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Huaku Development Co (2548) Fair Value & Analysis

Real Estate · TW · Market cap 33.3B TWD

HD Huaku Development Co 2548 · TW
Price94.40 TWD
Fair Value164.25 TWD
Upside+74.0%
Quality69/100
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Healthy Growth
Solidly profitable · 18.3% net margin
Low debt · generates free cash flow
7.84% dividend yield
Ranks above peers (12/15)
Wide moat 66/100
Evidence: High Range 121.78 TWD – 288.81 TWD Share as image

Fair value as of: Jul 23, 2026

From 14 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 172.46 TWD to 164.25 TWD (−4.8%) since Jun 26, 2026. Share price −1.4% over the past month.

A solid business, screening 74% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (121.78 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (121.78 TWD to 288.81 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.
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Price vs Fair Value (5 years)

27,742 TWD 48.88 TWD Fair Value 164.25 TWD Mar 2021 Aug 2026

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 48.88 TWD – 27,742 TWD · fair‑value band 121.78 TWD – 288.81 TWD · the 94.40 TWD price screens below the 164.25 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Huaku Development Co (2548) currently trades at 94.40 TWD, while our model-based Fair Value estimate is 164.25 TWD, implying the stock looks roughly 74.0% undervalued today. The Quality Score stands at 69/100 (solid 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: high), always confirm before acting.

Over the trailing twelve months, Huaku Development Co generated revenue of 22.4B TWD at a net margin of 18.3%. It earns a return on equity of 20.7%. Net debt stands at 10.8B TWD. The stock trades on a trailing P/E of 12.1. Fundamentals as of Jul 23, 2026

Our scenario range runs from 121.78 TWD (bear case) to 288.81 TWD (bull case); at 94.40 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 24% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 74%, 2548 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 BearBaseBull Evidence
Highest evidence
Growth DCF 400.35 TWD 745.09 TWD 1,361 TWD 80
Residual Income 65.91 TWD 85.20 TWD 222.79 TWD 76
Rev-Margin DCF 203.56 TWD 321.09 TWD 467.22 TWD 74
All 14 models by family
DCF Models
FCF DCF 409.12 TWD 776.94 TWD 1,541 TWD 38
5Y Revenue Exit 203.56 TWD 320.70 TWD 475.29 TWD 39
5Y EBITDA Exit 228.59 TWD 375.14 TWD 558.64 TWD 41
10Y Revenue Exit 263.09 TWD 402.86 TWD 613.60 TWD 36
10Y EBITDA Exit 284.01 TWD 444.01 TWD 687.15 TWD 37
Multiples
P/S Multiple 123.19 TWD 164.25 TWD 205.31 TWD 58
P/B Multiple 100.22 TWD 133.63 TWD 167.03 TWD 55
EV/EBIT 199.84 TWD 265.09 TWD 330.34 TWD 53
EV/EBITDA 157.97 TWD 209.27 TWD 260.56 TWD 54
EV/Revenue 112.04 TWD 158.31 TWD 204.58 TWD 43
Asset-Based
NCAV (Graham) 33.41 TWD 44.76 TWD 66.81 TWD 50
Growth DCF
Growth DCF 400.35 TWD 745.09 TWD 1,361 TWD 80
Rev-Margin DCF 203.56 TWD 321.09 TWD 467.22 TWD 74
Economic Profit
Residual Income 65.91 TWD 85.20 TWD 222.79 TWD 76

Widest divergence: DCF Models (402.86 TWD) versus Asset-Based (44.76 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 22.4B TWD
Revenue growth (YoY) +36,624%
Net margin 18.3%
Return on equity 20.7%
Free cash flow 9.8B TWD FY2025
P/E ratio 11.9
More key figures
Operating margin 20.7%
EPS (TTM) 8.37 TWD
Dividend yield 7.8%
EPS growth (YoY) -73.7%
Net debt 10.8B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 69 · Market factors (momentum, volatility) 39

Profitability 42
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 68
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

Huaku Development Co., Ltd. builds, constructs, sells, and leases residential and commercial buildings in Taiwan and China. It also rents and sells and leases general industrial factories and warehouses. The company was formerly known as Huaku Construction Co., Ltd. The company was founded in 1989 and is based in Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Huaku Development Co reported revenue of 18.2B TWD in FY2025 versus 13.5B TWD in FY2021, a compound +7.7%/yr. Reported net income was 3.2B TWD in FY2025, compounding +2.6%/yr from FY2021.

Growth Quality 91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
18.2B TWD
Latest YoY
+152.9%
Avg. growth/yr (3Y)
+7.1%
Avg. growth/yr (5Y)
+10.0%
Avg. growth/yr (25Y)
+7.8%
Revenue +7.7%/yr
FY21 13.5B TWD
FY22 14.9B TWD
FY23 15.8B TWD
FY24 7.2B TWD
FY25 18.2B TWD
Net income +2.6%/yr
FY21 2.9B TWD
FY22 3.0B TWD
FY23 3.6B TWD
FY24 1.4B TWD
FY25 3.2B TWD

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Cite: Fair Value Calculator (2026). "Huaku Development Co Fair Value". https://www.fairvalue-calculator.com/stock/2548

Peer Group

Real Estate - Development · 588 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 69 · Top 25%
Fair Value upside +74% · Above median
Return on equity (TTM) 21% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 18% · Above median
Operating margin (TTM) 21% · Above median
Revenue growth 36624% · Top 25%
Dividend yield (TTM) 7.8% · Top 25%
Debt / equity 0.37× · Higher than median

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

P/E (TTM) 11.9× · Cheaper than median
P/B 1.49× · Pricier than 75% of peers
P/S (TTM) 1.49× · Pricier than median
P/FCF 0.1× · Cheaper than median
EV/EBITDA 6.3× · Cheaper than median
PEG 0.35× · Cheaper than median

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 100 · sector 48
FUTURE 100 · sector 0
PAST 83 · sector 10
HEALTH 81 · sector 84
DIVIDEND 100 · sector 38

Insider activity: 40/100

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.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Huaku Development Co (2548) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 164.25 TWD versus a price of 94.40 TWD, about +74% (undervalued).
What is the fair value of 2548?
Our model-based fair value for Huaku Development Co is 164.25 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 94.40 TWD.
What is the quality score of 2548?
Huaku Development Co has a Quality Score of 69/100. 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 Huaku Development Co (2548)?
Huaku Development Co reported trailing-twelve-month revenue of about 22.4B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2548?
The net profit margin of Huaku Development Co is about 18.3%, meaning it keeps roughly 18.3% of revenue as net income. Based on the latest reported figures.
Does Huaku Development Co pay a dividend?
Huaku Development Co currently shows a dividend yield of about 7.69% relative to its recent price (as of Jul 23, 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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