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Tehmag Foods Corporation (1264) Fair Value & Analysis

Consumer Defensive · TW · Market cap 9.6B TWD

TF Tehmag Foods Corporation 1264 · TWO
Price258.00 TWD
Fair Value429.90 TWD
Upside+66.6%
Quality70/100
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Mixed Growth
Solidly profitable · 11.2% net margin
Low debt · generates free cash flow
5.83% dividend yield
Ranks above peers (12/14)
Wide moat 68/100
Evidence: Medium Range 292.98 TWD – 537.37 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 20 days ago

Share price +1.0% over the past month.

A solid business, screening 67% undervalued on our models.

What matters now

  • The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (292.98 TWD). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (292.98 TWD to 537.37 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

304.61 TWD 174.96 TWD Fair Value 429.90 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 174.96 TWD – 304.61 TWD · fair‑value band 292.98 TWD – 537.37 TWD · the 258.00 TWD price screens below the 429.90 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

Full chart & analysis →

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Analysis

Tehmag Foods Corporation (1264) currently trades at 258.00 TWD, while our model-based Fair Value estimate is 429.90 TWD, implying the stock looks roughly 66.6% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Consumer Defensive 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: medium), always confirm before acting.

Over the trailing twelve months, Tehmag Foods Corporation generated revenue of 6.9B TWD at a net margin of 11.2%. Revenue grew 5.7% year over year. It earns a return on equity of 21.9%. The balance sheet holds a net cash position of 434M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 292.98 TWD (bear case) to 537.37 TWD (bull case); at 258.00 TWD, the current price sits below 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 18% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 67%, 1264 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 254.30 TWD 368.76 TWD 529.19 TWD 80
Residual Income 123.06 TWD 150.83 TWD 369.69 TWD 76
Rev-Margin DCF 221.12 TWD 340.03 TWD 480.52 TWD 74
All 26 models by family
DCF Models
FCF DCF 252.18 TWD 384.62 TWD 583.96 TWD 38
Owner Earnings 196.02 TWD 296.44 TWD 447.60 TWD 31
5Y Revenue Exit 221.12 TWD 339.69 TWD 491.60 TWD 39
5Y EBITDA Exit 291.41 TWD 473.78 TWD 689.47 TWD 41
5Y P/E Exit 288.28 TWD 467.81 TWD 659.41 TWD 38
10Y Revenue Exit 224.56 TWD 335.03 TWD 485.36 TWD 36
10Y EBITDA Exit 274.45 TWD 427.02 TWD 635.73 TWD 37
10Y P/E Exit 272.48 TWD 422.92 TWD 612.88 TWD 35
Earnings-Based
Graham-Dodd 139.20 TWD 475.99 TWD 638.71 TWD 54
Lynch FV 109.48 TWD 156.40 TWD 203.32 TWD 50
PEG = 1.0 109.48 TWD 156.40 TWD 203.32 TWD 46
EPV 244.64 TWD 280.14 TWD 310.76 TWD 59
Dividend Discount
Gordon GGM 127.35 TWD 253.75 TWD 384.25 TWD 70
DDM Multi-Stage 127.35 TWD 216.12 TWD 267.85 TWD 61
Multiples
P/E Multiple 322.42 TWD 429.90 TWD 537.37 TWD 63
P/S Multiple 219.57 TWD 292.75 TWD 365.94 TWD 58
P/B Multiple 261.01 TWD 348.01 TWD 435.01 TWD 55
EV/EBIT 417.44 TWD 549.97 TWD 682.50 TWD 53
EV/EBITDA 347.70 TWD 456.99 TWD 566.27 TWD 54
EV/Revenue 211.96 TWD 294.30 TWD 376.64 TWD 43
Asset-Based
NCAV (Graham) 49.54 TWD 66.38 TWD 99.07 TWD 50
Growth DCF
Growth DCF 254.30 TWD 368.76 TWD 529.19 TWD 80
Rev-Margin DCF 221.12 TWD 340.03 TWD 480.52 TWD 74
Economic Profit
Residual Income 123.06 TWD 150.83 TWD 369.69 TWD 76
ROIC Compounder 260.78 TWD 319.24 TWD 384.17 TWD 72
Growth Earnings
Growth-Adj P/E 275.68 TWD 393.83 TWD 511.98 TWD 68

