Hong Pu Real Estate Development Co Ltd (2536) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hong Pu Real Estate Development Co Ltd TWD 31.11, price TWD 19.20, upside +62.0%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 17.90 TWD – 39.85 TWD · fair‑value band 18.68 TWD – 35.99 TWD · the 19.20 TWD price screens below the 31.11 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Hong Pu Real Estate Development Co., Ltd. engages in the construction, leasing, and selling of residential and commercial buildings in Taiwan. The company was founded in 1988 and is based in Taipei, Taiwan.
Stock analysis
Hong Pu Real Estate Development Co Ltd (2536) currently trades at 19.20 TWD, while our model-based Fair Value estimate is 31.11 TWD, implying the stock looks roughly 38.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 259.57 TWD per share, and 14 of the 14 models we run sit above the 19.20 TWD price.
Bear case: the Asset-Based group reads lowest at 26.01 TWD, and 0 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 18.68 TWD (bear) to 35.99 TWD (bull), the price of 19.20 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 64/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hong Pu Real Estate Development Co Ltd reported revenue of 10.5B TWD in FY2025 versus 323M TWD in FY2021, a compound +138.6%/yr. Reported net income was 1.1B TWD in FY2025.
Key figures
Market cap 6.4B TWD (≈ $202M) · P/E ratio 4.6 · P/S ratio 0.47 · EPS (TTM) 4.13 TWD · Net margin 10.1% · Return on equity 10.4% · Return on assets (EBIT) 1.5% · Operating margin 19.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 62%, 2536 screens cheaper than that median.
Fair Value models
Bear 18.68 TWDFair Value 31.11 TWDBull 35.99 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 (3.02 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.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+327.0%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+148.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+21.3%
Start year 2020 (pandemic). Over 10 years: +7.6% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
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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.
−0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.7%
Dividend (yield on the price)0.0%
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.12% vs 0%, 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.22% → 15%
2025 sits 388% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 3.0%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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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.Real Estate - Development · 578 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+62% · Above median
Profitability
Return on equity (TTM)10% · Top 25%
Return on assets3% · Above median
Net margin (TTM)12% · Above median
Operating margin (TTM)19% · Above median
Growth and dividend
Revenue growth46% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.29× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hong Pu Real Estate Development Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2536
Frequently asked questions
Is Hong Pu Real Estate Development Co Ltd (2536) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 31.11 TWD versus a price of 19.20 TWD, about +62% upside (undervalued).
What is the fair value of 2536?
Our model-based fair value for Hong Pu Real Estate Development Co Ltd is 31.11 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 19.20 TWD.
What is the quality score of 2536?
Hong Pu Real Estate Development Co Ltd has a Quality Score of 64/100. 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 Hong Pu Real Estate Development Co Ltd (2536)?
Our model-based price target is the fair value of 31.11 TWD (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 18.68 TWD, optimistic scenario 35.99 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Hong Pu Real Estate Development Co Ltd stock forecast for 2026?
Our models put fair value at 31.11 TWD, about +62% upside versus a price of 19.20 TWD (undervalued). Cautious scenario 18.68 TWD, optimistic scenario 35.99 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Hong Pu Real Estate Development Co Ltd (2536)?
Hong Pu Real Estate Development Co Ltd reported trailing-twelve-month revenue of about 11.8B TWD (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Hong Pu Real Estate Development Co Ltd (2536)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hong Pu Real Estate Development Co Ltd it is 31.11 TWD per share (as of Sep 24, 2026), against a price of 19.20 TWD. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Hong Pu Real Estate Development Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2536 trades below its calculated fair value: price 19.20 TWD, fair value 31.11 TWD, a gap of about +62% (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 2536?
No. The price is what the market pays today (19.20 TWD); the fair value is what the company's own numbers justify (31.11 TWD). For Hong Pu Real Estate Development Co Ltd the two are 11.91 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Hong Pu Real Estate Development Co Ltd worth?
The market values Hong Pu Real Estate Development Co Ltd at about 6.4B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 19.20 TWD; our models calculate a fair value of 31.11 TWD per share.
