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China Ecotek Corporation (1535) Fair Value & Analysis

Industrials · TW · Market cap 6.2B TWD

CE China Ecotek Corporation 1535 · TW
Price46.50 TWD
Fair Value71.22 TWD
Upside+53.2%
Quality69/100
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Healthy Growth
Thin margins · 4.3% net margin
Low debt · generates free cash flow
Ranks above peers (10/13)
Narrow moat 39/100
Evidence: High Range 56.45 TWD – 86.00 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 21 days ago

Share price −6.8% over the past month.

A solid business, screening 53% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (56.45 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

91.30 TWD 30.23 TWD Fair Value 71.22 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 30.23 TWD – 91.30 TWD · fair‑value band 56.45 TWD – 86.00 TWD · the 46.50 TWD price screens below the 71.22 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

China Ecotek Corporation (1535) currently trades at 46.50 TWD, while our model-based Fair Value estimate is 71.22 TWD, implying the stock looks roughly 53.2% undervalued today. The Quality Score stands at 69/100 (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, China Ecotek Corporation generated revenue of 11.1B TWD at a net margin of 4.3%. Revenue declined 10.8% year over year. It earns a return on equity of 12.3%. The balance sheet holds a net cash position of 1.5B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 56.45 TWD (bear case) to 86.00 TWD (bull case); at 46.50 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 21% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at 53%, 1535 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 66.81 TWD 90.28 TWD 121.62 TWD 80
Residual Income 29.01 TWD 33.90 TWD 56.02 TWD 76
Rev-Margin DCF 50.69 TWD 70.29 TWD 92.18 TWD 74
All 26 models by family
DCF Models
FCF DCF 65.64 TWD 91.62 TWD 128.18 TWD 38
Owner Earnings 53.59 TWD 74.03 TWD 102.78 TWD 31
5Y Revenue Exit 50.69 TWD 69.59 TWD 92.77 TWD 39
5Y EBITDA Exit 54.68 TWD 76.84 TWD 101.68 TWD 41
5Y P/E Exit 65.05 TWD 95.68 TWD 126.74 TWD 38
10Y Revenue Exit 54.90 TWD 72.87 TWD 95.20 TWD 36
10Y EBITDA Exit 58.33 TWD 77.71 TWD 101.67 TWD 37
10Y P/E Exit 64.72 TWD 90.30 TWD 119.87 TWD 35
Earnings-Based
Graham-Dodd 27.22 TWD 72.71 TWD 95.12 TWD 54
Lynch FV 14.12 TWD 20.17 TWD 26.22 TWD 50
PEG = 1.0 14.12 TWD 20.17 TWD 26.22 TWD 46
EPV 35.43 TWD 39.57 TWD 43.14 TWD 59
Dividend Discount
Gordon GGM 26.35 TWD 52.50 TWD 79.50 TWD 70
DDM Multi-Stage 26.35 TWD 40.20 TWD 54.38 TWD 61
Multiples
P/E Multiple 63.04 TWD 84.05 TWD 105.07 TWD 63
P/S Multiple 51.03 TWD 68.04 TWD 85.05 TWD 58
P/B Multiple 51.03 TWD 68.04 TWD 85.05 TWD 55
EV/EBIT 57.76 TWD 73.95 TWD 90.14 TWD 53
EV/EBITDA 53.53 TWD 68.31 TWD 83.09 TWD 54
EV/Revenue 43.86 TWD 58.72 TWD 73.57 TWD 43
Asset-Based
NCAV (Graham) 15.44 TWD 20.69 TWD 30.89 TWD 50
Growth DCF
Growth DCF 66.81 TWD 90.28 TWD 121.62 TWD 80
Rev-Margin DCF 50.69 TWD 70.29 TWD 92.18 TWD 74
Economic Profit
Residual Income 29.01 TWD 33.90 TWD 56.02 TWD 76
ROIC Compounder 36.21 TWD 42.47 TWD 49.72 TWD 72
Growth Earnings
Growth-Adj P/E 49.57 TWD 70.82 TWD 92.06 TWD 68

Widest divergence: DCF Models (76.84 TWD) versus Earnings-Based (20.17 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 11.1B TWD
Revenue growth (YoY) -10.8%
Net margin 4.3%
Return on equity 12.3%
Free cash flow 671M TWD FY2025
P/E ratio 12.6
More key figures
Operating margin 5.2%
EPS (TTM) 3.99 TWD
EPS growth (YoY) -12.6%
Net cash 1.5B TWD FY2025

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

Quality Score breakdown

Overall quality 69/100

Of which business quality 69 · Market factors (momentum, volatility) 45

Profitability 51
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 14
Distance to the 52-week high (market factor)
Net Issuance 84
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

China Ecotek Corporation provides planning, design, installation, maintenance, and environmental impact assessment services for environmental protection engineering, cogeneration engineering, and steel industry in Taiwan. It is involved in design and construction services.

