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Her Chee Industrial Co Ltd (8937) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Her Chee Industrial Co Ltd stock TWD 3.53, price TWD 23.50, that is 85.0% below the price, quality 21 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical TW · ISIN TW0008937004

HC Her Chee Industrial Co Ltd logo Thin data Nov 9, 2026

Her Chee Industrial Co Ltd

8937 · TWO
Very expensive, weak quality

Our calculation puts a fair price 85% below what the stock costs today.

Low debt
Mixed Growth (revenue YoY −50.2 %/yr in TWD)
Thin margins · 6.1% net margin (TTM)
Costs 294 times its yearly profit.
Fair value 3.53 TWD · Strongly overvalued
Quality 21/100
Negative free cash flow
Trails peers (3/12)
Narrow moat 17/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

192.50 TWD 11.45 TWD Fair Value 3.53 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range 11.45 TWD – 192.50 TWD · fair‑value band 2.63 TWD – 5.26 TWD · the 23.50 TWD price screens above the 3.53 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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Company profile

Her Chee Industrial Co., Ltd. manufactures and sells professional vehicles under the ADLY moto brand name in Taiwan. The company offers ATV utility and sports vehicles, and agro-delivery ATVs, scooters, as well as electric vehicles.

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It also provides locomotives, locomotive leads, electric locomotives, and other means of transportation. The company is involved in land development, energy storage service, and vessel leasing. It also exports its products. The company was founded in 1976 and is based in Chiayi, Taiwan.

Stock analysis

Her Chee Industrial Co Ltd (8937) currently trades at 23.50 TWD, while our model-based Fair Value estimate is 3.53 TWD, 85% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: 2.63 TWD (bear) to 5.26 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 21/100 (below-average quality), in the Consumer Cyclical sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Her Chee Industrial Co Ltd reported revenue of 65.7M TWD in FY2025 versus 126M TWD in FY2021, a compound −15.1%/yr. Reported net income was −74.0M TWD in FY2025.

Key figures

Market cap 10.1B TWD (≈ $307M) Small · P/E ratio 293.8 · P/S ratio 23.5 · EPS (TTM) 0.0800 TWD · Net margin 6.1% · Return on equity 0.9% · Return on assets (EBIT) −2.4% (5-year average) · Operating margin −14.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (medium confidence).

What moves the price

The share trades about 86% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 47% fair-value upside, at −85%, 8937 screens richer than that median.

Fair Value models

Bear 2.63 TWD Fair Value 3.53 TWD Bull 5.26 TWD
Price 23.50 TWD · Downside -85.0%
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 (0.0686 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
NCAV (Graham) 3.09 TWD 4.15 TWD 6.19 TWD 54
All 1 models by family
Asset-Based
NCAV (Graham) 3.09 TWD 4.15 TWD 6.19 TWD 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 21/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 4
How much profit the company makes from its sales and capital
Quality Growth 6
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 63
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Profit margin (trend) ⓘ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.
−10.3% (2020) → −239.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

8937 screens overvalued: fair value 85% below the price. Compare with Zhejiang Cfmoto Power Co →

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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.Recreational Vehicles · 32 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 21 · Bottom 25%
Fair Value upside −85.0% · Bottom 25%
Profitability
Return on equity (12 months) 0.9% · Below median
Return on assets −1.6% · Below median
Net margin (12 months) 6.1% · Top 25%
Operating margin (12 months) −14.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 11.7% · Above median
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.07× · Below median

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/E (12 months) 293.8× · Priciest 25%
P/B 3.84× · Priciest 25%
P/S (12 months) 23.53× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 23
FUTURE (revenue growth)59 · sector 26
PAST (return on equity)3 · sector 18
HEALTH (low debt)97 · sector 88
DIVIDEND (yield)0 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Recreational Vehicles stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Polaris Inc PII $63.07 $127.85 +103% vs 8937
Trigano S.A TRI €135.60 €274.15 +102% vs 8937
Harley-Davidson, Inc HOG $32.66 $65.04 +99% vs 8937
LCI Industries, LCII $97.81 $167.42 +71% vs 8937
Zhejiang Cfmoto Power Co 603129 ¥317.58 ¥465.45 +47% vs 8937
Patrick Industries, Inc PATK $78.79 $88.30 +12% vs 8937
BRP Inc DOO $64.72 $71.19 +10% vs 8937
Sanlorenzo S.p.A SL €36.52 €36.35 +0% vs 8937
THOR Industries, Inc THO $80.77 $64.20 −21% vs 8937
Brunswick Corporation BC $77.23 $59.39 −23% vs 8937

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Her Chee Industrial Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Her Chee Industrial Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8937

