San Far Property (TPE:9946) Cyclically Adjusted PS Ratio: (As of Jul. 24, 2026)

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
52 GF Score
Price NT$18.10
GF Value NT$11.57
Valuation Significantly Overvalued
! 9 Warning Signs
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What is San Far Property Cyclically Adjusted PS Ratio?

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
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 2.63 2.61 2.33 2.39 0.00

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
52GF 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 Revenue per Share for the quarter that ended in Dec. 2025 is calculated as:

For example, San Far Property's adjusted Revenue per Share data for the three months ended in Dec. 2025 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Dec. 2025 (Change)*Current CPI (Dec. 2025)
=0/324.0540*324.0540
=0.000

Current CPI (Dec. 2025) = 324.0540.

San Far Property Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201603 2.038 238.132 2.773
201606 2.440 241.018 3.281
201609 1.799 241.428 2.415
201612 1.353 241.432 1.816
201703 1.235 243.801 1.642
201706 0.313 244.955 0.414
201709 0.694 246.819 0.911
201712 2.415 246.524 3.174
201803 0.837 249.554 1.087
201806 0.880 251.989 1.132
201809 0.895 252.439 1.149
201812 1.866 251.233 2.407
201903 4.281 254.202 5.457
201906 3.809 256.143 4.819
201909 3.162 256.759 3.991
201912 3.337 256.974 4.208
202003 1.595 258.115 2.002
202006 1.212 257.797 1.523
202009 0.781 260.280 0.972
202012 0.798 260.474 0.993
202103 0.435 264.877 0.532
202106 0.899 271.696 1.072
202109 2.204 274.310 2.604
202112 1.683 278.802 1.956
202203 0.641 287.504 0.722
202206 2.402 296.311 2.627
202209 3.093 296.808 3.377
202212 0.780 296.797 0.852
202303 0.483 301.836 0.519
202306 0.684 305.109 0.726
202309 0.689 307.789 0.725
202312 1.104 306.746 1.166
202403 0.922 312.332 0.957
202406 2.405 314.175 2.481
202409 0.752 315.301 0.773
202412 2.104 315.605 2.160
202503 0.092 319.799 0.093
202506 0.099 322.561 0.099
202509 0.086 324.800 0.086
202512 0.000 324.054 0.000

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.

Is San Far Property (TPE:9946) Overvalued in 2026?

Based on GuruFocus' analysis, San Far Property stock appears to be overvalued. The current stock price of NT$18.10 is trading 56.4% above its estimated GF Value™ of NT$11.57. GuruFocus considers San Far Property to be Significantly Overvalued.

Key valuation signals for TPE:9946:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: NT$11.57 vs. price of NT$18.10 (56.4% above fair value)
  • GF Score™: 52/100 with 9 warning signs

No single metric tells the full story. See the TPE:9946 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


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.
52GF 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$18.10
Price
NT$11.57
GF Value