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Sanyang Motor Co (2206) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 49.2B TWD

SM Sanyang Motor Co 2206 · TW
Price62.00 TWD
Fair Value70.31 TWD
Upside+13.4%
Quality44/100
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Mixed Growth
Thin margins · 7.0% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/15)
Narrow moat 43/100
Evidence: Medium Range 38.81 TWD – 127.00 TWD Share as image

Fair value as of: Jul 21, 2026

From 25 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 69.38 TWD to 70.31 TWD (+1.3%) since Jul 7, 2026. Share price −3.1% over the past month.

Below-average quality, screening 13% undervalued on our models.

What matters now

  • The model range is unusually wide (38.81 TWD to 127.00 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from 38.81 TWD (bear) to 127.00 TWD (bull), base 70.31 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 44/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

95.52 TWD 23.33 TWD Fair Value 70.31 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 23.33 TWD – 95.52 TWD · fair‑value band 38.81 TWD – 127.00 TWD · the 62.00 TWD price screens below the 70.31 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Sanyang Motor Co (2206) currently trades at 62.00 TWD, while our model-based Fair Value estimate is 70.31 TWD, implying the stock looks roughly 13.4% undervalued today. The Quality Score stands at 44/100 (below-average 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: medium), always confirm before acting.

Over the trailing twelve months, Sanyang Motor Co generated revenue of 62.5B TWD at a net margin of 7.0%. Revenue declined 0.9% year over year. It earns a return on equity of 12.7%. Net debt stands at 22.4B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 38.81 TWD (bear case) to 127.00 TWD (bull case); at 62.00 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 8% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 25% fair-value upside, at 13%, 2206 screens richer 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 BearBaseBull Evidence
Highest evidence
Growth DCF 21.92 TWD 35.90 TWD 55.02 TWD 80
Residual Income 38.81 TWD 49.08 TWD 127.67 TWD 76
Rev-Margin DCF 38.64 TWD 70.31 TWD 104.08 TWD 74
All 25 models by family
DCF Models
FCF DCF 20.96 TWD 36.02 TWD 57.57 TWD 38
Owner Earnings 45.96 TWD 72.24 TWD 109.83 TWD 31
5Y Revenue Exit 38.64 TWD 70.31 TWD 109.76 TWD 39
5Y EBITDA Exit 47.01 TWD 85.22 TWD 128.23 TWD 41
5Y P/E Exit 54.61 TWD 98.77 TWD 143.10 TWD 38
10Y Revenue Exit 29.83 TWD 56.89 TWD 91.11 TWD 36
10Y EBITDA Exit 36.94 TWD 66.97 TWD 104.59 TWD 37
10Y P/E Exit 41.70 TWD 76.15 TWD 115.45 TWD 35
Earnings-Based
Graham-Dodd 40.64 TWD 96.66 TWD 124.59 TWD 54
PEG = 1.0 16.82 TWD 24.03 TWD 31.23 TWD 46
EPV 39.95 TWD 48.72 TWD 56.39 TWD 59
Dividend Discount
Gordon GGM 28.77 TWD 50.29 TWD 77.13 TWD 70
DDM Multi-Stage 28.77 TWD 42.79 TWD 58.21 TWD 61
Multiples
P/E Multiple 98.61 TWD 131.48 TWD 164.36 TWD 63
P/S Multiple 74.32 TWD 99.09 TWD 123.86 TWD 58
P/B Multiple 76.20 TWD 101.60 TWD 127.00 TWD 55
EV/EBIT 84.31 TWD 116.63 TWD 148.95 TWD 53
EV/EBITDA 72.36 TWD 100.69 TWD 129.02 TWD 54
EV/Revenue 52.72 TWD 80.72 TWD 108.73 TWD 43
Asset-Based
NCAV (Graham) 17.35 TWD 23.25 TWD 34.70 TWD 50
Growth DCF
Growth DCF 21.92 TWD 35.90 TWD 55.02 TWD 80
Rev-Margin DCF 38.64 TWD 70.31 TWD 104.08 TWD 74
Economic Profit
Residual Income 38.81 TWD 49.08 TWD 127.67 TWD 76
ROIC Compounder 40.79 TWD 53.07 TWD 67.26 TWD 72
Growth Earnings
Growth-Adj P/E 74.65 TWD 106.65 TWD 138.64 TWD 68

Widest divergence: Growth Earnings (106.65 TWD) versus Asset-Based (23.25 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 62.5B TWD
Revenue growth (YoY) -0.9%
Net margin 7.0%
Return on equity 12.7%
Free cash flow 2.4B TWD FY2025
P/E ratio 11.2
More key figures
Operating margin 9.4%
EPS (TTM) 5.77 TWD
EPS growth (YoY) -11.0%
Net debt 22.4B TWD FY2025

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

Quality Score breakdown

Overall quality 44/100

Of which business quality 44 · Market factors (momentum, volatility) 62

Profitability 42
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 42
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 88
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

Sanyang Motor Co., Ltd. engages in the manufacture and sale of automobiles, motorcycles, and their components in Taiwan, China, Asia, Europe, and internationally.

