Jiu Han System Technology Co. Ltd. (6903) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Jiu Han System Technology Co. Ltd. TWD 339, price TWD 309, upside +10.0%, quality 70 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
50‑month range 78.51 TWD – 424.55 TWD · fair‑value band 233.52 TWD – 475.91 TWD · the 308.50 TWD price screens below the 339.35 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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Jiu Han System Technology Co., Ltd. provides engineering services in Taiwan. The company offers central system air conditioning engineering; sanitary water supply and drainage gas engineering; fire engineering; clean room engineering; air conditioning constant temperature and humidity; and monitoring and automatic control engineering services.
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Jiu Han System Technology Co., Ltd. provides engineering services in Taiwan. The company offers central system air conditioning engineering; sanitary water supply and drainage gas engineering; fire engineering; clean room engineering; air conditioning constant temperature and humidity; and monitoring and automatic control engineering services. It also engages in the indoor and outdoor high and low voltage power distribution projects. In addition, the company engages in the design and installation of water, electricity, fire safety equipment installation, piping, and instrument and meter installation, as well as the sale and purchase of related materials. Jiu Han System Technology Co., Ltd. was founded in 1989 and is based in Hsinchu City, Taiwan.
Stock analysis
Jiu Han System Technology Co. Ltd. (6903) currently trades at 308.50 TWD, while our model-based Fair Value estimate is 339.35 TWD, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 243.03 TWD per share, and 1 of the 26 models we run sit above the 308.50 TWD price.
Bear case: the Economic Profit group reads lowest at 71.35 TWD, and 25 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 233.52 TWD (bear) to 475.91 TWD (bull), the price of 308.50 TWD sits inside 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 70/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Jiu Han System Technology Co. Ltd. reported revenue of 3.6B TWD in FY2025 versus 2.6B TWD in FY2021, a compound +8.0%/yr. Reported net income was 706M TWD in FY2025, compounding +4.3%/yr from FY2021.
Key figures
Market cap 20.3B TWD (≈ $638M) · P/E ratio 14.1 · P/S ratio 2.75 · EPS (TTM) 21.95 TWD · Dividend yield 2.8% · Net margin 19.6% · Return on equity 44.6% · Return on assets (EBIT) 30.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 140% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 10%, 6903 screens cheaper than that median.
Fair Value models
Bear 233.52 TWDFair Value 339.35 TWDBull 475.91 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 (9.84 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+24.9%
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.
−8.6%
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.
+11.0%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.6%
Dividend (yield on the price)2.8%
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.21% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+19.8%
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 +17.9% a year for the price.
Compare Jiu Han System Technology Co. Ltd. with another stock
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.Engineering & Construction · 836 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+10% · Above median
Profitability
Return on equity (TTM)45% · Top 25%
Return on assets20% · Top 25%
Net margin (TTM)22% · Top 25%
Operating margin (TTM)29% · Top 25%
Growth and dividend
Revenue growth220% · Top 25%
Dividend yield (TTM)2.8% · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Jiu Han System Technology Co. Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/6903
Frequently asked questions
Is Jiu Han System Technology Co. Ltd. (6903) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 339.35 TWD versus a price of 308.50 TWD, about +10% upside (undervalued).
What is the fair value of 6903?
Our model-based fair value for Jiu Han System Technology Co. Ltd. is 339.35 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 308.50 TWD.
What is the quality score of 6903?
Jiu Han System Technology Co. Ltd. has a Quality Score of 70/100. 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 Jiu Han System Technology Co. Ltd. (6903)?
Our model-based price target is the fair value of 339.35 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 233.52 TWD, optimistic scenario 475.91 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Jiu Han System Technology Co. Ltd. stock forecast for 2026?
Our models put fair value at 339.35 TWD, about +10% upside versus a price of 308.50 TWD (undervalued). Cautious scenario 233.52 TWD, optimistic scenario 475.91 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Jiu Han System Technology Co. Ltd. (6903)?
Jiu Han System Technology Co. Ltd. reported trailing-twelve-month revenue of about 6.5B TWD (latest available figure, as of Sep 24, 2026).
Does Jiu Han System Technology Co. Ltd. pay a dividend?
Jiu Han System Technology Co. Ltd. currently shows a dividend yield of about 2.76% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Jiu Han System Technology Co. Ltd. (6903)?
For today's price to be fair in a discounted-cash-flow model, Jiu Han System Technology Co. Ltd. would have to grow free cash flow by +19.8 % per year for five years (discount rate 12.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6903 use?
Our models discount Jiu Han System Technology Co. Ltd. at 12.3 %: a base by market capitalisation (small), damped by beta 1.18, 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 Jiu Han System Technology Co. Ltd. that is +19.8 % per year a year over ten years, using the same discount rate (12.3 %) and the same formula as our fair value.
