Kenda Rubber Industrial Co Ltd (2106) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Kenda Rubber Industrial Co Ltd TWD 18.64, price TWD 16.65, upside +12.0%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 16.40 TWD – 44.41 TWD · fair‑value band 12.07 TWD – 19.35 TWD · the 16.65 TWD price screens below the 18.64 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Kenda Rubber Industrial Co. Ltd. designs, manufactures, and trades in tires in China, the United States, Taiwan, and Vietnam. The company provides automotive, bicycle, powersports, wheelchair, and turf/trailer/specialty. It offers inner tubes and tires for bicycles, scooters, industrial trucks, and cars, as well as various products of carbon fiber.
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Kenda Rubber Industrial Co. Ltd. designs, manufactures, and trades in tires in China, the United States, Taiwan, and Vietnam. The company provides automotive, bicycle, powersports, wheelchair, and turf/trailer/specialty. It offers inner tubes and tires for bicycles, scooters, industrial trucks, and cars, as well as various products of carbon fiber. In addition, the company engages in trading activities and manufacturing and selling of wheels. The company was incorporated in 1962 and is based in Yuanlin, Taiwan.
Stock analysis
Kenda Rubber Industrial Co Ltd (2106) currently trades at 16.65 TWD, while our model-based Fair Value estimate is 18.64 TWD, implying the stock looks roughly 10.7% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 13.72 TWD per share, and 2 of the 23 models we run sit above the 16.65 TWD price.
Bear case: the Multiples group reads lowest at 2.26 TWD, and 21 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: 12.07 TWD (bear) to 19.35 TWD (bull), the price of 16.65 TWD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Kenda Rubber Industrial Co Ltd reported revenue of 34.0B TWD in FY2025 versus 34.9B TWD in FY2021, a compound −0.7%/yr. Reported net income was 125M TWD in FY2025, compounding −39.2%/yr from FY2021.
Key figures
Market cap 16.1B TWD (≈ $504M) · P/E ratio 128.1 · P/S ratio 0.47 · EPS (TTM) 0.1300 TWD · Dividend yield 3.9% · Net margin 0.4% · Return on equity 0.8% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 22% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −19% fair-value upside, at 12%, 2106 screens cheaper than that median.
Fair Value models
Bear 12.07 TWDFair Value 18.64 TWDBull 19.35 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−4.2%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.3%
Start year 2020 (pandemic). Over 10 years: +0.8% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−29.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−33.7%
Dividend (yield on the price)3.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−34% vs −28%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 2%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +10.3% a year for the price.
Compare Kenda Rubber Industrial Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Auto Parts · 692 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+12% · Above median
Profitability
Return on equity (TTM)1% · Bottom 25%
Return on assets1% · Bottom 25%
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)3.9% · Top 25%
Balance sheet
Debt / equity0.75× · Highest 25%
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Kenda Rubber Industrial Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2106
Frequently asked questions
Is Kenda Rubber Industrial Co Ltd (2106) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18.64 TWD versus a price of 16.65 TWD, about +12% upside (undervalued).
What is the fair value of 2106?
Our model-based fair value for Kenda Rubber Industrial Co Ltd is 18.64 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 16.65 TWD.
What is the quality score of 2106?
Kenda Rubber Industrial Co Ltd has a Quality Score of 50/100. 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 price target for Kenda Rubber Industrial Co Ltd (2106)?
Our model-based price target is the fair value of 18.64 TWD (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 12.07 TWD, optimistic scenario 19.35 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Kenda Rubber Industrial Co Ltd stock forecast for 2026?
Our models put fair value at 18.64 TWD, about +12% upside versus a price of 16.65 TWD (undervalued). Cautious scenario 12.07 TWD, optimistic scenario 19.35 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Kenda Rubber Industrial Co Ltd (2106)?
Kenda Rubber Industrial Co Ltd reported trailing-twelve-month revenue of about 33.9B TWD (latest available figure, as of Sep 24, 2026).
Does Kenda Rubber Industrial Co Ltd pay a dividend?
Kenda Rubber Industrial Co Ltd currently shows a dividend yield of about 3.90% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Kenda Rubber Industrial Co Ltd (2106)?
For today's price to be fair in a discounted-cash-flow model, Kenda Rubber Industrial Co Ltd would have to grow free cash flow by +12.1 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2106 use?
Our models discount Kenda Rubber Industrial Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.13, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kenda Rubber Industrial Co Ltd that is +12.1 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Kenda Rubber Industrial Co Ltd (2106) delivered so far?
