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Triocean Industrial Corporation (1472) Fair Value & Analysis

Industrials · TW · Market cap 4.6B TWD

TI Triocean Industrial Corporation 1472 · TW
Price88.90 TWD
Fair Value92.50 TWD
Upside+4.1%
Quality53/100
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Healthy Growth
Thin margins · 9.3% net margin
Low debt · generates free cash flow
6.79% dividend yield
Ranks above peers (9/14)
Moderate moat 50/100
Evidence: High Range 69.37 TWD – 144.25 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price +0.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (69.37 TWD to 144.25 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

98.61 TWD 14.97 TWD Fair Value 92.50 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 14.97 TWD – 98.61 TWD · fair‑value band 69.37 TWD – 144.25 TWD · the 88.90 TWD price screens below the 92.50 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Triocean Industrial Corporation (1472) currently trades at 88.90 TWD, while our model-based Fair Value estimate is 92.50 TWD, implying the stock looks roughly 4.1% fairly valued today. The Quality Score stands at 53/100 (solid quality), in the Industrials 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: high), always confirm before acting.

Over the trailing twelve months, Triocean Industrial Corporation generated revenue of 3.6B TWD at a net margin of 9.3%. Revenue grew 0.4% year over year. It earns a return on equity of 14.6%. The balance sheet holds a net cash position of 322M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 69.37 TWD (bear case) to 144.25 TWD (bull case); at 88.90 TWD, the current price sits within 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 10% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 4%, 1472 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 160.24 TWD 267.92 TWD 444.41 TWD 80
Residual Income 42.69 TWD 54.39 TWD 134.71 TWD 76
Rev-Margin DCF 102.26 TWD 154.67 TWD 223.93 TWD 74
All 24 models by family
DCF Models
FCF DCF 162.42 TWD 283.44 TWD 491.17 TWD 38
Owner Earnings 99.55 TWD 168.96 TWD 288.09 TWD 31
5Y Revenue Exit 102.26 TWD 154.69 TWD 223.89 TWD 39
5Y EBITDA Exit 105.65 TWD 161.81 TWD 230.79 TWD 41
5Y P/E Exit 129.10 TWD 211.07 TWD 305.11 TWD 38
10Y Revenue Exit 119.74 TWD 176.57 TWD 260.74 TWD 36
10Y EBITDA Exit 123.91 TWD 181.73 TWD 266.49 TWD 37
10Y P/E Exit 139.24 TWD 217.39 TWD 328.41 TWD 35
Earnings-Based
Graham-Dodd 43.53 TWD 215.18 TWD 296.74 TWD 54
Lynch FV 57.98 TWD 82.83 TWD 107.68 TWD 50
PEG = 1.0 57.98 TWD 82.83 TWD 107.68 TWD 46
EPV 70.46 TWD 79.21 TWD 86.77 TWD 59
Multiples
P/E Multiple 105.62 TWD 140.82 TWD 176.03 TWD 63
P/S Multiple 62.47 TWD 83.29 TWD 104.11 TWD 58
P/B Multiple 81.61 TWD 108.82 TWD 136.02 TWD 55
EV/EBIT 111.61 TWD 143.81 TWD 176.01 TWD 53
EV/EBITDA 82.93 TWD 105.57 TWD 128.21 TWD 54
EV/Revenue 73.32 TWD 98.30 TWD 123.29 TWD 43
Asset-Based
NCAV (Graham) 21.89 TWD 29.33 TWD 43.78 TWD 50
Growth DCF
Growth DCF 160.24 TWD 267.92 TWD 444.41 TWD 80
Rev-Margin DCF 102.26 TWD 154.67 TWD 223.93 TWD 74
Economic Profit
Residual Income 42.69 TWD 54.39 TWD 134.71 TWD 76
ROIC Compounder 78.30 TWD 99.76 TWD 127.32 TWD 72
Growth Earnings
Growth-Adj P/E 91.38 TWD 130.54 TWD 169.71 TWD 68

Widest divergence: DCF Models (176.57 TWD) versus Asset-Based (29.33 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.6B TWD
Revenue growth (YoY) +0.4%
Net margin 9.3%
Return on equity 14.6%
Free cash flow 617M TWD FY2025
P/E ratio 14.5
More key figures
Operating margin 11.6%
EPS (TTM) 6.08 TWD
Dividend yield 6.8%
EPS growth (YoY) -8.8%
Net cash 322M TWD FY2025

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 57 · Market factors (momentum, volatility) 67

Profitability 42
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 0
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

Triocean Industrial Corporation Co., Ltd. primarily engages in the construction business in Taiwan. The company undertakes private construction and public engineering projects, solar energy and infrastructure projects, social housing and private residential projects, land development, etc. It also engages in the wholesale of building materials.

Full company description

Triocean Industrial Corporation Co., Ltd. primarily engages in the construction business in Taiwan. The company undertakes private construction and public engineering projects, solar energy and infrastructure projects, social housing and private residential projects, land development, etc. It also engages in the wholesale of building materials. The company was formerly known as Tri Ocean Textile Co., Ltd. and changed its name to Triocean Industrial Corporation Co., Ltd. in September 2021. Triocean Industrial Corporation Co., Ltd. was founded in 1968 and is based in Kaohsiung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Triocean Industrial Corporation reported revenue of 3.6B TWD in FY2025 versus 602M TWD in FY2021, a compound +56.8%/yr. Reported net income was 336M TWD in FY2025.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.6B TWD
Latest YoY
+56.0%
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.
+46.1%
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.
+61.7%
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.
+3.8%
Revenue +56.8%/yr
FY21 602M TWD
FY22 1.2B TWD
FY23 1.9B TWD
FY24 2.3B TWD
FY25 3.6B TWD
Net income
FY21 −8.7M TWD
FY22 3.7M TWD
FY23 142M TWD
FY24 155M TWD
FY25 336M TWD

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Cite: Fair Value Calculator (2026). "Triocean Industrial Corporation Fair Value". https://www.fairvalue-calculator.com/stock/1472

Peer Group

Engineering & Construction · 839 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 53 · Above median
Fair Value upside +4% · Above median
Return on equity (TTM) 15% · Above median
Return on assets 5% · Above median
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 12% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 6.8% · Top 25%
Debt / equity 0.29× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 14.5× · Cheaper than median
P/B 2.01× · Pricier than median
P/S (TTM) 1.27× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 10.2× · Pricier 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 39 · sector 16
FUTURE 2 · sector 17
PAST 58 · sector 26
HEALTH 85 · sector 94
DIVIDEND 100 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Triocean Industrial Corporation (1472) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 92.50 TWD versus a price of 88.90 TWD, about +4% (fairly valued).
What is the fair value of 1472?
Our model-based fair value for Triocean Industrial Corporation is 92.50 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 88.90 TWD.
What is the quality score of 1472?
Triocean Industrial Corporation has a Quality Score of 53/100. 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 Triocean Industrial Corporation (1472)?
Triocean Industrial Corporation reported trailing-twelve-month revenue of about 3.6B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 1472?
The net profit margin of Triocean Industrial Corporation is about 9.3%, meaning it keeps roughly 9.3% of revenue as net income. Based on the latest reported figures.
Does Triocean Industrial Corporation pay a dividend?
Triocean Industrial Corporation currently shows a dividend yield of about 6.81% relative to its recent price (as of Jul 23, 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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