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Huang Hsiang Construction Corporation (2545) Fair Value & Analysis

Real Estate · TW · Market cap 13.0B TWD

HH Huang Hsiang Construction Corporation 2545 · TW
Price33.15 TWD
Fair Value30.51 TWD
Upside-8.0%
Quality22/100
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Weak Growth
Thin margins · 8.5% net margin
Moderate debt · negative free cash flow
8.03% dividend yield
Trails peers (2/13)
Narrow moat 34/100
Evidence: High Range 22.88 TWD – 38.14 TWD Share as image

Fair value as of: Jul 21, 2026

From 9 valuation models · updated 20 days ago

Share price −4.7% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

66.74 TWD 21.10 TWD Fair Value 30.51 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 21.10 TWD – 66.74 TWD · fair‑value band 22.88 TWD – 38.14 TWD · the 33.15 TWD price screens above the 30.51 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Huang Hsiang Construction Corporation (2545) currently trades at 33.15 TWD, while our model-based Fair Value estimate is 30.51 TWD, implying the stock looks roughly 8.0% fairly valued today. The Quality Score stands at 22/100 (below-average quality), in the Real Estate 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, Huang Hsiang Construction Corporation generated revenue of 6.6B TWD at a net margin of 8.5%. Revenue grew 35.5% year over year. It earns a return on equity of 3.9%. Net debt stands at 40.0B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 22.88 TWD (bear case) to 38.14 TWD (bull case); at 33.15 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 31% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -30% fair-value upside, at -8%, 2545 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
Residual Income 30.11 TWD 30.58 TWD 28.98 TWD 76
Gordon GGM 35.66 TWD 74.14 TWD 117.62 TWD 70
DDM Multi-Stage 35.66 TWD 62.52 TWD 77.82 TWD 61
All 9 models by family
Dividend Discount
Gordon GGM 35.66 TWD 74.14 TWD 117.62 TWD 70
DDM Multi-Stage 35.66 TWD 62.52 TWD 77.82 TWD 61
Multiples
P/S Multiple 22.88 TWD 30.51 TWD 38.14 TWD 58
P/B Multiple 22.88 TWD 30.51 TWD 38.14 TWD 55
EV/EBIT 20.64 TWD 41.96 TWD 63.28 TWD 53
EV/EBITDA 17.08 TWD 37.22 TWD 57.35 TWD 54
EV/Revenue 7.07 TWD 22.19 TWD 43
Asset-Based
NCAV (Graham) 19.67 TWD 26.36 TWD 39.34 TWD 50
Economic Profit
Residual Income 30.11 TWD 30.58 TWD 28.98 TWD 76

Widest divergence: Dividend Discount (62.52 TWD) versus Asset-Based (26.36 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 6.6B TWD
Revenue growth (YoY) +35.5%
Net margin 8.5%
Return on equity 3.9%
Free cash flow −5.2B TWD FY2025
P/E ratio 20.1
More key figures
Operating margin 5.7%
EPS (TTM) 1.92 TWD
Dividend yield 7.4%
EPS growth (YoY) +21.6%
Net debt 40.0B TWD FY2025

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

Quality Score breakdown

Overall quality 22/100

Of which business quality 20 · Market factors (momentum, volatility) 46

Profitability 22
Margins and returns on capital today
Quality Growth 6
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 28
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

Huang Hsiang Construction Corporation, together with its subsidiaries, engages in the development of residential and commercial properties. The company operates through three segments: Construction sector, Construction Division, and Hotel sector.

Full company description

Huang Hsiang Construction Corporation, together with its subsidiaries, engages in the development of residential and commercial properties. The company operates through three segments: Construction sector, Construction Division, and Hotel sector. It is also involved in leasing and selling residential and commercial buildings; and construction and civil engineering business. In addition, the company provides hotels, accommodation and catering services. The company was formerly known as Huang Ming Construction Corporation, LCC and changed its name to Huang Hsiang Construction Corporation in April 1996. Huang Hsiang Construction Corporation was founded in 1991 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Huang Hsiang Construction Corporation reported revenue of 6.1B TWD in FY2025 versus 7.9B TWD in FY2021, a compound −6.2%/yr. Reported net income was 681M TWD in FY2025, compounding −27.4%/yr from FY2021.

Growth Quality 8/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
6.1B TWD
Latest YoY
−51.0%
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.
−4.9%
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.
−1.2%
Avg. growth/yr (23Y) 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.
+6.4%
Revenue −6.2%/yr
FY21 7.9B TWD
FY22 7.1B TWD
FY23 4.7B TWD
FY24 12.4B TWD
FY25 6.1B TWD
Net income −27.4%/yr
FY21 2.4B TWD
FY22 1.9B TWD
FY23 762M TWD
FY24 3.0B TWD
FY25 681M TWD
Character of growth · EPS growth decomposed (2014-2025) +1.1 % p.a.
Revenue per share +1.5 pp

of which total revenue +1.8 pp · buybacks/dilution −0.3 pp

EBIT margin +1.3 pp
Tax rate −0.1 pp
Residual (interest, one-offs) −1.6 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).

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Cite: Fair Value Calculator (2026). "Huang Hsiang Construction Corporation Fair Value". https://www.fairvalue-calculator.com/stock/2545

Peer Group

Real Estate - Diversified · 137 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 23 · Bottom 25%
Fair Value upside −8% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 1% · Below median
Net margin (TTM) 9% · Below median
Operating margin (TTM) 6% · Below median
Revenue growth 36% · Top 25%
Dividend yield (TTM) 8.0% · Top 25%
Debt / equity 1.23× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Diversified median · lower = cheaper

P/E (TTM) 17.9× · Pricier than median
P/B 0.87× · Pricier than median
P/S (TTM) 1.98× · Pricier than median
EV/EBITDA 22.0× · Pricier than 75% of peers

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 23 · sector 46
FUTURE 100 · sector 32
PAST 16 · sector 17
HEALTH 39 · sector 75
DIVIDEND 100 · sector 45

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.

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10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

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Frequently asked questions

Is Huang Hsiang Construction Corporation (2545) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 30.51 TWD versus a price of 33.15 TWD, about −8% (fairly valued).
What is the fair value of 2545?
Our model-based fair value for Huang Hsiang Construction Corporation is 30.51 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 33.15 TWD.
What is the quality score of 2545?
Huang Hsiang Construction Corporation has a Quality Score of 22/100. 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 Huang Hsiang Construction Corporation (2545)?
Huang Hsiang Construction Corporation reported trailing-twelve-month revenue of about 6.6B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2545?
The net profit margin of Huang Hsiang Construction Corporation is about 8.5%, meaning it keeps roughly 8.5% of revenue as net income. Based on the latest reported figures.
Does Huang Hsiang Construction Corporation pay a dividend?
Huang Hsiang Construction Corporation currently shows a dividend yield of about 7.36% relative to its recent price (as of Jul 21, 2026).

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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