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I-Hwa Industrial Co (1456) Fair Value & Analysis

Real Estate · TW · Market cap 1.3B TWD

IH I-Hwa Industrial Co 1456 · TW
Price13.55 TWD
Fair Value39.66 TWD
Upside+192.7%
Quality45/100
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Mixed Growth
Highly profitable · 36.6% net margin
Moderate debt · negative free cash flow
Ranks above peers (8/12)
Wide moat 65/100
Evidence: Medium Range 29.74 TWD – 49.57 TWD Share as image

Fair value as of: Aug 13, 2026

From 12 valuation models · updated today

Fair value updated Aug 13, 2026, revised from 56.62 TWD to 39.66 TWD (−30.0%) since Jul 23, 2026. Share price −1.5% over the past month.

Below-average quality, screening 193% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (29.74 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

28.01 TWD 11.00 TWD Fair Value 39.66 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 11.00 TWD – 28.01 TWD · fair‑value band 29.74 TWD – 49.57 TWD · the 13.55 TWD price screens below the 39.66 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

I-Hwa Industrial Co (1456) currently trades at 13.55 TWD, while our model-based Fair Value estimate is 39.66 TWD, implying the stock looks roughly 192.7% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, I-Hwa Industrial Co generated revenue of 884M TWD at a net margin of 36.6%. Revenue grew 33.6% year over year. It earns a return on equity of 18.7%. Net debt stands at 10.4B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 29.74 TWD (bear case) to 49.57 TWD (bull case); at 13.55 TWD, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 193%, 1456 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Residual Income 20.16 TWD 25.73 TWD 61.02 TWD 76
ROIC Compounder 20.88 TWD 28.40 TWD 36.03 TWD 72
Growth-Adj P/E 39.64 TWD 56.62 TWD 73.61 TWD 68
All 12 models by family
DCF Models
Owner Earnings 8.17 TWD 22.67 TWD 31
Earnings-Based
Graham-Dodd 23.17 TWD 29.59 TWD 33.71 TWD 54
EPV 20.88 TWD 27.67 TWD 33.34 TWD 59
Multiples
P/E Multiple 56.23 TWD 74.97 TWD 93.71 TWD 63
P/S Multiple 7.96 TWD 10.61 TWD 13.27 TWD 58
P/B Multiple 43.45 TWD 57.93 TWD 72.41 TWD 55
EV/EBIT 64.48 TWD 95.62 TWD 126.76 TWD 53
EV/EBITDA 34.53 TWD 55.69 TWD 76.85 TWD 54
Asset-Based
NCAV (Graham) 10.33 TWD 13.85 TWD 20.66 TWD 50
Economic Profit
Residual Income 20.16 TWD 25.73 TWD 61.02 TWD 76
ROIC Compounder 20.88 TWD 28.40 TWD 36.03 TWD 72
Growth Earnings
Growth-Adj P/E 39.64 TWD 56.62 TWD 73.61 TWD 68

Widest divergence: Multiples (57.93 TWD) versus DCF Models (8.17 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 884M TWD
Revenue growth (YoY) +33.6%
Net margin 36.6%
Return on equity 18.7%
Free cash flow −463M TWD FY2025
P/E ratio 4.0
More key figures
Operating margin 25.0%
EPS (TTM) 3.40 TWD
EPS growth (YoY) +97.9%
Net debt 10.4B TWD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 37 · Market factors (momentum, volatility) 53

Profitability 40
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

I-Hwa Industrial Co.,Ltd engages in real estate business in Taiwan. It is involved in the land development and construction of houses; and residential and building development and leasing. The company also manufactures and trades finished fabrics, woolen yarn, cotton yarn, and dyes.

Full company description

I-Hwa Industrial Co.,Ltd engages in real estate business in Taiwan. It is involved in the land development and construction of houses; and residential and building development and leasing. The company also manufactures and trades finished fabrics, woolen yarn, cotton yarn, and dyes. In addition, it provides general advertising services and e-commerce services; and engages in the general investment activities. I-Hwa Industrial Co.,Ltd was founded in 1957 and is based in Taipei, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

I-Hwa Industrial Co reported revenue of 829M TWD in FY2025 versus 2.4B TWD in FY2021, a compound −23.0%/yr. Reported net income was 319M TWD in FY2025, compounding −8.4%/yr from FY2021.

Growth Quality 60/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
829M TWD
Avg. growth/yr (3Y) 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.
+33.0%
Avg. growth/yr (5Y) 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.
+28.9%
Avg. growth/yr (21Y) 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.
−3.4%
Revenue −23.0%/yr
FY21 2.4B TWD
FY22 617M TWD
FY23 1.7B TWD
FY24 1.0B TWD
FY25 829M TWD
Net income −8.4%/yr
FY21 454M TWD
FY22 −75.5M TWD
FY23 5.1M TWD
FY24 104M TWD
FY25 319M TWD
Character of growth · EPS growth decomposed (2015-2025) +6.8 % p.a.
Revenue per share +5.2 pp

of which total revenue +5.2 pp · buybacks/dilution +0.0 pp

EBIT margin +23.6 pp
Tax rate −1.4 pp
Residual (interest, one-offs) −20.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "I-Hwa Industrial Co Fair Value". https://www.fairvalue-calculator.com/stock/1456

Peer Group

Real Estate Services · 529 stocks

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.

Quality Score 46 · Below median
Fair Value upside +193% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 1% · Below median
Net margin (TTM) 37% · Top 25%
Operating margin (TTM) 25% · Above median
Revenue growth 34% · Top 25%
Debt / equity 1.43× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 4.0× · Cheaper than 75% of peers
P/B 0.68× · Cheaper than median
P/S (TTM) 1.48× · Cheaper than median
EV/EBITDA 17.2× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 35
FUTURE 100 · sector 10
PAST 75 · sector 16
HEALTH 29 · sector 85
DIVIDEND 0 · sector 50

Values & ESG

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

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Plaza S.A MALLPLAZA 3,989 CLP 4,571 CLP +15%
PT Solusi Tunas Pratama Tbk SUPR 43,850 IDR 15,049 IDR -66%
Cencosud Shopping S.A CENCOMALLS 2,412 CLP 2,976 CLP +23%
PT Sarana Menara Nusantara Tbk. owns and TOWR 392.00 IDR 1,012 IDR +158%
PT Metropolitan Kentjana Tbk MKPI 22,000 IDR 19,160 IDR -13%
PT Bangun Kosambi Sukses Tbk, CBDK 3,610 IDR 3,464 IDR -4%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 2,990 ARS +20%
PT Plaza Indonesia Realty Tbk PLIN 2,510 IDR 2,698 IDR +7%
PT MNC Tourism Indonesia Tbk, KPIG 74.00 IDR 122.12 IDR +65%
PT Indonesian Paradise Property Tbk INPP 770.00 IDR 291.52 IDR -62%

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Frequently asked questions

Is I-Hwa Industrial Co (1456) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 39.66 TWD versus a price of 13.55 TWD, about +193% (undervalued).
What is the fair value of 1456?
Our model-based fair value for I-Hwa Industrial Co is 39.66 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price is 13.55 TWD.
What is the quality score of 1456?
I-Hwa Industrial Co has a Quality Score of 45/100. 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 revenue of I-Hwa Industrial Co (1456)?
I-Hwa Industrial Co reported trailing-twelve-month revenue of about 884M TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1456?
The net profit margin of I-Hwa Industrial Co is about 36.6%, meaning it keeps roughly 36.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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