United Integrated Services Co Ltd (2404) Fair Value & Analysis
Industrials · TW · Market cap 243B TWD (≈ $7.6B) · ISIN TW0002404001
What is United Integrated Services Co Ltd really worth?
A solid business, but trading 16% above our fair value of 925.62 TWD.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 26 valuation models · updated 22 days ago
Share price −4.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A fairly wide model range (733.49 TWD to 1,860 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 122.51 TWD – 1,385 TWD · fair‑value band 733.49 TWD – 1,860 TWD · the 1,070 TWD price screens above the 925.62 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
United Integrated Services Co Ltd (2404) currently trades at 1,070 TWD, while our model-based Fair Value estimate is 925.62 TWD, implying the stock looks roughly 15.6% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of 2,498 TWD per share, and 15 of the 26 models we run sit above the 1,070 TWD price. Bear case: the Economic Profit group reads lowest at 467.95 TWD, and 11 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, United Integrated Services Co Ltd generated revenue of 74.9B TWD at a net margin of 13.6%. Revenue grew 76.2% year over year. It earns a return on equity of 77.9%. The balance sheet holds a net cash position of 29.7B TWD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 733.49 TWD (bear case) to 1,860 TWD (bull case); at 1,070 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 20% below its 52-week high and 95% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −13%, 2404 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 32.45 TWD per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (2,498 TWD) versus Asset-Based (66.06 TWD). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 40
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
United Integrated Services Co., Ltd. provides engineering construction services in Taiwan, Mainland China, Singapore, the United states, and Japan. It operates through Engineering and Integration Department; Maintenance and Design Department; and Other segments.
Full company description
United Integrated Services Co., Ltd. provides engineering construction services in Taiwan, Mainland China, Singapore, the United states, and Japan. It operates through Engineering and Integration Department; Maintenance and Design Department; and Other segments. The company engages in the undertaking of various water supply engineering, instrumentation engineering, and refrigeration and air conditioning engineering; installation of clean rooms and related transactions; manufacturing of supplies; designing and installation of traffic control systems; and factory computer monitoring systems. It also offers traffic surveillance and control system engineering building services; and technical advisory services for planning and designing projects. In addition, the company provides engineering environment monitoring systems; and electrical and mechanical engineering contracts for transmission and distribution of electric power. Further, the company designs, installs, maintains, and trades in various equipment for computerized automatic engineering monitoring systems; and imports restrained telecom radio frequency equipment. Additionally, the company is involved in the contracting of computer and communication system integration projects, as well as manufacturing and trading of related software and hardware. United Integrated Services Co., Ltd. was incorporated in 1982 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
United Integrated Services Co Ltd reported revenue of 66.1B TWD in FY2025 versus 25.6B TWD in FY2021, a compound +26.8%/yr. Reported net income was 9.1B TWD in FY2025, compounding +34.5%/yr from FY2021.
of which total revenue +20.2 % · buybacks/dilution +0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
2404 screens 16% overvalued. Compare with Quanta Services, Inc →
Peer Group
Engineering & Construction · 816 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
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €114.35 | €185.62 | +62% |
| Comfort Systems USA, Inc FIX | $1,615 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.40 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $775.04 | $549.47 | −29% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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