Hiyes International Co Ltd (2348) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Hiyes International Co Ltd stock TWD 88.84, price TWD 64.20, upside +38.4%, quality 20 out of 100. Rating: undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 32.26 TWD – 252.56 TWD · fair‑value band 55.28 TWD – 123.20 TWD · the 64.20 TWD price screens below the 88.84 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Hi-Yes International Co., Ltd. engages in the real estate agency and brokerage businesses in Taiwan. The company offers pre-sale houses, new existing houses, surplus houses, general offices, and land and parking spaces.
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It also provides product planning and advice, product integrated marketing, and transaction intermediary transfer services.
In addition, the company engages in engineering construction, architectural design and interior decoration, building materials, water and electricity configuration, financial integration, appraisal and writing services, and interior decoration businesses.
The company was formerly known as Veutron Corp and changed its name to Hi-Yes International Co., Ltd. in April 2013. Hi-Yes International Co., Ltd. is headquartered in Taipei, Taiwan.
Stock analysis
Hiyes International Co Ltd (2348) currently trades at 64.20 TWD, while our model-based Fair Value estimate is 88.84 TWD, implying the stock looks roughly 28% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 108.76 TWD per share, and 5 of the 8 models we run sit above the 64.20 TWD price.
Bear case: the Asset-Based group reads lowest at 35.02 TWD, and 3 of the 8 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 55.28 TWD (bear) to 123.20 TWD (bull), the price of 64.20 TWD sits inside 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 20/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Hiyes International Co Ltd reported revenue of 7.4B TWD in FY2025 versus 6.4B TWD in FY2021, a compound +3.7%/yr. Reported net income was 1.1B TWD in FY2025, compounding −10.0%/yr from FY2021.
Key figures
Market cap 13.3B TWD (≈ $406M) Small · P/E ratio 14.5 · P/S ratio 1.85 · EPS (TTM) 4.43 TWD · Dividend yield 7.4% · Net margin 10.6% · Return on equity 8.4% · Return on assets (EBIT) 6.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 19% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −17% fair-value upside, at 38%, 2348 screens cheaper than that median.
Fair Value models
Bear55.28 TWDFair Value 88.84 TWDBull123.20 TWD
Price 64.20 TWD · Upside +38.4%
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.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.
Best data coverage
Residual Income46.21 TWD51.89 TWD62.92 TWD76
Gordon GGM65.03 TWD112.52 TWD149.76 TWD68
DDM Multi-Stage65.03 TWD104.99 TWD120.69 TWD67
All 9 models by family
Dividend Discount
Gordon GGM65.03 TWD112.52 TWD149.76 TWD68
DDM Multi-Stage65.03 TWD104.99 TWD120.69 TWD67
Multiples
P/S Multiple86.97 TWD115.96 TWD144.94 TWD58
P/B Multiple78.39 TWD104.52 TWD130.66 TWD55
EV/EBIT22.32 TWD84.47 TWD146.61 TWD59
EV/EBITDAn/a29.80 TWD78.28 TWD62
EV/Revenuen/an/a26.84 TWD50
Asset-Based
NCAV (Graham)26.13 TWD35.02 TWD52.26 TWD54
Economic Profit
Residual Income46.21 TWD51.89 TWD62.92 TWD76
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years), in TWD ⓘ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. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+0.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.8%
Dividend (yield on the price)7.4%
Per share before 2024divided by the spin-off factor 1.2975
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.−6.8% vs 25.2%, 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.50% → 25%
Compare Hiyes International Co Ltd with another stock
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.Real Estate Services · 472 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score20 · Bottom 25%
Fair Value upside+38.4% · Above median
Profitability
Return on equity (12 months)8.4% · Above median
Return on assets2.3% · Below median
Net margin (12 months)10.6% · Below median
Operating margin (12 months)14.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)18.3% · Top 25%
Dividend yield (12 months)7.4% · Top 25%
Balance sheet
Debt / equity2.36× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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.
Cite: Fair Value Calculator (2026). "Hiyes International Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2348
Frequently asked questions
Is Hiyes International Co Ltd (2348) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 88.84 TWD versus a price of 64.20 TWD, about +38% upside (undervalued).
What is the fair value of 2348?
Our model-based fair value for Hiyes International Co Ltd is 88.84 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 64.20 TWD.
What is the quality score of 2348?
Hiyes International Co Ltd has a Quality Score of 20/100. 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 Hiyes International Co Ltd (2348)?
Our model-based price target is the fair value of 88.84 TWD (as of Nov 7, 2026) from 9 valuation models. Cautious scenario 55.28 TWD, optimistic scenario 123.20 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Hiyes International Co Ltd stock forecast for 2026?
Our models put fair value at 88.84 TWD, about +38% upside versus a price of 64.20 TWD (undervalued). Cautious scenario 55.28 TWD, optimistic scenario 123.20 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Hiyes International Co Ltd (2348)?
