Lucky Cement Co (1108) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Lucky Cement Co stock TWD 15.45, price TWD 10.75, upside +43.7%, quality 67 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 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
60‑month range 9.82 TWD – 18.75 TWD · fair‑value band 10.61 TWD – 20.15 TWD · the 10.75 TWD price screens below the 15.45 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Lucky Cement Co., together with its subsidiaries, manufactures and sells cement, stone, and other cement-related products in the People's Republic of China.
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The company offers Portland cement, ready-mixed concrete, hot cement, lower alkali Portland cement, blast furnace slag, limestone, as well as ashes. It also engages in the construction business; and provides shipping agent and maritime transportation services.
In addition, the company is involved in the lease and sale of residential and commercial buildings, parking lots, and industrial areas; and cement trading, and soil and rock mining businesses. The company was founded in 1974 and is headquartered in Taipei, Taiwan.
Stock analysis
Lucky Cement Co (1108) currently trades at 10.75 TWD, while our model-based Fair Value estimate is 15.45 TWD, implying the stock looks roughly 30% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 28.23 TWD per share, and 20 of the 24 models we run sit above the 10.75 TWD price.
Bear case: the Asset-Based group reads lowest at 3.22 TWD, and 4 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 10.61 TWD (bear) to 20.15 TWD (bull), the price of 10.75 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 67/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Lucky Cement Co reported revenue of 4.5B TWD in FY2025 versus 3.8B TWD in FY2021, a compound +4.2%/yr. Reported net income was 881M TWD in FY2025, compounding +35.4%/yr from FY2021.
Key figures
Market cap 4.4B TWD (≈ $133M) Micro · P/E ratio 15.8 · P/S ratio 1.09 · EPS (TTM) 0.6800 TWD · Dividend yield 9.3% · Net margin 6.9% · Return on equity 5.0% · Return on assets (EBIT) 7.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at 44%, 1108 screens cheaper than that median.
Fair Value models
Bear10.61 TWDFair Value 15.45 TWDBull20.15 TWD
Price 10.75 TWD · Upside +43.7%
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.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.
Best data coverage
FCF DCF20.14 TWD25.67 TWD34.73 TWD82
Growth DCF20.70 TWD25.92 TWD33.81 TWD80
Owner Earnings16.72 TWD21.30 TWD28.79 TWD78
All 24 models by family
DCF Models
FCF DCF20.14 TWD25.67 TWD34.73 TWD82
Owner Earnings16.72 TWD21.30 TWD28.79 TWD78
5Y Revenue Exit15.15 TWD19.94 TWD26.87 TWD73
5Y EBITDA Exit20.48 TWD29.15 TWD40.64 TWD75
5Y P/E Exit22.29 TWD32.29 TWD44.24 TWD71
10Y Revenue Exit17.11 TWD20.56 TWD24.07 TWD68
10Y EBITDA Exit20.21 TWD25.58 TWD31.19 TWD70
10Y P/E Exit21.18 TWD27.29 TWD33.05 TWD65
Earnings-Based
Graham-Dodd14.80 TWD18.08 TWD20.34 TWD67
EPV17.07 TWD19.20 TWD20.95 TWD74
Dividend Discount
Gordon GGM5.50 TWD5.90 TWD6.49 TWD69
DDM Multi-Stage5.50 TWD6.44 TWD7.64 TWD67
Multiples
P/E Multiple27.74 TWD36.99 TWD46.24 TWD63
P/S Multiple12.37 TWD16.50 TWD20.62 TWD58
P/B Multiple10.30 TWD13.74 TWD17.17 TWD55
EV/EBIT22.39 TWD32.00 TWD41.62 TWD65
EV/EBITDA17.41 TWD25.35 TWD33.30 TWD67
EV/Revenue5.11 TWD10.06 TWD15.01 TWD51
Asset-Based
NCAV (Graham)2.12 TWD3.22 TWD4.02 TWD54
Growth DCF
Growth DCF20.70 TWD25.92 TWD33.81 TWD80
Rev-Margin DCF15.15 TWD20.48 TWD27.22 TWD73
Economic Profit
Residual Income13.28 TWD15.33 TWD18.65 TWD76
ROIC Compounder17.07 TWD19.60 TWD22.05 TWD72
Growth Earnings
Growth-Adj P/E19.76 TWD28.23 TWD36.70 TWD67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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
−8.6%
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.
+2.4%
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.
−0.4%
Start year 2020 (pandemic). Over 10 years: −1.2% a year
Revenue growth 23 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.
+0.8%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+27.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.7%
Dividend (yield on the price)9.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.27.5% vs 8.8%, picking up
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.10% → 25%
2025 sits 68% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−6.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −8.2% a year for the price.
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.Building Materials · 257 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+43.7% · Top 25%
Profitability
Return on equity (12 months)5.0% · Above median
Return on assets8.7% · Top 25%
Net margin (12 months)6.9% · Above median
Operating margin (12 months)4.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−20.4% · Bottom 25%
Dividend yield (12 months)9.3% · Top 25%
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
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). "Lucky Cement Co Fair Value". https://www.fairvalue-calculator.com/stock/1108
Frequently asked questions
Is Lucky Cement Co (1108) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 15.45 TWD versus a price of 10.75 TWD, about +44% upside (undervalued).
What is the fair value of 1108?
Our model-based fair value for Lucky Cement Co is 15.45 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 10.75 TWD.
What is the quality score of 1108?
