HannStar Board Corp (5469) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of HannStar Board Corp stock TWD 138, price TWD 70.00, upside +96.4%, quality 46 out of 100. Rating: strongly undervalued. Calculated from audited financials with 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 6, 2026.
How to read this chart
60‑month range 28.47 TWD – 111.50 TWD · fair‑value band 90.43 TWD – 189.28 TWD · the 70.00 TWD price screens below the 137.50 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 6, 2026.
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HannStar Board Corporation manufactures, assembles, and sells printed circuit boards (PCBs) in Taiwan. The company provides double-sided, multi-layer, thick copper, high-density interconnect, and SLC multi-layer PCB products.
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Its products are used in games, televisions, liquid crystal displays, personal computers, networking and automotive products, set up boxes, servers, and other applications.
In addition, the company engages in general investment; solar power generation; sale of electronic components, real estate investment and leasing; enterprise real estate management; rents mechanical device and electronic components manufacture service; electronic spare part manufacturing; and electronic fitting research and development and sale.
The company was formerly known as Pacific Science and Technology Industrial Co., Ltd. and changed its name to HannStar Board Corporation in December 1998. HannStar Board Corporation was incorporated in 1989 and is based in Taoyuan City, Taiwan.
Stock analysis
HannStar Board Corp (5469) currently trades at 70.00 TWD, while our model-based Fair Value estimate is 137.50 TWD, implying the stock looks roughly 49% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 169.29 TWD per share, and 18 of the 26 models we run sit above the 70.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 20.94 TWD, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 90.43 TWD (bear) to 189.28 TWD (bull), the price of 70.00 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 46/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
HannStar Board Corp reported revenue of 57.2B TWD in FY2025 versus 57.0B TWD in FY2021, a compound +0.1%/yr. Reported net income was 2.9B TWD in FY2025, compounding −16.0%/yr from FY2021.
Key figures
Market cap 49.5B TWD (≈ $1.5B) Small · P/E ratio 13.0 · P/S ratio 0.53 · EPS (TTM) 5.40 TWD · Dividend yield 3.6% · Net margin 4.1% · Return on equity 6.7% · Return on assets (EBIT) 8.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 96%, 5469 screens cheaper than that median.
Fair Value models
Bear90.43 TWDFair Value 137.50 TWDBull189.28 TWD
Price 70.00 TWD · Upside +96.4%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.47 TWD 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.63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+37.5%
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.
+6.3%
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.
+4.6%
Start year 2020 (pandemic). Over 10 years: +3.5% 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.
+16.0%
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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.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.4%
Dividend (yield on the price)3.6%
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.−9.4% vs 9.4%, 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.13% → 11%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.6%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+5.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +4.1% a year for the price.
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.Electronic Components · 653 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+96.4% · Top 25%
Profitability
Return on equity (12 months)6.7% · Below median
Return on assets4.2% · Above median
Net margin (12 months)6.7% · Above median
Operating margin (12 months)6.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)8.2% · Below median
Dividend yield (12 months)3.6% · Top 25%
Balance sheet
Debt / equity0.32× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)13.0× · Cheapest 25%
P/B1.36× · Cheaper than median
P/S (12 months)1.26× · Cheaper than median
Price / free cash flow (fiscal year)20.1× · Cheaper than median
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Is HannStar Board Corp (5469) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 137.50 TWD versus a price of 70.00 TWD, about +96% upside (undervalued).
What is the fair value of 5469?
Our model-based fair value for HannStar Board Corp is 137.50 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 70.00 TWD.
What is the quality score of 5469?
HannStar Board Corp has a Quality Score of 46/100. 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 HannStar Board Corp (5469)?
Our model-based price target is the fair value of 137.50 TWD (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 90.43 TWD, optimistic scenario 189.28 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the HannStar Board Corp stock forecast for 2026?
Our models put fair value at 137.50 TWD, about +96% upside versus a price of 70.00 TWD (undervalued). Cautious scenario 90.43 TWD, optimistic scenario 189.28 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of HannStar Board Corp (5469)?
HannStar Board Corp reported trailing-twelve-month revenue of about 63.6B TWD (latest available figure, as of Nov 6, 2026).
Does HannStar Board Corp pay a dividend?
HannStar Board Corp currently shows a dividend yield of 3.60% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of HannStar Board Corp (5469) and when is the ex-dividend date?
HannStar Board Corp pays a dividend of 2.52 TWD per share a year, a dividend yield of 3.6%. The last ex-dividend date was Jul 9, 2026. The payout ratio is 46.7% of earnings. Free cash flow covers the dividend 3.25 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into HannStar Board Corp (5469)?
