TTET Union Corp (1232) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of TTET Union Corp TWD 140, price TWD 155, upside -9.3%, quality 64 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 133.51 TWD – 168.50 TWD · fair‑value band 112.17 TWD – 194.91 TWD · the 154.50 TWD price screens above the 140.15 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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TTET Union Corporation operates as a soybean crusher in Taiwan and internationally. It operates through TTET Union Corporation and Master Channels Corporation segments. The company engages in the manufacture, processing, sale, import, and export of a range of vegetable oils, including soybean, canola, palm olein, deep frying, and sunflower oil.
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TTET Union Corporation operates as a soybean crusher in Taiwan and internationally. It operates through TTET Union Corporation and Master Channels Corporation segments. The company engages in the manufacture, processing, sale, import, and export of a range of vegetable oils, including soybean, canola, palm olein, deep frying, and sunflower oil. It also provides soy protein products, such as dehulled high-protein, dehulled full-fat, regular, and full-fat soybean meals, as well as soybean hull pellets; premium selected and non-GMO soybeans; and deodorized distillate products. In addition, the company is involved in the cogeneration plant business; processing and sale of cigarettes, alcohol, and articles for daily use; provision of logistics services; and wholesale and retail of oils. TTET Union Corporation was incorporated in 1982 and is headquartered in Tainan City, Taiwan.
Stock analysis
TTET Union Corp (1232) currently trades at 154.50 TWD, while our model-based Fair Value estimate is 140.15 TWD, implying the stock looks roughly 10.2% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 153.38 TWD per share, and 5 of the 22 models we run sit above the 154.50 TWD price.
Bear case: the Asset-Based group reads lowest at 24.73 TWD, and 17 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: 112.17 TWD (bear) to 194.91 TWD (bull), the price of 154.50 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 64/100 (solid quality), in the Consumer Defensive sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
TTET Union Corp reported revenue of 21.5B TWD in FY2025 versus 20.5B TWD in FY2021, a compound +1.2%/yr. Reported net income was 1.3B TWD in FY2025, compounding +1.5%/yr from FY2021.
Key figures
Market cap 25.9B TWD (≈ $812M) · P/E ratio 17.9 · P/S ratio 1.10 · EPS (TTM) 8.62 TWD · Dividend yield 4.7% · Net margin 6.1% · Return on equity 22.8% · Return on assets (EBIT) 19.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at −9%, 1232 screens richer than that median.
Fair Value models
Bear 112.17 TWDFair Value 140.15 TWDBull 194.91 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 (1.04 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 growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−2.5%
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.
−4.5%
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.
+4.3%
Start year 2020 (pandemic). Over 10 years: +1.9% a year
Revenue growth 23 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.
+5.0%
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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.
+5.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.3%
Dividend (yield on the price)4.7%
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.0% vs 3%, 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.9% → 8%
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.
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).
+5.0%
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 +3.4% 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.Packaged Foods · 667 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside−9% · Below median
Profitability
Return on equity (TTM)23% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)4.7% · Above median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TTET Union Corp Fair Value". https://www.fairvalue-calculator.com/stock/1232
Frequently asked questions
Is TTET Union Corp (1232) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 140.15 TWD versus a price of 154.50 TWD, about −9% upside (fairly valued).
What is the fair value of 1232?
Our model-based fair value for TTET Union Corp is 140.15 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 154.50 TWD.
What is the quality score of 1232?
TTET Union Corp has a Quality Score of 64/100. 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 TTET Union Corp (1232)?
Our model-based price target is the fair value of 140.15 TWD (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 112.17 TWD, optimistic scenario 194.91 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the TTET Union Corp stock forecast for 2026?
Our models put fair value at 140.15 TWD, about −9% upside versus a price of 154.50 TWD (fairly valued). Cautious scenario 112.17 TWD, optimistic scenario 194.91 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TTET Union Corp (1232)?
TTET Union Corp reported trailing-twelve-month revenue of about 22.0B TWD (latest available figure, as of Sep 24, 2026).
Does TTET Union Corp pay a dividend?
