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HORNG SHIUE HOLDING Co (2243) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 3.4B TWD

HS HORNG SHIUE HOLDING Co 2243 · TW
Price40.60 TWD
Fair Value22.78 TWD
Upside-43.9%
Quality41/100
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Mixed Growth
Thin margins · 8.2% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/13)
Moderate moat 49/100
Evidence: High Range 16.97 TWD – 30.25 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 23.90 TWD to 22.78 TWD (−4.7%) since Jul 7, 2026. Share price −20.4% over the past month.

Below-average quality, and screening another 44% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (30.25 TWD). The favourable scenario is already priced in.
  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

66.00 TWD 8.84 TWD Fair Value 22.78 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 8.84 TWD – 66.00 TWD · fair‑value band 16.97 TWD – 30.25 TWD · the 40.60 TWD price screens above the 22.78 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

HORNG SHIUE HOLDING Co (2243) currently trades at 40.60 TWD, while our model-based Fair Value estimate is 22.78 TWD, implying the stock looks roughly 43.9% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, HORNG SHIUE HOLDING Co generated revenue of 2.1B TWD at a net margin of 8.2%. Revenue grew 179.4% year over year. It earns a return on equity of 21.6%. Net debt stands at 205M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 16.97 TWD (bear case) to 30.25 TWD (bull case); at 40.60 TWD, the current price sits above 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 near its 52-week high and 308% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at -44%, 2243 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
Growth DCF 13.35 TWD 15.60 TWD 19.20 TWD 80
Residual Income 10.52 TWD 11.64 TWD 17.35 TWD 76
Rev-Margin DCF 16.65 TWD 22.40 TWD 29.19 TWD 74
All 24 models by family
DCF Models
FCF DCF 13.12 TWD 15.46 TWD 19.48 TWD 38
Owner Earnings 22.70 TWD 28.32 TWD 37.98 TWD 31
5Y Revenue Exit 16.65 TWD 22.31 TWD 30.25 TWD 39
5Y EBITDA Exit 22.71 TWD 32.70 TWD 45.37 TWD 41
5Y P/E Exit 19.60 TWD 27.37 TWD 36.20 TWD 38
10Y Revenue Exit 14.83 TWD 19.50 TWD 25.01 TWD 36
10Y EBITDA Exit 18.84 TWD 26.23 TWD 34.93 TWD 37
10Y P/E Exit 16.97 TWD 22.78 TWD 28.92 TWD 35
Earnings-Based
Graham-Dodd 8.29 TWD 14.90 TWD 18.38 TWD 54
EPV 18.50 TWD 20.42 TWD 22.09 TWD 59
Dividend Discount
Gordon GGM 2.63 TWD 3.40 TWD 4.16 TWD 70
DDM Multi-Stage 2.63 TWD 3.54 TWD 4.59 TWD 61
Multiples
P/E Multiple 20.12 TWD 26.83 TWD 33.53 TWD 63
P/S Multiple 15.55 TWD 20.73 TWD 25.91 TWD 58
P/B Multiple 15.55 TWD 20.73 TWD 25.91 TWD 55
EV/EBIT 26.43 TWD 33.14 TWD 39.86 TWD 53
EV/EBITDA 32.27 TWD 40.93 TWD 49.60 TWD 54
EV/Revenue 19.87 TWD 25.69 TWD 31.50 TWD 43
Asset-Based
NCAV (Graham) 6.08 TWD 8.15 TWD 12.17 TWD 50
Growth DCF
Growth DCF 13.35 TWD 15.60 TWD 19.20 TWD 80
Rev-Margin DCF 16.65 TWD 22.40 TWD 29.19 TWD 74
Economic Profit
Residual Income 10.52 TWD 11.64 TWD 17.35 TWD 76
ROIC Compounder 18.75 TWD 21.06 TWD 23.32 TWD 72
Growth Earnings
Growth-Adj P/E 14.18 TWD 20.26 TWD 26.34 TWD 68