Hiyes International Co Ltd reported trailing-twelve-month revenue of about 7.2B TWD (latest available figure, as of Nov 7, 2026).
Does Hiyes International Co Ltd pay a dividend?
Hiyes International Co Ltd currently shows a dividend yield of 7.42% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Hiyes International Co Ltd (2348) and when is the ex-dividend date?
Hiyes International Co Ltd pays a dividend of 4.76 TWD per share a year, a dividend yield of 7.4%. The last ex-dividend date was Aug 4, 2026. A dividend has been paid every year since 2018. The payout ratio is 107% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What is the intrinsic value of Hiyes International Co Ltd (2348)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hiyes International Co Ltd it is 88.84 TWD per share (as of Nov 7, 2026), against a price of 64.20 TWD. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Hiyes International Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 2348 trades below its calculated fair value: price 64.20 TWD, fair value 88.84 TWD, a gap of about +38% (undervalued). 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 2348?
No. The price is what the market pays today (64.20 TWD); the fair value is what the company's own numbers justify (88.84 TWD). For Hiyes International Co Ltd the two are 24.64 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Hiyes International Co Ltd worth?
The market values Hiyes International Co Ltd at about 13.3B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 64.20 TWD; our models calculate a fair value of 88.84 TWD per share.
What do the bullish and bearish scenarios say about 2348?
Our models span a range for Hiyes International Co Ltd: cautious scenario 55.28 TWD, base 88.84 TWD, optimistic 123.20 TWD per share (as of Nov 7, 2026, price 64.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2348?
Hiyes International Co Ltd trades at a price-to-earnings ratio of 14.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 88.84 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 1.8, EV/EBITDA 19.4.
How solid is the balance sheet of Hiyes International Co Ltd (2348)?
Balance-sheet figures for Hiyes International Co Ltd (as of Nov 7, 2026): return on equity 8.4%, debt of 2.36 per unit of equity. They feed the Quality Score of 20/100, which measures business quality independently of the share price.
How far is 2348 from its 52-week high?
Hiyes International Co Ltd trades at 64.20 TWD, about 19% below its 52-week high of 78.80 TWD and 7% above the low of 59.84 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 88.84 TWD is for.
Which stocks are comparable to Hiyes International Co Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Hiyes International Co Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 64.20 TWD, calculated fair value 88.84 TWD (+38%), Quality Score 20/100, from 9 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 2348 calculated?
We run Hiyes International Co Ltd through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 88.84 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Hiyes International Co Ltd currently trades 28% below its own fair value, and the market average says nothing about that. 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 Hiyes International Co Ltd (2348)?
The closing price on Nov 9, 2026 was 64.20 TWD. Our model-based fair value is 88.84 TWD, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hiyes International Co Ltd right now?
The large discount to fair value meets weak quality (20/100). That raises the risk this is a value trap rather than a bargain. A fairly wide model range (55.28 TWD to 123.20 TWD) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Hiyes International Co Ltd (2348) come from?
Earnings per share at Hiyes International Co Ltd grew +24.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +20.0 %, EBIT margin +5.1 %, tax rate −2.5 %, residual (interest, one-offs) +1.1 %. 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 Hiyes International Co Ltd
How large is the market capitalisation of Hiyes International Co Ltd (2348)?
The market capitalisation of Hiyes International Co Ltd is 13.3B TWD (≈ $406M). 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 Hiyes International Co Ltd (2348)?
The price-to-sales ratio of Hiyes International Co Ltd is 1.85 (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 Hiyes International Co Ltd (2348)?
Earnings per share at Hiyes International Co Ltd are 4.43 TWD (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hiyes International Co Ltd (2348)?
The dividend yield of Hiyes International Co Ltd is 7.4% (payout 107%). 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 Hiyes International Co Ltd (2348)?
The net margin of Hiyes International Co Ltd is 10.6% (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 Hiyes International Co Ltd (2348)?
The return on equity (ROE) of Hiyes International Co Ltd is 8.4% (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 Hiyes International Co Ltd (2348)?
On an EBIT basis the return on assets of Hiyes International Co Ltd is 6.7% (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 Hiyes International Co Ltd (2348)?
The operating margin of Hiyes International Co Ltd is 14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hiyes International Co Ltd (2348)?
Revenue at Hiyes International Co Ltd is growing +18.3% versus a year earlier (3y avg +13.0%). 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 Hiyes International Co Ltd (2348)?
Earnings per share at Hiyes International Co Ltd are growing +5.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hiyes International Co Ltd (2348) generate?
The free cash flow of Hiyes International Co Ltd is −1.1B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hiyes International Co Ltd (2348) carry?
The net debt of Hiyes International Co Ltd is 26.1B TWD (fiscal year 2025). 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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Nov 7, 2026