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T3EX Global Holdings (2636) Fair Value & Analysis

Industrials · TW · Market cap 8.6B TWD

TG T3EX Global Holdings 2636 · TW
Price65.80 TWD
Fair Value78.54 TWD
Upside+19.4%
Quality59/100
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Mixed Growth
Thin margins · 4.7% net margin
Low debt · generates free cash flow
8.00% dividend yield
Ranks above peers (10/13)
Narrow moat 37/100
Evidence: High Range 58.90 TWD – 98.18 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 131.63 TWD to 78.54 TWD (−40.3%) since Jul 7, 2026. Share price +0.7% over the past month.

A solid business, screening 19% undervalued on our models.

What matters now

  • Our model range runs from 58.90 TWD (bear) to 98.18 TWD (bull), base 78.54 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 59/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

189.46 TWD 27.03 TWD Fair Value 78.54 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 27.03 TWD – 189.46 TWD · fair‑value band 58.90 TWD – 98.18 TWD · the 65.80 TWD price screens below the 78.54 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

T3EX Global Holdings (2636) currently trades at 65.80 TWD, while our model-based Fair Value estimate is 78.54 TWD, implying the stock looks roughly 19.4% undervalued today. The Quality Score stands at 59/100 (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, T3EX Global Holdings generated revenue of 20.1B TWD at a net margin of 4.7%. Revenue declined 13.0% year over year. It earns a return on equity of 9.4%. Net debt stands at 227M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 58.90 TWD (bear case) to 98.18 TWD (bull case); at 65.80 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 11% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -11% fair-value upside, at 19%, 2636 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 297.23 TWD 520.98 TWD 859.39 TWD 80
Residual Income 63.56 TWD 71.17 TWD 116.22 TWD 76
Rev-Margin DCF 173.34 TWD 234.39 TWD 319.19 TWD 74
All 26 models by family
DCF Models
FCF DCF 304.20 TWD 500.43 TWD 978.13 TWD 38
Owner Earnings 193.56 TWD 321.73 TWD 558.34 TWD 31
5Y Revenue Exit 173.34 TWD 233.62 TWD 311.96 TWD 39
5Y EBITDA Exit 187.51 TWD 265.00 TWD 361.78 TWD 41
5Y P/E Exit 217.98 TWD 332.49 TWD 468.28 TWD 38
10Y Revenue Exit 212.98 TWD 288.97 TWD 402.66 TWD 36
10Y EBITDA Exit 224.23 TWD 312.41 TWD 446.43 TWD 37
10Y P/E Exit 244.59 TWD 362.83 TWD 539.99 TWD 35
Earnings-Based
Graham-Dodd 52.65 TWD 306.77 TWD 426.94 TWD 54
Lynch FV 86.78 TWD 123.96 TWD 161.15 TWD 50
PEG = 1.0 86.78 TWD 123.96 TWD 161.15 TWD 46
EPV 94.67 TWD 99.62 TWD 103.90 TWD 59
Dividend Discount
Gordon GGM 26.35 TWD 52.50 TWD 79.50 TWD 70
DDM Multi-Stage 26.35 TWD 45.37 TWD 55.42 TWD 61
Multiples
P/E Multiple 121.95 TWD 162.60 TWD 203.25 TWD 63
P/S Multiple 98.72 TWD 131.63 TWD 164.54 TWD 58
P/B Multiple 98.72 TWD 131.63 TWD 164.54 TWD 55
EV/EBIT 133.02 TWD 156.26 TWD 179.50 TWD 53
EV/EBITDA 138.40 TWD 163.43 TWD 188.46 TWD 54
EV/Revenue 113.06 TWD 134.39 TWD 155.71 TWD 43
Asset-Based
NCAV (Graham) 35.93 TWD 48.14 TWD 71.86 TWD 50
Growth DCF
Growth DCF 297.23 TWD 520.98 TWD 859.39 TWD 80
Rev-Margin DCF 173.34 TWD 234.39 TWD 319.19 TWD 74
Economic Profit
Residual Income 63.56 TWD 71.17 TWD 116.22 TWD 76
ROIC Compounder 99.32 TWD 110.96 TWD 125.51 TWD 72
Growth Earnings
Growth-Adj P/E 127.79 TWD 182.56 TWD 237.33 TWD 68

Widest divergence: DCF Models (312.41 TWD) versus Dividend Discount (45.37 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 20.1B TWD
Revenue growth (YoY) -13.0%
Net margin 4.7%
Return on equity 9.4%
Free cash flow 2.4B TWD FY2025
P/E ratio 8.1
More key figures
Operating margin 2.6%
EPS (TTM) 7.74 TWD
Dividend yield 8.0%
EPS growth (YoY) -45.3%
Net debt 227M TWD FY2025

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

Quality Score breakdown

Overall quality 59/100

Of which business quality 60 · Market factors (momentum, volatility) 60

Profitability 42
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 56
Distance to the 52-week high (market factor)
Net Issuance 78
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

T3EX Global Holdings Corp., an investment holding company, provides integrated logistics services in Taiwan, Hong Kong, China, East Asia, and internationally. The company operates through Sea Export and Air Export segments. It offers international freight forwarding services, such as ocean and air freight services.

