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H.H.Galaxy Co (2949) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 1.9B TWD

HH H.H.Galaxy Co 2949 · TWO
Price62.80 TWD
Fair Value70.15 TWD
Upside+11.7%
Quality51/100
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Healthy Growth
Thin margins · 1.8% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Narrow moat 36/100
Evidence: Medium Range 51.71 TWD – 88.58 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 69.07 TWD to 70.15 TWD (+1.6%) since Jul 7, 2026. Share price −25.1% over the past month.

A solid business, screening 12% undervalued on our models.

What matters now

  • Our model range runs from 51.71 TWD (bear) to 88.58 TWD (bull), base 70.15 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 51/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (4 years)

124.60 TWD 52.40 TWD Fair Value 70.15 TWD Dec 2022 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

44‑month range 52.40 TWD – 124.60 TWD · fair‑value band 51.71 TWD – 88.58 TWD · the 62.80 TWD price screens below the 70.15 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

H.H.Galaxy Co (2949) currently trades at 62.80 TWD, while our model-based Fair Value estimate is 70.15 TWD, implying the stock looks roughly 11.7% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical 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: medium), always confirm before acting.

Over the trailing twelve months, H.H.Galaxy Co generated revenue of 5.9B TWD at a net margin of 1.8%. Revenue grew 18.0% year over year. It earns a return on equity of 9.4%. Net debt stands at 107M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 51.71 TWD (bear case) to 88.58 TWD (bull case); at 62.80 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 18% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -49% fair-value upside, at 12%, 2949 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
Growth DCF 41.97 TWD 67.54 TWD 111.03 TWD 80
Residual Income 30.31 TWD 32.90 TWD 40.43 TWD 76
Rev-Margin DCF 49.41 TWD 90.61 TWD 151.90 TWD 74
All 26 models by family
DCF Models
FCF DCF 43.76 TWD 63.90 TWD 116.48 TWD 38
Owner Earnings 62.94 TWD 121.42 TWD 229.61 TWD 31
5Y Revenue Exit 49.41 TWD 86.69 TWD 158.43 TWD 39
5Y EBITDA Exit 55.37 TWD 99.63 TWD 179.38 TWD 41
5Y P/E Exit 55.36 TWD 107.17 TWD 173.67 TWD 38
10Y Revenue Exit 45.44 TWD 85.94 TWD 136.20 TWD 36
10Y EBITDA Exit 50.73 TWD 96.16 TWD 178.83 TWD 37
10Y P/E Exit 50.72 TWD 96.15 TWD 173.82 TWD 35
Earnings-Based
Graham-Dodd 25.07 TWD 173.89 TWD 243.98 TWD 54
Lynch FV 51.28 TWD 73.25 TWD 95.23 TWD 50
PEG = 1.0 51.28 TWD 73.25 TWD 95.23 TWD 46
EPV 32.02 TWD 35.29 TWD 38.01 TWD 59
Dividend Discount
Gordon GGM 6.52 TWD 11.75 TWD 16.17 TWD 70
DDM Multi-Stage 6.52 TWD 10.73 TWD 12.55 TWD 61
Multiples
P/E Multiple 55.30 TWD 73.73 TWD 92.17 TWD 63
P/S Multiple 47.01 TWD 62.67 TWD 78.34 TWD 58
P/B Multiple 47.01 TWD 62.67 TWD 78.34 TWD 55
EV/EBIT 71.79 TWD 93.04 TWD 114.29 TWD 53
EV/EBITDA 63.37 TWD 81.81 TWD 100.25 TWD 54
EV/Revenue 51.02 TWD 69.43 TWD 87.85 TWD 43
Asset-Based
NCAV (Graham) 18.36 TWD 24.60 TWD 36.72 TWD 50
Growth DCF
Growth DCF 41.97 TWD 67.54 TWD 111.03 TWD 80
Rev-Margin DCF 49.41 TWD 90.61 TWD 151.90 TWD 74
Economic Profit
Residual Income 30.31 TWD 32.90 TWD 40.43 TWD 76
ROIC Compounder 32.02 TWD 35.29 TWD 39.80 TWD 72
Growth Earnings
Growth-Adj P/E 68.85 TWD 98.35 TWD 127.86 TWD 68