Widest divergence: Growth Earnings (393.83 TWD) versus Asset-Based (66.38 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.9B TWD
Revenue growth (YoY) +5.7%
Net margin 11.2%
Return on equity 21.9%
Free cash flow 778M TWD FY2025
P/E ratio 12.6
More key figures
Operating margin 16.9%
EPS (TTM) 20.42 TWD
Dividend yield 5.8%
EPS growth (YoY) +5.8%
Net cash 434M TWD FY2023

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 68 · Market factors (momentum, volatility) 50

Profitability 71
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 82
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

Tehmag Foods Corporation operates in the baking industry in Taiwan. The company offers bread, dairy, pastry, fruit, liqueur and coffee beans, chocolate, frozen food, package, flexible mold, and festival and western food products.

Full company description

Tehmag Foods Corporation operates in the baking industry in Taiwan. The company offers bread, dairy, pastry, fruit, liqueur and coffee beans, chocolate, frozen food, package, flexible mold, and festival and western food products. It sells its products under the VAN HOUTEN, TEALIA, TANAKA FOODS, CALLEBAUT CHOCOLATE, OPEN COUNTRY DAIRY, Westland Milk Products, ZEELANDIA, GRANDS MOULINS, Algist Bruggeman, NIPPN FLOUR, NITTO FUIL, SCHREIBER, Fléchard, DAIRYMONT, RICH'S, LIGUORI, LINDT CHOCOLATE, SELBOURNE CHOCOLATE, RAVIFRUIT, VEDRENNE, Grand Marnier, ALDIA, LANGEBERG & ASHTO, LAROSE NOIRE, PCB CREATION, DOBLA, NATRA CACAO, Dai-Nippn Meiji Sugar, ISF, FRANCE BEURRE, Fiamma, kyo-nichi, cherry-rocher, TEHCHUN, TEMMA, TEHMAG FOODS, PBQ, F1 CHOCOLAT, and Oliveto Torre brands. Tehmag Foods Corporation was founded in 1989 and is based in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tehmag Foods Corporation reported revenue of 6.8B TWD in FY2025 versus 4.9B TWD in FY2021, a compound +8.2%/yr. Reported net income was 758M TWD in FY2025, compounding +6.0%/yr from FY2021.

Growth Quality 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
6.8B TWD
Latest YoY
−0.4%
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.
+8.3%
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.
+9.2%
Avg. growth/yr (10Y) 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.
+5.7%
Revenue +8.2%/yr
FY21 4.9B TWD
FY22 5.3B TWD
FY23 5.8B TWD
FY24 6.8B TWD
FY25 6.8B TWD
Net income +6.0%/yr
FY21 600M TWD
FY22 633M TWD
FY23 676M TWD
FY24 761M TWD
FY25 758M TWD

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Cite: Fair Value Calculator (2026). "Tehmag Foods Corporation Fair Value". https://www.fairvalue-calculator.com/stock/1264

Peer Group

Packaged Foods · 649 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 70 · Top 25%
Fair Value upside +67% · Top 25%
Return on equity (TTM) 22% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth 6% · Above median
Dividend yield (TTM) 5.8% · Top 25%

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than median
P/B 2.60× · Pricier than 75% of peers
P/S (TTM) 1.39× · Pricier than median
P/FCF 0.4× · Cheaper than median
EV/EBITDA 7.3× · Cheaper than median

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 100 · sector 28
FUTURE 29 · sector 20
PAST 88 · sector 27
HEALTH 100 · sector 96
DIVIDEND 100 · sector 47

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Tehmag Foods Corporation (1264) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 429.90 TWD versus a price of 258.00 TWD, about +67% (undervalued).
What is the fair value of 1264?
Our model-based fair value for Tehmag Foods Corporation is 429.90 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 258.00 TWD.
What is the quality score of 1264?
Tehmag Foods Corporation has a Quality Score of 70/100. 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 Tehmag Foods Corporation (1264)?
Tehmag Foods Corporation reported trailing-twelve-month revenue of about 6.9B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 1264?
The net profit margin of Tehmag Foods Corporation is about 11.2%, meaning it keeps roughly 11.2% of revenue as net income. Based on the latest reported figures.
Does Tehmag Foods Corporation pay a dividend?
Tehmag Foods Corporation currently shows a dividend yield of about 5.54% relative to its recent price (as of Jul 21, 2026).

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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