Sino Horizon Holdings Ltd (2923) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Sino Horizon Holdings Ltd stock TWD 3.39, price TWD 28.30, that is 88.0% below the price, quality 30 out of 100. Rating: strongly overvalued. Calculated from audited financials with 3 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 17.20 TWD – 41.00 TWD · fair‑value band 3.39 TWD – 10.87 TWD · the 28.30 TWD price screens above the 3.39 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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Sino Horizon Holdings Limited, together with its subsidiaries, engages in the development, sale, and leasing of real estate properties in mainland China and Taiwan. It operates through Real-Estate Development and Sales, Commercial Leasing, Property Management, and Others segments.
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The company's property portfolio includes housing, shopping malls, and office buildings. Sino Horizon Holdings Limited was incorporated in 2007 and is based in Shanghai, China.
Stock analysis
Sino Horizon Holdings Ltd (2923) currently trades at 28.30 TWD, while our model-based Fair Value estimate is 3.39 TWD, 88% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 3 models at a data quality of 93/100, which puts the data coverage at low.
Scenario range: 3.39 TWD (bear) to 10.87 TWD (bull), the price of 28.30 TWD 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 30/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Sino Horizon Holdings Ltd reported revenue of 5.8B TWD in FY2025 versus 4.8B TWD in FY2021, a compound +4.8%/yr. Reported net income was −6.3B TWD in FY2025.
Key figures
Market cap 49.3B TWD (≈ $1.5B) Small · P/S ratio 5.01 · EPS (TTM) −3.14 TWD · Dividend yield 0.4% · Net margin −64.5% · Return on equity −10.0% · Return on assets (EBIT) 3.0% (5-year average) · Operating margin 39.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at −88%, 2923 screens richer than that median.
Fair Value models
Bear3.39 TWDFair Value 3.39 TWDBull10.87 TWD
Price 28.30 TWD · Downside -88.0%
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.55/100
Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Revenue growth 1 year
−32.3%
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.
−14.3%
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.
−15.5%
Start year 2020 (pandemic). Over 10 years: −7.6% a year
Revenue growth 14 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.
+2.6%
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Profit margin (trend) ⓘ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.
10.5% (2019) → 41.8% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Sino Horizon Holdings 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 - Development · 489 stocks
Beats the industry median on 2/11 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside−88.0% · Bottom 25%
Profitability
Return on assets−5.4% · Bottom 25%
Net margin (12 months)−64.5% · Bottom 25%
Operating margin (12 months)39.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)188.2% · Top 25%
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity1.04× · Highest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/B1.11× · Pricier than median
P/S (12 months)5.80× · Priciest 25%
EV/EBITDA22.2× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 68
FUTURE (revenue growth)100· sector 0
PAST (return on equity)0· sector 17
HEALTH (low debt)48· sector 83
DIVIDEND (yield)8· sector 61
VALUE 0: the price sits above our fair-value range.
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 Sino Horizon Holdings Ltd (2923) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 3.39 TWD versus a price of 28.30 TWD, about 88% lower (overvalued).
What is the fair value of 2923?
Our model-based fair value for Sino Horizon Holdings Ltd is 3.39 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 28.30 TWD.
What is the quality score of 2923?
Sino Horizon Holdings Ltd has a Quality Score of 30/100. 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 Sino Horizon Holdings Ltd (2923)?
Our model-based price target is the fair value of 3.39 TWD (as of Nov 7, 2026) from 3 valuation models. Cautious scenario 3.39 TWD, optimistic scenario 10.87 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Sino Horizon Holdings Ltd stock forecast for 2026?
Our models put fair value at 3.39 TWD, about 88% lower versus a price of 28.30 TWD (overvalued). Cautious scenario 3.39 TWD, optimistic scenario 10.87 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Sino Horizon Holdings Ltd (2923)?
Sino Horizon Holdings Ltd reported trailing-twelve-month revenue of about 8.5B TWD (latest available figure, as of Nov 7, 2026).
Does Sino Horizon Holdings Ltd pay a dividend?
Sino Horizon Holdings Ltd currently shows a dividend yield of 0.42% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Sino Horizon Holdings Ltd (2923) and when is the ex-dividend date?