How much growth has Jiu Han System Technology Co. Ltd. (6903) delivered so far?
Over the past 5 years revenue at Jiu Han System Technology Co. Ltd. grew +11.0 % a year. The price currently implies +19.8 % 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 Jiu Han System Technology Co. Ltd. (6903) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Jiu Han System Technology Co. Ltd. (+19.8 % 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 Jiu Han System Technology Co. Ltd. (6903)?
The free-cash-flow yield on the price is 3.79 %: that much free cash flow Jiu Han System Technology Co. Ltd. produces per unit of market value. When it exceeds the discount rate of our models (12.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Jiu Han System Technology Co. Ltd. (6903)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jiu Han System Technology Co. Ltd. it is 339.35 TWD per share (as of Sep 24, 2026), against a price of 308.50 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Jiu Han System Technology Co. Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6903 trades below its calculated fair value: price 308.50 TWD, fair value 339.35 TWD, a gap of about +10% (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 6903?
No. The price is what the market pays today (308.50 TWD); the fair value is what the company's own numbers justify (339.35 TWD). For Jiu Han System Technology Co. Ltd. the two are 30.85 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Jiu Han System Technology Co. Ltd. worth?
The market values Jiu Han System Technology Co. Ltd. at about 20.3B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 308.50 TWD; our models calculate a fair value of 339.35 TWD per share.
What do the bullish and bearish scenarios say about 6903?
Our models span a range for Jiu Han System Technology Co. Ltd.: cautious scenario 233.52 TWD, base 339.35 TWD, optimistic 475.91 TWD per share (as of Sep 24, 2026, price 308.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6903?
Jiu Han System Technology Co. Ltd. trades at a price-to-earnings ratio of 14.1 (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 339.35 TWD is built from several models across several years. Other multiples: P/B 6.2, P/S 3.1, EV/EBITDA 10.3.
How solid is the balance sheet of Jiu Han System Technology Co. Ltd. (6903)?
Balance-sheet figures for Jiu Han System Technology Co. Ltd. (as of Sep 24, 2026): return on equity 44.6%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 6903 from its 52-week high?
Jiu Han System Technology Co. Ltd. trades at 308.50 TWD, about 27% below its 52-week high of 424.55 TWD and 140% above the low of 128.64 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 339.35 TWD is for.
Which stocks are comparable to Jiu Han System Technology Co. Ltd.?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Jiu Han System Technology Co. Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 308.50 TWD, calculated fair value 339.35 TWD (+10%), Quality Score 70/100, 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 6903 calculated?
We run Jiu Han System Technology Co. Ltd. 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 339.35 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. Jiu Han System Technology Co. Ltd. currently trades 10 % 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 Jiu Han System Technology Co. Ltd. (6903)?
The closing price on Sep 23, 2026 was 308.50 TWD. Our model-based fair value is 339.35 TWD, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jiu Han System Technology Co. Ltd. right now?
A fairly wide model range (233.52 TWD to 475.91 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Jiu Han System Technology Co. Ltd.
How large is the market capitalisation of Jiu Han System Technology Co. Ltd. (6903)?
The market capitalisation of Jiu Han System Technology Co. Ltd. is 20.3B TWD (≈ $638M). 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 Jiu Han System Technology Co. Ltd. (6903)?
The price-to-sales ratio of Jiu Han System Technology Co. Ltd. is 2.75 (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 Jiu Han System Technology Co. Ltd. (6903)?
Earnings per share at Jiu Han System Technology Co. Ltd. are 21.95 TWD (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jiu Han System Technology Co. Ltd. (6903)?
The dividend yield of Jiu Han System Technology Co. Ltd. is 2.8% (payout 38.7%). 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 Jiu Han System Technology Co. Ltd. (6903)?
The net margin of Jiu Han System Technology Co. Ltd. is 19.6% (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 Jiu Han System Technology Co. Ltd. (6903)?
The return on equity (ROE) of Jiu Han System Technology Co. Ltd. is 44.6% (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 Jiu Han System Technology Co. Ltd. (6903)?
On an EBIT basis the return on assets of Jiu Han System Technology Co. Ltd. is 30.4% (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 Jiu Han System Technology Co. Ltd. (6903)?
The operating margin of Jiu Han System Technology Co. Ltd. is 29.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jiu Han System Technology Co. Ltd. (6903)?
Revenue at Jiu Han System Technology Co. Ltd. is growing +220% versus a year earlier (3y avg −8.6%). 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 Jiu Han System Technology Co. Ltd. (6903)?
Earnings per share at Jiu Han System Technology Co. Ltd. are growing +314% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Jiu Han System Technology Co. Ltd. (6903) hold?
Jiu Han System Technology Co. Ltd. holds more cash than debt, 1.4B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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