Lien Hwa Industrial Corp (1229) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Lien Hwa Industrial Corp stock TWD 54.92, price TWD 38.10, upside +44.1%, quality 65 out of 100. Rating: undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 38.10 TWD – 71.60 TWD · fair‑value band 33.89 TWD – 86.79 TWD · the 38.10 TWD price screens below the 54.92 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Lien Hwa Industrial Holdings Corporation, together with its subsidiaries, engages in the production and sale of flour products. It operates through five segments: Rental Business, Flour Business, Flour Business Overseas, Administrative Resource Center, and System Integration Service business.
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The company engages in the houses and land rental and provision of real estate management development services; manufacture and sale of flour and processed foods, including wheat bran, wheat bran grains, and wheat gram; and investments management and other electronic businesses.
It also offers system integration services, automatic systems, and applied software design solutions, as well as sells industrial computers.
In addition, the company is involved in the wholesaling and retailing business; restaurant business; business management and business information consulting activities; manufacture of machinery and equipment for power generation, transmission, and distribution, and energy technology service; rental, sale, and maintenance of telephone switching systems and data communication products; contracting of communication system projects; semiconductor facility monitoring and control system engineering; network communication system engineering; railway E and M system engineering; environmental protection solutions engineering; and research and development of radio frequency identification technology.
Further, it offers information software services; manufactures computer and peripheral equipment, and other electrical engineering and electronic machinery equipment; and offers software and technology services. The company also serves distributors, chained stores, and food companies.
Lien Hwa Industrial Holdings Corporation was founded in 1951 and is headquartered in Taipei, Taiwan.
Stock analysis
Lien Hwa Industrial Corp (1229) currently trades at 38.10 TWD, while our model-based Fair Value estimate is 54.92 TWD, implying the stock looks roughly 31% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 112.48 TWD per share, and 7 of the 13 models we run sit above the 38.10 TWD price.
Bear case: the Asset-Based group reads lowest at 20.95 TWD, and 6 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: 33.89 TWD (bear) to 86.79 TWD (bull), the price of 38.10 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 65/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Lien Hwa Industrial Corp reported revenue of 13.6B TWD in FY2025 versus 11.3B TWD in FY2021, a compound +4.7%/yr. Reported net income was 4.6B TWD in FY2025, compounding +3.0%/yr from FY2021.
Key figures
Market cap 70.9B TWD (≈ $2.2B) Mid · P/E ratio 15.7 · P/S ratio 5.87 · EPS (TTM) 2.42 TWD · Dividend yield 4.6% · Net margin 36.9% · Return on equity 6.1% · Return on assets (EBIT) 3.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at 44%, 1229 screens cheaper than that median.
Fair Value models
Bear33.89 TWDFair Value 54.92 TWDBull86.79 TWD
Price 38.10 TWD · Upside +44.1%
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 (0.5608 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.
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.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.9%
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.
+3.3%
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.
+7.3%
Start year 2020 (pandemic). Over 10 years: +9.9% 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.
+9.1%
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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.
+7.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.5%
Dividend (yield on the price)4.6%
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.2.5% vs 7.5%, 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.39% → 15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−0.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −2.0% a year for the price.
Compare Lien Hwa Industrial Corp with another stock
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.Conglomerates · 304 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+44.1% · Above median
Profitability
Return on equity (12 months)6.1% · Below median
Return on assets4.8% · Above median
Net margin (12 months)36.9% · Top 25%
Operating margin (12 months)5.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)−38.8% · Bottom 25%
Dividend yield (12 months)4.6% · Top 25%
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Conglomerates median · lower = cheaper
P/E (12 months)15.7× · Pricier than median
P/B1.24× · Pricier than median
P/S (12 months)5.87× · Priciest 25%
Price / free cash flow (fiscal year)11.9× · Cheaper than median
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Is Lien Hwa Industrial Corp (1229) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 54.92 TWD versus a price of 38.10 TWD, about +44% upside (undervalued).
What is the fair value of 1229?
Our model-based fair value for Lien Hwa Industrial Corp is 54.92 TWD (as of Nov 7, 2026), built from audited fundamentals. The current price: 38.10 TWD.
What is the quality score of 1229?
Lien Hwa Industrial Corp has a Quality Score of 65/100. 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 Lien Hwa Industrial Corp (1229)?
Our model-based price target is the fair value of 54.92 TWD (as of Nov 7, 2026) from 13 valuation models. Cautious scenario 33.89 TWD, optimistic scenario 86.79 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Lien Hwa Industrial Corp stock forecast for 2026?
Our models put fair value at 54.92 TWD, about +44% upside versus a price of 38.10 TWD (undervalued). Cautious scenario 33.89 TWD, optimistic scenario 86.79 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Lien Hwa Industrial Corp (1229)?
Lien Hwa Industrial Corp reported trailing-twelve-month revenue of about 12.1B TWD (latest available figure, as of Nov 7, 2026).
Does Lien Hwa Industrial Corp pay a dividend?
Lien Hwa Industrial Corp currently shows a dividend yield of 4.64% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Lien Hwa Industrial Corp (1229) and when is the ex-dividend date?
Lien Hwa Industrial Corp pays a dividend of 1.77 TWD per share a year, a dividend yield of 4.6%. The last ex-dividend date was Jul 8, 2026. The payout ratio is 73.0% of earnings. Free cash flow covers the dividend 1.85 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Lien Hwa Industrial Corp (1229)?