Widest divergence: Multiples (25.69 TWD) versus Dividend Discount (3.40 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.1B TWD
Revenue growth (YoY) +179%
Net margin 8.2%
Return on equity 21.6%
Free cash flow 48.9M TWD FY2025
P/E ratio 40.4
More key figures
Operating margin 7.8%
EPS (TTM) 1.22 TWD
EPS growth (YoY) +217%
Net debt 205M TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 38 · Market factors (momentum, volatility) 79

Profitability 30
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 33
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

HORNG SHIUE HOLDING Co., Ltd. engages in the manufacture, processing, and trading of automotive sheet metal stamping dies and gauges in China and internationally. It also provides after sales technical consulting services. The company was founded in 2000 and is headquartered in Grand Cayman, Cayman Islands.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

HORNG SHIUE HOLDING Co reported revenue of 1.7B TWD in FY2025 versus 1.5B TWD in FY2021, a compound +3.8%/yr. Reported net income was 84.6M TWD in FY2025.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.7B TWD
Latest YoY
−9.0%
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.
+0.8%
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.
+18.1%
Avg. growth/yr (11Y) ⓘ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.
+1.4%
Revenue +3.8%/yr
FY21 1.5B TWD
FY22 1.7B TWD
FY23 1.7B TWD
FY24 1.9B TWD
FY25 1.7B TWD
Net income
FY21 −79.5M TWD
FY22 −28.6M TWD
FY23 −144M TWD
FY24 16.7M TWD
FY25 84.6M TWD
Character of growth · EPS growth decomposed (2014-2025) −13.5 % p.a.
Revenue per share −8.0 pp

of which total revenue +0.0 pp · buybacks/dilution −8.0 pp

EBIT margin −7.3 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +1.8 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).

2243 screens 44% overvalued. Compare with Hyundai Mobis Co →

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HORNG SHIUE HOLDING Co · Fair Value
22.78 TWD −44%Fair Value
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Cite: Fair Value Calculator (2026). "HORNG SHIUE HOLDING Co Fair Value". https://www.fairvalue-calculator.com/stock/2243

Peer Group

Auto Parts · 642 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 41 · Bottom 25%
Fair Value upside −44% · Below median
Return on equity (TTM) 22% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 179% · Top 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 40.4× · Pricier than median
P/B 4.05× · Pricier than 75% of peers
P/S (TTM) 1.63× · Pricier than median
P/FCF 2.2× · Cheaper than median
EV/EBITDA 11.4× · 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 0 · sector 16
FUTURE 100 · sector 23
PAST 86 · sector 26
HEALTH 98 · sector 95
DIVIDEND 0 · sector 30

VALUE 0: the price sits above our fair-value range.

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 Auto Parts stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

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Magna International Inc MGAN 1,122 MXN 1,172 MXN +4%
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Bosch Limited BOSCHLTD ₹41,110 ₹14,004 -66%
Bharat Forge Limited BHARATFORG ₹2,117 ₹441.74 -79%
Uno Minda Limited UNOMINDA ₹1,158 ₹426.57 -63%
Schaeffler India Limited SCHAEFFLER ₹4,135 ₹1,412 -66%
Hankook Tire & Technology Co 161390 73,600 KRW 196,479 KRW +167%
MRF Limited MRF ₹131,025 ₹125,849 -4%
Sona BLW Precision Forgings Limited SONACOMS ₹792.00 ₹207.06 -74%

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Frequently asked questions

Is HORNG SHIUE HOLDING Co (2243) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 22.78 TWD versus a price of 40.60 TWD, about −44% (overvalued).
What is the fair value of 2243?
Our model-based fair value for HORNG SHIUE HOLDING Co is 22.78 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 40.60 TWD.
What is the quality score of 2243?
HORNG SHIUE HOLDING Co has a Quality Score of 41/100. 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 HORNG SHIUE HOLDING Co (2243)?
HORNG SHIUE HOLDING Co reported trailing-twelve-month revenue of about 2.1B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2243?
The net profit margin of HORNG SHIUE HOLDING Co is about 8.2%, meaning it keeps roughly 8.2% 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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