Jiu Han System Technology Co (6903) Fair Value & Analysis

Industrials · TW · Market cap 23.5B TWD

A solid business, but screening 40% overvalued on our models.

What matters now

• A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
• The price sits above even our optimistic bull case (234.88 TWD). The favourable scenario is already priced in.

Price vs Fair Value (4 years)

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

49‑month range 78.51 TWD – 424.55 TWD · fair‑value band 149.58 TWD – 234.88 TWD · the 322.00 TWD price screens above the 192.23 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

Jiu Han System Technology Co (6903) currently trades at 322.00 TWD, while our model-based Fair Value estimate is 192.23 TWD, implying the stock looks roughly 40.3% overvalued today. The Quality Score stands at 70/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Jiu Han System Technology Co generated revenue of 5.1B TWD at a net margin of 21.2%. It earns a return on equity of 31.0%. The balance sheet holds a net cash position of 1.4B TWD. The stock trades on a trailing P/E of 37.5. Fundamentals as of Jul 23, 2026

Our scenario range runs from 149.58 TWD (bear case) to 234.88 TWD (bull case); at 322.00 TWD, the current price sits above 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 29% below its 52-week high and 229% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -40%, 6903 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.

Widest divergence: DCF Models (272.41 TWD) versus Asset-Based (33.27 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jiu Han System Technology Co 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.

6903 screens 40% overvalued. Compare with Larsen & Toubro Limited →

Peer Group

Engineering & Construction · 837 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.

Valuation Multiples vs Engineering & Construction median · lower = cheaper

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 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.