Asia Cement Corp (1102) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Asia Cement Corp TWD 36.17, price TWD 35.70, upside +1.3%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Asia Cement Corporation engages in the cement business in China and Taiwan. It operates through Cement, Electric Power, Investment, Construction, Transportation, Special Steel, and Leasing segments.
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Asia Cement Corporation engages in the cement business in China and Taiwan. It operates through Cement, Electric Power, Investment, Construction, Transportation, Special Steel, and Leasing segments. The company is involved in the mining, production, transportation, and sale of cement, cement semi-finished products, cement products, and ready-mixed concrete; and afforestation and leasing activities. It also offers Portland cement, cement paving products, and special specification cement; hearthstone powder; cooked, plaster, and silica sand products. Asia Cement Corporation was incorporated in 1957 and is based in Taipei, Taiwan.
Stock analysis
Asia Cement Corp (1102) currently trades at 35.70 TWD, while our model-based Fair Value estimate is 36.17 TWD, implying the stock looks roughly 1.3% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 43.42 TWD per share, and 11 of the 26 models we run sit above the 35.70 TWD price.
Bear case: the Economic Profit group reads lowest at 8.38 TWD, and 15 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 22.53 TWD (bear) to 53.72 TWD (bull), the price of 35.70 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 53/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Asia Cement Corp reported revenue of 71.0B TWD in FY2025 versus 89.7B TWD in FY2021, a compound −5.7%/yr. Reported net income was 10.0B TWD in FY2025, compounding −9.7%/yr from FY2021.
Key figures
Market cap 122B TWD (≈ $3.8B) · P/E ratio 11.9 · P/S ratio 1.69 · EPS (TTM) 2.99 TWD · Dividend yield 6.2% · Net margin 14.1% · Return on equity 5.3% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 13% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at 1%, 1102 screens cheaper than that median.
Fair Value models
Bear 22.53 TWDFair Value 36.17 TWDBull 53.72 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (2.19 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.Evidence ⓘEvidence = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−6.9%
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.
−7.7%
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.
−1.9%
Start year 2020 (pandemic). Over 10 years: +0.7% a year
Revenue growth 25 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.
+7.3%
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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.
−2.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.3%
Dividend (yield on the price)6.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8% vs 8%, slowing
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.33% → 12%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −1.7% a year for the price and −0.6% for the forecasts.
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.Building Materials · 257 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside+1% · Above median
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Below median
Net margin (TTM)15% · Top 25%
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth−11% · Bottom 25%
Dividend yield (TTM)6.2% · Top 25%
Balance sheet
Debt / equity0.26× · Above median
Valuation Multiplesvs Building Materials median · lower = cheaper
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Is Asia Cement Corp (1102) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 36.17 TWD versus a price of 35.70 TWD, about +1% upside (fairly valued).
What is the fair value of 1102?
Our model-based fair value for Asia Cement Corp is 36.17 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 35.70 TWD.
What is the quality score of 1102?
Asia Cement Corp has a Quality Score of 53/100. 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 Asia Cement Corp (1102)?
Our model-based price target is the fair value of 36.17 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 22.53 TWD, optimistic scenario 53.72 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Asia Cement Corp stock forecast for 2026?
Our models put fair value at 36.17 TWD, about +1% upside versus a price of 35.70 TWD (fairly valued). Cautious scenario 22.53 TWD, optimistic scenario 53.72 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Asia Cement Corp (1102)?
Asia Cement Corp reported trailing-twelve-month revenue of about 69.3B TWD (latest available figure, as of Sep 24, 2026).
Does Asia Cement Corp pay a dividend?
Asia Cement Corp currently shows a dividend yield of about 6.23% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Asia Cement Corp (1102)?
For today's price to be fair in a discounted-cash-flow model, Asia Cement Corp would have to grow free cash flow by -0.1 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 1102 use?
Our models discount Asia Cement Corp at 9.0 %: a base by market capitalisation (mid), damped by beta 0.17, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Asia Cement Corp that is -0.1 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Asia Cement Corp (1102) delivered so far?
