Chia Hsin Cement Corp (1103) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Chia Hsin Cement Corp TWD 10.96, price TWD 13.05, upside -16.0%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 12.85 TWD – 23.86 TWD · fair‑value band 7.67 TWD – 13.01 TWD · the 13.05 TWD price screens above the 10.96 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Chia Hsin Cement Corp (1103) currently trades at 13.05 TWD, while our model-based Fair Value estimate is 10.96 TWD, implying the stock looks roughly 19.1% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 18.45 TWD per share, and 4 of the 17 models we run sit above the 13.05 TWD price.
Bear case: the Earnings-Based group reads lowest at 7.02 TWD, and 13 of the 17 models stay below the price. Evidence for this calculation is low.
Scenario range: 7.67 TWD (bear) to 13.01 TWD (bull), the price of 13.05 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 55/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Chia Hsin Cement Corp 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.
Key figures
Market cap 8.8B TWD (≈ $277M) · P/E ratio 15.5 · P/S ratio 2.87 · EPS (TTM) 0.8400 TWD · Net margin 18.4% · Return on equity 2.6% · Return on assets (EBIT) 0.3% · Operating margin 2.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at −16%, 1103 screens cheaper than that median.
Fair Value models
Bear 7.67 TWDFair Value 10.96 TWDBull 13.01 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 (0.6168 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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.0%
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.
+10.2%
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.
+7.9%
Start year 2020 (pandemic). Over 10 years: +0.6% 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.
−3.0%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
−21.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−21.3%
Dividend (yield on the price)0.0%
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.−16% vs 36%, 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.110% → −3%
2025 sits 171% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.9%/yr over ~10Y (margins eroding too) ⓘ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.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+13.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +11.4% a year for the price.
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 · 258 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−16% · Below median
Profitability
Return on equity (TTM)3% · Below median
Return on assets0% · Bottom 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−9% · Below median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.36× · Highest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
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Is Chia Hsin Cement Corp (1103) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 10.96 TWD versus a price of 13.05 TWD, about −16% upside (overvalued).
What is the fair value of 1103?
Our model-based fair value for Chia Hsin Cement Corp is 10.96 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 13.05 TWD.
What is the quality score of 1103?
Chia Hsin Cement Corp 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 price target for Chia Hsin Cement Corp (1103)?
Our model-based price target is the fair value of 10.96 TWD (as of Sep 24, 2026) from 19 valuation models. Cautious scenario 7.67 TWD, optimistic scenario 13.01 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Chia Hsin Cement Corp stock forecast for 2026?
Our models put fair value at 10.96 TWD, about −16% upside versus a price of 13.05 TWD (overvalued). Cautious scenario 7.67 TWD, optimistic scenario 13.01 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Chia Hsin Cement Corp (1103)?
Chia Hsin Cement Corp reported trailing-twelve-month revenue of about 3.0B TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Chia Hsin Cement Corp (1103)?
For today's price to be fair in a discounted-cash-flow model, Chia Hsin Cement Corp would have to grow free cash flow by +13.1 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 1103 use?
Our models discount Chia Hsin Cement Corp at 11.8 %: a base by market capitalisation (micro), damped by beta 0.26, 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 Chia Hsin Cement Corp that is +13.1 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Chia Hsin Cement Corp (1103) delivered so far?
Over the past 5 years revenue at Chia Hsin Cement Corp grew +7.9 % a year. The price currently implies +13.1 % 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 Chia Hsin Cement Corp (1103) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Chia Hsin Cement Corp (+13.1 % 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 Chia Hsin Cement Corp (1103)?
The free-cash-flow yield on the price is 5.87 %: that much free cash flow Chia Hsin Cement Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chia Hsin Cement Corp (1103)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chia Hsin Cement Corp it is 10.96 TWD per share (as of Sep 24, 2026), against a price of 13.05 TWD. It is the blended result of 19 valuation models (cash flow, earnings, asset, dividend).
Is Chia Hsin Cement Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 1103 trades above its calculated fair value: price 13.05 TWD, fair value 10.96 TWD, a gap of about −16% (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 1103?
No. The price is what the market pays today (13.05 TWD); the fair value is what the company's own numbers justify (10.96 TWD). For Chia Hsin Cement Corp the two are 2.09 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Chia Hsin Cement Corp worth?
The market values Chia Hsin Cement Corp at about 8.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 13.05 TWD; our models calculate a fair value of 10.96 TWD per share.
What do the bullish and bearish scenarios say about 1103?
Our models span a range for Chia Hsin Cement Corp: cautious scenario 7.67 TWD, base 10.96 TWD, optimistic 13.01 TWD per share (as of Sep 24, 2026, price 13.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1103?
Chia Hsin Cement Corp trades at a price-to-earnings ratio of 15.5 (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 10.96 TWD is built from several models across several years. Other multiples: PEG 8.0, P/B 0.5, P/S 3.0, EV/EBITDA 58.1.
What is the PEG ratio of 1103?
The PEG ratio of Chia Hsin Cement Corp is 7.95 (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 Chia Hsin Cement Corp (1103)?
Balance-sheet figures for Chia Hsin Cement Corp (as of Sep 24, 2026): return on equity 2.6%, debt of 0.36 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 1103 from its 52-week high?
Chia Hsin Cement Corp trades at 13.05 TWD, about 9% below its 52-week high of 14.30 TWD and 2% above the low of 12.85 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 10.96 TWD is for.
Which stocks are comparable to Chia Hsin 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 Chia Hsin Cement Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 13.05 TWD, calculated fair value 10.96 TWD (−16%), Quality Score 55/100, from 19 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 1103 calculated?
We run Chia Hsin Cement Corp through 19 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 10.96 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 13.2 % above its aggregate fair value. Chia Hsin Cement Corp 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 Chia Hsin Cement Corp (1103)?
The closing price on Sep 24, 2026 was 13.05 TWD. Our model-based fair value is 10.96 TWD, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chia Hsin Cement Corp right now?
Solid but not exceptional quality (55/100) 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 Chia Hsin Cement Corp
How large is the market capitalisation of Chia Hsin Cement Corp (1103)?
The market capitalisation of Chia Hsin Cement Corp is 8.8B TWD (≈ $277M). 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 Chia Hsin Cement Corp (1103)?
The price-to-sales ratio of Chia Hsin Cement Corp is 2.87 (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 Chia Hsin Cement Corp (1103)?
Earnings per share at Chia Hsin Cement Corp are 0.8400 TWD (price ÷ EPS = P/E 15.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Chia Hsin Cement Corp (1103)?
The net margin of Chia Hsin Cement Corp is 18.4% (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 Chia Hsin Cement Corp (1103)?
The return on equity (ROE) of Chia Hsin Cement Corp is 2.6% (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 Chia Hsin Cement Corp (1103)?
On an EBIT basis the return on assets of Chia Hsin Cement Corp is 0.3% (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 Chia Hsin Cement Corp (1103)?
The operating margin of Chia Hsin Cement Corp is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chia Hsin Cement Corp (1103)?
Revenue at Chia Hsin Cement Corp is growing −8.5% versus a year earlier (3y avg +10.2%). 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 Chia Hsin Cement Corp (1103)?
Earnings per share at Chia Hsin Cement Corp are growing −37.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Chia Hsin Cement Corp (1103) carry?
The net debt of Chia Hsin Cement Corp is 9.6B TWD (fiscal year 2025, ≈ 18.5 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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