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Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Vietnam Manufacturing and Export Processing (Holdings) Limited stock TWD 2.18, price TWD 2.73, that is 20.1% below the price, quality 59 out of 100. Rating: overvalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical TW · Based in Vietnam

VM Vietnam Manufacturing and Export Processing (Holdings) Limited logo Thin data Nov 9, 2026

Vietnam Manufacturing and Export Processing (Holdings) Limited

9110 · TW
Expensive, in a downtrend

Our calculation puts a fair price 20% below what the stock costs today.

Generates free cash flow over the last twelve months
Quality 59/100
Expensive Growth (revenue YoY +6.5 %/yr in USD)
Thin margins · 4.1% net margin (TTM)
Mixed vs. peers (4/10)
Revenue last quarter 29% below a year ago.
Fair value 2.18 TWD · Overvalued
Narrow moat 28/100 · thin data
Thin data
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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

9.24 TWD 2.51 TWD Fair Value 2.18 TWD May 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 2.51 TWD – 9.24 TWD · fair‑value band 1.96 TWD – 2.53 TWD · the 2.73 TWD price screens above the 2.18 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

Vietnam Manufacturing and Export Processing (Holdings) Limited, an investment holding company, engages in the manufacture and sale of motorbikes and scooters, and related spare parts and engines in Vietnam.

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The company engages in the provision of motorbike maintenance services; and manufactures parts for use in repair servicing and product assembly. It also operates a distribution network of SYM authorized stores owned by dealers in Vietnam; and develops real estate properties.

It offers motorbikes under the SYM brand name. It also exports its products to Malaysia, the Philippines, United Arab Emirates Thailand, Greece, Italy, Singapore, and internationally.

Vietnam Manufacturing and Export Processing (Holdings) Limited was incorporated in 2005 and is headquartered in Biên Hòa, Vietnam. Vietnam Manufacturing and Export Processing (Holdings) Limited operates as a subsidiary of SY International Ltd.

Stock analysis

Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) currently trades at 2.73 TWD, while our model-based Fair Value estimate is 2.18 TWD, 20% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 3.67 TWD per share, and 4 of the 8 models we run sit above the 2.73 TWD price.

Bear case: the Earnings-Based group reads lowest at 1.39 TWD, and 4 of the 8 models stay below the price. Data coverage for this calculation is low.

Scenario range: 1.96 TWD (bear) to 2.53 TWD (bull), the price of 2.73 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 59/100 (solid quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Vietnam Manufacturing and Export Processing (Holdings) Limited reported revenue of $86.4M in FY2025 versus $93.0M in FY2021, a compound −1.8%/yr. Reported net income was $4.6M in FY2025.

Key figures

Market cap 2.5B TWD (≈ $75.5M) Micro · P/E ratio 27.3 · P/S ratio 1.46 · EPS (TTM) 0.1000 TWD · Net margin 5.3% · Return on equity 7.0% · Return on assets (EBIT) −0.7% (5-year average) · Operating margin −7.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 50% fair-value upside, at −20%, 9110 screens richer than that median.

Fair Value models

Bear 1.96 TWD Fair Value 2.18 TWD Bull 2.53 TWD
Price 2.73 TWD · Downside -20.1%
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 (0.0858 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 Earnings 1.97 TWD 2.18 TWD 2.53 TWD 75
Residual Income 1.37 TWD 1.46 TWD 1.60 TWD 71
Graham-Dodd 1.13 TWD 1.39 TWD 1.56 TWD 67
All 8 models by family
DCF Models
Owner Earnings 1.97 TWD 2.18 TWD 2.53 TWD 75
Earnings-Based
Graham-Dodd 1.13 TWD 1.39 TWD 1.56 TWD 67
Multiples
P/E Multiple 2.75 TWD 3.67 TWD 4.59 TWD 63
P/S Multiple 2.13 TWD 2.83 TWD 3.54 TWD 58
P/B Multiple 3.96 TWD 5.27 TWD 6.59 TWD 55
Asset-Based
NCAV (Graham) 1.06 TWD 1.61 TWD 2.01 TWD 52
Economic Profit
Residual Income 1.37 TWD 1.46 TWD 1.60 TWD 71
Growth Earnings
Growth-Adj P/E 1.94 TWD 2.77 TWD 3.60 TWD 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 59/100

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

Profitability 37
How much profit the company makes from its sales and capital
Quality Growth 62
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 81
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 62
How calm the share price moves, does not count
Price momentum 20
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 92
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. 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 3 years) ⓘ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 3 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.
+76.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+76.2%
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.−6% → −3%
⚠ Revenue per share shrinking 4.8%/yr over ~10Y (margin trend unclear) ⓘ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.

9110 screens overvalued: fair value 20% 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 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 59 · Top 25%
Fair Value upside −20.1% · Below median
Profitability
Return on equity (12 months) 7.0% · Above median
Return on assets 4.4% · Above median
Net margin (12 months) 4.1% · Above median
Operating margin (12 months) −7.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −28.7% · Bottom 25%

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/E (12 months) 27.3× · Priciest 25%
P/B 1.55× · Pricier than median
P/S (12 months) 0.97× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)7 · sector 23
FUTURE (revenue growth)0 · sector 26
PAST (return on equity)28 · sector 18
HEALTH (low debt)0 · sector 88
DIVIDEND (yield)0 · sector 52

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.