TTET Union Corp currently shows a dividend yield of about 4.66% relative to its recent price (as of Sep 24, 2026).
What growth is priced into TTET Union Corp (1232)?
For today's price to be fair in a discounted-cash-flow model, TTET Union Corp would have to grow free cash flow by +5.0 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 1232 use?
Our models discount TTET Union Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.13, 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 TTET Union Corp that is +5.0 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has TTET Union Corp (1232) delivered so far?
Over the past 5 years revenue at TTET Union Corp grew +4.3 % a year. The price currently implies +5.0 % 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 TTET Union Corp (1232) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into TTET Union Corp (+5.0 % 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 TTET Union Corp (1232)?
The free-cash-flow yield on the price is 6.29 %: that much free cash flow TTET Union Corp produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TTET Union Corp (1232)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TTET Union Corp it is 140.15 TWD per share (as of Sep 24, 2026), against a price of 154.50 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is TTET Union Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 1232 trades above its calculated fair value: price 154.50 TWD, fair value 140.15 TWD, a gap of about −9% (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 1232?
No. The price is what the market pays today (154.50 TWD); the fair value is what the company's own numbers justify (140.15 TWD). For TTET Union Corp the two are 14.35 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TTET Union Corp worth?
The market values TTET Union Corp at about 25.9B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 154.50 TWD; our models calculate a fair value of 140.15 TWD per share.
What do the bullish and bearish scenarios say about 1232?
Our models span a range for TTET Union Corp: cautious scenario 112.17 TWD, base 140.15 TWD, optimistic 194.91 TWD per share (as of Sep 24, 2026, price 154.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1232?
TTET Union Corp trades at a price-to-earnings ratio of 17.9 (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 140.15 TWD is built from several models across several years. Other multiples: P/B 4.4, P/S 1.2, EV/EBITDA 12.0.
How solid is the balance sheet of TTET Union Corp (1232)?
Balance-sheet figures for TTET Union Corp (as of Sep 24, 2026): return on equity 22.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 1232 from its 52-week high?
TTET Union Corp trades at 154.50 TWD, about 8% below its 52-week high of 168.50 TWD and 10% above the low of 140.50 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 140.15 TWD is for.
Which stocks are comparable to TTET Union Corp?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food Company, 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 TTET Union Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 154.50 TWD, calculated fair value 140.15 TWD (−9%), Quality Score 64/100, from 22 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 1232 calculated?
We run TTET Union Corp through 22 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 140.15 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. TTET Union 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 TTET Union Corp (1232)?
The closing price on Sep 24, 2026 was 154.50 TWD. Our model-based fair value is 140.15 TWD, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TTET Union Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of TTET Union Corp (1232) come from?
Earnings per share at TTET Union Corp grew +3.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.7 %, EBIT margin +2.7 %, tax rate −0.4 %, residual (interest, one-offs) −0.5 %. 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 TTET Union Corp
How large is the market capitalisation of TTET Union Corp (1232)?
The market capitalisation of TTET Union Corp is 25.9B TWD (≈ $812M). 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 TTET Union Corp (1232)?
The price-to-sales ratio of TTET Union Corp is 1.10 (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 TTET Union Corp (1232)?
Earnings per share at TTET Union Corp are 8.62 TWD (price ÷ EPS = P/E 17.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TTET Union Corp (1232)?
The dividend yield of TTET Union Corp is 4.7% (payout 83.5%). 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 TTET Union Corp (1232)?
The net margin of TTET Union Corp is 6.1% (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 TTET Union Corp (1232)?
The return on equity (ROE) of TTET Union Corp is 22.8% (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 TTET Union Corp (1232)?
On an EBIT basis the return on assets of TTET Union Corp is 19.0% (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 TTET Union Corp (1232)?
The operating margin of TTET Union Corp is 8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TTET Union Corp (1232)?
Revenue at TTET Union Corp is growing +9.2% versus a year earlier (3y avg −4.5%). 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 TTET Union Corp (1232)?
Earnings per share at TTET Union Corp are growing +20.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does TTET Union Corp (1232) hold?
TTET Union Corp holds more cash than debt, 1.2B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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