What do the bullish and bearish scenarios say about 2536?
Our models span a range for Hong Pu Real Estate Development Co Ltd: cautious scenario 18.68 TWD, base 31.11 TWD, optimistic 35.99 TWD per share (as of Sep 24, 2026, price 19.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2536?
Hong Pu Real Estate Development Co Ltd trades at a price-to-earnings ratio of 4.6 (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 31.11 TWD is built from several models across several years. Other multiples: PEG 2.3, P/B 0.5, P/S 0.5, EV/EBITDA 3.9.
What is the PEG ratio of 2536?
The PEG ratio of Hong Pu Real Estate Development Co Ltd is 2.28 (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 Hong Pu Real Estate Development Co Ltd (2536)?
Balance-sheet figures for Hong Pu Real Estate Development Co Ltd (as of Sep 24, 2026): return on equity 10.4%, debt of 0.29 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 2536 from its 52-week high?
Hong Pu Real Estate Development Co Ltd trades at 19.20 TWD, about 31% below its 52-week high of 27.70 TWD and 7% above the low of 17.90 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 31.11 TWD is for.
Which stocks are comparable to Hong Pu Real Estate Development Co Ltd?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Hong Pu Real Estate Development Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 19.20 TWD, calculated fair value 31.11 TWD (+62%), Quality Score 64/100, from 14 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 2536 calculated?
We run Hong Pu Real Estate Development Co Ltd through 14 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 31.11 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 14.0 % above its aggregate fair value. Hong Pu Real Estate Development Co Ltd currently trades 62 % 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 Hong Pu Real Estate Development Co Ltd (2536)?
The closing price on Sep 24, 2026 was 19.20 TWD. Our model-based fair value is 31.11 TWD, about +62% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hong Pu Real Estate Development Co Ltd right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (18.68 TWD to 35.99 TWD) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Hong Pu Real Estate Development Co Ltd (2536) come from?
Earnings per share at Hong Pu Real Estate Development Co Ltd grew −9.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.4 %, EBIT margin −6.0 %, tax rate −1.0 %, residual (interest, one-offs) −4.1 %. 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 Hong Pu Real Estate Development Co Ltd
How large is the market capitalisation of Hong Pu Real Estate Development Co Ltd (2536)?
The market capitalisation of Hong Pu Real Estate Development Co Ltd is 6.4B TWD (≈ $202M). 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 Hong Pu Real Estate Development Co Ltd (2536)?
The price-to-sales ratio of Hong Pu Real Estate Development Co Ltd is 0.47 (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 Hong Pu Real Estate Development Co Ltd (2536)?
Earnings per share at Hong Pu Real Estate Development Co Ltd are 4.13 TWD (price ÷ EPS = P/E 4.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hong Pu Real Estate Development Co Ltd (2536)?
The net margin of Hong Pu Real Estate Development Co Ltd is 10.1% (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 Hong Pu Real Estate Development Co Ltd (2536)?
The return on equity (ROE) of Hong Pu Real Estate Development Co Ltd is 10.4% (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 Hong Pu Real Estate Development Co Ltd (2536)?
On an EBIT basis the return on assets of Hong Pu Real Estate Development Co Ltd is 1.5% (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 Hong Pu Real Estate Development Co Ltd (2536)?
The operating margin of Hong Pu Real Estate Development Co Ltd is 19.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hong Pu Real Estate Development Co Ltd (2536)?
Revenue at Hong Pu Real Estate Development Co Ltd is growing +45.9% versus a year earlier (3y avg +148%). 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 Hong Pu Real Estate Development Co Ltd (2536)?
Earnings per share at Hong Pu Real Estate Development Co Ltd are growing +68.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hong Pu Real Estate Development Co Ltd (2536) generate?
The free cash flow of Hong Pu Real Estate Development Co Ltd is 6.3B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hong Pu Real Estate Development Co Ltd (2536) carry?
The net debt of Hong Pu Real Estate Development Co Ltd is 16.4B TWD (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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