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Hey-Song Corp (1234) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Hey-Song Corp TWD 33.13, price TWD 33.05, upside +0.2%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Consumer Defensive · TW · ISIN TW0001234003

HS Broad data Sep 24, 2026

Hey-Song Corp

1234 · TW

Low PriorityFair Value upside is limited and quality is weak.

·Fair value 33.13 TWD · Fairly valued (+0%)
!Quality 50/100
!Weak Growth (revenue 5y +0.7 %/yr)
!Thin margins · 7.0% net margin (TTM)
!negative free cash flow
·4.99% dividend yield
!Trails peers (4/12)
!Narrow moat 31/100
!Weak on future: 22 out of 100
!Weak on past: 15 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

45.20 TWD 29.42 TWD Fair Value 33.13 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 29.42 TWD – 45.20 TWD · fair‑value band 23.34 TWD – 33.13 TWD · the 33.05 TWD price screens below the 33.13 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Hey Song Corporation manufactures and sells beverages and alcoholic beverages under its own brands, provides OEM and sales services for other well-known brands in Taiwan.

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Hey Song Corporation manufactures and sells beverages and alcoholic beverages under its own brands, provides OEM and sales services for other well-known brands in Taiwan. The company offers carbonated drinks under the HeySong Sarsaparilla, C&C, and HeySong Soda brands; coffee under the Wincafe brand; tea under the HeySong Camellia Green Tea, and HeySong Tea brands; and sports drinks under the HeySong FIN brand. The company is also engaged in the production and sale of beverages bearing its own brand; property leasing services for commercial spaces and investment properties; and distribution and sale of domestic and imported liquors, such as Kinmen Kaoling"Chinese liquor, Macleod's whiskey, and St-Rémy-brandy. In addition, the company provides liqueur drinks under the CHOYA, and KIRIN fruit liqueur brands; sake under the Kuromatsu Hakushika Sake, Takashimizu, and KENBISHI brands; Chinese spirits under the Kinmen Kaoling brand; and wine under the Hardys, EVO, Kumala, Banrock Station, Bocopa, Sgarzi Luigi, KOALA FOREST, Vina Del Pedregal, Huat-Guiraud, Hugo Casanova, Raymond Huet, Petaluma, Grant Burge, Arras, ST. Hallett, and PPB brands. In addition, it offers juices under the HeySong Juice and Oasis Juice brands; and water and Rémy Cointreau products. Hey Song Corporation was founded in 1925 and is headquartered in Taipei, Taiwan.

Stock analysis

Hey-Song Corp (1234) currently trades at 33.05 TWD, while our model-based Fair Value estimate is 33.13 TWD, implying the stock looks roughly 0.2% fairly valued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 33.35 TWD per share, and 4 of the 14 models we run sit above the 33.05 TWD price.

Bear case: the Earnings-Based group reads lowest at 7.87 TWD, and 10 of the 14 models stay below the price. Evidence for this calculation is high.

Scenario range: 23.34 TWD (bear) to 33.13 TWD (bull), the price of 33.05 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 50/100 (solid quality), in the Consumer Defensive sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Hey-Song Corp reported revenue of 9.5B TWD in FY2025 versus 9.2B TWD in FY2021, a compound +0.8%/yr. Reported net income was 804M TWD in FY2025, compounding +0.2%/yr from FY2021.

Key figures

Market cap 13.3B TWD (≈ $417M) · P/E ratio 19.7 · P/S ratio 1.66 · EPS (TTM) 1.68 TWD · Dividend yield 5.0% · Net margin 8.5% · Return on equity 3.7% · Return on assets (EBIT) 3.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at 0%, 1234 screens richer than that median.