For today's price to be fair in a discounted-cash-flow model, HannStar Board Corp would have to grow free cash flow by +5.8 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.6 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of 5469 use?
Our models discount HannStar Board Corp at 10.7 %: a base by market capitalisation (small), damped by beta 0.64, 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 HannStar Board Corp that is +5.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has HannStar Board Corp (5469) delivered so far?
Over the past 5 years revenue at HannStar Board Corp grew +4.6 % a year. The price currently implies free-cash-flow growth of +5.8 % 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 HannStar Board Corp (5469) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into HannStar Board Corp (+5.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HannStar Board Corp (5469)?
The free-cash-flow yield on the price is 8.05 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow HannStar Board Corp produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HannStar Board Corp (5469)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HannStar Board Corp it is 137.50 TWD per share (as of Nov 6, 2026), against a price of 70.00 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is HannStar Board Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 5469 trades below its calculated fair value: price 70.00 TWD, fair value 137.50 TWD, a gap of about +96% (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 5469?
No. The price is what the market pays today (70.00 TWD); the fair value is what the company's own numbers justify (137.50 TWD). For HannStar Board Corp the two are 67.50 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is HannStar Board Corp worth?
The market values HannStar Board Corp at about 49.5B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 70.00 TWD; our models calculate a fair value of 137.50 TWD per share.
What do the bullish and bearish scenarios say about 5469?
Our models span a range for HannStar Board Corp: cautious scenario 90.43 TWD, base 137.50 TWD, optimistic 189.28 TWD per share (as of Nov 6, 2026, price 70.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5469?
HannStar Board Corp trades at a price-to-earnings ratio of 13.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 137.50 TWD is built from several models across several years. Other multiples: PEG 0.3, P/B 1.4, P/S 1.3, EV/EBITDA 7.0.
What is the PEG ratio of 5469?
The PEG ratio of HannStar Board Corp is 0.32 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of HannStar Board Corp (5469)?
Balance-sheet figures for HannStar Board Corp (as of Nov 6, 2026): return on equity 6.7%, debt of 0.32 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 5469 from its 52-week high?
HannStar Board Corp trades at 70.00 TWD, about 37% below its 52-week high of 111.50 TWD and 13% above the low of 62.20 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 137.50 TWD is for.
Which stocks are comparable to HannStar Board Corp?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, 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 HannStar Board Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 70.00 TWD, calculated fair value 137.50 TWD (+96%), Quality Score 46/100, from 26 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 5469 calculated?
We run HannStar Board Corp through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 137.50 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. HannStar Board Corp currently trades 49% 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 HannStar Board Corp (5469)?
The closing price on Nov 9, 2026 was 70.00 TWD. Our model-based fair value is 137.50 TWD, about +96% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HannStar Board Corp right now?
The large discount to fair value meets weak quality (46/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (90.43 TWD). The market is more pessimistic than our downside scenario. A fairly wide model range (90.43 TWD to 189.28 TWD) leaves room in how you read the outcome.
Where does the earnings growth of HannStar Board Corp (5469) come from?
Earnings per share at HannStar Board Corp grew +14.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.9 %, EBIT margin +27.3 %, tax rate −3.5 %, residual (interest, one-offs) −5.4 %. 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 HannStar Board Corp
How large is the market capitalisation of HannStar Board Corp (5469)?
The market capitalisation of HannStar Board Corp is 49.5B 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 HannStar Board Corp (5469)?
The price-to-sales ratio of HannStar Board Corp is 0.53 (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 HannStar Board Corp (5469)?
Earnings per share at HannStar Board Corp are 5.40 TWD (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HannStar Board Corp (5469)?
The dividend yield of HannStar Board Corp is 3.6% (payout 46.7%). 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 HannStar Board Corp (5469)?
The net margin of HannStar Board Corp is 4.1% (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 HannStar Board Corp (5469)?
The return on equity (ROE) of HannStar Board Corp is 6.7% (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 HannStar Board Corp (5469)?
On an EBIT basis the return on assets of HannStar Board Corp is 8.3% (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 HannStar Board Corp (5469)?
The operating margin of HannStar Board Corp is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HannStar Board Corp (5469)?
Revenue at HannStar Board Corp is growing +8.2% versus a year earlier (3y avg +6.3%). 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 HannStar Board Corp (5469)?
Earnings per share at HannStar Board Corp are growing −29.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HannStar Board Corp (5469) carry?
The net debt of HannStar Board Corp is 12.6B TWD (fiscal year 2025, ≈ 3.1 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 6, 2026