HannStar Board Corp (5469) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of HannStar Board Corp TWD 131, price TWD 73.00, upside +80.0%, quality 38 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 28.47 TWD – 111.50 TWD · fair‑value band 99.48 TWD – 172.52 TWD · the 73.00 TWD price screens below the 131.36 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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HannStar Board Corporation manufactures, assembles, and sells printed circuit boards (PCBs) in Taiwan. The company provides double-sided, multi-layer, thick copper, high-density interconnect, and SLC multi-layer PCB products.
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HannStar Board Corporation manufactures, assembles, and sells printed circuit boards (PCBs) in Taiwan. The company provides double-sided, multi-layer, thick copper, high-density interconnect, and SLC multi-layer PCB products. Its products are used in games, televisions, liquid crystal displays, personal computers, networking and automotive products, set up boxes, servers, and other applications. In addition, the company engages in general investment; solar power generation; sale of electronic components, real estate investment and leasing; enterprise real estate management; rents mechanical device and electronic components manufacture service; electronic spare part manufacturing; and electronic fitting research and development and sale. The company was formerly known as Pacific Science and Technology Industrial Co., Ltd. and changed its name to HannStar Board Corporation in December 1998. HannStar Board Corporation was incorporated in 1989 and is based in Taoyuan City, Taiwan.
Stock analysis
HannStar Board Corp (5469) currently trades at 73.00 TWD, while our model-based Fair Value estimate is 131.36 TWD, implying the stock looks roughly 44.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 168.91 TWD per share, and 20 of the 26 models we run sit above the 73.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 30.31 TWD, and 6 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 99.48 TWD (bear) to 172.52 TWD (bull), the price of 73.00 TWD sits below 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 38/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
HannStar Board Corp reported revenue of 57.2B TWD in FY2025 versus 57.0B TWD in FY2021, a compound +0.1%/yr. Reported net income was 2.9B TWD in FY2025, compounding −16.0%/yr from FY2021.
Key figures
Market cap 57.0B TWD (≈ $1.8B) · P/E ratio 12.1 · P/S ratio 0.62 · EPS (TTM) 6.03 TWD · Dividend yield 3.5% · Net margin 5.1% · Return on equity 8.8% · Return on assets (EBIT) 8.3%.
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 35% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at 80%, 5469 screens cheaper than that median.
Fair Value models
Bear 99.48 TWDFair Value 131.36 TWDBull 172.52 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 (2.57 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.63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+37.5%
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.
+6.3%
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.
+4.6%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 25 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.
+16.0%
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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. 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.
−5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.4%
Dividend (yield on the price)3.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−9% vs 9%, slowing
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.13% → 11%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.6%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +5.8% a year for the price.
Price, fair value, quality and upside side by side.
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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.Electronic Components · 654 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside+80% · Top 25%
Profitability
Return on equity (TTM)9% · Above median
Return on assets3% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth49% · Top 25%
Dividend yield (TTM)3.5% · Top 25%
Balance sheet
Debt / equity0.32× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
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Is HannStar Board Corp (5469) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 131.36 TWD versus a price of 73.00 TWD, about +80% upside (undervalued).
What is the fair value of 5469?
Our model-based fair value for HannStar Board Corp is 131.36 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 73.00 TWD.
What is the quality score of 5469?
HannStar Board Corp has a Quality Score of 38/100. 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 HannStar Board Corp (5469)?
Our model-based price target is the fair value of 131.36 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 99.48 TWD, optimistic scenario 172.52 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the HannStar Board Corp stock forecast for 2026?
Our models put fair value at 131.36 TWD, about +80% upside versus a price of 73.00 TWD (undervalued). Cautious scenario 99.48 TWD, optimistic scenario 172.52 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of HannStar Board Corp (5469)?
HannStar Board Corp reported trailing-twelve-month revenue of about 62.4B TWD (latest available figure, as of Sep 24, 2026).
Does HannStar Board Corp pay a dividend?
HannStar Board Corp currently shows a dividend yield of about 3.45% relative to its recent price (as of Sep 24, 2026).
What growth is priced into HannStar Board Corp (5469)?
For today's price to be fair in a discounted-cash-flow model, HannStar Board Corp would have to grow free cash flow by +7.4 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5469 use?
