Tatung Fine Chemicals Co. (4738) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Tatung Fine Chemicals Co. stock TWD 7.77, price TWD 5.93, upside +31.0%, quality 52 out of 100. Rating: undervalued. Calculated from audited financials with 15 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 8, 2026.
How to read this chart
60‑month range 1.58 TWD – 82.30 TWD · fair‑value band 5.83 TWD – 9.71 TWD · the 5.93 TWD price screens below the 7.77 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Tatung Fine Chemicals Co. engages in the development, manufacture, and sale of electrocoatings and electronic coatings in Taiwan.
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The company offers synthetic resins, industrial additives, paints, monomers, solvents, and electronic components, as well as oil-based and water-based coatings, such as epoxy electropolymer resins, acrylic electrocoatings, fanli water insulation coatings, resistive coatings, and industrial coatings.
It serves automobiles, electronics, home appliances, and hardware processing plants. The company was formerly known as Tatung Coatings Company and changed its name to Tatung Fine Chemicals Co. in 2003. Tatung Fine Chemicals Co. was founded in 1969 and is based in Taoyuan City, Taiwan.
Stock analysis
Tatung Fine Chemicals Co. (4738) currently trades at 5.93 TWD, while our model-based Fair Value estimate is 7.77 TWD, implying the stock looks roughly 24% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 15.54 TWD per share, and 14 of the 15 models we run sit above the 5.93 TWD price.
Bear case: the Asset-Based group reads lowest at 4.17 TWD, and 1 of the 15 models stay below the price. Data coverage for this calculation is low.
Scenario range: 5.83 TWD (bear) to 9.71 TWD (bull), the price of 5.93 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 52/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Tatung Fine Chemicals Co. reported revenue of 333M TWD in FY2025 versus 300M TWD in FY2021, a compound +2.6%/yr. Reported net income was 14.4M TWD in FY2025, compounding +28.0%/yr from FY2021.
Key figures
Market cap 108M TWD (≈ $3.3M) Micro · P/E ratio 5.8 · P/S ratio 0.25 · EPS (TTM) 1.02 TWD · Net margin 4.3% · Return on equity 11.8% · Return on assets (EBIT) 0.8% (5-year average) · Operating margin 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 93% below its 52-week high and 4% above its 52-week low.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at 31%, 4738 screens cheaper than that median.
Fair Value models
Bear5.83 TWDFair Value 7.77 TWDBull9.71 TWD
Price 5.93 TWD · Upside +31.0%
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 (0.8747 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.
Best data coverage
Owner Earnings10.89 TWD15.54 TWD22.58 TWD76
EPV9.71 TWD10.75 TWD11.63 TWD74
ROIC Compounder10.07 TWD12.05 TWD14.59 TWD72
All 15 models by family
DCF Models
Owner Earnings10.89 TWD15.54 TWD22.58 TWD76
Earnings-Based
Graham-Dodd5.63 TWD20.53 TWD27.70 TWD64
Lynch FV4.89 TWD6.98 TWD9.08 TWD61
PEG = 1.04.89 TWD6.98 TWD9.08 TWD57
EPV9.71 TWD10.75 TWD11.63 TWD74
Multiples
P/E Multiple10.55 TWD14.06 TWD17.58 TWD63
P/S Multiple10.55 TWD14.06 TWD17.58 TWD58
P/B Multiple19.00 TWD25.34 TWD31.67 TWD55
EV/EBIT7.67 TWD10.63 TWD13.60 TWD66
EV/EBITDA11.51 TWD15.75 TWD20.00 TWD67
EV/Revenue6.48 TWD9.79 TWD13.09 TWD53
Asset-Based
NCAV (Graham)2.75 TWD4.17 TWD5.21 TWD54
Economic Profit
Residual Income7.29 TWD7.97 TWD9.70 TWD71
ROIC Compounder10.07 TWD12.05 TWD14.59 TWD72
Growth Earnings
Growth-Adj P/E8.12 TWD11.60 TWD15.08 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.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.0%
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.
+5.0%
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.
+6.8%
Start year 2020 (pandemic)
Revenue growth 6 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.
+4.3%
’19
’20
’21
’22
’23
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’25
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.
+16.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.8%
Dividend (yield on the price)0.0%
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.−7% → 4%
2025 sits 164% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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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.Specialty Chemicals · 728 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+31.0% · Top 25%
Profitability
Return on equity (12 months)11.8% · Above median
Return on assets4.1% · Above median
Net margin (12 months)4.9% · Below median
Operating margin (12 months)3.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)10.5% · Below median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Specialty Chemicals 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). "Tatung Fine Chemicals Co. Fair Value". https://www.fairvalue-calculator.com/stock/4738
Frequently asked questions
Is Tatung Fine Chemicals Co. (4738) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 7.77 TWD versus a price of 5.93 TWD, about +31% upside (undervalued).
What is the fair value of 4738?
