Unisplendour Corp Ltd (000938) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Unisplendour Corp Ltd stock ¥18.06, price ¥24.33, that is 25.8% below the price, quality 59 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range ¥14.26 – ¥44.90 · fair‑value band ¥12.64 – ¥23.47 · the ¥24.33 price screens above the ¥18.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Unisplendour Corporation Limited, a technology company, provides digital and artificial intelligence solutions in China and internationally. The company operates through Digital Business, Distribution Business, and Others segments.
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It provides a full stack of intelligent information and communication infrastructure, including networks, computing, storage, cloud computing, security, and smart terminals, as well as cloud and intelligent platforms, and solutions for digital transformation and intelligent upgrading.
The company offers network equipment, including switches, routers, WLAN, SDN, PON, intelligent management and maintenance services; servers comprising general, artificial intelligence, mission-critical, and edge computing servers; and storage products, such as enterprise-grade intelligent all-flash storage, enterprise-grade intelligent hybrid flash storage, distributed storage, data backup and protection, and storage network equipment.
It also provides cloud and intelligence products and services that include cloud operating system, virtualization platform, hyper-convergence products, big data platform, and database; proactive security solutions, which consists of firewall, video gateways, anti-DDos, application security, data security, password security products, industrial control security, endpoint security, security management, security testing and auditing, and cloud security; and smart terminals that comprises commercial laptops, commercial desktops, smart cloud screens, and AI workstations.
It serves government, telecommunications operators, internet, finance, education, healthcare, agriculture, transportation, energy, manufacturing, and other industries. Unisplendour Corporation Limited was founded in 1999 and is headquartered in Beijing, China.
Stock analysis
Unisplendour Corp Ltd (000938) currently trades at ¥24.33, while our model-based Fair Value estimate is ¥18.06, 26% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥25.41 per share, and 9 of the 24 models we run sit above the ¥24.33 price.
Bear case: the Dividend Discount group reads lowest at ¥3.81, and 15 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥12.64 (bear) to ¥23.47 (bull), the price of ¥24.33 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Unisplendour Corp Ltd reported revenue of 96.7B CNY in FY2025 versus 67.6B CNY in FY2021, a compound +9.4%/yr. Reported net income was 1.7B CNY in FY2025, compounding −5.9%/yr from FY2021.
Key figures
Market cap 69.6B CNY (≈ $10.5B) Large · P/E ratio 22.7 · P/S ratio 0.74 · EPS (TTM) ¥1.07 · Dividend yield 0.3% · Net margin 2.5% · Return on equity 19.5% · Return on assets (EBIT) 4.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 2% fair-value upside, at −26%, 000938 screens richer than that median.
Fair Value models
Bear¥12.64Fair Value ¥18.06Bull¥23.47
Price ¥24.33 · Downside -25.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.8536 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+22.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
Start year 2020 (pandemic). Over 10 years: +21.9% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−1.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.8%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.8% vs 8.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +13.5% a year for the price and +12.0% for the forecasts.
AI conclusion: The business shows potential strength from increased earnings attribution via its computing subsidiary amid AI infrastructure demand, yet faces a key weakness in possible margin and growth constraints across its broader distribution operations.
Main risk: Elevated debt from raising its stake in the computing subsidiary and related guarantees could constrain cash flow or force costly refinancing if margins in distribution activities remain thin.
Bull case: Deeper integration of the computing unit could strengthen full-stack AI infrastructure offerings and offset distribution pressures through higher-margin solutions.
Bear case: Persistent high leverage combined with margin constraints in distribution could limit investment in growth areas and erode overall earnings stability.
Unisplendour stands to attribute more earnings from its main computing subsidiary after raising its stake there, aided by ongoing AI infrastructure demand. Yet this consolidation effect may prove temporary if other parts of the business face margin or growth constraints. Will the gains from deeper control over that unit outweigh any drag from the broader distribution activities?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electronics & Computer Distribution · 149 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−25.8% · Below median
Profitability
Return on equity (12 months)19.5% · Top 25%
Return on assets2.3% · Below median
Net margin (12 months)3.2% · Above median
Operating margin (12 months)5.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)29.2% · Above median
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.69× · Highest 25%
Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper
P/E (12 months)22.7× · Priciest 25%
P/B4.72× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Unisplendour Corp Ltd (000938) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of ¥18.06 versus a price of ¥24.33, about 26% lower (overvalued).
What is the fair value of 000938?
Our model-based fair value for Unisplendour Corp Ltd is ¥18.06 (as of Nov 3, 2026), built from audited fundamentals. The current price: ¥24.33.
What is the quality score of 000938?
Unisplendour Corp Ltd has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Unisplendour Corp Ltd (000938)?
Our model-based price target is the fair value of ¥18.06 (as of Nov 3, 2026) from 24 valuation models. Cautious scenario ¥12.64, optimistic scenario ¥23.47. It is a calculation from audited fundamentals, not an analyst target.
What is the Unisplendour Corp Ltd stock forecast for 2026?
Our models put fair value at ¥18.06, about 26% lower versus a price of ¥24.33 (overvalued). Cautious scenario ¥12.64, optimistic scenario ¥23.47. The calculation is refreshed regularly with new filings.
What is the revenue of Unisplendour Corp Ltd (000938)?
Unisplendour Corp Ltd reported trailing-twelve-month revenue of about 122B CNY (latest available figure, as of Nov 3, 2026).
