Hung Sheng Construction Ltd (2534) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Hung Sheng Construction Ltd stock TWD 25.20, price TWD 15.00, upside +68.0%, quality 56 out of 100. Rating: strongly undervalued. Calculated from audited financials with 16 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 14.95 TWD – 30.10 TWD · fair‑value band 16.38 TWD – 45.60 TWD · the 15.00 TWD price screens below the 25.20 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
Follow Hung Sheng Construction in your weekly email
Every Wednesday you see whether Hung Sheng Construction is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Hung Sheng Construction Co., Ltd. engages in the commission construction companies business in Taiwan. The company builds residential housing for sale and rental. It is also involved in civil engineering construction contracting; general investment; and department stores activities.
Show moreShow less
The company was founded in 1975 and is based in Taipei, Taiwan.
Stock analysis
Hung Sheng Construction Ltd (2534) currently trades at 15.00 TWD, while our model-based Fair Value estimate is 25.20 TWD, implying the stock looks roughly 40% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 36.47 TWD per share, and 12 of the 16 models we run sit above the 15.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 12.26 TWD, and 4 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: 16.38 TWD (bear) to 45.60 TWD (bull), the price of 15.00 TWD sits below 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 56/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Hung Sheng Construction Ltd reported revenue of 4.7B TWD in FY2025 versus 3.9B TWD in FY2021, a compound +5.2%/yr. Reported net income was 974M TWD in FY2025, compounding +3.7%/yr from FY2021.
Key figures
Market cap 7.2B TWD (≈ $221M) Micro · P/E ratio 250.0 · P/S ratio 6.26 · EPS (TTM) 0.0600 TWD · Dividend yield 10.0% · Net margin 2.2% · Return on equity 0.2% · Return on assets (EBIT) 3.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at 68%, 2534 screens cheaper than that median.
Fair Value models
Bear16.38 TWDFair Value 25.20 TWDBull45.60 TWD
Price 15.00 TWD · Upside +68.0%
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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+124.9%
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.
−12.0%
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.
+11.3%
Start year 2020 (pandemic). Over 10 years: +12.2% a year
Revenue growth 25 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.
+1.9%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
−1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.9%
Dividend (yield on the price)10.0%
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.2.9% vs 4.0%, steady
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.29% → 25%
2025 sits 87% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+28.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +26.3% a year for the price.
Compare Hung Sheng Construction Ltd with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 - Development · 489 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+68.0% · Above median
Profitability
Return on equity (12 months)0.2% · Below median
Return on assets3.1% · Above median
Net margin (12 months)2.2% · Below median
Operating margin (12 months)17.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)−86.8% · Bottom 25%
Dividend yield (12 months)10.0% · Top 25%
Balance sheet
Debt / equity0.24× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (12 months)250.0× · Priciest 25%
P/B0.48× · Cheaper than median
P/S (12 months)6.26× · Priciest 25%
Price / free cash flow (fiscal year)14.2× · Pricier than median
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). "Hung Sheng Construction Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2534
Frequently asked questions
Is Hung Sheng Construction Ltd (2534) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 25.20 TWD versus a price of 15.00 TWD, about +68% upside (undervalued).
What is the fair value of 2534?
Our model-based fair value for Hung Sheng Construction Ltd is 25.20 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 15.00 TWD.
What is the quality score of 2534?
Hung Sheng Construction Ltd has a Quality Score of 56/100. 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 Hung Sheng Construction Ltd (2534)?
Our model-based price target is the fair value of 25.20 TWD (as of Nov 7, 2026) from 16 valuation models. Cautious scenario 16.38 TWD, optimistic scenario 45.60 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Hung Sheng Construction Ltd stock forecast for 2026?
Our models put fair value at 25.20 TWD, about +68% upside versus a price of 15.00 TWD (undervalued). Cautious scenario 16.38 TWD, optimistic scenario 45.60 TWD. The calculation is refreshed regularly with new filings.
Does Hung Sheng Construction Ltd pay a dividend?
Hung Sheng Construction Ltd currently shows a dividend yield of 10.00% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Hung Sheng Construction Ltd (2534) and when is the ex-dividend date?
Hung Sheng Construction Ltd pays a dividend of 1.50 TWD per share a year, a dividend yield of 10.0%. The last ex-dividend date was Jun 23, 2026. Free cash flow covers the dividend 0.72 times. 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 growth is priced into Hung Sheng Construction Ltd (2534)?
For today's price to be fair in a discounted-cash-flow model, Hung Sheng Construction Ltd would have to grow free cash flow by +28.3 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 2534 use?
Our models discount Hung Sheng Construction Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.06, country premium for Taiwan. 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 Hung Sheng Construction Ltd that is +28.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Hung Sheng Construction Ltd (2534) delivered so far?
