Cheng Loong Corp (1904) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Cheng Loong Corp stock TWD 13.82, price TWD 23.50, that is 41.2% below the price, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Cheng Loong Corp
1904 · TWOur calculation puts a fair price 41% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 15.50 TWD – 42.42 TWD · fair‑value band 10.37 TWD – 17.28 TWD · the 23.50 TWD price screens above the 13.82 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Company profile
Cheng Loong Corporation manufactures and sells paper products in Taiwan, Mainland China, and Southeast Asia.
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The company offers paperboard products, including containerboard, linerboard, coated duplex board, corrugating medium, white top linerboard, and coreboard; and corrugated containers, such as corrugated boards, display and waterproof container, and paper pallets.
It provides household paper products, such as tissue papers, facial tissues, paper towels, paper hand towels, and diapers, as well as personal and household cleaning products.
In addition, the company offers office paper products, which include credit card receipts, 2-copy and 3-copy receipts, computer forms, paper voucher, paper invoice, medication bags, labels/tags, and flexible packaging, etc.
Further, it provides green paper art products for children's educational toys, pet toys, and cultural and creative products, as well as builds residential and commercial premises for rent and sale.
Additionally, the company manufactures and installs electronic components, glass products, and optical and precision instruments; manufactures and sells corrugated cardboard, kraft linerboard, and display boxes; and paper boxes, trays, containers, core papers, foams, anti-static bubble bags, plastic buffer packaging materials.
It involves in packaging decoration printing; trading of color printing accessories and base paper; manufacturing packaging for electronic products, tissue, carton, wrapping paper, pallets for export, separator, lithographic, flexographic, and other paper products; and water and sewage treatment, as well as provides maintenance and technical repairment services.
Cheng Loong Corporation was incorporated in 1959 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Cheng Loong Corp (1904) currently trades at 23.50 TWD, while our model-based Fair Value estimate is 13.82 TWD, 41% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 16.83 TWD per share, and 2 of the 13 models we run sit above the 23.50 TWD price.
Bear case: the Earnings-Based group reads lowest at 4.01 TWD, and 11 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 10.37 TWD (bear) to 17.28 TWD (bull), the price of 23.50 TWD sits above 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 38/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Cheng Loong Corp reported revenue of 43.0B TWD in FY2025 versus 45.0B TWD in FY2021, a compound −1.1%/yr. Reported net income was 823M TWD in FY2025, compounding −32.5%/yr from FY2021.
Key figures
Market cap 28.7B TWD (≈ $876M) Small · P/E ratio 10.9 · P/S ratio 0.65 · EPS (TTM) 2.16 TWD · Dividend yield 1.9% · Net margin 5.5% · Return on equity 8.3% · Return on assets (EBIT) 3.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 22% fair-value upside, at −41%, 1904 screens richer than that median.
Fair Value models
All 14 models by family
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
1904 screens overvalued: fair value 41% below the price. Compare with UPM-Kymmene Oyj →
Compare Cheng Loong Corp with another stock
Price, fair value, quality and upside side by side.
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.Paper & Paper Products · 117 stocks
Valuation Multiplesvs Paper & Paper Products median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Return on assets by industry
- Fair value gap by industry
- Piotroski F-Score screener with fair value
- Undervalued stocks: Taiwanese Stocks
- Valuation of the Taiwan market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Paper & Paper Products stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Nine Dragons Paper (Holdings) Limited 2689 | HK$4.62 | HK$7.54 | +63% | vs 1904 |
| PT Indah Kiat Pulp & Paper Tbk INKP | 6,425 IDR | 10,483 IDR | +63% | vs 1904 |
| Empresas CMPC S.A CMPC | 898.00 CLP | 1,243 CLP | +38% | vs 1904 |
| Xianhe Co 603733 | ¥15.86 | ¥21.06 | +33% | vs 1904 |
| Semapa - Sociedade de Investimento e Gestão, SGPS, S.A SEM | €19.94 | €24.27 | +22% | vs 1904 |
| Shandong Sunpaper Co 002078 | ¥14.12 | ¥16.93 | +20% | vs 1904 |
| UPM-Kymmene Oyj UPM | €22.46 | €21.19 | −6% | vs 1904 |
| The Navigator Company NVG | €3.04 | €2.49 | −18% | vs 1904 |
| Billerud AB BILL | kr 88.20 | kr 68.44 | −22% | vs 1904 |
| Suzano S.A SUZ | $9.66 | $5.24 | −46% | vs 1904 |
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Key figures of Cheng Loong Corp
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