Hi-Yes International Co (2348) Fair Value & Analysis
Real Estate · TW · Market cap 12.0B TWD
Fair value as of: Jul 23, 2026
From 7 valuation models · updated 18 days ago
Share price −6.3% over the past month.
Below-average quality, screening 47% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (19/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (78.53 TWD). The market is more pessimistic than our downside scenario.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.
How to read this chart
60‑month range 36.44 TWD – 285.33 TWD · fair‑value band 78.53 TWD – 130.89 TWD · the 71.10 TWD price screens below the 104.70 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Hi-Yes International Co (2348) currently trades at 71.10 TWD, while our model-based Fair Value estimate is 104.70 TWD, implying the stock looks roughly 47.3% undervalued today. The Quality Score stands at 19/100 (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, Hi-Yes International Co generated revenue of 6.9B TWD at a net margin of 10.9%. Revenue declined 23.9% year over year. It earns a return on equity of 7.6%. Net debt stands at 26.1B TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 78.53 TWD (bear case) to 130.89 TWD (bull case); at 71.10 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 34% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 47%, 2348 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.
All 7 models by family
Widest divergence: Multiples (112.68 TWD) versus Asset-Based (36.83 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 20 · Market factors (momentum, volatility) 39
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
Hi-Yes International Co., Ltd. engages in the real estate agency and brokerage businesses in Taiwan. The company offers pre-sale houses, new existing houses, surplus houses, general offices, and land and parking spaces. It also provides product planning and advice, product integrated marketing, and transaction intermediary transfer services.
Full company description
Hi-Yes International Co., Ltd. engages in the real estate agency and brokerage businesses in Taiwan. The company offers pre-sale houses, new existing houses, surplus houses, general offices, and land and parking spaces. It also provides product planning and advice, product integrated marketing, and transaction intermediary transfer services. In addition, the company engages in engineering construction, architectural design and interior decoration, building materials, water and electricity configuration, financial integration, appraisal and writing services, and interior decoration businesses. The company was formerly known as Veutron Corp and changed its name to Hi-Yes International Co., Ltd. in April 2013. Hi-Yes International Co., Ltd. is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Hi-Yes International Co reported revenue of 7.4B TWD in FY2025 versus 6.4B TWD in FY2021, a compound +3.7%/yr. Reported net income was 1.1B TWD in FY2025, compounding −10.0%/yr from FY2021.
of which total revenue +25.7 pp · buybacks/dilution −5.7 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).
Watch 2348: get an alert when its fair value changes →
Peer Group
Real Estate Services · 520 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.
Valuation Multiples vs Real Estate Services median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 223,000 VND | 25,731 VND | -88% |
| KE Holdings 2423 | HK$44.76 | HK$18.03 | -60% |
| Swire Properties Limited 1972 | HK$23.90 | HK$18.75 | -22% |
| Plaza S.A MALLPLAZA | 3,725 CLP | 5,571 CLP | +50% |
| SAGAA SAGAA | kr 170.00 | kr 75.55 | -56% |
| Cencosud Shopping S.A CENCOMALLS | 2,324 CLP | 2,976 CLP | +28% |
| PT Sarana Menara Nusantara Tbk. owns and TOWR | 372.00 IDR | 1,208 IDR | +225% |
| PT Metropolitan Kentjana Tbk MKPI | 20,975 IDR | 19,160 IDR | -9% |
| PT Bangun Kosambi Sukses Tbk, CBDK | 3,530 IDR | 3,464 IDR | -2% |
| IRSA Inversiones y Representaciones Sociedad Anónima, IRSA | 2,495 ARS | 3,998 ARS | +60% |
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Frequently asked questions
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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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