United Integrated Services Co Ltd (2404) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of United Integrated Services Co Ltd TWD 1,431, price TWD 1,285, upside +11.4%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
United Integrated Services Co Ltd (2404) currently trades at 1,285 TWD, while our model-based Fair Value estimate is 1,431 TWD, implying the stock looks roughly 10.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 2,409 TWD per share, and 12 of the 26 models we run sit above the 1,285 TWD price.
Bear case: the Economic Profit group reads lowest at 422.60 TWD, and 14 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 1,002 TWD (bear) to 3,101 TWD (bull), the price of 1,285 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 72/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
United Integrated Services Co Ltd 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.
Key figures
Market cap 245B TWD (≈ $7.7B) · P/E ratio 26.9 · P/S ratio 3.69 · EPS (TTM) 47.76 TWD · Dividend yield 2.2% · Net margin 13.7% · Return on equity 77.9% · Return on assets (EBIT) 14.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 72% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 11%, 2404 screens cheaper than that median.
Fair Value models
Bear 1,002 TWDFair Value 1,431 TWDBull 3,101 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 (34.94 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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+32.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+30.6%
Dividend (yield on the price)2.2%
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.27% vs 22%, picking up
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.14% → 17%
2025 sits 94% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −11.5% a year for the price.
Compare United Integrated Services Co Ltd 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.Engineering & Construction · 838 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+11% · Above median
Profitability
Return on equity (TTM)78% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)14% · Top 25%
Operating margin (TTM)20% · Top 25%
Growth and dividend
Revenue growth76% · Top 25%
Dividend yield (TTM)2.2% · Above median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "United Integrated Services Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2404
Frequently asked questions
Is United Integrated Services Co Ltd (2404) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,431 TWD versus a price of 1,285 TWD, about +11% upside (undervalued).
What is the fair value of 2404?
Our model-based fair value for United Integrated Services Co Ltd is 1,431 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,285 TWD.
What is the quality score of 2404?
United Integrated Services Co Ltd has a Quality Score of 72/100. 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 United Integrated Services Co Ltd (2404)?
Our model-based price target is the fair value of 1,431 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 1,002 TWD, optimistic scenario 3,101 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the United Integrated Services Co Ltd stock forecast for 2026?
Our models put fair value at 1,431 TWD, about +11% upside versus a price of 1,285 TWD (undervalued). Cautious scenario 1,002 TWD, optimistic scenario 3,101 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of United Integrated Services Co Ltd (2404)?
United Integrated Services Co Ltd reported trailing-twelve-month revenue of about 74.9B TWD (latest available figure, as of Sep 24, 2026).
Does United Integrated Services Co Ltd pay a dividend?
United Integrated Services Co Ltd currently shows a dividend yield of about 2.18% relative to its recent price (as of Sep 24, 2026).
What growth is priced into United Integrated Services Co Ltd (2404)?
For today's price to be fair in a discounted-cash-flow model, United Integrated Services Co Ltd would have to grow free cash flow by -10.1 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2404 use?
Our models discount United Integrated Services Co Ltd at 10.0 %: a base by market capitalisation (mid), damped by beta 0.88, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For United Integrated Services Co Ltd that is -10.1 % per year a year over ten years, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has United Integrated Services Co Ltd (2404) delivered so far?
Over the past 5 years revenue at United Integrated Services Co Ltd grew +13.0 % a year. The price currently implies -10.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of United Integrated Services Co Ltd (2404) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into United Integrated Services Co Ltd (-10.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of United Integrated Services Co Ltd (2404)?
The free-cash-flow yield on the price is 11.91 %: that much free cash flow United Integrated Services Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of United Integrated Services Co Ltd (2404)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Integrated Services Co Ltd it is 1,431 TWD per share (as of Sep 24, 2026), against a price of 1,285 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is United Integrated Services Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2404 trades below its calculated fair value: price 1,285 TWD, fair value 1,431 TWD, a gap of about +11% (undervalued). 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 2404?
