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There is no reliable published analyst consensus for Ancang Construction (安倉營造, TPEX:5548). Investors can anchor on the company’s reported results instead: its board-approved 2025 individual financial report recorded revenue of NT$2.494 billion, net income of NT$116.2 million and basic EPS of NT$2.03. Quarterly disclosures show EPS of NT$0.42 in 2026 Q1 and NT$0.24 in 2026 Q2. Ancang also reported NT$14.137 billion of projects in hand and NT$7.32 billion of revenue not yet recognized at the end of April 2026, but those figures indicate work visibility rather than a guaranteed 2026 revenue or EPS forecast.
What is Ancang Construction and what does TPEX:5548 represent?
Ancang Construction Co., Ltd. (安倉營造股份有限公司, English abbreviation ANCANG) is a Taiwan public-works contractor. The company was founded on November 17, 1975, and its shares began trading on the Taipei Exchange on March 18, 2024. Its stated main business is contracting public works.
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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Ancang says its post-listing priorities include corporate governance, information transparency and financial strength. Because the listing is recent, the amount of comparable public-company history available to analysts remains limited.
What is the current Ancang 5548 earnings estimate?
No defensible consensus estimate for revenue, EPS, a price target or three-year growth is available in the reviewed coverage. Simply Wall St reports that Ancang does not yet have enough historical data for a reliable analyst-forecast calculation and lists no analyst forecast.
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That means “TPEX:5548 analyst forecast” searches should not be answered with an invented point estimate. A forward number would have to be a clearly labeled scenario built from disclosed results, contract execution assumptions, margins and recognition timing—not a published consensus.
What were Ancang’s latest reported revenue and EPS figures?
The most dependable numerical baseline is the board-approved 2025 individual financial report, announced in 2026. The quarterly figures below come from Ancang’s 2026 financial tables. Amounts are in thousands of New Taiwan dollars unless stated otherwise.
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| Period | Revenue (NT$ thousand) | Net income (NT$ thousand) | Basic EPS |
|---|---|---|---|
| 2025 full year | 2,493,801 | 116,200 | NT$2.03 |
| 2026 Q1 | 665,578 | 24,177 | NT$0.42 |
| 2026 Q2 | 644,025 | 15,579 | NT$0.24 |
For 2026 Q2, a Taiwan market-data snapshot reported 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 reported-period measures, not forward assumptions.
How much work does Ancang have in hand?
Ancang’s 2026 Q2 investor presentation reported NT$14.137 billion of projects in hand at the end of April 2026, including NT$7.32 billion of revenue not yet recognized. Against 2025 revenue of NT$2.494 billion, that pipeline is substantial in relation to the latest completed year.
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Backlog should be treated as an operating-pipeline indicator, not as an earnings estimate. Revenue is recognized as projects progress and meet certification requirements. Contract changes, project delays, cost inflation, claims, collection timing and final margins can all change the amount and timing of profit. Unrecognized revenue also does not equal future net income: construction costs must be incurred before a project produces an earnings contribution.
Can backlog be converted into a 2026 revenue forecast?
Not without additional assumptions. The disclosed NT$7.32 billion is the company’s stated amount of revenue not yet recognized, while NT$14.137 billion covers projects in hand; neither disclosure specifies that all of it will be recognized during calendar 2026.
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What an investor would need to model
- Expected progress and certification schedules for each major contract.
- Contract modifications, claims and the portion of work still subject to cost uncertainty.
- Gross-margin assumptions by project rather than applying one margin to the entire backlog.
- Working-capital needs, including receivables, advances and retention amounts.
- The timing of subcontractor costs and any provisions for loss-making contracts.
Without those inputs, dividing backlog by a year or applying the 2025 net margin would create false precision.
What should investors use for an Ancang 5548 reasonable price or target price?
There is no citable consensus target price in the available coverage. A reasonable-price exercise therefore depends on the investor’s own assumptions about sustainable EPS, construction margins, balance-sheet risk and the valuation multiple appropriate for a small, recently listed contractor.
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At minimum, a valuation worksheet should separate reported figures from assumptions and show bear, base and bull cases. Each case should identify its revenue-recognition schedule, project margin, tax and financing assumptions, share count and valuation multiple. The result is an investor scenario, not an analyst target.
Which figures should take priority when sources conflict?
Use detailed filings and quarterly financial tables over a headline summary page. Ancang’s official investor landing page currently displays zero for several 2024 headline metrics, which conflicts with its detailed disclosures. That inconsistency makes the board-approved 2025 report and period-specific financial tables the safer anchors for quantitative writing.
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What are the main risks behind any Ancang forecast?
- Recognition timing: Projects may generate revenue later than an investor expects because progress, certification or approvals take longer.
- Margin pressure: A large order book does not protect profit if labor, materials, financing or subcontracting costs rise.
- Execution and contract risk: Changes, disputes, delays or provisions can reduce the economics of awarded work.
- Limited history: The company only entered the Taipei Exchange in 2024, leaving less public operating history for trend analysis.
- Quarterly volatility: Construction revenue and profit can move unevenly between quarters as milestones are reached.
Frequently Asked Questions
Where can I verify Ancang’s latest financial statements?
Check Ancang’s investor-relations announcements and the Taipei Exchange company-information system for the board-approved annual report and quarterly filings. Match the statement type and reporting period before comparing figures.
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Does NT$7.32 billion of unrecognized revenue mean Ancang will earn NT$7.32 billion?
No. It is a revenue amount expected to be recognized from existing work, not profit. Construction costs, timing and contract changes determine how much reaches operating income and net income.
Why can quarterly EPS differ so much for a contractor?
Public-works accounting follows project progress and certification, so milestones can shift revenue and costs between quarters. A single quarter therefore may not represent a run-rate for the full year.
Is Ancang’s NT$19.40 book value per share a target price?
No. Book value per share is an accounting measure of net assets per share. Turning it into a valuation requires an assumed price-to-book multiple and an assessment of asset quality and future profitability.
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