Fair Value models

Bear 23.34 TWD Fair Value 33.13 TWD Bull 33.13 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0219 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income 33.09 TWD 32.16 TWD 27.20 TWD 76
Owner Earnings 19.57 TWD 24.97 TWD 31.55 TWD 75
EPV 7.29 TWD 7.87 TWD 8.36 TWD 70
All 14 models by family
DCF Models
Owner Earnings 19.57 TWD 24.97 TWD 31.55 TWD 75
Earnings-Based
Graham-Dodd 13.61 TWD 29.55 TWD 37.60 TWD 66
PEG = 1.0 4.62 TWD 6.60 TWD 8.59 TWD 57
EPV 7.29 TWD 7.87 TWD 8.36 TWD 70
Multiples
P/E Multiple 31.52 TWD 42.03 TWD 52.54 TWD 63
P/S Multiple 25.52 TWD 34.03 TWD 42.53 TWD 58
P/B Multiple 25.52 TWD 34.03 TWD 42.53 TWD 55
EV/EBIT 16.21 TWD 20.61 TWD 25.01 TWD 63
EV/EBITDA 20.79 TWD 26.72 TWD 32.65 TWD 64
EV/Revenue 12.43 TWD 16.47 TWD 20.51 TWD 52
Asset-Based
NCAV (Graham) 23.45 TWD 31.42 TWD 46.90 TWD 51
Economic Profit
Residual Income 33.09 TWD 32.16 TWD 27.20 TWD 76
ROIC Compounder 7.29 TWD 7.87 TWD 8.36 TWD 70
Growth Earnings
Growth-Adj P/E 23.34 TWD 33.35 TWD 43.35 TWD 67

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Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 46

Profitability 29
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 20/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−7.2%
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.
−0.2%
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.
+0.7%
Start year 2020 (pandemic). Over 10 years: +4.1% a year
Revenue growth 23 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.
+3.8%
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.
+4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.0%
Dividend (yield on the price)5.0%
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.−1% vs 3%, 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.11% → 4%
Start year 2020 (pandemic)

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Compare Hey-Song Corp with another stock

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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.Beverages - Non-Alcoholic · 91 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside +0% · Above median
Profitability
Return on equity (TTM) 4% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 7% · Below median
Operating margin (TTM) 2% · Bottom 25%
Growth and dividend
Revenue growth 4% · Below median
Dividend yield (TTM) 5.0% · Top 25%

Valuation Multiplesvs Beverages - Non-Alcoholic median · lower = cheaper

P/E (TTM) 19.7× · Pricier than median
P/B 0.71× · Cheapest 25%
P/S (TTM) 1.38× · Cheaper than median
EV/EBITDA 18.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)34 · sector 29
FUTURE (revenue growth)22 · sector 50
PAST (return on equity)15 · sector 50
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)100 · sector 55

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

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PepsiCo, Inc PEP $131.19 $96.95 −26%
Monster Beverage Corporation MNST $44.27 $56.09 +27%
Nongfu Spring Co 9633 HK$38.98 HK$42.88 +10%
Coca-Cola Europacific Partners PLC CCEP $102.31 $85.26 −17%
Keurig Dr Pepper Inc KDP $31.51 $40.34 +28%
Coca-Cola FEMSA, S.A. KOF $111.89 $108.97 −3%
Varun Beverages Limited VBL ₹430.20 ₹187.49 −56%
Eastroc Beverage (Group) Co 605499 ¥115.45 ¥173.16 +50%
MIXUE Group 2097 HK$189.20 HK$431.36 +128%

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Cite: Fair Value Calculator (2026). "Hey-Song Corp Fair Value". https://www.fairvalue-calculator.com/stock/1234

