Shinhsiung Natural Gas (8908) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Shinhsiung Natural Gas stock TWD 32.39, price TWD 39.20, that is 17.4% below the price, quality 49 out of 100. Rating: overvalued. Calculated from audited financials with 16 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 9, 2026.
How to read this chart
60‑month range 38.80 TWD – 75.86 TWD · fair‑value band 22.40 TWD – 42.37 TWD · the 39.20 TWD price screens above the 32.39 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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ShinHsiung Natural Gas Inc. supplies natural gas in Taiwan. The company operates through three segments: Gas Sale Department, Installation Department, and Solar Electricity Sale Department.
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It engages in the gas transmission conduits and equipment business; sale of electricity generated by solar energy; equity holding activities; buying, selling, and renting of real estate; solar energy optoelectronics activity; real estate development, lease, and sale business; cogeneration industry; and providing energy technology services.
The Company was formerly known as Shin Hsiung Petroleum Gas Co. Ltd. and changed its name to ShinHsiung Natural Gas Inc. in June 2004. The company was incorporated in 1986 and is based in Kaohsiung City, Taiwan.
Stock analysis
Shinhsiung Natural Gas (8908) currently trades at 39.20 TWD, while our model-based Fair Value estimate is 32.39 TWD, 17% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 33.85 TWD per share, and 1 of the 16 models we run sit above the 39.20 TWD price.
Bear case: the Asset-Based group reads lowest at 9.35 TWD, and 15 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 22.40 TWD (bear) to 42.37 TWD (bull), the price of 39.20 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 49/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Shinhsiung Natural Gas reported revenue of 10.4B TWD in FY2025 versus 6.5B TWD in FY2021, a compound +12.5%/yr. Reported net income was 679M TWD in FY2025, compounding +8.9%/yr from FY2021.
Key figures
Market cap 12.3B TWD (≈ $375M) Small · P/E ratio 19.1 · P/S ratio 1.20 · EPS (TTM) 2.05 TWD · Dividend yield 3.7% · Net margin 6.5% · Return on equity 15.8% · Return on assets (EBIT) 7.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 20% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at −17%, 8908 screens cheaper than that median.
Fair Value models
Bear22.40 TWDFair Value 32.39 TWDBull42.37 TWD
Price 39.20 TWD · Downside -17.4%
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 (0.5094 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.
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.55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+27.4%
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.
+12.9%
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.
+10.4%
Start year 2020 (pandemic)
Revenue growth 8 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.
+7.1%
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What shareholders gained per year (last 5 years), in TWD ⓘ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. 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.
+8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.8%
Dividend (yield on the price)3.7%
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.8% → 8%
⚠ Revenue per share shrinking 3.7%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−17.4% · Below median
Profitability
Return on equity (12 months)15.8% · Top 25%
Return on assets5.7% · Top 25%
Net margin (12 months)6.5% · Below median
Operating margin (12 months)8.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)4.8% · Above median
Dividend yield (12 months)3.7% · Above median
Balance sheet
Debt / equity0.48× · Above median
Valuation Multiplesvs Utilities - Regulated Gas 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). "Shinhsiung Natural Gas Fair Value". https://www.fairvalue-calculator.com/stock/8908
Frequently asked questions
Is Shinhsiung Natural Gas (8908) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 32.39 TWD versus a price of 39.20 TWD, about 17% lower (overvalued).
What is the fair value of 8908?
Our model-based fair value for Shinhsiung Natural Gas is 32.39 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 39.20 TWD.
What is the quality score of 8908?
Shinhsiung Natural Gas has a Quality Score of 49/100. 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 Shinhsiung Natural Gas (8908)?
Our model-based price target is the fair value of 32.39 TWD (as of Nov 9, 2026) from 16 valuation models. Cautious scenario 22.40 TWD, optimistic scenario 42.37 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Shinhsiung Natural Gas stock forecast for 2026?
Our models put fair value at 32.39 TWD, about 17% lower versus a price of 39.20 TWD (overvalued). Cautious scenario 22.40 TWD, optimistic scenario 42.37 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Shinhsiung Natural Gas (8908)?
Shinhsiung Natural Gas reported trailing-twelve-month revenue of about 10.3B TWD (latest available figure, as of Nov 9, 2026).
Does Shinhsiung Natural Gas pay a dividend?
