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Chia Hsin Cement Corporation (1103) Fair Value & Analysis

Basic Materials · TW · Market cap 8.9B TWD

CH Chia Hsin Cement Corporation 1103 · TW
Price13.20 TWD
Fair Value14.36 TWD
Upside+8.8%
Quality55/100
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Healthy Growth
Solidly profitable · 17.8% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/15)
Narrow moat 34/100
Evidence: High Range 10.77 TWD – 17.43 TWD Share as image

Fair value as of: Jul 23, 2026

From 19 valuation models · updated 18 days ago

Share price −1.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 10.77 TWD (bear) to 17.43 TWD (bull), base 14.36 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

24.31 TWD 12.85 TWD Fair Value 14.36 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 12.85 TWD – 24.31 TWD · fair‑value band 10.77 TWD – 17.43 TWD · the 13.20 TWD price screens below the 14.36 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Chia Hsin Cement Corporation (1103) currently trades at 13.20 TWD, while our model-based Fair Value estimate is 14.36 TWD, implying the stock looks roughly 8.8% fairly valued today. The Quality Score stands at 55/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Chia Hsin Cement Corporation generated revenue of 3.0B TWD at a net margin of 17.8%. Revenue declined 8.5% year over year. It earns a return on equity of 2.6%. Net debt stands at 9.6B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 10.77 TWD (bear case) to 17.43 TWD (bull case); at 13.20 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at 9%, 1103 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 0.5000 TWD 3.06 TWD 7.31 TWD 80
Residual Income 19.66 TWD 18.97 TWD 15.75 TWD 76
Rev-Margin DCF 0.7800 TWD 3.66 TWD 74
All 19 models by family
DCF Models
FCF DCF 0.1900 TWD 2.85 TWD 7.63 TWD 38
Owner Earnings 4.81 TWD 9.16 TWD 16.97 TWD 31
5Y Revenue Exit 0.6000 TWD 3.70 TWD 39
5Y EBITDA Exit 2.33 TWD 41
5Y P/E Exit 1.36 TWD 5.60 TWD 10.67 TWD 38
10Y Revenue Exit 0.6200 TWD 2.32 TWD 36
10Y EBITDA Exit 0.1900 TWD 1.54 TWD 37
10Y P/E Exit 0.8300 TWD 3.64 TWD 6.32 TWD 35
Earnings-Based
Graham-Dodd 5.74 TWD 7.02 TWD 7.90 TWD 54
Multiples
P/E Multiple 10.77 TWD 14.36 TWD 17.94 TWD 63
P/S Multiple 5.15 TWD 6.87 TWD 8.58 TWD 58
P/B Multiple 10.77 TWD 14.36 TWD 17.94 TWD 55
EV/EBITDA 0.1800 TWD 54
EV/Revenue 1.84 TWD 43
Asset-Based
NCAV (Graham) 13.77 TWD 18.45 TWD 27.53 TWD 50
Growth DCF
Growth DCF 0.5000 TWD 3.06 TWD 7.31 TWD 80
Rev-Margin DCF 0.7800 TWD 3.66 TWD 74
Economic Profit
Residual Income 19.66 TWD 18.97 TWD 15.75 TWD 76
Growth Earnings
Growth-Adj P/E 7.67 TWD 10.96 TWD 14.24 TWD 68

Widest divergence: Economic Profit (18.97 TWD) versus Growth DCF (0.7800 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.0B TWD
Revenue growth (YoY) -8.5%
Net margin 17.8%
Return on equity 2.6%
Free cash flow 517M TWD FY2025
P/E ratio 16.1
More key figures
Operating margin 2.3%
EPS (TTM) 0.8400 TWD
EPS growth (YoY) -37.6%
Net debt 9.6B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 53 · Market factors (momentum, volatility) 53

Profitability 26
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 70
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Chia Hsin Cement Corporation manufactures and sells cement in Taiwan, China, and Japan. It operates through Cement, Real Estate, Warehousing and Storage, Hospitality and Catering, and Other segments.

Full company description

Chia Hsin Cement Corporation manufactures and sells cement in Taiwan, China, and Japan. It operates through Cement, Real Estate, Warehousing and Storage, Hospitality and Catering, and Other segments. The company's activities include the wholesale and retail sale of building materials; non-metallic mining; manufacturing of mixed concrete; international trade; leasing, construction, and development of residences and buildings, and industrial factory buildings; real estate commerce; and real estate rental and leasing. It also involved in the reconstruction within the renewal area; warehousing and storage; healthcare; fitness and training; manufacturing of beverages and bakery products; hotel management; and energy technology services. Chia Hsin Cement Corporation was incorporated in 1954 and is based in Taipei, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chia Hsin Cement Corporation reported revenue of 3.0B TWD in FY2025 versus 2.2B TWD in FY2021, a compound +8.0%/yr. Reported net income was 556M TWD in FY2025, compounding −4.1%/yr from FY2021.

Growth Quality 81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.0B TWD
Latest YoY
+1.0%
Avg. growth/yr (3Y) 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.
+10.2%
Avg. growth/yr (5Y) 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.
+7.9%
Avg. growth/yr (25Y) 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.
−3.0%
Revenue +8.0%/yr
FY21 2.2B TWD
FY22 2.3B TWD
FY23 2.9B TWD
FY24 3.0B TWD
FY25 3.0B TWD
Net income −4.1%/yr
FY21 658M TWD
FY22 −181M TWD
FY23 81.1M TWD
FY24 320M TWD
FY25 556M TWD

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Cite: Fair Value Calculator (2026). "Chia Hsin Cement Corporation Fair Value". https://www.fairvalue-calculator.com/stock/1103

Peer Group

Building Materials · 253 stocks

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.

Quality Score 55 · Above median
Fair Value upside +9% · Above median
Return on equity (TTM) 3% · Below median
Return on assets -0% · Bottom 25%
Net margin (TTM) 18% · Top 25%
Operating margin (TTM) 2% · Below median
Revenue growth -9% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.36× · Higher than 75% of peers

Valuation Multiples vs Building Materials median · lower = cheaper

P/E (TTM) 16.1× · Cheaper than median
P/B 0.49× · Cheaper than median
P/S (TTM) 3.03× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 58.6× · Pricier than 75% of peers
PEG 7.95× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 45 · sector 27
FUTURE 0 · sector 2
PAST 10 · sector 15
HEALTH 82 · sector 92
DIVIDEND 0 · sector 42

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is Chia Hsin Cement Corporation (1103) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 14.36 TWD versus a price of 13.20 TWD, about +9% (fairly valued).
What is the fair value of 1103?
Our model-based fair value for Chia Hsin Cement Corporation is 14.36 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 13.20 TWD.
What is the quality score of 1103?
Chia Hsin Cement Corporation has a Quality Score of 55/100. 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 revenue of Chia Hsin Cement Corporation (1103)?
Chia Hsin Cement Corporation reported trailing-twelve-month revenue of about 3.0B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 1103?
The net profit margin of Chia Hsin Cement Corporation is about 17.8%, meaning it keeps roughly 17.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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