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Polaris Inc PII $63.07 $127.85 +103% vs 9110
Trigano S.A TRI €135.40 €274.15 +102% vs 9110
Harley-Davidson, Inc HOG $32.66 $65.04 +99% vs 9110
LCI Industries, LCII $97.81 $167.42 +71% vs 9110
Zhejiang Cfmoto Power Co 603129 ¥310.00 ¥465.45 +50% vs 9110
Patrick Industries, Inc PATK $78.79 $88.30 +12% vs 9110
BRP Inc DOO $64.72 $71.19 +10% vs 9110
Sanlorenzo S.p.A SL €36.52 €36.35 +0% vs 9110
THOR Industries, Inc THO $80.77 $64.20 −21% vs 9110
Brunswick Corporation BC $77.23 $59.39 −23% vs 9110

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Vietnam Manufacturing and Export Processing (Holdings) Limited: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Vietnam Manufacturing and Export Processing (Holdings) Limited Fair Value". https://www.fairvalue-calculator.com/stock/9110

Frequently asked questions

Is Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 2.18 TWD versus a price of 2.73 TWD, about 20% lower (overvalued).
What is the fair value of 9110?
Our model-based fair value for Vietnam Manufacturing and Export Processing (Holdings) Limited is 2.18 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 2.73 TWD.
What is the quality score of 9110?
Vietnam Manufacturing and Export Processing (Holdings) Limited has a Quality Score of 59/100. 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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
Our model-based price target is the fair value of 2.18 TWD (as of Nov 9, 2026) from 8 valuation models. Cautious scenario 1.96 TWD, optimistic scenario 2.53 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam Manufacturing and Export Processing (Holdings) Limited stock forecast for 2026?
Our models put fair value at 2.18 TWD, about 20% lower versus a price of 2.73 TWD (overvalued). Cautious scenario 1.96 TWD, optimistic scenario 2.53 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
Vietnam Manufacturing and Export Processing (Holdings) Limited reported trailing-twelve-month revenue of about $78.2M (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam Manufacturing and Export Processing (Holdings) Limited it is 2.18 TWD per share (as of Nov 9, 2026), against a price of 2.73 TWD. It is the blended result of 8 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Vietnam Manufacturing and Export Processing (Holdings) Limited stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 9110 trades above its calculated fair value: price 2.73 TWD, fair value 2.18 TWD, a gap of about −20% (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 9110?
No. The price is what the market pays today (2.73 TWD); the fair value is what the company's own numbers justify (2.18 TWD). For Vietnam Manufacturing and Export Processing (Holdings) Limited the two are 0.5500 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam Manufacturing and Export Processing (Holdings) Limited worth?
The market values Vietnam Manufacturing and Export Processing (Holdings) Limited at about 2.5B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 2.73 TWD; our models calculate a fair value of 2.18 TWD per share.
What do the bullish and bearish scenarios say about 9110?
Our models span a range for Vietnam Manufacturing and Export Processing (Holdings) Limited: cautious scenario 1.96 TWD, base 2.18 TWD, optimistic 2.53 TWD per share (as of Nov 9, 2026, price 2.73 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9110?
Vietnam Manufacturing and Export Processing (Holdings) Limited trades at a price-to-earnings ratio of 27.3 (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 2.18 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 1.0.
How solid is the balance sheet of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
Balance-sheet figures for Vietnam Manufacturing and Export Processing (Holdings) Limited (as of Nov 9, 2026): return on equity 7.0%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 9110 from its 52-week high?
Vietnam Manufacturing and Export Processing (Holdings) Limited trades at 2.73 TWD, about 31% below its 52-week high of 3.96 TWD and 9% above the low of 2.51 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 2.18 TWD is for.
Which stocks are comparable to Vietnam Manufacturing and Export Processing (Holdings) Limited?
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 Vietnam Manufacturing and Export Processing (Holdings) Limited stock attractive at the current price?
The data as of Nov 9, 2026: price 2.73 TWD, calculated fair value 2.18 TWD (−20%), Quality Score 59/100, from 8 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 9110 calculated?
We run Vietnam Manufacturing and Export Processing (Holdings) Limited through 8 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 2.18 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. Vietnam Manufacturing and Export Processing (Holdings) Limited 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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
The closing price on Nov 9, 2026 was 2.73 TWD. Our model-based fair value is 2.18 TWD, about 20% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vietnam Manufacturing and Export Processing (Holdings) Limited right now?
The price sits above even our optimistic bull case (2.53 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Vietnam Manufacturing and Export Processing (Holdings) Limited

How large is the market capitalisation of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
The market capitalisation of Vietnam Manufacturing and Export Processing (Holdings) Limited is 2.5B TWD (≈ $75.5M). 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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
The price-to-sales ratio of Vietnam Manufacturing and Export Processing (Holdings) Limited is 1.46 (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
Earnings per share at Vietnam Manufacturing and Export Processing (Holdings) Limited are 0.1000 TWD (price ÷ EPS = P/E 27.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
The net margin of Vietnam Manufacturing and Export Processing (Holdings) Limited is 5.3% (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
The return on equity (ROE) of Vietnam Manufacturing and Export Processing (Holdings) Limited is 7.0% (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
On an EBIT basis the return on assets of Vietnam Manufacturing and Export Processing (Holdings) Limited is −0.7% (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
The operating margin of Vietnam Manufacturing and Export Processing (Holdings) Limited is −7.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?
Revenue at Vietnam Manufacturing and Export Processing (Holdings) Limited is growing −28.7% versus a year earlier (3y avg −13.4%). 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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) generate?
The free cash flow of Vietnam Manufacturing and Export Processing (Holdings) Limited is −$11.5M (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) carry?
The net debt of Vietnam Manufacturing and Export Processing (Holdings) Limited is $8.6M (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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