United Integrated Services Co (2404) Fair Value & Analysis
Industrials · TW · Market cap 243B TWD
Fair value as of: Jul 16, 2026
From 26 valuation models · updated 25 days ago
Share price −2.3% over the past month.
A solid business, but screening 20% overvalued on our models.
What matters now
- A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- A fairly wide model range (733.49 TWD to 1,860 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range 122.51 TWD – 1,385 TWD · fair‑value band 733.49 TWD – 1,860 TWD · the 1,150 TWD price screens above the 925.62 TWD fair value. Dashed = 300-day average. As of Jul 16, 2026.
Analysis
United Integrated Services Co (2404) currently trades at 1,150 TWD, while our model-based Fair Value estimate is 925.62 TWD, implying the stock looks roughly 19.5% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Industrials 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, United Integrated Services Co generated revenue of 74.9B TWD at a net margin of 13.6%. Revenue grew 76.2% year over year. It earns a return on equity of 77.9%. The balance sheet holds a net cash position of 29.7B TWD. Fundamentals as of Jul 16, 2026
Our scenario range runs from 733.49 TWD (bear case) to 1,860 TWD (bull case); at 1,150 TWD, the current price sits within 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 14% below its 52-week high and 109% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -20%, 2404 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 26 models by family
Widest divergence: DCF Models (2,498 TWD) versus Asset-Based (66.06 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 65
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
United Integrated Services Co., Ltd. provides engineering construction services in Taiwan, Mainland China, Singapore, the United states, and Japan. It operates through Engineering and Integration Department; Maintenance and Design Department; and Other segments.
Full company description
United Integrated Services Co., Ltd. provides engineering construction services in Taiwan, Mainland China, Singapore, the United states, and Japan. It operates through Engineering and Integration Department; Maintenance and Design Department; and Other segments. The company engages in the undertaking of various water supply engineering, instrumentation engineering, and refrigeration and air conditioning engineering; installation of clean rooms and related transactions; manufacturing of supplies; designing and installation of traffic control systems; and factory computer monitoring systems. It also offers traffic surveillance and control system engineering building services; and technical advisory services for planning and designing projects. In addition, the company provides engineering environment monitoring systems; and electrical and mechanical engineering contracts for transmission and distribution of electric power. Further, the company designs, installs, maintains, and trades in various equipment for computerized automatic engineering monitoring systems; and imports restrained telecom radio frequency equipment. Additionally, the company is involved in the contracting of computer and communication system integration projects, as well as manufacturing and trading of related software and hardware. United Integrated Services Co., Ltd. was incorporated in 1982 and is headquartered in New Taipei City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
United Integrated Services Co reported revenue of 66.1B TWD in FY2025 versus 25.6B TWD in FY2021, a compound +26.8%/yr. Reported net income was 9.1B TWD in FY2025, compounding +34.5%/yr from FY2021.
of which total revenue +20.2 pp · buybacks/dilution +0.2 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).
2404 screens 20% overvalued. Compare with Larsen & Toubro Limited →
Peer Group
Engineering & Construction · 839 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 Engineering & Construction 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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Larsen & Toubro Limited LT | ₹3,815 | ₹1,994 | -48% |
| Samsung C&T Corporation 028260 | 346,000 KRW | 268,779 KRW | -22% |
| Hyundai Engineering & Construction Co 000720 | 99,000 KRW | 63,993 KRW | -35% |
| Samsung E&A Co 028050 | 42,550 KRW | 44,840 KRW | +5% |
| Rail Vikas Nigam Limited RVNL | ₹232.67 | ₹61.46 | -74% |
| Daewoo Engineering & Construction Co 047040 | 16,240 KRW | 6,507 KRW | -60% |
| NBCC (India) Limited NBCC | ₹96.32 | ₹48.22 | -50% |
| Cemindia Projects Limited CEMPRO | ₹1,330 | ₹730.69 | -45% |
| KEPCO Engineering & Construction Company 052690 | 92,700 KRW | 20,172 KRW | -78% |
| GS Engineering & Construction Corporation 006360 | 34,400 KRW | 23,135 KRW | -33% |
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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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