Does Unisplendour Corp Ltd pay a dividend?
Unisplendour Corp Ltd currently shows a dividend yield of 0.27% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Unisplendour Corp Ltd (000938)?
For today's price to be fair in a discounted-cash-flow model, Unisplendour Corp Ltd would have to grow free cash flow by +15.4 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 000938 use?
Our models discount Unisplendour Corp Ltd at 9.6 %: a base by market capitalisation (mid), damped by beta 0.69, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Unisplendour Corp Ltd that is +15.4 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Unisplendour Corp Ltd (000938) delivered so far?
Over the past 5 years revenue at Unisplendour Corp Ltd grew +10.0 % a year. The price currently implies +15.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Unisplendour Corp Ltd (000938) growing?
The median revenue growth in the sector is +11.4 % a year. That is the yardstick for the growth priced into Unisplendour Corp Ltd (+15.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Unisplendour Corp Ltd (000938)?
The free-cash-flow yield on the price is 4.13 %: that much free cash flow Unisplendour Corp Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Unisplendour Corp Ltd (000938)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Unisplendour Corp Ltd it is ¥18.06 per share (as of Nov 3, 2026), against a price of ¥24.33. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Unisplendour Corp Ltd stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 000938 trades above its calculated fair value: price ¥24.33, fair value ¥18.06, a gap of about −26% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000938?
No. The price is what the market pays today (¥24.33); the fair value is what the company's own numbers justify (¥18.06). For Unisplendour Corp Ltd the two are ¥6.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Unisplendour Corp Ltd worth?
The market values Unisplendour Corp Ltd at about 69.6B CNY (market capitalisation, as of Nov 3, 2026). Per share that is ¥24.33; our models calculate a fair value of ¥18.06 per share.
What do the bullish and bearish scenarios say about 000938?
Our models span a range for Unisplendour Corp Ltd: cautious scenario ¥12.64, base ¥18.06, optimistic ¥23.47 per share (as of Nov 3, 2026, price ¥24.33). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000938?
Unisplendour Corp Ltd trades at a price-to-earnings ratio of 22.7 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥18.06 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 31.4. Other multiples: PEG 0.4, P/B 4.7, P/S 0.7, EV/EBITDA 17.8.
What is the PEG ratio of 000938?
The PEG ratio of Unisplendour Corp Ltd is 0.36 (P/E divided by earnings growth, as of Nov 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Unisplendour Corp Ltd (000938)?
Balance-sheet figures for Unisplendour Corp Ltd (as of Nov 3, 2026): return on equity 19.5%, debt of 0.69 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 000938 from its 52-week high?
Unisplendour Corp Ltd trades at ¥24.33, about 46% below its 52-week high of ¥44.90 and 6% above the low of ¥23.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥18.06 is for.
Which stocks are comparable to Unisplendour Corp Ltd?
From the same area (Technology) we also value TD SYNNEX Corporation, Rexel S.A, Arrow Electronics, Inc, Avnet, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Unisplendour Corp Ltd stock attractive at the current price?
The data as of Nov 3, 2026: price ¥24.33, calculated fair value ¥18.06 (−26%), Quality Score 59/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000938 calculated?
We run Unisplendour Corp Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥18.06, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Unisplendour Corp Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Unisplendour Corp Ltd (000938)?
The closing price on Nov 6, 2026 was ¥24.33. Our model-based fair value is ¥18.06, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Unisplendour Corp Ltd right now?
The price sits above even our optimistic bull case (¥23.47). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥12.64 to ¥23.47) leaves room in how you read the outcome.
Where does the earnings growth of Unisplendour Corp Ltd (000938) come from?
Earnings per share at Unisplendour Corp Ltd grew +13.2 % a year from 2013 to 2024. Broken into its drivers: revenue per share +3.6 %, EBIT margin +9.6 %, tax rate +2.4 %, residual (interest, one-offs) −2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Unisplendour Corp Ltd
How large is the market capitalisation of Unisplendour Corp Ltd (000938)?
The market capitalisation of Unisplendour Corp Ltd is 69.6B CNY (≈ $10.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Unisplendour Corp Ltd (000938)?
The price-to-sales ratio of Unisplendour Corp Ltd is 0.74 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Unisplendour Corp Ltd (000938)?
Earnings per share at Unisplendour Corp Ltd are ¥1.07 (price ÷ EPS = P/E 22.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Unisplendour Corp Ltd (000938)?
The dividend yield of Unisplendour Corp Ltd is 0.3% (payout 6.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Unisplendour Corp Ltd (000938)?
The net margin of Unisplendour Corp Ltd is 2.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Unisplendour Corp Ltd (000938)?
The return on equity (ROE) of Unisplendour Corp Ltd is 19.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Unisplendour Corp Ltd (000938)?
On an EBIT basis the return on assets of Unisplendour Corp Ltd is 4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Unisplendour Corp Ltd (000938)?
The operating margin of Unisplendour Corp Ltd is 5.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Unisplendour Corp Ltd (000938)?
Revenue at Unisplendour Corp Ltd is growing +29.2% versus a year earlier (3y avg +9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Unisplendour Corp Ltd (000938)?
Earnings per share at Unisplendour Corp Ltd are growing +67.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Unisplendour Corp Ltd (000938) carry?
The net debt of Unisplendour Corp Ltd is 9.2B CNY (fiscal year 2025, ≈ 3.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026