Over the past 5 years revenue at Asia Cement Corp grew -1.9 % a year. The price currently implies -0.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Asia Cement Corp (1102) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Asia Cement Corp (-0.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Asia Cement Corp (1102)?
The free-cash-flow yield on the price is 9.13 %: that much free cash flow Asia Cement Corp produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Asia Cement Corp (1102)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asia Cement Corp it is 36.17 TWD per share (as of Sep 24, 2026), against a price of 35.70 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Asia Cement Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 1102 trades below its calculated fair value: price 35.70 TWD, fair value 36.17 TWD, a gap of about +1% (fairly valued). 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 1102?
No. The price is what the market pays today (35.70 TWD); the fair value is what the company's own numbers justify (36.17 TWD). For Asia Cement Corp the two are 0.4700 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Asia Cement Corp worth?
The market values Asia Cement Corp at about 122B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 35.70 TWD; our models calculate a fair value of 36.17 TWD per share.
What do the bullish and bearish scenarios say about 1102?
Our models span a range for Asia Cement Corp: cautious scenario 22.53 TWD, base 36.17 TWD, optimistic 53.72 TWD per share (as of Sep 24, 2026, price 35.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1102?
Asia Cement Corp trades at a price-to-earnings ratio of 11.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 36.17 TWD is built from several models across several years. Other multiples: PEG 7.7, P/B 0.7, P/S 1.8, EV/EBITDA 13.4.
What is the PEG ratio of 1102?
The PEG ratio of Asia Cement Corp is 7.72 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Asia Cement Corp (1102)?
Balance-sheet figures for Asia Cement Corp (as of Sep 24, 2026): return on equity 5.3%, debt of 0.26 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 1102 from its 52-week high?
Asia Cement Corp trades at 35.70 TWD, about 8% below its 52-week high of 39.00 TWD and 13% above the low of 31.70 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 36.17 TWD is for.
Which stocks are comparable to Asia Cement Corp?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, 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 Asia Cement Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 35.70 TWD, calculated fair value 36.17 TWD (+1%), Quality Score 53/100, from 26 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 1102 calculated?
We run Asia Cement Corp through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 36.17 TWD, 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 14.1 % above its aggregate fair value. Asia Cement Corp currently trades 1 % 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 Asia Cement Corp (1102)?
The closing price on Sep 24, 2026 was 35.70 TWD. Our model-based fair value is 36.17 TWD, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asia Cement Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (22.53 TWD to 53.72 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Asia Cement Corp (1102) come from?
Earnings per share at Asia Cement Corp grew +7.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.3 %, EBIT margin +1.7 %, tax rate +0.9 %, residual (interest, one-offs) +3.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Asia Cement Corp
How large is the market capitalisation of Asia Cement Corp (1102)?
The market capitalisation of Asia Cement Corp is 122B TWD (≈ $3.8B). 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 Asia Cement Corp (1102)?
The price-to-sales ratio of Asia Cement Corp is 1.69 (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 Asia Cement Corp (1102)?
Earnings per share at Asia Cement Corp are 2.99 TWD (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asia Cement Corp (1102)?
The dividend yield of Asia Cement Corp is 6.2% (payout 74.4%). 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 Asia Cement Corp (1102)?
The net margin of Asia Cement Corp is 14.1% (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 Asia Cement Corp (1102)?
The return on equity (ROE) of Asia Cement Corp is 5.3% (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 Asia Cement Corp (1102)?
On an EBIT basis the return on assets of Asia Cement Corp is 3.9% (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 Asia Cement Corp (1102)?
The operating margin of Asia Cement Corp is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asia Cement Corp (1102)?
Revenue at Asia Cement Corp is growing −10.6% versus a year earlier (3y avg −7.7%). 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 Asia Cement Corp (1102)?
Earnings per share at Asia Cement Corp are growing +37.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Asia Cement Corp (1102) carry?
The net debt of Asia Cement Corp is 83.5B TWD (fiscal year 2025, ≈ 7.5 yrs of FCF). 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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