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St.Shine Optical Co (1565) Fair Value & Analysis

Healthcare · TW · Market cap 4.7B TWD

SS St.Shine Optical Co 1565 · TWO
Price94.40 TWD
Fair Value198.56 TWD
Upside+110.3%
Quality64/100
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Weak Growth
Thin margins · 9.0% net margin
Low debt · generates free cash flow
6.24% dividend yield
Ranks above peers (11/14)
Narrow moat 41/100
Evidence: High Range 148.92 TWD – 248.20 TWD Share as image

Fair value as of: Jul 21, 2026

From 23 valuation models · updated 20 days ago

Share price −2.7% over the past month.

A solid business, screening 110% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (148.92 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) 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)

318.93 TWD 92.00 TWD Fair Value 198.56 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 92.00 TWD – 318.93 TWD · fair‑value band 148.92 TWD – 248.20 TWD · the 94.40 TWD price screens below the 198.56 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

St.Shine Optical Co (1565) currently trades at 94.40 TWD, while our model-based Fair Value estimate is 198.56 TWD, implying the stock looks roughly 110.3% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Healthcare 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, St.Shine Optical Co generated revenue of 3.9B TWD at a net margin of 9.0%. Revenue declined 19.0% year over year. It earns a return on equity of 5.6%. The balance sheet holds a net cash position of 1.4B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 148.92 TWD (bear case) to 248.20 TWD (bull case); at 94.40 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 40% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at 110%, 1565 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 144.97 TWD 181.86 TWD 229.51 TWD 80
Residual Income 103.53 TWD 108.11 TWD 113.31 TWD 76
Rev-Margin DCF 139.55 TWD 189.24 TWD 241.65 TWD 74
All 23 models by family
DCF Models
FCF DCF 142.13 TWD 181.61 TWD 234.68 TWD 38
Owner Earnings 162.80 TWD 210.37 TWD 274.32 TWD 31
5Y Revenue Exit 139.55 TWD 187.93 TWD 246.89 TWD 39
5Y EBITDA Exit 171.32 TWD 243.76 TWD 323.91 TWD 41
5Y P/E Exit 160.14 TWD 224.11 TWD 287.00 TWD 38
10Y Revenue Exit 136.84 TWD 179.29 TWD 230.56 TWD 36
10Y EBITDA Exit 158.96 TWD 215.96 TWD 284.84 TWD 37
10Y P/E Exit 152.16 TWD 203.05 TWD 258.83 TWD 35
Earnings-Based
Graham-Dodd 61.37 TWD 133.43 TWD 169.83 TWD 54
PEG = 1.0 20.91 TWD 29.87 TWD 38.84 TWD 46
EPV 120.74 TWD 133.27 TWD 144.08 TWD 59
Multiples
P/E Multiple 148.92 TWD 198.56 TWD 248.20 TWD 63
P/S Multiple 115.07 TWD 153.43 TWD 191.79 TWD 58
P/B Multiple 115.07 TWD 153.43 TWD 191.79 TWD 55
EV/EBIT 186.31 TWD 234.62 TWD 282.93 TWD 53
EV/EBITDA 210.99 TWD 267.52 TWD 324.06 TWD 54
EV/Revenue 144.82 TWD 189.15 TWD 233.48 TWD 43
Asset-Based
NCAV (Graham) 64.97 TWD 87.06 TWD 129.94 TWD 50
Growth DCF
Growth DCF 144.97 TWD 181.86 TWD 229.51 TWD 80
Rev-Margin DCF 139.55 TWD 189.24 TWD 241.65 TWD 74
Economic Profit
Residual Income 103.53 TWD 108.11 TWD 113.31 TWD 76
ROIC Compounder 120.74 TWD 134.26 TWD 150.81 TWD 72
Growth Earnings
Growth-Adj P/E 110.01 TWD 157.16 TWD 204.30 TWD 68

Widest divergence: DCF Models (203.05 TWD) versus Asset-Based (87.06 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.9B TWD
Revenue growth (YoY) -19.0%
Net margin 9.0%
Return on equity 5.6%
Free cash flow 508M TWD FY2025
P/E ratio 10.5
More key figures
Operating margin 7.9%
EPS (TTM) 8.91 TWD
Dividend yield 6.2%
EPS growth (YoY) -59.5%
Net cash 1.4B TWD FY2023

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

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 35

Profitability 37
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 83
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

St.Shine Optical Co.,Ltd., together with its subsidiaries, manufactures, sells, and trades contact lenses, optical lenses, and related products in Asia, Europe, America, and Taiwan. The company's product portfolio includes daily disposable, frequent replacement, color, and silicone hydrogel soft contact lens, as well as cast-molded soft contact lenses.