Our model-based fair value for Tatung Fine Chemicals Co. is 7.77 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 5.93 TWD.
What is the quality score of 4738?
Tatung Fine Chemicals Co. has a Quality Score of 52/100. 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 Tatung Fine Chemicals Co. (4738)?
Our model-based price target is the fair value of 7.77 TWD (as of Nov 8, 2026) from 15 valuation models. Cautious scenario 5.83 TWD, optimistic scenario 9.71 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Tatung Fine Chemicals Co. stock forecast for 2026?
Our models put fair value at 7.77 TWD, about +31% upside versus a price of 5.93 TWD (undervalued). Cautious scenario 5.83 TWD, optimistic scenario 9.71 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Tatung Fine Chemicals Co. (4738)?
Tatung Fine Chemicals Co. reported trailing-twelve-month revenue of about 351M TWD (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Tatung Fine Chemicals Co. (4738)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tatung Fine Chemicals Co. it is 7.77 TWD per share (as of Nov 8, 2026), against a price of 5.93 TWD. It is the blended result of 15 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Tatung Fine Chemicals Co. stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 4738 trades below its calculated fair value: price 5.93 TWD, fair value 7.77 TWD, a gap of about +31% (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 4738?
No. The price is what the market pays today (5.93 TWD); the fair value is what the company's own numbers justify (7.77 TWD). For Tatung Fine Chemicals Co. the two are 1.84 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Tatung Fine Chemicals Co. worth?
The market values Tatung Fine Chemicals Co. at about 108M TWD (market capitalisation, as of Nov 8, 2026). Per share that is 5.93 TWD; our models calculate a fair value of 7.77 TWD per share.
What do the bullish and bearish scenarios say about 4738?
Our models span a range for Tatung Fine Chemicals Co.: cautious scenario 5.83 TWD, base 7.77 TWD, optimistic 9.71 TWD per share (as of Nov 8, 2026, price 5.93 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4738?
Tatung Fine Chemicals Co. trades at a price-to-earnings ratio of 5.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 7.77 TWD is built from several models across several years. Other multiples: P/B 0.7, P/S 0.3, EV/EBITDA 3.5.
How solid is the balance sheet of Tatung Fine Chemicals Co. (4738)?
Balance-sheet figures for Tatung Fine Chemicals Co. (as of Nov 8, 2026): return on equity 11.8%, debt of 0.13 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 4738 from its 52-week high?
Tatung Fine Chemicals Co. trades at 5.93 TWD, about 93% below its 52-week high of 82.30 TWD and 4% above the low of 5.71 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 7.77 TWD is for.
Which stocks are comparable to Tatung Fine Chemicals Co.?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, 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 Tatung Fine Chemicals Co. stock attractive at the current price?
The data as of Nov 8, 2026: price 5.93 TWD, calculated fair value 7.77 TWD (+31%), Quality Score 52/100, from 15 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 4738 calculated?
We run Tatung Fine Chemicals Co. through 15 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 7.77 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. Tatung Fine Chemicals Co. currently trades 24% 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 Tatung Fine Chemicals Co. (4738)?
The closing price on Nov 6, 2026 was 5.93 TWD. Our model-based fair value is 7.77 TWD, about +31% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tatung Fine Chemicals 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 (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Tatung Fine Chemicals Co.
How large is the market capitalisation of Tatung Fine Chemicals Co. (4738)?
The market capitalisation of Tatung Fine Chemicals Co. is 108M TWD (≈ $3.3M). 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 Tatung Fine Chemicals Co. (4738)?
The price-to-sales ratio of Tatung Fine Chemicals Co. is 0.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tatung Fine Chemicals Co. (4738)?
Earnings per share at Tatung Fine Chemicals Co. are 1.02 TWD (price ÷ EPS = P/E 5.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tatung Fine Chemicals Co. (4738)?
The net margin of Tatung Fine Chemicals Co. is 4.3% (fiscal year 2025). 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 Tatung Fine Chemicals Co. (4738)?
The return on equity (ROE) of Tatung Fine Chemicals Co. is 11.8% (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 Tatung Fine Chemicals Co. (4738)?
On an EBIT basis the return on assets of Tatung Fine Chemicals Co. is 0.8% (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 Tatung Fine Chemicals Co. (4738)?
The operating margin of Tatung Fine Chemicals Co. is 3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tatung Fine Chemicals Co. (4738)?
Revenue at Tatung Fine Chemicals Co. is growing +10.5% versus a year earlier (3y avg +5.0%). 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 Tatung Fine Chemicals Co. (4738)?
Earnings per share at Tatung Fine Chemicals Co. are growing +35.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tatung Fine Chemicals Co. (4738) generate?
The free cash flow of Tatung Fine Chemicals Co. is −9.7M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tatung Fine Chemicals Co. (4738) carry?
The net debt of Tatung Fine Chemicals Co. is 21.4M TWD (fiscal year 2025). 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 8, 2026