Jiu Han System Technology Co. Ltd. (6903) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Jiu Han System Technology Co. Ltd. stock TWD 270, price TWD 245, upside +10.0%, quality 71 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
52‑month range 78.51 TWD – 424.55 TWD · fair‑value band 175.45 TWD – 357.57 TWD · the 245.00 TWD price screens below the 269.50 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Jiu Han System Technology Co., Ltd. provides engineering services in Taiwan.
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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 245.00 TWD, while our model-based Fair Value estimate is 269.50 TWD, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 228.05 TWD per share, and 3 of the 26 models we run sit above the 245.00 TWD price.
Bear case: the Asset-Based group reads lowest at 48.07 TWD, and 23 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 175.45 TWD (bear) to 357.57 TWD (bull), the price of 245.00 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 71/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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 16.2B TWD (≈ $493M) Small · P/E ratio 11.2 · P/S ratio 2.48 · EPS (TTM) 21.93 TWD · Dividend yield 3.5% · Net margin 22.2% · Return on equity 44.6% · Return on assets (EBIT) 30.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 89 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high and 77% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 10%, 6903 screens cheaper than that median.
Fair Value models
Bear175.45 TWDFair Value 269.50 TWDBull357.57 TWD
Price 245.00 TWD · Upside +10.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (11.52 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+13.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.4%
Dividend (yield on the price)3.5%
Per share before 2023divided by the spin-off factor 1.5928
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).
+14.8%
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 +13.0% 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 · 791 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)44.6% · Top 25%
Return on assets13.9% · Top 25%
Net margin (12 months)22.2% · Top 25%
Operating margin (12 months)29.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)220.3% · Top 25%
Dividend yield (12 months)3.5% · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)11.2× · Cheaper than median
P/B4.95× · Priciest 25%
P/S (12 months)2.48× · Priciest 25%
Price / free cash flow (fiscal year)21.0× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Nov 7, 2026, our model estimates a fair value of 269.50 TWD versus a price of 245.00 TWD, about +10% upside (fairly valued).
What is the fair value of 6903?
Our model-based fair value for Jiu Han System Technology Co. Ltd. is 269.50 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 245.00 TWD.
What is the quality score of 6903?
Jiu Han System Technology Co. Ltd. has a Quality Score of 71/100. 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 269.50 TWD (as of Nov 7, 2026) from 26 valuation models. Cautious scenario 175.45 TWD, optimistic scenario 357.57 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 269.50 TWD, about +10% upside versus a price of 245.00 TWD (fairly valued). Cautious scenario 175.45 TWD, optimistic scenario 357.57 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 Nov 7, 2026).
Does Jiu Han System Technology Co. Ltd. pay a dividend?
Jiu Han System Technology Co. Ltd. currently shows a dividend yield of 3.47% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Jiu Han System Technology Co. Ltd. (6903) and when is the ex-dividend date?
Jiu Han System Technology Co. Ltd. pays a dividend of 8.50 TWD per share a year, a dividend yield of 3.5%. The last ex-dividend date was Jun 23, 2026. The payout ratio is 38.8% of earnings. Free cash flow covers the dividend 1.38 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
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 +14.8 % 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 Nov 7, 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 +14.8 % per year for five years, then slowing evenly to 2 % by year ten, 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 free-cash-flow growth of +14.8 % per 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 +7.8 % a year. That is the yardstick for the growth priced into Jiu Han System Technology Co. Ltd. (+14.8 % per 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 4.78 %: 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 269.50 TWD per share (as of Nov 7, 2026), against a price of 245.00 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Jiu Han System Technology Co. Ltd. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 6903 trades below its calculated fair value: price 245.00 TWD, fair value 269.50 TWD, a gap of about +10% (fairly valued). 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 (245.00 TWD); the fair value is what the company's own numbers justify (269.50 TWD). For Jiu Han System Technology Co. Ltd. the two are 24.50 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 16.2B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 245.00 TWD; our models calculate a fair value of 269.50 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 175.45 TWD, base 269.50 TWD, optimistic 357.57 TWD per share (as of Nov 7, 2026, price 245.00 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 11.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 269.50 TWD is built from several models across several years. Other multiples: P/B 5.0, P/S 2.5, EV/EBITDA 8.0.
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 Nov 7, 2026): return on equity 44.6%. They feed the Quality Score of 71/100, 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 245.00 TWD, about 42% below its 52-week high of 424.55 TWD and 77% above the low of 138.42 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 269.50 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, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Nov 7, 2026: price 245.00 TWD, calculated fair value 269.50 TWD (+10%), Quality Score 71/100, 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 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 269.50 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Jiu Han System Technology Co. Ltd. currently trades 9% 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 Nov 6, 2026 was 245.00 TWD. Our model-based fair value is 269.50 TWD, about +10% upside (fairly valued). 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?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (175.45 TWD to 357.57 TWD) leaves room in how you read the outcome.
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 16.2B TWD (≈ $493M). 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 2.48 (last twelve months). 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 21.93 TWD (price ÷ EPS = P/E 11.2). 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 3.5% (payout 38.8%). 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 Jiu Han System Technology Co. Ltd. (6903)?
The net margin of Jiu Han System Technology Co. Ltd. is 22.2% (last twelve months). 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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Nov 7, 2026