Over the past 5 years revenue at Kenda Rubber Industrial Co Ltd grew +2.3 % a year. The price currently implies +12.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kenda Rubber Industrial Co Ltd (2106) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Kenda Rubber Industrial Co Ltd (+12.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kenda Rubber Industrial Co Ltd (2106)?
The free-cash-flow yield on the price is 7.40 %: that much free cash flow Kenda Rubber Industrial Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kenda Rubber Industrial Co Ltd (2106)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kenda Rubber Industrial Co Ltd it is 18.64 TWD per share (as of Sep 24, 2026), against a price of 16.65 TWD. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Kenda Rubber Industrial Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2106 trades below its calculated fair value: price 16.65 TWD, fair value 18.64 TWD, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2106?
No. The price is what the market pays today (16.65 TWD); the fair value is what the company's own numbers justify (18.64 TWD). For Kenda Rubber Industrial Co Ltd the two are 1.99 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Kenda Rubber Industrial Co Ltd worth?
The market values Kenda Rubber Industrial Co Ltd at about 16.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 16.65 TWD; our models calculate a fair value of 18.64 TWD per share.
What do the bullish and bearish scenarios say about 2106?
Our models span a range for Kenda Rubber Industrial Co Ltd: cautious scenario 12.07 TWD, base 18.64 TWD, optimistic 19.35 TWD per share (as of Sep 24, 2026, price 16.65 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2106?
Kenda Rubber Industrial Co Ltd trades at a price-to-earnings ratio of 128.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 18.64 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 0.5, EV/EBITDA 9.4.
How solid is the balance sheet of Kenda Rubber Industrial Co Ltd (2106)?
Balance-sheet figures for Kenda Rubber Industrial Co Ltd (as of Sep 24, 2026): return on equity 0.8%, debt of 0.75 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 2106 from its 52-week high?
Kenda Rubber Industrial Co Ltd trades at 16.65 TWD, about 22% below its 52-week high of 21.25 TWD and 2% above the low of 16.40 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 18.64 TWD is for.
Which stocks are comparable to Kenda Rubber Industrial Co Ltd?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kenda Rubber Industrial Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 16.65 TWD, calculated fair value 18.64 TWD (+12%), Quality Score 50/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2106 calculated?
We run Kenda Rubber Industrial Co Ltd through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 18.64 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Kenda Rubber Industrial Co Ltd currently trades 12 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kenda Rubber Industrial Co Ltd (2106)?
The closing price on Sep 24, 2026 was 16.65 TWD. Our model-based fair value is 18.64 TWD, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kenda Rubber Industrial Co Ltd right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Kenda Rubber Industrial Co Ltd (2106) come from?
Earnings per share at Kenda Rubber Industrial Co Ltd grew −15.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.9 %, EBIT margin −13.5 %, tax rate −2.1 %, residual (interest, one-offs) −1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Kenda Rubber Industrial Co Ltd
How large is the market capitalisation of Kenda Rubber Industrial Co Ltd (2106)?
The market capitalisation of Kenda Rubber Industrial Co Ltd is 16.1B TWD (≈ $504M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kenda Rubber Industrial Co Ltd (2106)?
The price-to-sales ratio of Kenda Rubber Industrial Co Ltd is 0.47 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kenda Rubber Industrial Co Ltd (2106)?
Earnings per share at Kenda Rubber Industrial Co Ltd are 0.1300 TWD (price ÷ EPS = P/E 128.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kenda Rubber Industrial Co Ltd (2106)?
The dividend yield of Kenda Rubber Industrial Co Ltd is 3.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kenda Rubber Industrial Co Ltd (2106)?
The net margin of Kenda Rubber Industrial Co Ltd is 0.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kenda Rubber Industrial Co Ltd (2106)?
The return on equity (ROE) of Kenda Rubber Industrial Co Ltd is 0.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kenda Rubber Industrial Co Ltd (2106)?
On an EBIT basis the return on assets of Kenda Rubber Industrial Co Ltd is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kenda Rubber Industrial Co Ltd (2106)?
The operating margin of Kenda Rubber Industrial Co Ltd is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kenda Rubber Industrial Co Ltd (2106)?
Revenue at Kenda Rubber Industrial Co Ltd is growing −1.2% versus a year earlier (3y avg −4.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kenda Rubber Industrial Co Ltd (2106)?
Earnings per share at Kenda Rubber Industrial Co Ltd are growing +66.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kenda Rubber Industrial Co Ltd (2106) carry?
The net debt of Kenda Rubber Industrial Co Ltd is 10.4B TWD (fiscal year 2025, ≈ 8.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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