Full company description

China Ecotek Corporation provides planning, design, installation, maintenance, and environmental impact assessment services for environmental protection engineering, cogeneration engineering, and steel industry in Taiwan. It is involved in design and construction services. The company also engages in instrument, mechanical, water treatment, electrical, conveyor system engineering, refractory material, biotechnology and pharmaceutical plant engineering, water treatment chemical, and civil engineering business, as well as involved in overhaul engineering, and other maintenance activities. In addition, it offers air pollution control, cogeneration plant, and turnkey solutions; and general investment activities. Further, the company is involved in agency business. China Ecotek Corporation was founded in 1993 and is headquartered in Kaohsiung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

China Ecotek Corporation reported revenue of 11.4B TWD in FY2025 versus 8.5B TWD in FY2021, a compound +7.6%/yr. Reported net income was 495M TWD in FY2025, compounding +5.2%/yr from FY2021.

Growth Quality 69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
11.4B TWD
Latest YoY
+4.7%
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.
+8.7%
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.
+5.2%
Avg. growth/yr (22Y) 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.
+7.9%
Revenue +7.6%/yr
FY21 8.5B TWD
FY22 8.8B TWD
FY23 9.8B TWD
FY24 10.9B TWD
FY25 11.4B TWD
Net income +5.2%/yr
FY21 404M TWD
FY22 521M TWD
FY23 557M TWD
FY24 502M TWD
FY25 495M TWD
Character of growth · EPS growth decomposed (2014-2025) +0.9 % p.a.
Revenue per share +1.3 pp

of which total revenue +1.3 pp · buybacks/dilution +0.0 pp

EBIT margin −1.5 pp
Tax rate +0.4 pp
Residual (interest, one-offs) +0.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "China Ecotek Corporation Fair Value". https://www.fairvalue-calculator.com/stock/1535

Peer Group

Pollution & Treatment Controls · 91 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 69 · Top 25%
Fair Value upside +53% · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth -11% · Bottom 25%
Debt / equity 0.11× · Higher than median

Valuation Multiples vs Pollution & Treatment Controls median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than median
P/B 1.63× · Pricier than median
P/S (TTM) 0.56× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 9.5× · 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 0
FUTURE 0 · sector 14
PAST 49 · sector 10
HEALTH 95 · sector 95
DIVIDEND 0 · sector 37

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 Pollution & Treatment Controls stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Veralto Corporation VLTO $94.21 $69.11 -27%
Zurn Elkay Water Solutions Corporation ZWS $47.63 $24.92 -48%
Canmax Technologies Co 300390 ¥57.02 ¥10.41 -82%
CECO Environmental Corp CECO $83.63 $15.19 -82%
Fujian Longking Co 600388 ¥17.58 ¥15.59 -11%
Munters Group MTRS kr 166.60 kr 16.90 -90%
China Conch Venture Holdings 0586 HK$8.83 HK$14.14 +60%
Mega Union Technology Inc 6944 1,005 TWD 539.58 TWD -46%
MayAir Technology (China) Co 688376 ¥96.57 ¥18.80 -81%
Zhongyuan Environmental Protection Co 000544 ¥7.30 ¥15.46 +112%

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Frequently asked questions

Is China Ecotek Corporation (1535) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 71.22 TWD versus a price of 46.50 TWD, about +53% (undervalued).
What is the fair value of 1535?
Our model-based fair value for China Ecotek Corporation is 71.22 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 46.50 TWD.
What is the quality score of 1535?
China Ecotek Corporation has a Quality Score of 69/100. 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 China Ecotek Corporation (1535)?
China Ecotek Corporation reported trailing-twelve-month revenue of about 11.1B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 1535?
The net profit margin of China Ecotek Corporation is about 4.3%, meaning it keeps roughly 4.3% 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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