Wholetech System Hitech Ltd (3402) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Wholetech System Hitech Ltd TWD 104, price TWD 130, upside -19.4%, quality 60 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 26.40 TWD – 153.00 TWD · fair‑value band 50.99 TWD – 126.84 TWD · the 129.50 TWD price screens above the 104.44 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Wholetech System Hitech Limited provides system integration services in Taiwan, China, Japan, and Singapore. It operates through Construction and Equipment segments.
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Wholetech System Hitech Limited provides system integration services in Taiwan, China, Japan, and Singapore. It operates through Construction and Equipment segments. The company offers semiconductors, pipelines, chemical equipment, chemical supply, chemical polishing liquid, gas exhaust, waste, gas treatment, and automatic control equipment, as well as trades and sells equipment products and mechanical parts. It also provides engineering plastics, instruments, hot and cold air exchange, tower tanks, workbenches, drug tanks, chemical fume hood products, as well as project contracting services; and design, installation, engineering contracting, sales, and maintenance services for laminar flow benches. In addition, it is involved in construction of water, gas pipelines and sewage systems, gas production, and primary distribution of fuel gas system; and trading business of electronics, machinery, chemical, equipment, pipe, fittings, hardware, materials, etc., as well as offers mechanical, electrical, circuit and pipeline, and engineering services. Further, the company provides gas supply systems, and monitoring systems. The company was formerly known as Wholetech Engineering Co., Ltd. and changed its name to Wholetech System Hitech Limited in 2001. Wholetech System Hitech Limited was incorporated in 1990 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
Wholetech System Hitech Ltd (3402) currently trades at 129.50 TWD, while our model-based Fair Value estimate is 104.44 TWD, implying the stock looks roughly 24.0% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 187.19 TWD per share, and 6 of the 17 models we run sit above the 129.50 TWD price.
Bear case: the Asset-Based group reads lowest at 20.75 TWD, and 11 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: 50.99 TWD (bear) to 126.84 TWD (bull), the price of 129.50 TWD sits above 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 60/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Wholetech System Hitech Ltd reported revenue of 5.2B TWD in FY2025 versus 3.4B TWD in FY2021, a compound +11.2%/yr. Reported net income was 548M TWD in FY2025, compounding +18.1%/yr from FY2021.
Key figures
Market cap 10.4B TWD (≈ $329M) · P/E ratio 17.4 · P/S ratio 1.82 · EPS (TTM) 7.43 TWD · Dividend yield 4.6% · Net margin 10.4% · Return on equity 27.3% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −50% fair-value upside, at −19%, 3402 screens cheaper than that median.
Fair Value models
Bear 50.99 TWDFair Value 104.44 TWDBull 126.84 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 (1.05 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.55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−4.4%
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.
+3.2%
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.
+13.0%
Start year 2020 (pandemic). Over 10 years: +7.7% a year
Revenue growth 21 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.
+7.8%
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What shareholders gained per year (last 5 years), in TWD ⓘ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. Basis: EBIT basis. 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.
+22.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.0%
Dividend (yield on the price)4.6%
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.9% → 14%
Compare Wholetech System Hitech 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.Specialty Industrial Machinery · 828 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−19% · Above median
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)10% · Above median
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth11% · Above median
Dividend yield (TTM)4.6% · Top 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Wholetech System Hitech Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3402
Frequently asked questions
Is Wholetech System Hitech Ltd (3402) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 104.44 TWD versus a price of 129.50 TWD, about −19% upside (overvalued).
What is the fair value of 3402?
Our model-based fair value for Wholetech System Hitech Ltd is 104.44 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 129.50 TWD.
What is the quality score of 3402?
Wholetech System Hitech Ltd has a Quality Score of 60/100. 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 Wholetech System Hitech Ltd (3402)?
Our model-based price target is the fair value of 104.44 TWD (as of Sep 24, 2026) from 17 valuation models. Cautious scenario 50.99 TWD, optimistic scenario 126.84 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Wholetech System Hitech Ltd stock forecast for 2026?
Our models put fair value at 104.44 TWD, about −19% upside versus a price of 129.50 TWD (overvalued). Cautious scenario 50.99 TWD, optimistic scenario 126.84 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Wholetech System Hitech Ltd (3402)?
Wholetech System Hitech Ltd reported trailing-twelve-month revenue of about 5.4B TWD (latest available figure, as of Sep 24, 2026).
