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Chang-Ho Fibre Corporation (1468) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.2B TWD

CH Chang-Ho Fibre Corporation 1468 · TW
Price13.40 TWD
Fair Value3.57 TWD
Upside-73.4%
Quality49/100
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Weak Growth
Thin margins · 2.8% net margin
Low debt · generates free cash flow
Trails peers (3/12)
Narrow moat 20/100
Evidence: High Range 2.68 TWD – 4.47 TWD Share as image

Fair value as of: Jul 21, 2026

From 21 valuation models · updated 21 days ago

Share price +9.8% over the past month.

Below-average quality, and screening another 73% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (4.47 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

17.00 TWD 10.90 TWD Fair Value 3.57 TWD Mar 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 10.90 TWD – 17.00 TWD · fair‑value band 2.68 TWD – 4.47 TWD · the 13.40 TWD price screens above the 3.57 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Chang-Ho Fibre Corporation (1468) currently trades at 13.40 TWD, while our model-based Fair Value estimate is 3.57 TWD, implying the stock looks roughly 73.4% overvalued today. The Quality Score stands at 49/100 (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: high).

Over the trailing twelve months, Chang-Ho Fibre Corporation generated revenue of 709M TWD at a net margin of 2.8%. Revenue declined 48.2% year over year. It earns a return on equity of 0.9%. Net debt stands at 914M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 2.68 TWD (bear case) to 4.47 TWD (bull case); at 13.40 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 about 9% below its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -3% fair-value upside, at -73%, 1468 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 10.55 TWD 13.84 TWD 19.30 TWD 80
Residual Income 6.22 TWD 6.00 TWD 4.83 TWD 76
Rev-Margin DCF 6.92 TWD 9.15 TWD 11.96 TWD 74
All 21 models by family
DCF Models
FCF DCF 10.15 TWD 13.57 TWD 19.71 TWD 38
Owner Earnings 4.20 TWD 5.44 TWD 7.67 TWD 31
5Y Revenue Exit 6.92 TWD 8.92 TWD 11.81 TWD 39
5Y EBITDA Exit 5.39 TWD 6.27 TWD 7.44 TWD 41
5Y P/E Exit 6.32 TWD 7.88 TWD 9.77 TWD 38
10Y Revenue Exit 8.05 TWD 9.64 TWD 11.26 TWD 36
10Y EBITDA Exit 7.25 TWD 8.04 TWD 8.75 TWD 37
10Y P/E Exit 7.81 TWD 9.01 TWD 10.09 TWD 35
Earnings-Based
Graham-Dodd 1.43 TWD 1.75 TWD 1.97 TWD 54
Dividend Discount
Gordon GGM 1.32 TWD 1.44 TWD 1.61 TWD 70
DDM Multi-Stage 1.32 TWD 1.63 TWD 2.05 TWD 61
Multiples
P/E Multiple 3.47 TWD 4.63 TWD 5.78 TWD 63
P/S Multiple 2.68 TWD 3.57 TWD 4.47 TWD 58
P/B Multiple 2.68 TWD 3.57 TWD 4.47 TWD 55
EV/EBITDA 2.47 TWD 3.02 TWD 3.58 TWD 54
EV/Revenue 5.13 TWD 6.99 TWD 8.85 TWD 43
Asset-Based
NCAV (Graham) 4.40 TWD 5.90 TWD 8.81 TWD 50
Growth DCF
Growth DCF 10.55 TWD 13.84 TWD 19.30 TWD 80
Rev-Margin DCF 6.92 TWD 9.15 TWD 11.96 TWD 74
Economic Profit
Residual Income 6.22 TWD 6.00 TWD 4.83 TWD 76
Growth Earnings
Growth-Adj P/E 2.45 TWD 3.49 TWD 4.54 TWD 68

Widest divergence: Growth DCF (9.15 TWD) versus Dividend Discount (1.44 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 709M TWD
Revenue growth (YoY) -48.2%
Net margin 2.8%
Return on equity 0.9%
Free cash flow 162M TWD FY2025
P/E ratio 64.8
More key figures
Operating margin 5.4%
EPS (TTM) 0.2100 TWD
EPS growth (YoY) -34.2%
Net debt 914M TWD FY2025

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

Quality Score breakdown

Overall quality 49/100

Of which business quality 51 · Market factors (momentum, volatility) 55

Profitability 18
Margins and returns on capital today
Quality Growth 4
Are margins and returns improving?
Cashflow 89
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 86
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

Chang-Ho Fibre Corporation, together with its subsidiaries, engages in the manufacture and sale of various types of fibers in Taiwan and China. The company offers ultra-fine and super-micro fibers, and dyed and finished fabrics, as well as micro and ultra-microfiber yarns.

