Te Chang Construction Co., Ltd. (5511.TWO)

Te Chang Construction Co., Ltd. (5511.TWO) — VMCI valuation read

Te Chang Construction Co., Ltd. sits at VMCI 71/100, with the Industrials sector median at 50. That 21-point spread is the first thing to note on 5511.TWO: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on 5511.TWO are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on 5511.TWO: 5511.TWO trades at 14.0x earnings, 22% below the Industrials median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 16.0% sits 6.0pp above the Industrials median (10.0%). The Risk read: net debt to EBITDA of -0.2x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

5511.TWO rose 0.8% over the trailing 7 days, with a -14.6% read on a 30-day basis.