Does Wholetech System Hitech Ltd pay a dividend?
Wholetech System Hitech Ltd currently shows a dividend yield of about 4.63% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Wholetech System Hitech Ltd (3402)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Wholetech System Hitech Ltd it is 104.44 TWD per share (as of Sep 24, 2026), against a price of 129.50 TWD. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Wholetech System Hitech Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3402 trades above its calculated fair value: price 129.50 TWD, fair value 104.44 TWD, a gap of about −19% (overvalued). 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 3402?
No. The price is what the market pays today (129.50 TWD); the fair value is what the company's own numbers justify (104.44 TWD). For Wholetech System Hitech Ltd the two are 25.06 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Wholetech System Hitech Ltd worth?
The market values Wholetech System Hitech Ltd at about 10.4B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 129.50 TWD; our models calculate a fair value of 104.44 TWD per share.
What do the bullish and bearish scenarios say about 3402?
Our models span a range for Wholetech System Hitech Ltd: cautious scenario 50.99 TWD, base 104.44 TWD, optimistic 126.84 TWD per share (as of Sep 24, 2026, price 129.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3402?
Wholetech System Hitech Ltd trades at a price-to-earnings ratio of 17.4 (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 104.44 TWD is built from several models across several years. Other multiples: P/B 4.6, P/S 1.9, EV/EBITDA 10.2.
How solid is the balance sheet of Wholetech System Hitech Ltd (3402)?
Balance-sheet figures for Wholetech System Hitech Ltd (as of Sep 24, 2026): return on equity 27.3%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is 3402 from its 52-week high?
Wholetech System Hitech Ltd trades at 129.50 TWD, about 15% below its 52-week high of 153.00 TWD and 24% above the low of 104.46 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 104.44 TWD is for.
Which stocks are comparable to Wholetech System Hitech Ltd?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, 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 Wholetech System Hitech Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 129.50 TWD, calculated fair value 104.44 TWD (−19%), Quality Score 60/100, from 17 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 3402 calculated?
We run Wholetech System Hitech Ltd through 17 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 104.44 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 13.0 % above its aggregate fair value. Wholetech System Hitech Ltd itself currently trades above fair value. 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 Wholetech System Hitech Ltd (3402)?
The closing price on Sep 24, 2026 was 129.50 TWD. Our model-based fair value is 104.44 TWD, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Wholetech System Hitech Ltd right now?
The price sits above even our optimistic bull case (126.84 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (50.99 TWD to 126.84 TWD) leaves room in how you read the outcome.
Key figures of Wholetech System Hitech Ltd
How large is the market capitalisation of Wholetech System Hitech Ltd (3402)?
The market capitalisation of Wholetech System Hitech Ltd is 10.4B TWD (≈ $329M). 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 Wholetech System Hitech Ltd (3402)?
The price-to-sales ratio of Wholetech System Hitech Ltd is 1.82 (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 Wholetech System Hitech Ltd (3402)?
Earnings per share at Wholetech System Hitech Ltd are 7.43 TWD (price ÷ EPS = P/E 17.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Wholetech System Hitech Ltd (3402)?
The dividend yield of Wholetech System Hitech Ltd is 4.6% (payout 80.8%). 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 Wholetech System Hitech Ltd (3402)?
The net margin of Wholetech System Hitech Ltd is 10.4% (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 Wholetech System Hitech Ltd (3402)?
The return on equity (ROE) of Wholetech System Hitech Ltd is 27.3% (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 Wholetech System Hitech Ltd (3402)?
On an EBIT basis the return on assets of Wholetech System Hitech Ltd is 9.2% (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 Wholetech System Hitech Ltd (3402)?
The operating margin of Wholetech System Hitech Ltd is 11.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Wholetech System Hitech Ltd (3402)?
Revenue at Wholetech System Hitech Ltd is growing +10.6% versus a year earlier (3y avg +3.2%). 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 Wholetech System Hitech Ltd (3402)?
Earnings per share at Wholetech System Hitech Ltd are growing −9.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Wholetech System Hitech Ltd (3402) generate?
The free cash flow of Wholetech System Hitech Ltd is −666M 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 cash does Wholetech System Hitech Ltd (3402) hold?
Wholetech System Hitech Ltd holds more cash than debt, 1.7B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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