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Luhai Holding (2115) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.3B TWD

LH Luhai Holding 2115 · TW
Price22.85 TWD
Fair Value35.80 TWD
Upside+56.7%
Quality56/100
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Mixed Growth
Thin margins · 4.5% net margin
Low debt · generates free cash flow
5.45% dividend yield
Ranks above peers (10/14)
Narrow moat 34/100
Evidence: High Range 24.41 TWD – 52.07 TWD Share as image

Fair value as of: Jul 23, 2026

From 22 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 29.95 TWD to 35.80 TWD (+19.5%) since Jul 7, 2026. Share price +6.8% over the past month.

A solid business, screening 57% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (24.41 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (24.41 TWD to 52.07 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

40.70 TWD 19.90 TWD Fair Value 35.80 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 19.90 TWD – 40.70 TWD · fair‑value band 24.41 TWD – 52.07 TWD · the 22.85 TWD price screens below the 35.80 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Luhai Holding (2115) currently trades at 22.85 TWD, while our model-based Fair Value estimate is 35.80 TWD, implying the stock looks roughly 56.7% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical 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, Luhai Holding generated revenue of 3.0B TWD at a net margin of 5.6%. Revenue declined 7.8% year over year. It earns a return on equity of 5.1%. Net debt stands at 33.7M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 24.41 TWD (bear case) to 52.07 TWD (bull case); at 22.85 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 20% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at 57%, 2115 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 16.12 TWD 20.57 TWD 28.50 TWD 80
Residual Income 23.38 TWD 23.56 TWD 22.28 TWD 76
Rev-Margin DCF 19.56 TWD 28.91 TWD 40.61 TWD 74
All 22 models by family
DCF Models
FCF DCF 15.61 TWD 20.17 TWD 29.10 TWD 38
Owner Earnings 20.00 TWD 26.01 TWD 37.74 TWD 31
5Y Revenue Exit 19.56 TWD 28.58 TWD 42.14 TWD 39
5Y EBITDA Exit 29.10 TWD 44.78 TWD 66.17 TWD 41
5Y P/E Exit 20.79 TWD 30.67 TWD 42.83 TWD 38
10Y Revenue Exit 17.29 TWD 24.68 TWD 33.11 TWD 36
10Y EBITDA Exit 23.58 TWD 35.04 TWD 48.12 TWD 37
10Y P/E Exit 18.60 TWD 26.01 TWD 33.54 TWD 35
Earnings-Based
Graham-Dodd 10.77 TWD 17.10 TWD 20.56 TWD 54
EPV 15.61 TWD 17.82 TWD 19.73 TWD 59
Multiples
P/E Multiple 26.14 TWD 34.85 TWD 43.56 TWD 63
P/S Multiple 20.20 TWD 26.93 TWD 33.66 TWD 58
P/B Multiple 20.20 TWD 26.93 TWD 33.66 TWD 55
EV/EBIT 34.55 TWD 45.53 TWD 56.51 TWD 53
EV/EBITDA 43.59 TWD 57.59 TWD 71.58 TWD 54
EV/Revenue 23.81 TWD 33.33 TWD 42.84 TWD 43
Asset-Based
NCAV (Graham) 15.44 TWD 20.68 TWD 30.87 TWD 50
Growth DCF
Growth DCF 16.12 TWD 20.57 TWD 28.50 TWD 80
Rev-Margin DCF 19.56 TWD 28.91 TWD 40.61 TWD 74
Economic Profit
Residual Income 23.38 TWD 23.56 TWD 22.28 TWD 76
ROIC Compounder 15.61 TWD 17.82 TWD 19.73 TWD 72
Growth Earnings
Growth-Adj P/E 18.42 TWD 26.32 TWD 34.21 TWD 68

Widest divergence: Multiples (33.33 TWD) versus Earnings-Based (17.10 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.0B TWD
Revenue growth (YoY) -1.1%
Net margin 4.5%
Return on equity 3.9%
Free cash flow 153M TWD FY2025
P/E ratio 13.9
More key figures
Operating margin 6.9%
EPS (TTM) 1.58 TWD
Dividend yield 5.5%
EPS growth (YoY) -53.5%
Net debt 33.7M TWD FY2025

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

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 49

Profitability 33
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 72
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

Luhai Holding Corp. engages in the production and sale of tire valves and accessories in China, Indonesia, and internationally.