Full company description

St.Shine Optical Co.,Ltd., together with its subsidiaries, manufactures, sells, and trades contact lenses, optical lenses, and related products in Asia, Europe, America, and Taiwan. The company's product portfolio includes daily disposable, frequent replacement, color, and silicone hydrogel soft contact lens, as well as cast-molded soft contact lenses. It offers its products under the Ticon brand name. The company's products are used to correct vision defects, such as myopia, hyperopia, and astigmatism. It also provides consulting services. The company was formerly known as First Optical Co., Ltd. and changed its name to St.Shine Optical Co.,Ltd. in 1986. St.Shine Optical Co.,Ltd. was founded in 1981 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

St.Shine Optical Co reported revenue of 4.1B TWD in FY2025 versus 5.4B TWD in FY2021, a compound −6.6%/yr. Reported net income was 455M TWD in FY2025, compounding −16.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.1B TWD
Latest YoY
−9.5%
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.
−6.3%
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.
−3.8%
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.
+11.2%
Revenue −6.6%/yr
FY21 5.4B TWD
FY22 5.0B TWD
FY23 4.4B TWD
FY24 4.6B TWD
FY25 4.1B TWD
Net income −16.8%/yr
FY21 948M TWD
FY22 1.0B TWD
FY23 546M TWD
FY24 747M TWD
FY25 455M TWD

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Cite: Fair Value Calculator (2026). "St.Shine Optical Co Fair Value". https://www.fairvalue-calculator.com/stock/1565

Peer Group

Medical Instruments & Supplies · 203 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 64 · Above median
Fair Value upside +110% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 4% · Above median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 8% · Below median
Revenue growth -19% · Bottom 25%
Dividend yield (TTM) 6.2% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/E (TTM) 10.5× · Cheaper than 75% of peers
P/B 0.72× · Cheaper than 75% of peers
P/S (TTM) 1.21× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 4.2× · 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 100 · sector 0
FUTURE 0 · sector 27
PAST 22 · sector 25
HEALTH 99 · sector 96
DIVIDEND 100 · sector 32

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 Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $402.33 $150.04 -63%
EssilorLuxottica Société anonyme 1EL €172.45 €68.55 -60%
Medline Inc MDLN $41.11 $30.15 -27%
Becton, Dickinson and Company BDX $150.65 $103.53 -31%
Alcon Inc ALC $70.26 $39.78 -43%
ResMed Inc RMD $203.87 $187.89 -8%
West Pharmaceutical Services, Inc WST $353.71 $143.97 -59%
Straumann Holding STMN CHF 106.00 CHF 47.31 -55%
Sartorius Stedim Biotech S.A DIM €188.50 €51.16 -73%
Coloplast A/S COLOB kr 414.00 kr 382.22 -8%

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Frequently asked questions

Is St.Shine Optical Co (1565) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 198.56 TWD versus a price of 94.40 TWD, about +110% (undervalued).
What is the fair value of 1565?
Our model-based fair value for St.Shine Optical Co is 198.56 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 94.40 TWD.
What is the quality score of 1565?
St.Shine Optical Co has a Quality Score of 64/100. 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 St.Shine Optical Co (1565)?
St.Shine Optical Co reported trailing-twelve-month revenue of about 3.9B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 1565?
The net profit margin of St.Shine Optical Co is about 9.0%, meaning it keeps roughly 9.0% of revenue as net income. Based on the latest reported figures.
Does St.Shine Optical Co pay a dividend?
St.Shine Optical Co currently shows a dividend yield of about 6.19% 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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