Full company description

Sanyang Motor Co., Ltd. engages in the manufacture and sale of automobiles, motorcycles, and their components in Taiwan, China, Asia, Europe, and internationally. The company is involved in the provision of distribution, repair, and maintenance of automobiles and its parts; product design; automotive parts; locomotives and their parts; repair and maintenance; passenger car rental; investment businesses; motorcycles and spare parts; waste disposal; senior housing; research on aluminum battery-related energy; development, manufacturing, and sales; sales of tea; real estate trading; planning and development; auto repair and auto parts sales; property insurance agency business; retail of automobiles and their parts; medical tools and other businesses; research, development, and sales of devices for detecting human physiology; electronic component manufacturing; entertainment and leisure services; camping trailers; real estate trading; automobile and parts dealership, and repair; campervans; motorcycle parts manufacturing, processing, and sales; and real estate development and management. It also provides related technical and consulting services. The company offers its products under the SYM and HYUNDAI brands. The company was formerly known as Sanyang Industry Co., Ltd. and changed its name to Sanyang Motor Co., Ltd. in January 2015. Sanyang Motor Co., Ltd. was founded in 1954 and is headquartered in Hsinchu City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sanyang Motor Co reported revenue of 62.6B TWD in FY2025 versus 41.6B TWD in FY2021, a compound +10.8%/yr. Reported net income was 4.5B TWD in FY2025, compounding +25.5%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
62.6B TWD
Latest YoY
−4.6%
Avg. growth/yr (3Y)
+7.2%
Avg. growth/yr (5Y)
+9.0%
Avg. growth/yr (25Y)
+2.8%
Revenue +10.8%/yr
FY21 41.6B TWD
FY22 50.9B TWD
FY23 64.5B TWD
FY24 65.6B TWD
FY25 62.6B TWD
Net income +25.5%/yr
FY21 1.8B TWD
FY22 3.1B TWD
FY23 6.3B TWD
FY24 4.8B TWD
FY25 4.5B TWD

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Cite: Fair Value Calculator (2026). "Sanyang Motor Co Fair Value". https://www.fairvalue-calculator.com/stock/2206

Peer Group

Auto Manufacturers · 119 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 44 · Below median
Fair Value upside +13% · Above median
Return on equity (TTM) 13% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 7% · Top 25%
Operating margin (TTM) 9% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.77× · Higher than 75% of peers

Valuation Multiples vs Auto Manufacturers median · lower = cheaper

P/E (TTM) 11.2× · Cheaper than median
P/B 1.87× · Pricier than median
P/S (TTM) 0.79× · Pricier than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 8.5× · Cheaper than median
PEG 0.15× · 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 51 · sector 28
FUTURE 0 · sector 33
PAST 51 · sector 19
HEALTH 61 · sector 94
DIVIDEND 0 · sector 44

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 Manufacturers stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Toyota Motor Corporation TM $179.76 $224.63 +25%
BYD Company 81211 HK$80.55 HK$50.85 -37%
Hyundai Motor Company 005380 425,000 KRW 616,918 KRW +45%
General Motors Company GM $77.72 $56.93 -27%
Bayerische Motoren Werke Aktiengesellschaft BMWM5N 1,909 MXN 2,944 MXN +54%
Ferrari N.V RACE $376.64 $228.05 -39%
Ford Motor Company F C$11.86 C$4.00 -66%
Mercedes-Benz Group BENZ C$20.44 C$35.15 +72%
Volkswagen AG VOW 2,149 CZK 7,191 CZK +235%
Maruti Suzuki India Limited MARUTI ₹13,803 ₹8,236 -40%

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Frequently asked questions

Is Sanyang Motor Co (2206) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 70.31 TWD versus a price of 62.00 TWD, about +13% (undervalued).
What is the fair value of 2206?
Our model-based fair value for Sanyang Motor Co is 70.31 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 62.00 TWD.
What is the quality score of 2206?
Sanyang Motor Co has a Quality Score of 44/100. 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 Sanyang Motor Co (2206)?
Sanyang Motor Co reported trailing-twelve-month revenue of about 62.5B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2206?
The net profit margin of Sanyang Motor Co is about 7.0%, meaning it keeps roughly 7.0% 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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