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Tex-Ray Industrial Co (1467) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.3B TWD

TR Tex-Ray Industrial Co 1467 · TW
Price9.79 TWD
Fair Value7.65 TWD
Upside-21.9%
Quality46/100
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Weak Growth
Loss-making · -1.7% net margin
Moderate debt · generates free cash flow
Trails peers (3/11)
Narrow moat 15/100
Evidence: Medium Range 7.65 TWD – 8.74 TWD Share as image

Fair value as of: Jul 23, 2026

From 13 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 6.71 TWD to 7.65 TWD (+14.0%) since Jul 7, 2026. Share price +16.4% over the past month.

Below-average quality, and screening another 22% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (8.74 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The models converge in a tight band (7.65 TWD to 8.74 TWD), unusually little disagreement for a valuation.
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Price vs Fair Value (5 years)

22.03 TWD 6.88 TWD Fair Value 7.65 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 6.88 TWD – 22.03 TWD · fair‑value band 7.65 TWD – 8.74 TWD · the 9.79 TWD price screens above the 7.65 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Tex-Ray Industrial Co (1467) currently trades at 9.79 TWD, while our model-based Fair Value estimate is 7.65 TWD, implying the stock looks roughly 21.9% overvalued today. The Quality Score stands at 46/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Tex-Ray Industrial Co generated revenue of 5.1B TWD at a net margin of -1.7%. Revenue declined 4.9% year over year. It earns a return on equity of -3.2%. Net debt stands at 2.9B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 7.65 TWD (bear case) to 8.74 TWD (bull case); at 9.79 TWD, the current price sits above 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 near its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at -22%, 1467 screens richer 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 9.94 TWD 13.63 TWD 19.75 TWD 80
Rev-Margin DCF 8.87 TWD 13.56 TWD 19.32 TWD 74
Gordon GGM 6.23 TWD 6.79 TWD 7.63 TWD 70
All 13 models by family
DCF Models
FCF DCF 9.50 TWD 13.32 TWD 20.21 TWD 38
Owner Earnings 1.67 TWD 2.64 TWD 4.40 TWD 31
5Y Revenue Exit 8.87 TWD 13.30 TWD 19.75 TWD 39
5Y EBITDA Exit 7.71 TWD 11.30 TWD 16.07 TWD 41
10Y Revenue Exit 8.79 TWD 12.08 TWD 15.60 TWD 36
10Y EBITDA Exit 8.36 TWD 10.87 TWD 13.48 TWD 37
Dividend Discount
Gordon GGM 6.23 TWD 6.79 TWD 7.63 TWD 70
DDM Multi-Stage 6.23 TWD 7.71 TWD 9.73 TWD 61
Multiples
EV/EBITDA 7.79 TWD 10.73 TWD 13.66 TWD 54
EV/Revenue 9.30 TWD 13.72 TWD 18.14 TWD 43
Asset-Based
NCAV (Graham) 6.30 TWD 8.44 TWD 12.60 TWD 50
Growth DCF
Growth DCF 9.94 TWD 13.63 TWD 19.75 TWD 80
Rev-Margin DCF 8.87 TWD 13.56 TWD 19.32 TWD 74

Widest divergence: Growth DCF (13.56 TWD) versus Dividend Discount (6.79 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.1B TWD
Revenue growth (YoY) -4.9%
Net margin -1.7%
Return on equity -3.2%
Free cash flow 261M TWD FY2025
Operating margin 0.6%
More key figures
EPS (TTM) -0.4500 TWD
EPS growth (YoY) +450%
Net debt 2.9B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 74

Profitability 17
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 81
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

Tex-Ray Industrial Co., Ltd., together with its subsidiaries, engages in the textile business in Taiwan, the United States, China, Mexico, Africa, Vietnam, and internationally. The company is involved in the weaving, manufacturing, processing, dyeing, finishing, and trading of cotton, fabrics, fibers, textiles, and cotton yarns.

Full company description

Tex-Ray Industrial Co., Ltd., together with its subsidiaries, engages in the textile business in Taiwan, the United States, China, Mexico, Africa, Vietnam, and internationally. The company is involved in the weaving, manufacturing, processing, dyeing, finishing, and trading of cotton, fabrics, fibers, textiles, and cotton yarns. It also manufactures and sells sports and activewear, team and workwear, athleisure and lifestyle wear, outdoor wear, and kids wear under various brands. In addition, the company engages in the processing of copper materials; marketing; ultrasonic and supercritical cleaning; biotechnology services; garment and knitwear processing; printing; warehousing of textiles; footwear manufacturing and sale; development of smart apparel technology; and testing services and environmental assessment. It exports its products. The company was founded in 1978 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tex-Ray Industrial Co reported revenue of 5.1B TWD in FY2025 versus 6.6B TWD in FY2021, a compound −6.2%/yr. Reported net income was −105M TWD in FY2025.

Growth Quality 24/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
5.1B TWD
Latest YoY
+2.2%
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.
−5.6%
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.
−9.7%
Avg. growth/yr (23Y) 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.
+1.3%
Revenue −6.2%/yr
FY21 6.6B TWD
FY22 6.1B TWD
FY23 4.6B TWD
FY24 5.0B TWD
FY25 5.1B TWD
Net income
FY21 −30.9M TWD
FY22 −38.4M TWD
FY23 −166M TWD
FY24 108M TWD
FY25 −105M TWD

1467 screens 22% overvalued. Compare with H & M Hennes & Mauritz AB →

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Cite: Fair Value Calculator (2026). "Tex-Ray Industrial Co Fair Value". https://www.fairvalue-calculator.com/stock/1467

Peer Group

Apparel Manufacturing · 212 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 46 · Bottom 25%
Fair Value upside −22% · Below median
Return on assets -0% · Below median
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 1% · Below median
Revenue growth -5% · Below median
Debt / equity 0.67× · Higher than 75% of peers

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/S (TTM) 0.01× · Cheaper than 75% of peers
P/FCF 0.3× · Cheaper than median
EV/EBITDA 1.8× · Cheaper than 75% of peers

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 4 · sector 32
FUTURE 0 · sector 4
PAST 0 · sector 21
HEALTH 67 · sector 98
DIVIDEND 0 · sector 49

Insider activity: 38/100

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is Tex-Ray Industrial Co (1467) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 7.65 TWD versus a price of 9.79 TWD, about −22% (overvalued).
What is the fair value of 1467?
Our model-based fair value for Tex-Ray Industrial Co is 7.65 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 9.79 TWD.
What is the quality score of 1467?
Tex-Ray Industrial Co has a Quality Score of 46/100. 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 Tex-Ray Industrial Co (1467)?
Tex-Ray Industrial Co reported trailing-twelve-month revenue of about 5.1B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 1467?
The net profit margin of Tex-Ray Industrial Co is about -1.7%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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