Full company description

Chang-Ho Fibre Corporation, together with its subsidiaries, engages in the manufacture and sale of various types of fibers in Taiwan and China. The company offers ultra-fine and super-micro fibers, and dyed and finished fabrics, as well as micro and ultra-microfiber yarns. It is also involved in investment business; and development and sale of residential and commercial buildings. The company was founded in 1982 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chang-Ho Fibre Corporation reported revenue of 827M TWD in FY2025 versus 1.1B TWD in FY2021, a compound −7.7%/yr. Reported net income was 33.7M TWD in FY2025, compounding +24.5%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
827M TWD
Latest YoY
−23.3%
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.
−16.3%
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.
−3.0%
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.
−1.4%
Revenue −7.7%/yr
FY21 1.1B TWD
FY22 1.4B TWD
FY23 1.1B TWD
FY24 1.1B TWD
FY25 827M TWD
Net income +24.5%/yr
FY21 14.0M TWD
FY22 37.0M TWD
FY23 27.2M TWD
FY24 151M TWD
FY25 33.7M TWD

1468 screens 73% overvalued. Compare with Shenzhou International Group →

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Cite: Fair Value Calculator (2026). "Chang-Ho Fibre Corporation Fair Value". https://www.fairvalue-calculator.com/stock/1468

Peer Group

Textile Manufacturing · 308 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 49 · Below median
Fair Value upside −73% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets -0% · Bottom 25%
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth -48% · Bottom 25%
Debt / equity 0.23× · Higher than median

Valuation Multiples vs Textile Manufacturing median · lower = cheaper

P/E (TTM) 64.8× · Pricier than 75% of peers
P/B 1.54× · Pricier than median
P/S (TTM) 3.08× · Pricier than 75% of peers
P/FCF 0.4× · 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 0 · sector 6
FUTURE 0 · sector 0
PAST 4 · sector 15
HEALTH 89 · sector 95
DIVIDEND 0 · sector 34

VALUE 0: the price sits above our fair-value range.

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

Stock Price Fair Value vs Fair Value
Shenzhou International Group 2313 HK$44.40 HK$75.65 +70%
Tongkun Group 601233 ¥23.56 ¥14.53 -38%
Inner Mongolia ERDOS Resources Co 600295 ¥12.04 ¥14.35 +19%
Far Eastern New Century Corporation 1402 27.55 TWD 28.72 TWD +4%
K.P.R. Mill Limited KPRMILL ₹1,083 ₹467.49 -57%
HMT (Xiamen) New Technical Materials Co 603306 ¥78.00 ¥11.85 -85%
Zhejiang Orient Holdings 600120 ¥5.18 ¥2.21 -57%
Vardhman Textiles Limited VTL ₹602.20 ₹437.53 -27%
Isiklar Enerji ve Yapi Holding IEYHO 174.20 TRY 323.84 TRY +86%
Bros Eastern.,Ltd 601339 ¥8.08 ¥7.87 -3%

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Frequently asked questions

Is Chang-Ho Fibre Corporation (1468) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 3.57 TWD versus a price of 13.40 TWD, about −73% (overvalued).
What is the fair value of 1468?
Our model-based fair value for Chang-Ho Fibre Corporation is 3.57 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 13.40 TWD.
What is the quality score of 1468?
Chang-Ho Fibre Corporation has a Quality Score of 49/100. 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 Chang-Ho Fibre Corporation (1468)?
Chang-Ho Fibre Corporation reported trailing-twelve-month revenue of about 709M TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 1468?
The net profit margin of Chang-Ho Fibre Corporation is about 2.8%, meaning it keeps roughly 2.8% of revenue as net income. 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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