Ten Ren Tea Co Ltd (1233) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Ten Ren Tea Co Ltd TWD 12.75, price TWD 28.10, upside -54.6%, quality 65 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 27.40 TWD – 38.07 TWD · fair‑value band 9.56 TWD – 15.94 TWD · the 28.10 TWD price screens above the 12.75 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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Ten Ren Tea Co., Ltd. engages in the manufacture, and sale of tea, tea sets, and beverages in Taiwan, the United States, China, Hong Kong, and internationally. The company operates through two segments, Tea and Food and Beverage. It also provides catering services.
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Ten Ren Tea Co., Ltd. engages in the manufacture, and sale of tea, tea sets, and beverages in Taiwan, the United States, China, Hong Kong, and internationally. The company operates through two segments, Tea and Food and Beverage. It also provides catering services. In addition, the company offers its products under the Ten Ren Tea, Ten Ren cha FOR TEA, cha FOR TEA ToGo, Ten Ren Tea Culture Museum, and CHAFFEE brands. Ten Ren Tea Co., Ltd. was founded in 1953 and is headquartered in Taipei, Taiwan.
Stock analysis
Ten Ren Tea Co Ltd (1233) currently trades at 28.10 TWD, while our model-based Fair Value estimate is 12.75 TWD, implying the stock looks roughly 120.4% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 18.05 TWD per share, and 2 of the 24 models we run sit above the 28.10 TWD price.
Bear case: the Earnings-Based group reads lowest at 6.40 TWD, and 22 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 9.56 TWD (bear) to 15.94 TWD (bull), the price of 28.10 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 65/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ten Ren Tea Co Ltd reported revenue of 2.2B TWD in FY2025 versus 1.8B TWD in FY2021, a compound +5.1%/yr. Reported net income was 67.9M TWD in FY2025, compounding +12.0%/yr from FY2021.
Key figures
Market cap 2.5B TWD (≈ $80.0M) · P/E ratio 37.5 · P/S ratio 1.18 · EPS (TTM) 0.7500 TWD · Dividend yield 3.3% · Net margin 3.1% · Return on equity 5.4% · Return on assets (EBIT) 3.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −2% fair-value upside, at −55%, 1233 screens richer than that median.
Fair Value models
Bear 9.56 TWDFair Value 12.75 TWDBull 15.94 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 (0.5507 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.52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.6%
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.
+5.6%
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.
+2.5%
Start year 2020 (pandemic). Over 10 years: +0.1% a year
Revenue growth 22 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.
+2.0%
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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.
+6.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.5%
Dividend (yield on the price)3.3%
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.4% vs −11%, picking up
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.4% → 3%
Start year 2020 (pandemic)
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).
+9.4%
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 +7.7% 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 · 668 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−55% · Bottom 25%
Profitability
Return on equity (TTM)5% · Below median
Return on assets2% · Below median
Net margin (TTM)3% · Below median
Operating margin (TTM)6% · Above median
Growth and dividend
Revenue growth4% · Below median
Dividend yield (TTM)3.3% · Above median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
P/E (TTM)37.5× · Priciest 25%
P/B1.88× · Pricier than median
P/S (TTM)1.17× · Pricier than median
P/FCF0.5× · Cheaper than median
EV/EBITDA17.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 30
FUTURE (revenue growth)19· sector 20
PAST (return on equity)21· sector 29
HEALTH (low debt)100· sector 96
DIVIDEND (yield)66· sector 58
VALUE 0: the price sits above our fair-value range.
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). "Ten Ren Tea Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1233
Frequently asked questions
Is Ten Ren Tea Co Ltd (1233) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 12.75 TWD versus a price of 28.10 TWD, about −55% upside (overvalued).
What is the fair value of 1233?
Our model-based fair value for Ten Ren Tea Co Ltd is 12.75 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 28.10 TWD.
What is the quality score of 1233?
Ten Ren Tea Co Ltd 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 Ten Ren Tea Co Ltd (1233)?
Our model-based price target is the fair value of 12.75 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 9.56 TWD, optimistic scenario 15.94 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Ten Ren Tea Co Ltd stock forecast for 2026?
Our models put fair value at 12.75 TWD, about −55% upside versus a price of 28.10 TWD (overvalued). Cautious scenario 9.56 TWD, optimistic scenario 15.94 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Ten Ren Tea Co Ltd (1233)?
Ten Ren Tea Co Ltd reported trailing-twelve-month revenue of about 2.2B TWD (latest available figure, as of Sep 24, 2026).
Does Ten Ren Tea Co Ltd pay a dividend?
Ten Ren Tea Co Ltd currently shows a dividend yield of about 3.28% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Ten Ren Tea Co Ltd (1233)?
For today's price to be fair in a discounted-cash-flow model, Ten Ren Tea Co Ltd would have to grow free cash flow by +9.4 % 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 +2.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 1233 use?