Sino Horizon Holdings Ltd pays a dividend of 0.12 TWD per share a year, a dividend yield of 0.4%. The last ex-dividend date was Sep 2, 2026. Our assessment: Token dividend. At a yield of 0.4% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.4% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of Sino Horizon Holdings Ltd (2923)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sino Horizon Holdings Ltd it is 3.39 TWD per share (as of Nov 7, 2026), against a price of 28.30 TWD. It is the blended result of 3 valuation models in 2 families (Multiples, Asset-Based).
Is Sino Horizon Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 2923 trades above its calculated fair value: price 28.30 TWD, fair value 3.39 TWD, a gap of about −88% (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 2923?
No. The price is what the market pays today (28.30 TWD); the fair value is what the company's own numbers justify (3.39 TWD). For Sino Horizon Holdings Ltd the two are 24.91 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Sino Horizon Holdings Ltd worth?
The market values Sino Horizon Holdings Ltd at about 49.3B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 28.30 TWD; our models calculate a fair value of 3.39 TWD per share.
What do the bullish and bearish scenarios say about 2923?
Our models span a range for Sino Horizon Holdings Ltd: cautious scenario 3.39 TWD, base 3.39 TWD, optimistic 10.87 TWD per share (as of Nov 7, 2026, price 28.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Sino Horizon Holdings Ltd (2923)?
Balance-sheet figures for Sino Horizon Holdings Ltd (as of Nov 7, 2026): return on equity −10.0%, debt of 1.04 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is 2923 from its 52-week high?
Sino Horizon Holdings Ltd trades at 28.30 TWD, about 31% below its 52-week high of 41.00 TWD and 65% above the low of 17.20 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 3.39 TWD is for.
Which stocks are comparable to Sino Horizon Holdings 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 Sino Horizon Holdings Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price 28.30 TWD, calculated fair value 3.39 TWD (−88%), Quality Score 30/100, from 3 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 2923 calculated?
We run Sino Horizon Holdings Ltd through 3 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 3.39 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. Sino Horizon Holdings 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 Sino Horizon Holdings Ltd (2923)?
The closing price on Nov 9, 2026 was 28.30 TWD. Our model-based fair value is 3.39 TWD, about 88% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sino Horizon Holdings Ltd right now?
The price sits above even our optimistic bull case (10.87 TWD). The favourable scenario is already priced in. Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (3.39 TWD to 10.87 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.
Key figures of Sino Horizon Holdings Ltd
How large is the market capitalisation of Sino Horizon Holdings Ltd (2923)?
The market capitalisation of Sino Horizon Holdings Ltd is 49.3B TWD (≈ $1.5B). 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 Sino Horizon Holdings Ltd (2923)?
The price-to-sales ratio of Sino Horizon Holdings Ltd is 5.01 (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 Sino Horizon Holdings Ltd (2923)?
Earnings per share at Sino Horizon Holdings Ltd are −3.14 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sino Horizon Holdings Ltd (2923)?
The dividend yield of Sino Horizon Holdings Ltd is 0.4%. 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 Sino Horizon Holdings Ltd (2923)?
The net margin of Sino Horizon Holdings Ltd is −64.5% (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 Sino Horizon Holdings Ltd (2923)?
The return on equity (ROE) of Sino Horizon Holdings Ltd is −10.0% (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 Sino Horizon Holdings Ltd (2923)?
On an EBIT basis the return on assets of Sino Horizon Holdings Ltd is 3.0% (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 Sino Horizon Holdings Ltd (2923)?
The operating margin of Sino Horizon Holdings Ltd is 39.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sino Horizon Holdings Ltd (2923)?
Revenue at Sino Horizon Holdings Ltd is growing +188% versus a year earlier (3y avg −14.3%). 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 Sino Horizon Holdings Ltd (2923)?
Earnings per share at Sino Horizon Holdings Ltd are growing +452% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sino Horizon Holdings Ltd (2923) generate?
The free cash flow of Sino Horizon Holdings Ltd is −2.2B 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 Sino Horizon Holdings Ltd (2923) carry?
The net debt of Sino Horizon Holdings Ltd is 46.2B 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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Thin data
Nov 7, 2026