Our models discount HannStar Board Corp at 10.4 %: a base by market capitalisation (small), damped by beta 0.54, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For HannStar Board Corp that is +7.4 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has HannStar Board Corp (5469) delivered so far?
Over the past 5 years revenue at HannStar Board Corp grew +4.6 % a year. The price currently implies +7.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of HannStar Board Corp (5469) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into HannStar Board Corp (+7.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of HannStar Board Corp (5469)?
The free-cash-flow yield on the price is 6.99 %: that much free cash flow HannStar Board Corp produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of HannStar Board Corp (5469)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HannStar Board Corp it is 131.36 TWD per share (as of Sep 24, 2026), against a price of 73.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is HannStar Board Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5469 trades below its calculated fair value: price 73.00 TWD, fair value 131.36 TWD, a gap of about +80% (undervalued). 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 5469?
No. The price is what the market pays today (73.00 TWD); the fair value is what the company's own numbers justify (131.36 TWD). For HannStar Board Corp the two are 58.36 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is HannStar Board Corp worth?
The market values HannStar Board Corp at about 57.0B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 73.00 TWD; our models calculate a fair value of 131.36 TWD per share.
What do the bullish and bearish scenarios say about 5469?
Our models span a range for HannStar Board Corp: cautious scenario 99.48 TWD, base 131.36 TWD, optimistic 172.52 TWD per share (as of Sep 24, 2026, price 73.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5469?
HannStar Board Corp trades at a price-to-earnings ratio of 12.1 (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 131.36 TWD is built from several models across several years. Other multiples: PEG 0.3, P/B 1.6, P/S 0.9, EV/EBITDA 4.8.
What is the PEG ratio of 5469?
The PEG ratio of HannStar Board Corp is 0.32 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of HannStar Board Corp (5469)?
Balance-sheet figures for HannStar Board Corp (as of Sep 24, 2026): return on equity 8.8%, debt of 0.32 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 5469 from its 52-week high?
HannStar Board Corp trades at 73.00 TWD, about 35% below its 52-week high of 111.50 TWD and 16% above the low of 62.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 131.36 TWD is for.
Which stocks are comparable to HannStar Board Corp?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 HannStar Board Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 73.00 TWD, calculated fair value 131.36 TWD (+80%), Quality Score 38/100, from 26 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 5469 calculated?
We run HannStar Board Corp through 26 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 131.36 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 14.1 % above its aggregate fair value. HannStar Board Corp currently trades 80 % below its own fair value, and the market average says nothing about that. 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 HannStar Board Corp (5469)?
The closing price on Sep 24, 2026 was 73.00 TWD. Our model-based fair value is 131.36 TWD, about +80% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HannStar Board Corp right now?
The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (99.48 TWD). The market is more pessimistic than our downside scenario.
Where does the earnings growth of HannStar Board Corp (5469) come from?
Earnings per share at HannStar Board Corp grew +14.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.9 %, EBIT margin +27.3 %, tax rate −3.5 %, residual (interest, one-offs) −5.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of HannStar Board Corp
How large is the market capitalisation of HannStar Board Corp (5469)?
The market capitalisation of HannStar Board Corp is 57.0B TWD (≈ $1.8B). 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 HannStar Board Corp (5469)?
The price-to-sales ratio of HannStar Board Corp is 0.62 (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 HannStar Board Corp (5469)?
Earnings per share at HannStar Board Corp are 6.03 TWD (price ÷ EPS = P/E 12.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of HannStar Board Corp (5469)?
The dividend yield of HannStar Board Corp is 3.5% (payout 41.8%). 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 HannStar Board Corp (5469)?
The net margin of HannStar Board Corp is 5.1% (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 HannStar Board Corp (5469)?
The return on equity (ROE) of HannStar Board Corp is 8.8% (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 HannStar Board Corp (5469)?
On an EBIT basis the return on assets of HannStar Board Corp is 8.3% (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 HannStar Board Corp (5469)?
The operating margin of HannStar Board Corp is 7.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HannStar Board Corp (5469)?
Revenue at HannStar Board Corp is growing +48.5% versus a year earlier (3y avg +6.3%). 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 HannStar Board Corp (5469)?
Earnings per share at HannStar Board Corp are growing −19.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does HannStar Board Corp (5469) carry?
The net debt of HannStar Board Corp is 12.6B TWD (fiscal year 2025, ≈ 3.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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