Full company description

Luhai Holding Corp. engages in the production and sale of tire valves and accessories in China, Indonesia, and internationally. The company offers TPMS; valves for bicycles, electric bikes, motorcycles, passenger cars/light trucks, trucks/buses, and agricultural/OTR; and valve accessories, such as valve core, valve caps, hexagon nuts, washers, grommets and o-rings, rim nuts, and sleeves. It also provides valve core and mounting tools; tire pressure detection products, including tire pressure and pen type tire pressure gauges; inflating equipment comprising air chucks, clip-on air chucks, and connectors; and rigid, bent, plastic, and flexible valve extensions, as well as holders. In addition, it offers wheel balance weights and tools; tire repair accessories, such as skivers, stitchers, scrapers, repair tools, and tire repair units; and tire repair kits. Further, the company engages in investment and leasing activities; and manufacturing and selling precision processed products. It serves manufacturers in the tires, automobiles, trucks, and agriculture vehicles industries. Luhai Holding Corp. was founded in 1980 and is headquartered in Changhua, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Luhai Holding reported revenue of 3.0B TWD in FY2025 versus 3.4B TWD in FY2021, a compound −3.2%/yr. Reported net income was 165M TWD in FY2025, compounding −19.8%/yr from FY2021.

Growth Quality 52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.0B 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.
−0.7%
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.
+2.7%
Avg. growth/yr (15Y) 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.
+2.6%
Revenue −3.2%/yr
FY21 3.4B TWD
FY22 3.0B TWD
FY23 2.6B TWD
FY24 3.1B TWD
FY25 3.0B TWD
Net income −19.8%/yr
FY21 399M TWD
FY22 227M TWD
FY23 175M TWD
FY24 214M TWD
FY25 165M TWD
Character of growth · EPS growth decomposed (2014-2025) −4.0 % p.a.
Revenue per share +1.3 pp

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

EBIT margin −4.0 pp
Tax rate −2.6 pp
Residual (interest, one-offs) +1.4 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). "Luhai Holding Fair Value". https://www.fairvalue-calculator.com/stock/2115

Peer Group

Auto Parts · 642 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 56 · Above median
Fair Value upside +57% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 3% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth -1% · Below median
Dividend yield (TTM) 5.5% · Top 25%
Debt / equity 0.21× · Higher than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 13.9× · Cheaper than median
P/B 0.71× · Cheaper than 75% of peers
P/S (TTM) 0.77× · Cheaper than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 4.8× · 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 16
FUTURE 0 · sector 23
PAST 16 · sector 26
HEALTH 90 · sector 95
DIVIDEND 100 · sector 30

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 Auto Parts stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Hyundai Mobis Co 012330 482,000 KRW 678,420 KRW +41%
Magna International Inc MGAN 1,122 MXN 1,172 MXN +4%
Samvardhana Motherson International Limited MOTHERSON ₹144.17 ₹80.63 -44%
Bosch Limited BOSCHLTD ₹41,110 ₹14,004 -66%
Bharat Forge Limited BHARATFORG ₹2,117 ₹441.74 -79%
Uno Minda Limited UNOMINDA ₹1,158 ₹426.57 -63%
Schaeffler India Limited SCHAEFFLER ₹4,135 ₹1,412 -66%
Hankook Tire & Technology Co 161390 73,600 KRW 196,479 KRW +167%
MRF Limited MRF ₹131,025 ₹125,849 -4%
Sona BLW Precision Forgings Limited SONACOMS ₹792.00 ₹207.06 -74%

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Frequently asked questions

Is Luhai Holding (2115) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 35.80 TWD versus a price of 22.85 TWD, about +57% (undervalued).
What is the fair value of 2115?
Our model-based fair value for Luhai Holding is 35.80 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 22.85 TWD.
What is the quality score of 2115?
Luhai Holding has a Quality Score of 56/100. 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 Luhai Holding (2115)?
Luhai Holding reported trailing-twelve-month revenue of about 3.0B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2115?
The net profit margin of Luhai Holding is about 5.6%, meaning it keeps roughly 5.6% 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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