臺灣住宅推案市場具區域競爭關係。
  • 華友聯 1436 南部住宅與營建開發同業，於高雄、臺南等區域推案，為區域競爭對手。
  • 京城建設 2524 高雄大型建商，具土地庫存與區域品牌，與聯上在高雄住宅市場競爭。
  • 隆大營建 5519 高雄營建開發同業，具住宅及工程背景，為南部建案競爭者。
  • 國泰建設 2501 全臺大型住宅建商，在都會區住宅與商辦市場具品牌及資金規模優勢。
  • 興富發 2542 全臺大型建商，推案量大，與聯上在住宅市場、土地取得與銷售端競爭。
  • 遠雄建設 5522 大型建設公司，具住宅、商辦及複合開發經驗，為全臺性競爭對手。
  • 太子建設 2511 臺南起家的上市建商，在南部住宅市場具品牌與土地開發經驗。
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.