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Hakers Enterprise Co (4432) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 804M TWD

HE Hakers Enterprise Co 4432 · TWO
Price16.10 TWD
Fair Value19.38 TWD
Upside+20.4%
Quality54/100
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Weak Growth
Solidly profitable · 15.9% net margin
negative free cash flow
2.51% dividend yield
Mixed vs. peers (7/12)
Narrow moat 40/100
Evidence: High Range 14.53 TWD – 19.38 TWD Share as image

Fair value as of: Jul 21, 2026

From 15 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 19.09 TWD to 19.38 TWD (+1.5%) since Jul 11, 2026. Share price −1.2% over the past month.

A solid business, screening 20% undervalued on our models.

What matters now

  • Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 14.53 TWD (bear) to 19.38 TWD (bull), base 19.38 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 54/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

23.98 TWD 7.50 TWD Fair Value 19.38 TWD Feb 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 7.50 TWD – 23.98 TWD · fair‑value band 14.53 TWD – 19.38 TWD · the 16.10 TWD price screens below the 19.38 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Hakers Enterprise Co (4432) currently trades at 16.10 TWD, while our model-based Fair Value estimate is 19.38 TWD, implying the stock looks roughly 20.4% undervalued today. The Quality Score stands at 54/100 (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: high), always confirm before acting.

Over the trailing twelve months, Hakers Enterprise Co generated revenue of 1.1B TWD at a net margin of 15.9%. Revenue declined 6.0% year over year. It earns a return on equity of 11.2%. The stock trades on a trailing P/E of 18.6. Fundamentals as of Jul 21, 2026

Our scenario range runs from 14.53 TWD (bear case) to 19.38 TWD (bull case); at 16.10 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 19% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 20%, 4432 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 19.68 TWD 19.09 TWD 15.34 TWD 76
Gordon GGM 7.77 TWD 8.38 TWD 9.28 TWD 70
Growth-Adj P/E 10.24 TWD 14.64 TWD 19.03 TWD 68
All 15 models by family
DCF Models
Owner Earnings 18.47 TWD 20.76 TWD 24.59 TWD 31
Earnings-Based
Graham-Dodd 5.99 TWD 7.32 TWD 8.24 TWD 54
EPV 13.78 TWD 14.17 TWD 14.49 TWD 59
Dividend Discount
Gordon GGM 7.77 TWD 8.38 TWD 9.28 TWD 70
DDM Multi-Stage 7.77 TWD 9.25 TWD 11.16 TWD 61
Multiples
P/E Multiple 14.53 TWD 19.38 TWD 24.22 TWD 63
P/S Multiple 11.23 TWD 14.97 TWD 18.72 TWD 58
P/B Multiple 11.23 TWD 14.97 TWD 18.72 TWD 55
EV/EBIT 20.50 TWD 23.68 TWD 26.86 TWD 53
EV/EBITDA 21.97 TWD 25.64 TWD 29.32 TWD 54
EV/Revenue 17.39 TWD 20.15 TWD 22.90 TWD 43
Asset-Based
NCAV (Graham) 14.25 TWD 19.09 TWD 28.50 TWD 50
Economic Profit
Residual Income 19.68 TWD 19.09 TWD 15.34 TWD 76
ROIC Compounder 13.78 TWD 14.17 TWD 14.49 TWD 67
Growth Earnings
Growth-Adj P/E 10.24 TWD 14.64 TWD 19.03 TWD 68

Widest divergence: DCF Models (20.76 TWD) versus Earnings-Based (7.32 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.1B TWD
Revenue growth (YoY) -6.0%
Net margin 15.9%
Return on equity 11.2%
Free cash flow −23.5M TWD FY2025
P/E ratio 18.1
More key figures
Operating margin 2.6%
EPS (TTM) 0.8800 TWD
Dividend yield 2.5%
EPS growth (YoY) +517%

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 53 · Market factors (momentum, volatility) 52

Profitability 30
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 82
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

Hakers Enterprise Co., Ltd. researches, develops, produces, and markets garments and other related textile products in Taiwan. The company offers sportswear, workwear, and outdoor performance apparel products. Hakers Enterprise Co., Ltd. was founded in 1986 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hakers Enterprise Co reported revenue of 1.1B TWD in FY2025 versus 1.3B TWD in FY2021, a compound −5.2%/yr. Reported net income was 44.6M TWD in FY2025.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.1B TWD
Latest YoY
−3.1%
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.
−10.9%
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.
−7.0%
Avg. growth/yr (10Y) 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.
−7.5%
Revenue −5.2%/yr
FY21 1.3B TWD
FY22 1.5B TWD
FY23 1.2B TWD
FY24 1.1B TWD
FY25 1.1B TWD
Net income
FY21 −103M TWD
FY22 172M TWD
FY23 97.2M TWD
FY24 134M TWD
FY25 44.6M TWD

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Cite: Fair Value Calculator (2026). "Hakers Enterprise Co Fair Value". https://www.fairvalue-calculator.com/stock/4432

Peer Group

Apparel Manufacturing · 212 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 54 · Below median
Fair Value upside +20% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 1% · Below median
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 3% · Below median
Revenue growth -6% · Below median
Dividend yield (TTM) 2.5% · Above median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 18.1× · Cheaper than median
P/B 0.56× · Cheaper than median
P/S (TTM) 0.75× · Pricier than median
EV/EBITDA 5.2× · 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 61 · sector 32
FUTURE 0 · sector 4
PAST 45 · sector 21
HEALTH 0 · sector 98
DIVIDEND 50 · sector 49

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is Hakers Enterprise Co (4432) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 19.38 TWD versus a price of 16.10 TWD, about +20% (undervalued).
What is the fair value of 4432?
Our model-based fair value for Hakers Enterprise Co is 19.38 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 16.10 TWD.
What is the quality score of 4432?
Hakers Enterprise Co has a Quality Score of 54/100. 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 Hakers Enterprise Co (4432)?
Hakers Enterprise Co reported trailing-twelve-month revenue of about 1.1B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 4432?
The net profit margin of Hakers Enterprise Co is about 15.9%, meaning it keeps roughly 15.9% of revenue as net income. Based on the latest reported figures.
Does Hakers Enterprise Co pay a dividend?
Hakers Enterprise Co currently shows a dividend yield of about 2.45% 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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