Lucky Cement Co has a Quality Score of 67/100. 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 Lucky Cement Co (1108)?
Our model-based price target is the fair value of 15.45 TWD (as of Nov 7, 2026) from 24 valuation models. Cautious scenario 10.61 TWD, optimistic scenario 20.15 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Lucky Cement Co stock forecast for 2026?
Our models put fair value at 15.45 TWD, about +44% upside versus a price of 10.75 TWD (undervalued). Cautious scenario 10.61 TWD, optimistic scenario 20.15 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Lucky Cement Co (1108)?
Lucky Cement Co reported trailing-twelve-month revenue of about 4.0B TWD (latest available figure, as of Nov 7, 2026).
Does Lucky Cement Co pay a dividend?
Lucky Cement Co currently shows a dividend yield of 9.30% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Lucky Cement Co (1108) and when is the ex-dividend date?
Lucky Cement Co pays a dividend of 1.00 TWD per share a year, a dividend yield of 9.3%. The last ex-dividend date was Jul 16, 2026. The payout ratio is 147% of earnings. Free cash flow covers the dividend 2.50 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Lucky Cement Co (1108)?
For today's price to be fair in a discounted-cash-flow model, Lucky Cement Co would have to grow free cash flow by -6.7 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.4 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 1108 use?
Our models discount Lucky Cement Co at 11.8 %: a base by market capitalisation (micro), damped by beta 0.27, 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 Lucky Cement Co that is -6.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Lucky Cement Co (1108) delivered so far?
Over the past 5 years revenue at Lucky Cement Co grew -0.4 % a year. The price currently implies free-cash-flow growth of -6.7 % 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 Lucky Cement Co (1108) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Lucky Cement Co (-6.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Lucky Cement Co (1108)?
The free-cash-flow yield on the price is 23.27 %: that much free cash flow Lucky Cement Co produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Lucky Cement Co (1108)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lucky Cement Co it is 15.45 TWD per share (as of Nov 7, 2026), against a price of 10.75 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Lucky Cement Co stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 1108 trades below its calculated fair value: price 10.75 TWD, fair value 15.45 TWD, a gap of about +44% (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 1108?
No. The price is what the market pays today (10.75 TWD); the fair value is what the company's own numbers justify (15.45 TWD). For Lucky Cement Co the two are 4.70 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Lucky Cement Co worth?
The market values Lucky Cement Co at about 4.4B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 10.75 TWD; our models calculate a fair value of 15.45 TWD per share.
What do the bullish and bearish scenarios say about 1108?
Our models span a range for Lucky Cement Co: cautious scenario 10.61 TWD, base 15.45 TWD, optimistic 20.15 TWD per share (as of Nov 7, 2026, price 10.75 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1108?
Lucky Cement Co trades at a price-to-earnings ratio of 15.8 (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 15.45 TWD is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 12.0. Other multiples: P/B 0.8, P/S 1.1, EV/EBITDA 8.8.
How solid is the balance sheet of Lucky Cement Co (1108)?
Balance-sheet figures for Lucky Cement Co (as of Nov 7, 2026): return on equity 5.0%, debt of 0.03 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 1108 from its 52-week high?
Lucky Cement Co trades at 10.75 TWD, about 30% below its 52-week high of 15.30 TWD and at the low of 10.70 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 15.45 TWD is for.
Which stocks are comparable to Lucky Cement Co?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, 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 Lucky Cement Co stock attractive at the current price?
The data as of Nov 7, 2026: price 10.75 TWD, calculated fair value 15.45 TWD (+44%), Quality Score 67/100, from 24 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 1108 calculated?
We run Lucky Cement Co through 24 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 15.45 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. Lucky Cement Co currently trades 30% 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 Lucky Cement Co (1108)?
The closing price on Nov 9, 2026 was 10.75 TWD. Our model-based fair value is 15.45 TWD, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lucky Cement Co right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (10.61 TWD to 20.15 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Lucky Cement Co (1108) come from?
Earnings per share at Lucky Cement Co grew +5.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.1 %, EBIT margin +4.4 %, tax rate −0.1 %, residual (interest, one-offs) +1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Lucky Cement Co
How large is the market capitalisation of Lucky Cement Co (1108)?
The market capitalisation of Lucky Cement Co is 4.4B TWD (≈ $133M). 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 Lucky Cement Co (1108)?
The price-to-sales ratio of Lucky Cement Co is 1.09 (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 Lucky Cement Co (1108)?
Earnings per share at Lucky Cement Co are 0.6800 TWD (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Lucky Cement Co (1108)?
The dividend yield of Lucky Cement Co is 9.3% (payout 147%). 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 Lucky Cement Co (1108)?
The net margin of Lucky Cement Co is 6.9% (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 Lucky Cement Co (1108)?
The return on equity (ROE) of Lucky Cement Co is 5.0% (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 Lucky Cement Co (1108)?
On an EBIT basis the return on assets of Lucky Cement Co is 7.1% (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 Lucky Cement Co (1108)?
The operating margin of Lucky Cement Co is 4.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lucky Cement Co (1108)?
Revenue at Lucky Cement Co is growing −20.4% versus a year earlier (3y avg +2.4%). 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 Lucky Cement Co (1108)?
Earnings per share at Lucky Cement Co are growing −96.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Lucky Cement Co (1108) carry?
The net debt of Lucky Cement Co is 2.6B TWD (fiscal year 2025, ≈ 2.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 7, 2026