San Far Property (TPE:9946) Cyclically Adjusted PS Ratio: 2.36 (As of Aug. 28, 2026) — 33% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:9946 San Far Property Ltd TPE:9946
46 GF Score
Price NT$17.85
! 5 Warning Signs
View Full Analysis

What is San Far Property Cyclically Adjusted PS Ratio?

San Far Property TPE:9946 -6.54% 46 Cyclically Adjusted PS Ratio is 2.36 as of Aug. 28, 2026, which is 33% above its 10-year median of 1.77. GuruFocus rates TPE:9946 with a GF Score™ of 46/100. The stock has 5 warning signs investors should review. Among 1,360 Real Estate companies, San Far Property ranks worse than 59.04% on this metric.

As of today (2026-08-28), San Far Property's current share price is NT$17.85. San Far Property's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 was NT$7.57. San Far Property's Cyclically Adjusted PS Ratio for today is 2.36.

The historical rank and industry rank for San Far Property's Cyclically Adjusted PS Ratio or its related term are showing as below:

TPE:9946' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.97   Med: 1.77   Max: 6.16
Current: 2.52

During the past years, San Far Property's highest Cyclically Adjusted PS Ratio was 6.16. The lowest was 0.97. And the median was 1.77.

TPE:9946's Cyclically Adjusted PS Ratio is ranked worse than
59.04% of 1360 companies
in the Real Estate industry
Industry Median: 1.8 vs TPE:9946: 2.52

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

San Far Property's adjusted revenue per share data for the three months ended in Jun. 2026 was NT$1.106. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is NT$7.57 for the trailing ten years ended in Jun. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


San Far Property  (TPE:9946) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


San Far Property Cyclically Adjusted PS Ratio Related Terms


San Far Property Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for San Far Property's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

San Far Property Cyclically Adjusted PS Ratio Chart

San Far Property Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.64 1.27 2.56 2.63 0.00

San Far Property Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.33 2.39 0.00 2.25 2.58

San Far Property Cyclically Adjusted PS Ratio Competitor Comparison

For the Real Estate - Diversified subindustry, San Far Property's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


San Far Property Cyclically Adjusted PS Ratio vs Real Estate Industry

For the Real Estate industry and Real Estate sector, San Far Property's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where San Far Property's Cyclically Adjusted PS Ratio falls into.


TPE:9946
46GF Score
San Far Property Ltd TPE:9946
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

San Far Property Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

San Far Property's Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=17.85/7.57
=2.36

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

San Far Property's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, San Far Property's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=1.106/333.9520*333.9520
=1.106

Current CPI (Jun. 2026) = 333.9520.

San Far Property Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 1.799 241.428 2.488
201612 1.353 241.432 1.871
201703 1.235 243.801 1.692
201706 0.313 244.955 0.427
201709 0.694 246.819 0.939
201712 2.415 246.524 3.271
201803 0.837 249.554 1.120
201806 0.880 251.989 1.166
201809 0.895 252.439 1.184
201812 1.866 251.233 2.480
201903 4.281 254.202 5.624
201906 3.809 256.143 4.966
201909 3.162 256.759 4.113
201912 3.337 256.974 4.337
202003 1.595 258.115 2.064
202006 1.212 257.797 1.570
202009 0.781 260.280 1.002
202012 0.798 260.474 1.023
202103 0.435 264.877 0.548
202106 0.899 271.696 1.105
202109 2.204 274.310 2.683
202112 1.683 278.802 2.016
202203 0.641 287.504 0.745
202206 2.402 296.311 2.707
202209 3.093 296.808 3.480
202212 0.780 296.797 0.878
202303 0.483 301.836 0.534
202306 0.684 305.109 0.749
202309 0.689 307.789 0.748
202312 1.104 306.746 1.202
202403 0.922 312.332 0.986
202406 2.405 314.175 2.556
202409 0.752 315.301 0.796
202412 2.104 315.605 2.226
202503 0.093 319.799 0.097
202506 0.099 322.561 0.102
202509 0.086 324.800 0.088
202512 0.000 324.054 0.000
202603 7.046 330.213 7.126
202606 1.106 333.952 1.106

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PS Ratio of 2.36 mean?
San Far Property (TPE:9946) has a Cyclically Adjusted PS Ratio of 2.36 as of Aug. 28, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on San Far Property and its competitors. This is 33% above median its historical median of 1.77. Over the past decade, San Far Property's Cyclically Adjusted PS Ratio has ranged from 0.97 to 6.16. According to the industry distribution chart, San Far Property ranks #803 out of 1360 companies in the Real Estate industry, placing it in the top 59%.
Is San Far Property's Cyclically Adjusted PS Ratio too high?
San Far Property's current Cyclically Adjusted PS Ratio of 2.36 is 33% above median its 10-year median of 1.77. Over the past 10 years, this metric has ranged from a low of 0.97 to a high of 6.16. The Real Estate industry median Cyclically Adjusted PS Ratio is 1.80. San Far Property's value of 2.36 is 31.1% above this industry median. Based on the distribution chart, San Far Property ranks #803 out of 1360 companies in the Real Estate industry, which is below the industry midpoint. Overall, San Far Property has a GF Score™ of 46/100, reflecting its overall financial health beyond just this single metric.
How does San Far Property's Cyclically Adjusted PS Ratio compare to competitors?
According to the Real Estate industry distribution chart, San Far Property ranks #803 out of 1360 companies for Cyclically Adjusted PS Ratio. This places San Far Property in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 1.80. San Far Property's value of 2.36 is 31.1% above this benchmark. Historically, San Far Property's own Cyclically Adjusted PS Ratio has ranged from 0.97 to 6.16 over the past decade. While the company's 10-year median is 1.77 vs. the industry median of 1.80, San Far Property has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Real Estate company?
The median Cyclically Adjusted PS Ratio among Real Estate companies is 1.80, based on 1,360 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. San Far Property's current Cyclically Adjusted PS Ratio of 2.36 is 31.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on San Far Property and its competitors. For the Real Estate industry, the median Cyclically Adjusted PS Ratio is 1.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. San Far Property's current Cyclically Adjusted PS Ratio is 2.36, which is 33% above median its own 10-year median of 1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is San Far Property stock overvalued right now?
San Far Property (TPE:9946) has a current Cyclically Adjusted PS Ratio of 2.36. The current Cyclically Adjusted PS Ratio is 2.36, which is 33% above median its 10-year median of 1.77 and 31.1% above the Real Estate industry median of 1.80. San Far Property's overall GF Score™ is 46/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For San Far Property (TPE:9946), the current Cyclically Adjusted PS Ratio is 2.36 as of Aug. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

San Far Property Business Description

Address No. 30, Section 3, Bode Road, 12th Floor, Songshan District, Taipei, TWN
San Far Property Ltd is a Taiwan-based real estate company. The main activities of the company include residential and building development, leasing and sales, and real estate leasing.
46GF Score

Get the complete analysis for TPE:9946

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$17.85
Price