For today's price to be fair in a discounted-cash-flow model, Lien Hwa Industrial Corp would have to grow free cash flow by -0.4 % 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 +7.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of 1229 use?
Our models discount Lien Hwa Industrial Corp at 9.0 %: a base by market capitalisation (mid), damped by beta 0.20, 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 Lien Hwa Industrial Corp that is -0.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Lien Hwa Industrial Corp (1229) delivered so far?
Over the past 5 years revenue at Lien Hwa Industrial Corp grew +7.3 % a year. The price currently implies free-cash-flow growth of -0.4 % per 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 Lien Hwa Industrial Corp (1229) growing?
The median revenue growth in the sector is +3.6 % a year. That is the yardstick for the growth priced into Lien Hwa Industrial Corp (-0.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Lien Hwa Industrial Corp (1229)?
The free-cash-flow yield on the price is 8.40 %: that much free cash flow Lien Hwa Industrial 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 Lien Hwa Industrial Corp (1229)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Lien Hwa Industrial Corp it is 54.92 TWD per share (as of Nov 7, 2026), against a price of 38.10 TWD. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Lien Hwa Industrial Corp stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 1229 trades below its calculated fair value: price 38.10 TWD, fair value 54.92 TWD, a gap of about +44% (undervalued). 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 1229?
No. The price is what the market pays today (38.10 TWD); the fair value is what the company's own numbers justify (54.92 TWD). For Lien Hwa Industrial Corp the two are 16.82 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Lien Hwa Industrial Corp worth?
The market values Lien Hwa Industrial Corp at about 70.9B TWD (market capitalisation, as of Nov 7, 2026). Per share that is 38.10 TWD; our models calculate a fair value of 54.92 TWD per share.
What do the bullish and bearish scenarios say about 1229?
Our models span a range for Lien Hwa Industrial Corp: cautious scenario 33.89 TWD, base 54.92 TWD, optimistic 86.79 TWD per share (as of Nov 7, 2026, price 38.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1229?
Lien Hwa Industrial Corp trades at a price-to-earnings ratio of 15.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 54.92 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 5.9, EV/EBITDA 45.3.
How solid is the balance sheet of Lien Hwa Industrial Corp (1229)?
Balance-sheet figures for Lien Hwa Industrial Corp (as of Nov 7, 2026): return on equity 6.1%, debt of 0.06 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 1229 from its 52-week high?
Lien Hwa Industrial Corp trades at 38.10 TWD, about 21% below its 52-week high of 48.40 TWD and at the low of 38.10 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 54.92 TWD is for.
Which stocks are comparable to Lien Hwa Industrial Corp?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH 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 Lien Hwa Industrial Corp stock attractive at the current price?
The data as of Nov 7, 2026: price 38.10 TWD, calculated fair value 54.92 TWD (+44%), Quality Score 65/100, from 13 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 1229 calculated?
We run Lien Hwa Industrial Corp through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 54.92 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. Lien Hwa Industrial Corp currently trades 31% 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 Lien Hwa Industrial Corp (1229)?
The closing price on Nov 9, 2026 was 38.10 TWD. Our model-based fair value is 54.92 TWD, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Lien Hwa Industrial Corp right now?
Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (33.89 TWD to 86.79 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Lien Hwa Industrial Corp (1229) come from?
Earnings per share at Lien Hwa Industrial Corp grew +8.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.2 %, EBIT margin −11.8 %, tax rate −0.2 %, residual (interest, one-offs) +13.1 %. 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 Lien Hwa Industrial Corp
How large is the market capitalisation of Lien Hwa Industrial Corp (1229)?
The market capitalisation of Lien Hwa Industrial Corp is 70.9B TWD (≈ $2.2B). 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 Lien Hwa Industrial Corp (1229)?
The price-to-sales ratio of Lien Hwa Industrial Corp is 5.87 (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 Lien Hwa Industrial Corp (1229)?
Earnings per share at Lien Hwa Industrial Corp are 2.42 TWD (price ÷ EPS = P/E 15.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Lien Hwa Industrial Corp (1229)?
The dividend yield of Lien Hwa Industrial Corp is 4.6% (payout 73.0%). 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 Lien Hwa Industrial Corp (1229)?
The net margin of Lien Hwa Industrial Corp is 36.9% (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 Lien Hwa Industrial Corp (1229)?
The return on equity (ROE) of Lien Hwa Industrial Corp is 6.1% (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 Lien Hwa Industrial Corp (1229)?
On an EBIT basis the return on assets of Lien Hwa Industrial Corp is 3.8% (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 Lien Hwa Industrial Corp (1229)?
The operating margin of Lien Hwa Industrial Corp is 5.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Lien Hwa Industrial Corp (1229)?
Revenue at Lien Hwa Industrial Corp is growing −38.8% versus a year earlier (3y avg +3.3%). 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 Lien Hwa Industrial Corp (1229)?
Earnings per share at Lien Hwa Industrial Corp are growing −13.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Lien Hwa Industrial Corp (1229) carry?
The net debt of Lien Hwa Industrial Corp is 6.2B TWD (fiscal year 2025, ≈ 1.0 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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Broad data
Nov 7, 2026