Frequently asked questions

Is Her Chee Industrial Co Ltd (8937) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 3.53 TWD versus a price of 23.50 TWD, about 85% lower (overvalued).
What is the fair value of 8937?
Our model-based fair value for Her Chee Industrial Co Ltd is 3.53 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 23.50 TWD.
What is the quality score of 8937?
Her Chee Industrial Co Ltd has a Quality Score of 21/100. 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 Her Chee Industrial Co Ltd (8937)?
Our model-based price target is the fair value of 3.53 TWD (as of Nov 9, 2026) from 1 valuation models. Cautious scenario 2.63 TWD, optimistic scenario 5.26 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Her Chee Industrial Co Ltd stock forecast for 2026?
Our models put fair value at 3.53 TWD, about 85% lower versus a price of 23.50 TWD (overvalued). Cautious scenario 2.63 TWD, optimistic scenario 5.26 TWD. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Her Chee Industrial Co Ltd (8937)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Her Chee Industrial Co Ltd it is 3.53 TWD per share (as of Nov 9, 2026), against a price of 23.50 TWD. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Her Chee Industrial Co Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 8937 trades above its calculated fair value: price 23.50 TWD, fair value 3.53 TWD, a gap of about −85% (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 8937?
No. The price is what the market pays today (23.50 TWD); the fair value is what the company's own numbers justify (3.53 TWD). For Her Chee Industrial Co Ltd the two are 19.97 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Her Chee Industrial Co Ltd worth?
The market values Her Chee Industrial Co Ltd at about 10.1B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 23.50 TWD; our models calculate a fair value of 3.53 TWD per share.
What do the bullish and bearish scenarios say about 8937?
Our models span a range for Her Chee Industrial Co Ltd: cautious scenario 2.63 TWD, base 3.53 TWD, optimistic 5.26 TWD per share (as of Nov 9, 2026, price 23.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8937?
Her Chee Industrial Co Ltd trades at a price-to-earnings ratio of 293.8 (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 3.53 TWD is built from several models across several years. Other multiples: P/B 3.8, P/S 23.5.
How solid is the balance sheet of Her Chee Industrial Co Ltd (8937)?
Balance-sheet figures for Her Chee Industrial Co Ltd (as of Nov 9, 2026): return on equity 0.9%, debt of 0.07 per unit of equity. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is 8937 from its 52-week high?
Her Chee Industrial Co Ltd trades at 23.50 TWD, about 86% below its 52-week high of 165.00 TWD and 8% above the low of 21.80 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 3.53 TWD is for.
Which stocks are comparable to Her Chee Industrial Co Ltd?
From the same area (Consumer Cyclical) we also value Zhejiang Cfmoto Power Co, Brunswick Corporation, BRP Inc, THOR Industries, 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 Her Chee Industrial Co Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 23.50 TWD, calculated fair value 3.53 TWD (−85%), Quality Score 21/100, from 1 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 8937 calculated?
We run Her Chee Industrial Co Ltd through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 3.53 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. Her Chee Industrial Co Ltd 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 Her Chee Industrial Co Ltd (8937)?
The closing price on Nov 6, 2026 was 23.50 TWD. Our model-based fair value is 3.53 TWD, about 85% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Her Chee Industrial Co Ltd right now?
The price sits above even our optimistic bull case (5.26 TWD). The favourable scenario is already priced in. Weak quality (21/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (2.63 TWD to 5.26 TWD) leaves room in how you read the outcome.

Key figures of Her Chee Industrial Co Ltd

How large is the market capitalisation of Her Chee Industrial Co Ltd (8937)?
The market capitalisation of Her Chee Industrial Co Ltd is 10.1B TWD (≈ $307M). 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 Her Chee Industrial Co Ltd (8937)?
The price-to-sales ratio of Her Chee Industrial Co Ltd is 23.5 (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 Her Chee Industrial Co Ltd (8937)?
Earnings per share at Her Chee Industrial Co Ltd are 0.0800 TWD (price ÷ EPS = P/E 293.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Her Chee Industrial Co Ltd (8937)?
The net margin of Her Chee Industrial Co Ltd is 6.1% (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 Her Chee Industrial Co Ltd (8937)?
The return on equity (ROE) of Her Chee Industrial Co Ltd is 0.9% (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 Her Chee Industrial Co Ltd (8937)?
On an EBIT basis the return on assets of Her Chee Industrial Co Ltd is −2.4% (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 Her Chee Industrial Co Ltd (8937)?
The operating margin of Her Chee Industrial Co Ltd is −14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Her Chee Industrial Co Ltd (8937)?
Revenue at Her Chee Industrial Co Ltd is growing +11.7% versus a year earlier. 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 Her Chee Industrial Co Ltd (8937)?
Earnings per share at Her Chee Industrial Co Ltd are growing +436% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Her Chee Industrial Co Ltd (8937) generate?
The free cash flow of Her Chee Industrial Co Ltd is −3.3B 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 Her Chee Industrial Co Ltd (8937) carry?
The net debt of Her Chee Industrial Co Ltd is 400M 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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