Widest divergence: Growth Earnings (98.35 TWD) versus Dividend Discount (10.73 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.9B TWD
Revenue growth (YoY) +18.0%
Net margin 1.8%
Return on equity 9.4%
Free cash flow 83.4M TWD FY2025
P/E ratio 18.1
More key figures
Operating margin 2.2%
EPS (TTM) 3.59 TWD
EPS growth (YoY) -13.1%
Net debt 107M TWD FY2025

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

Quality Score breakdown

Overall quality 51/100

Of which business quality 53 · Market factors (momentum, volatility) 51

Profitability 49
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 40
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

H.H.Galaxy Co., Ltd. provides e-commerce operation solutions to brand owners in Taiwan and Southeast Asia. It operates in two segments, E-Commerce Department and Digital Marketing Department.

Full company description

H.H.Galaxy Co., Ltd. provides e-commerce operation solutions to brand owners in Taiwan and Southeast Asia. It operates in two segments, E-Commerce Department and Digital Marketing Department. The company offers e-commerce operations, performance ads, AI-powered content creation, data platform, data insights consultation, order and inventory management, logistics management, personal data protection, customer service, fulfillment management, direct to consumer, and agency model solutions. It also provides PowerAI, a tool that streamlines advertising across various channels; PowerOrder, a smart order management system that manages order sorting, directly coordinates with logistics, and updates inventory; and PowerCDP, a platform for creating ideal shopping experience for customers. In addition, the company offers PowerSecurity, a rapid-screening service to evaluate consumer data protection risks; and PowerShop, a tool to build website. Further, it provides digital advertising and marketing services; brand representation, product wholesale, and retail sale solutions; online crowdfunding product sale solutions; and non-store retail agency and other advertising services. H.H.Galaxy Co., Ltd. was incorporated in 2013 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

H.H.Galaxy Co reported revenue of 5.7B TWD in FY2025 versus 2.6B TWD in FY2021, a compound +21.5%/yr. Reported net income was 109M TWD in FY2025, compounding +10.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
5.7B TWD
Latest YoY
+21.1%
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.
+12.2%
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.
+22.1%
Revenue +21.5%/yr
FY21 2.6B TWD
FY22 4.1B TWD
FY23 4.3B TWD
FY24 4.7B TWD
FY25 5.7B TWD
Net income +10.3%/yr
FY21 74.0M TWD
FY22 128M TWD
FY23 139M TWD
FY24 84.8M TWD
FY25 109M TWD

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Cite: Fair Value Calculator (2026). "H.H.Galaxy Co Fair Value". https://www.fairvalue-calculator.com/stock/2949

Peer Group

Internet Retail · 109 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 51 · Below median
Fair Value upside +12% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 2% · Above median
Revenue growth 18% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Internet Retail median · lower = cheaper

P/E (TTM) 18.2× · Cheaper than median
P/B 1.78× · Pricier than median
P/S (TTM) 0.33× · Cheaper than median
P/FCF 0.7× · Cheaper than median
EV/EBITDA 10.4× · 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 49 · sector 34
FUTURE 90 · sector 39
PAST 38 · sector 7
HEALTH 91 · sector 94
DIVIDEND 0 · sector 39

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 Internet Retail stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Amazon.com, Inc AMZN $245.34 $127.67 -48%
Alibaba Group BABA $114.97 $75.75 -34%
PDD Holdings PDD $84.14 $223.51 +166%
MercadoLibre, Inc MELI $1,814 $798.98 -56%
DoorDash, Inc DASH $190.16 $38.64 -80%
Sea Limited SE $106.22 $52.70 -50%
eBay Inc EBAY $117.20 $60.13 -49%
JD.com, Inc JD €25.95 €31.88 +23%
Coupang, Inc CPNG $16.86 $2.79 -83%
Delivery Hero SE DHER €38.18 €12.71 -67%

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Frequently asked questions

Is H.H.Galaxy Co (2949) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 70.15 TWD versus a price of 62.80 TWD, about +12% (undervalued).
What is the fair value of 2949?
Our model-based fair value for H.H.Galaxy Co is 70.15 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 62.80 TWD.
What is the quality score of 2949?
H.H.Galaxy Co has a Quality Score of 51/100. 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 H.H.Galaxy Co (2949)?
H.H.Galaxy Co reported trailing-twelve-month revenue of about 5.9B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2949?
The net profit margin of H.H.Galaxy Co is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.

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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