Over the past 5 years revenue at Hung Sheng Construction Ltd grew +11.3 % a year. The price currently implies free-cash-flow growth of +28.3 % per 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 Hung Sheng Construction Ltd (2534) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Hung Sheng Construction Ltd (+28.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hung Sheng Construction Ltd (2534)?
The free-cash-flow yield on the price is 7.06 %: that much free cash flow Hung Sheng Construction Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hung Sheng Construction Ltd (2534)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hung Sheng Construction Ltd it is 25.20 TWD per share (as of Nov 7, 2026), against a price of 15.00 TWD. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Hung Sheng Construction Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 2534 trades below its calculated fair value: price 15.00 TWD, fair value 25.20 TWD, a gap of about +68% (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 2534?
No. The price is what the market pays today (15.00 TWD); the fair value is what the company's own numbers justify (25.20 TWD). For Hung Sheng Construction Ltd the two are 10.20 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Hung Sheng Construction Ltd worth?
The market values Hung Sheng Construction Ltd at about 7.2B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 15.00 TWD; our models calculate a fair value of 25.20 TWD per share.
What do the bullish and bearish scenarios say about 2534?
Our models span a range for Hung Sheng Construction Ltd: cautious scenario 16.38 TWD, base 25.20 TWD, optimistic 45.60 TWD per share (as of Nov 7, 2026, price 15.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2534?
Hung Sheng Construction Ltd trades at a price-to-earnings ratio of 250.0 (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 25.20 TWD is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2020 to 2025), reported earnings: 12.8. Other multiples: PEG 0.2, P/B 0.5, P/S 6.3, EV/EBITDA 22.7.
What is the PEG ratio of 2534?
The PEG ratio of Hung Sheng Construction Ltd is 0.18 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Hung Sheng Construction Ltd (2534)?
Balance-sheet figures for Hung Sheng Construction Ltd (as of Nov 7, 2026): return on equity 0.2%, debt of 0.24 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 2534 from its 52-week high?
Hung Sheng Construction Ltd trades at 15.00 TWD, about 28% below its 52-week high of 20.95 TWD and at the low of 14.95 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 25.20 TWD is for.
Which stocks are comparable to Hung Sheng Construction Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, DLF 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 Hung Sheng Construction Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 15.00 TWD, calculated fair value 25.20 TWD (+68%), Quality Score 56/100, from 16 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 2534 calculated?
We run Hung Sheng Construction Ltd through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 25.20 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. Hung Sheng Construction Ltd currently trades 40% 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 Hung Sheng Construction Ltd (2534)?
The closing price on Nov 9, 2026 was 15.00 TWD. Our model-based fair value is 25.20 TWD, about +68% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hung Sheng Construction Ltd right now?
The price is below even our cautious bear case (16.38 TWD). The market is more pessimistic than our downside scenario. The model range is unusually wide (16.38 TWD to 45.60 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Hung Sheng Construction Ltd (2534) come from?
Earnings per share at Hung Sheng Construction Ltd grew −1.2 % a year from 2015 to 2025. Broken into its drivers: revenue per share +2.8 %, EBIT margin −4.5 %, tax rate +0.6 %, residual (interest, one-offs) +0.1 %. 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 Hung Sheng Construction Ltd
How large is the market capitalisation of Hung Sheng Construction Ltd (2534)?
The market capitalisation of Hung Sheng Construction Ltd is 7.2B TWD (≈ $221M). 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 Hung Sheng Construction Ltd (2534)?
The price-to-sales ratio of Hung Sheng Construction Ltd is 6.26 (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 Hung Sheng Construction Ltd (2534)?
Earnings per share at Hung Sheng Construction Ltd are 0.0600 TWD (price ÷ EPS = P/E 250.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hung Sheng Construction Ltd (2534)?
The dividend yield of Hung Sheng Construction Ltd is 10.0%. 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 Hung Sheng Construction Ltd (2534)?
The net margin of Hung Sheng Construction Ltd is 2.2% (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 Hung Sheng Construction Ltd (2534)?
The return on equity (ROE) of Hung Sheng Construction Ltd is 0.2% (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 Hung Sheng Construction Ltd (2534)?
On an EBIT basis the return on assets of Hung Sheng Construction Ltd is 3.6% (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 Hung Sheng Construction Ltd (2534)?
The operating margin of Hung Sheng Construction Ltd is 17.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hung Sheng Construction Ltd (2534)?
Revenue at Hung Sheng Construction Ltd is growing −86.8% versus a year earlier (3y avg −12.0%). 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 Hung Sheng Construction Ltd (2534)?
Earnings per share at Hung Sheng Construction Ltd are growing −67.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hung Sheng Construction Ltd (2534) carry?
The net debt of Hung Sheng Construction Ltd is 13.3B TWD (fiscal year 2025, ≈ 25.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Hung Sheng Construction Ltd in the live analysis
One click puts Hung Sheng Construction Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 7, 2026