No. The price is what the market pays today (1,285 TWD); the fair value is what the company's own numbers justify (1,431 TWD). For United Integrated Services Co Ltd the two are 146.13 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is United Integrated Services Co Ltd worth?
The market values United Integrated Services Co Ltd at about 245B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 1,285 TWD; our models calculate a fair value of 1,431 TWD per share.
What do the bullish and bearish scenarios say about 2404?
Our models span a range for United Integrated Services Co Ltd: cautious scenario 1,002 TWD, base 1,431 TWD, optimistic 3,101 TWD per share (as of Sep 24, 2026, price 1,285 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2404?
United Integrated Services Co Ltd trades at a price-to-earnings ratio of 26.9 (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 1,431 TWD is built from several models across several years. Other multiples: PEG 1.2, P/B 13.2, P/S 3.3, EV/EBITDA 16.8.
What is the PEG ratio of 2404?
The PEG ratio of United Integrated Services Co Ltd is 1.21 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of United Integrated Services Co Ltd (2404)?
Balance-sheet figures for United Integrated Services Co Ltd (as of Sep 24, 2026): return on equity 77.9%, debt of 0.00 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 2404 from its 52-week high?
United Integrated Services Co Ltd trades at 1,285 TWD, about 7% below its 52-week high of 1,385 TWD and 72% above the low of 746.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 1,431 TWD is for.
Which stocks are comparable to United Integrated Services Co Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 United Integrated Services Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 1,285 TWD, calculated fair value 1,431 TWD (+11%), Quality Score 72/100, from 26 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 2404 calculated?
We run United Integrated Services Co Ltd through 26 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 1,431 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. United Integrated Services Co Ltd currently trades 11 % below its own fair value, and the market average says nothing about that. 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 United Integrated Services Co Ltd (2404)?
The closing price on Sep 24, 2026 was 1,285 TWD. Our model-based fair value is 1,431 TWD, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Integrated Services Co Ltd right now?
The model range is unusually wide (1,002 TWD to 3,101 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of United Integrated Services Co Ltd (2404) come from?
Earnings per share at United Integrated Services Co Ltd grew +21.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +20.5 %, EBIT margin +3.1 %, tax rate +0.0 %, residual (interest, one-offs) −2.3 %. 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 United Integrated Services Co Ltd
How large is the market capitalisation of United Integrated Services Co Ltd (2404)?
The market capitalisation of United Integrated Services Co Ltd is 245B TWD (≈ $7.7B). 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 United Integrated Services Co Ltd (2404)?
The price-to-sales ratio of United Integrated Services Co Ltd is 3.69 (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 United Integrated Services Co Ltd (2404)?
Earnings per share at United Integrated Services Co Ltd are 47.76 TWD (price ÷ EPS = P/E 26.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Integrated Services Co Ltd (2404)?
The dividend yield of United Integrated Services Co Ltd is 2.2% (payout 58.5%). 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 United Integrated Services Co Ltd (2404)?
The net margin of United Integrated Services Co Ltd is 13.7% (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 United Integrated Services Co Ltd (2404)?
The return on equity (ROE) of United Integrated Services Co Ltd is 77.9% (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 United Integrated Services Co Ltd (2404)?
On an EBIT basis the return on assets of United Integrated Services Co Ltd is 14.6% (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 United Integrated Services Co Ltd (2404)?
The operating margin of United Integrated Services Co Ltd is 19.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Integrated Services Co Ltd (2404)?
Revenue at United Integrated Services Co Ltd is growing +76.2% versus a year earlier (3y avg +11.1%). 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 United Integrated Services Co Ltd (2404)?
Earnings per share at United Integrated Services Co Ltd are growing +54.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does United Integrated Services Co Ltd (2404) hold?
United Integrated Services Co Ltd holds more cash than debt, 29.7B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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