Frequently asked questions

Is Hey-Song Corp (1234) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 33.13 TWD versus a price of 33.05 TWD, about +0% upside (fairly valued).
What is the fair value of 1234?
Our model-based fair value for Hey-Song Corp is 33.13 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 33.05 TWD.
What is the quality score of 1234?
Hey-Song Corp has a Quality Score of 50/100. 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 Hey-Song Corp (1234)?
Our model-based price target is the fair value of 33.13 TWD (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 23.34 TWD, optimistic scenario 33.13 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Hey-Song Corp stock forecast for 2026?
Our models put fair value at 33.13 TWD, about +0% upside versus a price of 33.05 TWD (fairly valued). Cautious scenario 23.34 TWD, optimistic scenario 33.13 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Hey-Song Corp (1234)?
Hey-Song Corp reported trailing-twelve-month revenue of about 9.6B TWD (latest available figure, as of Sep 24, 2026).
Does Hey-Song Corp pay a dividend?
Hey-Song Corp currently shows a dividend yield of about 4.99% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Hey-Song Corp (1234)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hey-Song Corp it is 33.13 TWD per share (as of Sep 24, 2026), against a price of 33.05 TWD. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Hey-Song Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 1234 trades below its calculated fair value: price 33.05 TWD, fair value 33.13 TWD, a gap of about +0% (fairly valued). 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 1234?
No. The price is what the market pays today (33.05 TWD); the fair value is what the company's own numbers justify (33.13 TWD). For Hey-Song Corp the two are 0.0800 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Hey-Song Corp worth?
The market values Hey-Song Corp at about 13.3B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 33.05 TWD; our models calculate a fair value of 33.13 TWD per share.
What do the bullish and bearish scenarios say about 1234?
Our models span a range for Hey-Song Corp: cautious scenario 23.34 TWD, base 33.13 TWD, optimistic 33.13 TWD per share (as of Sep 24, 2026, price 33.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1234?
Hey-Song Corp trades at a price-to-earnings ratio of 19.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.13 TWD is built from several models across several years. Other multiples: P/B 0.7, P/S 1.4, EV/EBITDA 18.9.
How solid is the balance sheet of Hey-Song Corp (1234)?
Balance-sheet figures for Hey-Song Corp (as of Sep 24, 2026): return on equity 3.7%. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 1234 from its 52-week high?
Hey-Song Corp trades at 33.05 TWD, about 14% below its 52-week high of 38.25 TWD and at the low of 33.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 33.13 TWD is for.
Which stocks are comparable to Hey-Song Corp?
From the same area (Consumer Defensive) we also value The Coca-Cola Company, PepsiCo, Inc, Monster Beverage Corporation, Nongfu Spring Co, 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 Hey-Song Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 33.05 TWD, calculated fair value 33.13 TWD (+0%), Quality Score 50/100, from 14 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 1234 calculated?
We run Hey-Song Corp through 14 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 33.13 TWD, 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 13.2 % above its aggregate fair value. Hey-Song Corp 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 Hey-Song Corp (1234)?
The closing price on Sep 24, 2026 was 33.05 TWD. Our model-based fair value is 33.13 TWD, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hey-Song Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Hey-Song Corp (1234) come from?
Earnings per share at Hey-Song Corp grew +0.5 % a year from 2015 to 2025. Broken into its drivers: revenue per share +3.5 %, EBIT margin +17.6 %, tax rate −1.2 %, residual (interest, one-offs) −16.4 %. 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 Hey-Song Corp

How large is the market capitalisation of Hey-Song Corp (1234)?
The market capitalisation of Hey-Song Corp is 13.3B TWD (≈ $417M). 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 Hey-Song Corp (1234)?
The price-to-sales ratio of Hey-Song Corp is 1.66 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hey-Song Corp (1234)?
Earnings per share at Hey-Song Corp are 1.68 TWD (price ÷ EPS = P/E 19.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hey-Song Corp (1234)?
The dividend yield of Hey-Song Corp is 5.0% (payout 98.2%). 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 Hey-Song Corp (1234)?
The net margin of Hey-Song Corp is 8.5% (fiscal year 2025). 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 Hey-Song Corp (1234)?
The return on equity (ROE) of Hey-Song Corp is 3.7% (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 Hey-Song Corp (1234)?
On an EBIT basis the return on assets of Hey-Song Corp is 3.4% (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 Hey-Song Corp (1234)?
The operating margin of Hey-Song Corp is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hey-Song Corp (1234)?
Revenue at Hey-Song Corp is growing +4.4% versus a year earlier (3y avg −0.2%). 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 Hey-Song Corp (1234)?
Earnings per share at Hey-Song Corp are growing −52.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hey-Song Corp (1234) generate?
The free cash flow of Hey-Song Corp is −132M 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 Hey-Song Corp (1234) carry?
The net debt of Hey-Song Corp is 836M 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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