Our models discount Ten Ren Tea Co Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.18, 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 Ten Ren Tea Co Ltd that is +9.4 % 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 Ten Ren Tea Co Ltd (1233) delivered so far?
Over the past 5 years revenue at Ten Ren Tea Co Ltd grew +2.5 % a year. The price currently implies +9.4 % 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 Ten Ren Tea Co Ltd (1233) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Ten Ren Tea Co Ltd (+9.4 % 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 Ten Ren Tea Co Ltd (1233)?
The free-cash-flow yield on the price is 6.67 %: that much free cash flow Ten Ren Tea Co Ltd 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 Ten Ren Tea Co Ltd (1233)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ten Ren Tea Co Ltd it is 12.75 TWD per share (as of Sep 24, 2026), against a price of 28.10 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Ten Ren Tea Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 1233 trades above its calculated fair value: price 28.10 TWD, fair value 12.75 TWD, a gap of about −55% (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 1233?
No. The price is what the market pays today (28.10 TWD); the fair value is what the company's own numbers justify (12.75 TWD). For Ten Ren Tea Co Ltd the two are 15.35 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Ten Ren Tea Co Ltd worth?
The market values Ten Ren Tea Co Ltd at about 2.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 28.10 TWD; our models calculate a fair value of 12.75 TWD per share.
What do the bullish and bearish scenarios say about 1233?
Our models span a range for Ten Ren Tea Co Ltd: cautious scenario 9.56 TWD, base 12.75 TWD, optimistic 15.94 TWD per share (as of Sep 24, 2026, price 28.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 1233?
Ten Ren Tea Co Ltd trades at a price-to-earnings ratio of 37.5 (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 12.75 TWD is built from several models across several years. Other multiples: P/B 1.9, P/S 1.2, EV/EBITDA 17.5.
How solid is the balance sheet of Ten Ren Tea Co Ltd (1233)?
Balance-sheet figures for Ten Ren Tea Co Ltd (as of Sep 24, 2026): return on equity 5.4%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 1233 from its 52-week high?
Ten Ren Tea Co Ltd trades at 28.10 TWD, about 16% below its 52-week high of 33.50 TWD and 3% above the low of 27.40 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 12.75 TWD is for.
Which stocks are comparable to Ten Ren Tea Co Ltd?
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 Ten Ren Tea Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 28.10 TWD, calculated fair value 12.75 TWD (−55%), Quality Score 65/100, from 24 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 1233 calculated?
We run Ten Ren Tea Co Ltd through 24 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 12.75 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. Ten Ren Tea Co Ltd 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 Ten Ren Tea Co Ltd (1233)?
The closing price on Sep 24, 2026 was 28.10 TWD. Our model-based fair value is 12.75 TWD, about −55% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ten Ren Tea Co Ltd right now?
The price sits above even our optimistic bull case (15.94 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Ten Ren Tea Co Ltd (1233) come from?
Earnings per share at Ten Ren Tea Co Ltd grew −9.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.1 %, EBIT margin −9.3 %, tax rate −0.4 %, residual (interest, one-offs) +0.4 %. 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 Ten Ren Tea Co Ltd
How large is the market capitalisation of Ten Ren Tea Co Ltd (1233)?
The market capitalisation of Ten Ren Tea Co Ltd is 2.5B TWD (≈ $80.0M). 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 Ten Ren Tea Co Ltd (1233)?
The price-to-sales ratio of Ten Ren Tea Co Ltd is 1.18 (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 Ten Ren Tea Co Ltd (1233)?
Earnings per share at Ten Ren Tea Co Ltd are 0.7500 TWD (price ÷ EPS = P/E 37.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ten Ren Tea Co Ltd (1233)?
The dividend yield of Ten Ren Tea Co Ltd is 3.3% (payout 123%). 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 Ten Ren Tea Co Ltd (1233)?
The net margin of Ten Ren Tea Co Ltd is 3.1% (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 Ten Ren Tea Co Ltd (1233)?
The return on equity (ROE) of Ten Ren Tea Co Ltd is 5.4% (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 Ten Ren Tea Co Ltd (1233)?
On an EBIT basis the return on assets of Ten Ren Tea Co Ltd is 3.3% (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 Ten Ren Tea Co Ltd (1233)?
The operating margin of Ten Ren Tea Co Ltd is 6.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ten Ren Tea Co Ltd (1233)?
Revenue at Ten Ren Tea Co Ltd is growing +3.7% versus a year earlier (3y avg +5.6%). 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 Ten Ren Tea Co Ltd (1233)?
Earnings per share at Ten Ren Tea Co Ltd are growing +25.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ten Ren Tea Co Ltd (1233) carry?
The net debt of Ten Ren Tea Co Ltd is 345M TWD (fiscal year 2025, ≈ 2.0 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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