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There is no reliable published analyst consensus for Ancang Construction (安倉營造, TPEX:5548). That means investors should not quote a consensus EPS, revenue forecast, target price or three-year growth rate as “the estimate.” The defensible starting point is the company’s board-approved 2025 financial report, followed by reported 2026 quarterly results and the disclosed project pipeline. Ancang reported 2025 revenue of NT$2.494 billion, net income of NT$116.2 million and basic EPS of NT$2.03. It then reported EPS of NT$0.42 in 2026 Q1 and NT$0.24 in Q2. At the end of April 2026, projects in hand totaled NT$14.137 billion and unrecognized revenue was NT$7.32 billion, but those figures indicate operating visibility rather than guaranteed future revenue or earnings.
What is Ancang Construction and what does TPEX:5548 represent?
Ancang Construction Co., Ltd. (安倉營造股份有限公司), commonly abbreviated ANCANG, is a Taiwan contractor whose main business is undertaking public works. It was founded on November 17, 1975, and listed on the Taipei Exchange on March 18, 2024. The ticker is TPEX:5548.
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The company says its post-listing priorities include stronger corporate governance, greater information transparency and a healthier financial structure. Those statements describe management objectives, not an earnings forecast.
What is the latest reported financial baseline?
The most useful numerical anchor is Ancang’s board-approved individual financial report for 2025, announced in 2026. It records the following results:
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| Period | Revenue | Operating profit | Net income | Basic EPS |
|---|---|---|---|---|
| 2025 full year | NT$2,493,801 thousand | NT$121,089 thousand | NT$116,200 thousand | NT$2.03 |
| 2026 Q1 | NT$665,578 thousand | Not stated in the cited quarterly table | NT$24,177 thousand | NT$0.42 |
| 2026 Q2 | NT$644,025 thousand | Not stated in the cited quarterly table | NT$15,579 thousand | NT$0.24 |
Adding the first two 2026 quarters gives revenue of NT$1,309,603 thousand, net income of NT$39,756 thousand and EPS of NT$0.66. That is a reported half-year tally, not a full-year projection. The 2025 figures imply an operating margin of about 4.86% and a net margin of about 4.66%, calculated from the reported profit and revenue amounts.
What are Ancang’s 2026 margins and book value?
A Yahoo Finance Taiwan snapshot dated 2026 Q2 lists a gross margin of 7.94%, operating margin of 1.99%, net margin of 3.03% and book value per share of NT$19.40. These are period-specific indicators and should not be treated as a normalized margin assumption for every project or future quarter.
Does Ancang have an analyst EPS or revenue forecast?
No reliable analyst-consensus forecast was available in the reviewed coverage. Simply Wall St indicates that the company has insufficient historical data for a dependable analyst forecast or extrapolation. Consequently, there is no defensible published consensus for “安倉 5548 預估 EPS,” “安倉營造 2026 營收預估,” a TPEX:5548 analyst forecast, or a target price.
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Search results or market-data pages may display calculated estimates, but a number should be called a forecast only when a citable analyst or company source actually publishes it. Without that evidence, a precise EPS, revenue or “合理價” figure would be an invented point estimate.
How should the project backlog be used in an estimate?
Ancang’s 2026 Q2 investor presentation reported NT$14.137 billion of projects in hand at the end of April 2026 and NT$7.32 billion of revenue not yet recognized. Compared with 2025 revenue of NT$2.494 billion, those amounts are approximately 5.7 times and 2.9 times annual revenue, respectively. The arithmetic shows the scale of the pipeline; it does not convert the pipeline into next year’s sales or EPS.
Why backlog is not the same as forecast revenue
- Revenue is recognized as work progresses and is certified, not simply when a contract is signed.
- Project schedules can move because of approvals, site conditions, design changes or contract amendments.
- Final profit depends on labor, materials, subcontracting, financing and claims costs.
- A large contract can produce low or negative margin if costs rise faster than the contract price.
For scenario analysis, treat the NT$7.32 billion as potential future recognition subject to timing and execution. Do not label NT$14.137 billion as 2026 revenue or EPS guidance.
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How can investors build a transparent Ancang scenario?
A scenario can be useful if every assumption is visible and it is kept separate from reported results.
- Start with the reported base: use 2025 revenue of NT$2,493,801 thousand, net income of NT$116,200 thousand and EPS of NT$2.03.
- Add only a stated recognition assumption: specify what portion of the NT$7.32 billion unrecognized revenue might be recognized in a chosen period. This is an analyst assumption, not company guidance.
- Apply an explicit margin: use a conservative, base or optimistic net-margin case and explain why it differs from the 2025 result or the 2026 Q2 snapshot.
- Check execution indicators: compare quarterly revenue, gross margin, operating margin, cash flow and working-capital movements as new filings arrive.
- Translate to EPS only after profit is estimated: divide scenario net income by the applicable weighted-average share count. Do not reverse-engineer EPS from backlog alone.
Presenting a range is generally more honest than presenting one “expected” number when contract timing and margins are uncertain.
Which figures should be trusted when Ancang pages conflict?
Use the detailed board-approved financial report and quarterly financial tables for numerical claims. Ancang’s official investor landing page currently shows zero for several 2024 headline fields, which conflicts with its detailed disclosures. The zeroed landing-page summary should therefore not replace the underlying financial report when quoting revenue, profit or EPS.
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What should readers monitor before updating an estimate?
- New quarterly revenue recognition against the NT$7.32 billion unrecognized balance.
- Gross, operating and net margins, especially if project mix changes.
- Operating cash flow, receivables, contract assets and advances from customers.
- Changes in the NT$14.137 billion project pipeline, including cancellations, additions and revised completion dates.
- Any formal company guidance or a genuinely published analyst-consensus range.
What does the available evidence say about a target price?
It does not establish one. A target price requires an explicit valuation method, such as a justified earnings multiple, book-value multiple or discounted cash-flow model, together with assumptions about future profit and risk. Since no reliable consensus EPS or revenue estimate is available, a quoted target price would depend on the author’s assumptions and must be labeled as a personal scenario rather than a market consensus.
Frequently Asked Questions
Is Ancang Construction profitable in 2026 so far?
Yes, the reported figures show net income of NT$24,177 thousand in 2026 Q1 and NT$15,579 thousand in Q2. The two quarters together produced NT$39,756 thousand of net income, although that result does not establish the full-year outcome.
What does “unrecognized revenue” mean for a construction company?
It is contract value that has not yet been recorded as revenue under the applicable recognition rules. Recognition normally follows verified progress and other contractual conditions, so the balance can be spread across periods and can change with project costs or contract revisions.
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Where can I find Ancang’s official financial announcements?
Look for the company’s investor-relations disclosures and Taipei Exchange filings, giving priority to board-approved financial reports and the original quarterly tables. Third-party market pages can be useful for orientation but should be checked against those primary disclosures.
Why can quarterly EPS change sharply for a contractor?
Construction revenue and profit are recognized according to project progress, certification and estimated total costs. A timing shift, cost revision or completion milestone can therefore move profit between quarters even when the underlying contract pipeline is large.
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