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Size Jiu Han System Technology (6903.TWO) is a Taiwan Industrials company (Engineering & Construction) with a market value of $494M, the 447th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$245.00 on 6 Nov 2026.
Performance Over six months the shares fell 40.2%, against -19.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 196.2% over the last twelve months (peer median -7.7%); the operating margin is 27.2% (peer median 3.4%).
Valuation It trades at 6.7× forward earnings against a peer median of 13.9× (2nd cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 148.1 points above its cost of capital (8.9% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$6.54B | NT$3.60B | NT$2.89B | NT$2.87B | NT$4.72B |
| Revenue growth | — | +25% | +1% | -39% | — |
| Gross profit | NT$1.99B | NT$991M | NT$867M | NT$1.16B | NT$1.82B |
| EBITDA | NT$1.79B | NT$860M | NT$735M | NT$1.04B | NT$1.59B |
| Net income | NT$1.45B | NT$706M | NT$594M | NT$820M | NT$1.30B |
| Free cash flow | NT$858M | NT$777M | -NT$546M | NT$1.12B | NT$555M |
| Capital expenditure | NT$179M | NT$9.46M | NT$21.6M | NT$5.08M | NT$14.2M |
| Total debt | NT$0 | NT$0 | NT$770,000 | NT$1.53M | NT$7.55M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6903.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.3% | -7.1% | lowest of 21 |
| 6-month return | -40.2% | -19.1% | 2nd lowest of 21 |
| Distance from 52-week high | -45.7% | -36.1% | 4th lowest of 21 |
| Revenue growth (TTM) | +196.2% | -7.7% | highest of 21 |
| Operating margin | 27.2% | 3.4% | highest of 21 |
| Forward P/E | 6.7× | 13.9× | 2nd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -3.0% | 0.6% | 4th least demanding of 12 |
| Growth delivered (Del g) | +11.0% | +3.6% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -14.0 pp | -2.7 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +148.1 pp | -2.5 pp | highest of 21 |
| EV / EBITDA | 7.6× | 7.6× | 6th cheapest of 11 |
| Net debt / EBITDA | -1.5× | -0.3× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiu Han System Technology 6903.TWO | Taiwan | $494M | -40% | +196% | 27% | 6.7× | -3.0% | +11.0% |
| Shanghai Yanhua Smartech 002178.SZ | China | $492M | -21% | -22% | -5% | n/a | n/a | n/a |
| Hindustan Construction HCC.NS | India | $500M | -26% | -21% | 12% | 15.0× | n/a | n/a |
| PRAJ Industries PRAJIND.NS | India | $486M | -38% | +2% | 2% | 35.5× | 49.1% | +19.4% |
| Fukuda 1899.T | Japan | $483M | +10% | +6% | 6% | n/a | -19.9% | -2.0% |
| Dayu Irrigation 300021.SZ | China | $506M | -26% | -15% | 4% | 12.8× | n/a | n/a |
| Hwang Chang General Contractor 2543.TW | Taiwan | $480M | -32% | +31% | 14% | n/a | n/a | n/a |
| Continental 3703.TW | Taiwan | $509M | 0% | +7% | 6% | n/a | 0.0% | +9.7% |
| Shenzhen Glory Medical 002551.SZ | China | $479M | -17% | -3% | -17% | n/a | n/a | n/a |
| TOA ROAD 1882.T | Japan | $479M | -4% | -4% | 5% | n/a | -8.4% | +1.6% |
| Concrete Pumping BBCP | United States | $479M | +20% | +7% | 12% | 32.6× | 9.9% | +5.2% |
| Meisei Industrial 1976.T | Japan | $478M | -12% | -5% | 13% | n/a | -9.6% | +3.6% |
| Poly Union Chemical 002037.SZ | China | $477M | -23% | -11% | -8% | n/a | n/a | n/a |
| Moreld MORLD.OL | Norway | $513M | +34% | -23% | 3% | 13.9× | 0.6% | -23.1% |
| Chengdu Road & Bridge Engineering 002628.SZ | China | $472M | -24% | +1% | -23% | n/a | 24.8% | -16.2% |
| Zhengping Road & Bridge Construction 603843.SS | China | $469M | -50% | -15% | -18% | n/a | n/a | n/a |
| Zhejiang Reclaim Construction 002586.SZ | China | $523M | -36% | -24% | -3% | n/a | n/a | n/a |
| Guizhou Transportation Planning Survey & Design Academe 603458.SS | China | $462M | -14% | -19% | -35% | n/a | -0.4% | -13.7% |
| Delpha Construction 2530.TW | Taiwan | $462M | -11% | -59% | 26% | 2.3× | n/a | n/a |
| Polimex - Mostostal PXM.WA | Poland | $462M | -14% | +21% | 4% | 13.8× | 2.2% | +20.7% |
| Super Telecom 603322.SS | China | $531M | -31% | -29% | -3% | n/a | 6.7% | +9.5% |