Full company description

T3EX Global Holdings Corp., an investment holding company, provides integrated logistics services in Taiwan, Hong Kong, China, East Asia, and internationally. The company operates through Sea Export and Air Export segments. It offers international freight forwarding services, such as ocean and air freight services. The company also provides domestic logistics services, including sea and air freight import/export customs clearance, bonded area customs clearance and filing for re-import/re-export, logistics park of export and import transit operations, hazardous goods or tank container customs clearance, remote customs clearance and declaration, customs seal clearance operations, and inspection and quarantine. In addition, it provides rail freight solutions; supply chain solutions; warehousing and delivery services; e-commerce logistics solutions; and supply chain financing services. The company was incorporated in 1987 and is headquartered in Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

T3EX Global Holdings reported revenue of 20.8B TWD in FY2025 versus 36.0B TWD in FY2021, a compound −12.8%/yr. Reported net income was 1.1B TWD in FY2025, compounding −27.9%/yr from FY2021.

Growth Quality 58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
20.8B TWD
Latest YoY
−18.3%
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.
−9.7%
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.
+6.5%
Avg. growth/yr (16Y) 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.
+11.6%
Revenue −12.8%/yr
FY21 36.0B TWD
FY22 28.2B TWD
FY23 14.6B TWD
FY24 25.4B TWD
FY25 20.8B TWD
Net income −27.9%/yr
FY21 3.9B TWD
FY22 2.5B TWD
FY23 1.5B TWD
FY24 1.3B TWD
FY25 1.1B TWD
Character of growth · EPS growth decomposed (2014-2025) +20.9 % p.a.
Revenue per share +7.3 pp

of which total revenue +8.5 pp · buybacks/dilution −1.2 pp

EBIT margin +6.9 pp
Tax rate +1.1 pp
Residual (interest, one-offs) +5.7 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). "T3EX Global Holdings Fair Value". https://www.fairvalue-calculator.com/stock/2636

Peer Group

Integrated Freight & Logistics · 218 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 59 · Above median
Fair Value upside +19% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 2% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 8.0% · Top 25%
Debt / equity 0.03× · Lower than 75% of peers

Valuation Multiples vs Integrated Freight & Logistics median · lower = cheaper

P/E (TTM) 8.1× · Cheaper than 75% of peers
P/B 0.88× · Cheaper than median
P/S (TTM) 0.43× · Cheaper than median
P/FCF 0.1× · 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 59 · sector 46
FUTURE 0 · sector 8
PAST 38 · sector 26
HEALTH 99 · sector 94
DIVIDEND 100 · sector 56

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 Integrated Freight & Logistics stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
United Parcel Service, Inc UPS $117.72 $104.58 -11%
FedEx Corporation FDX $314.69 $347.68 +10%
Deutsche Post AG DHL €57.22 €53.18 -7%
DSV A/S DSV kr 1,660 kr 712.57 -57%
Kuehne + Nagel International AG KNIN CHF 209.90 CHF 147.92 -30%
J.B. Hunt Transport Services, Inc JBHT $291.41 $133.80 -54%
S.F. Holding 002352 ¥31.91 ¥48.64 +52%
C.H. Robinson Worldwide, Inc CHRW $193.50 $86.56 -55%
Expeditors International of Washington, Inc EXPD $172.02 $115.95 -33%
ZTO Express (Cayman) Inc 2057 HK$181.40 HK$241.93 +33%

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Frequently asked questions

Is T3EX Global Holdings (2636) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 78.54 TWD versus a price of 65.80 TWD, about +19% (undervalued).
What is the fair value of 2636?
Our model-based fair value for T3EX Global Holdings is 78.54 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 65.80 TWD.
What is the quality score of 2636?
T3EX Global Holdings has a Quality Score of 59/100. 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 T3EX Global Holdings (2636)?
T3EX Global Holdings reported trailing-twelve-month revenue of about 20.1B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2636?
The net profit margin of T3EX Global Holdings is about 4.7%, meaning it keeps roughly 4.7% of revenue as net income. Based on the latest reported figures.
Does T3EX Global Holdings pay a dividend?
T3EX Global Holdings currently shows a dividend yield of about 8.00% 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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