Shinhsiung Natural Gas currently shows a dividend yield of 3.71% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Shinhsiung Natural Gas (8908) and when is the ex-dividend date?
Shinhsiung Natural Gas pays a dividend of 1.46 TWD per share a year, a dividend yield of 3.7%. The last ex-dividend date was Mar 26, 2026. A dividend has been paid every year since at least 2014. The payout ratio is 71.0% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Shinhsiung Natural Gas (8908)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shinhsiung Natural Gas it is 32.39 TWD per share (as of Nov 9, 2026), against a price of 39.20 TWD. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Shinhsiung Natural Gas stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 8908 trades above its calculated fair value: price 39.20 TWD, fair value 32.39 TWD, a gap of about −17% (overvalued). 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 8908?
No. The price is what the market pays today (39.20 TWD); the fair value is what the company's own numbers justify (32.39 TWD). For Shinhsiung Natural Gas the two are 6.81 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Shinhsiung Natural Gas worth?
The market values Shinhsiung Natural Gas at about 12.3B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 39.20 TWD; our models calculate a fair value of 32.39 TWD per share.
What do the bullish and bearish scenarios say about 8908?
Our models span a range for Shinhsiung Natural Gas: cautious scenario 22.40 TWD, base 32.39 TWD, optimistic 42.37 TWD per share (as of Nov 9, 2026, price 39.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8908?
Shinhsiung Natural Gas trades at a price-to-earnings ratio of 19.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 32.39 TWD is built from several models across several years. Other multiples: P/B 2.8, P/S 1.2, EV/EBITDA 10.6.
How solid is the balance sheet of Shinhsiung Natural Gas (8908)?
Balance-sheet figures for Shinhsiung Natural Gas (as of Nov 9, 2026): return on equity 15.8%, debt of 0.48 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 8908 from its 52-week high?
Shinhsiung Natural Gas trades at 39.20 TWD, about 20% below its 52-week high of 48.95 TWD and 1% above the low of 38.80 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 32.39 TWD is for.
Which stocks are comparable to Shinhsiung Natural Gas?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource Inc, 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 Shinhsiung Natural Gas stock attractive at the current price?
The data as of Nov 9, 2026: price 39.20 TWD, calculated fair value 32.39 TWD (−17%), Quality Score 49/100, from 16 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 8908 calculated?
We run Shinhsiung Natural Gas through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 32.39 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. Shinhsiung Natural Gas itself currently trades above fair value. 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 Shinhsiung Natural Gas (8908)?
The closing price on Nov 5, 2026 was 39.20 TWD. Our model-based fair value is 32.39 TWD, about 17% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shinhsiung Natural Gas right now?
Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (22.40 TWD to 42.37 TWD) leaves room in how you read the outcome.
Key figures of Shinhsiung Natural Gas
How large is the market capitalisation of Shinhsiung Natural Gas (8908)?
The market capitalisation of Shinhsiung Natural Gas is 12.3B TWD (≈ $375M). 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 Shinhsiung Natural Gas (8908)?
The price-to-sales ratio of Shinhsiung Natural Gas is 1.20 (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 Shinhsiung Natural Gas (8908)?
Earnings per share at Shinhsiung Natural Gas are 2.05 TWD (price ÷ EPS = P/E 19.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shinhsiung Natural Gas (8908)?
The dividend yield of Shinhsiung Natural Gas is 3.7% (payout 71.0%). 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 Shinhsiung Natural Gas (8908)?
The net margin of Shinhsiung Natural Gas is 6.5% (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 Shinhsiung Natural Gas (8908)?
The return on equity (ROE) of Shinhsiung Natural Gas is 15.8% (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 Shinhsiung Natural Gas (8908)?
On an EBIT basis the return on assets of Shinhsiung Natural Gas is 7.9% (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 Shinhsiung Natural Gas (8908)?
The operating margin of Shinhsiung Natural Gas is 8.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shinhsiung Natural Gas (8908)?
Revenue at Shinhsiung Natural Gas is growing +4.8% versus a year earlier (3y avg +12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Shinhsiung Natural Gas (8908) generate?
The free cash flow of Shinhsiung Natural Gas is −158M 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 Shinhsiung Natural Gas (8908) carry?
The net debt of Shinhsiung Natural Gas is 2.4B 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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Nov 9, 2026