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TSG Star Travel Corp (2719) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 1.6B TWD

TS TSG Star Travel Corp 2719 · TWO
Price21.65 TWD
Fair Value3.37 TWD
Upside-84.4%
Quality40/100
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Expensive Growth
Thin margins · 1.7% net margin
Low debt · negative free cash flow
Trails peers (3/10)
Narrow moat 32/100
Evidence: Low Range 2.54 TWD – 5.04 TWD Share as image

Fair value as of: Jul 21, 2026

From 2 valuation models · updated 20 days ago

Share price −10.9% over the past month.

Below-average quality, and screening another 84% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (5.04 TWD). The favourable scenario is already priced in.
  • Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (2.54 TWD to 5.04 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

112.00 TWD 18.18 TWD Fair Value 3.37 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 18.18 TWD – 112.00 TWD · fair‑value band 2.54 TWD – 5.04 TWD · the 21.65 TWD price screens above the 3.37 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

TSG Star Travel Corp (2719) currently trades at 21.65 TWD, while our model-based Fair Value estimate is 3.37 TWD, implying the stock looks roughly 84.4% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, TSG Star Travel Corp generated revenue of 1.9B TWD at a net margin of 1.7%. Revenue declined 14.3% year over year. It earns a return on equity of 4.2%. The balance sheet holds a net cash position of 52.4M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 2.54 TWD (bear case) to 5.04 TWD (bull case); at 21.65 TWD, the current price sits above 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 53% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -16% fair-value upside, at -84%, 2719 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 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
NCAV (Graham) 5.11 TWD 6.85 TWD 10.23 TWD 50
Owner Earnings 3.13 TWD 4.50 TWD 7.04 TWD 31
All 2 models by family
DCF Models
Owner Earnings 3.13 TWD 4.50 TWD 7.04 TWD 31
Asset-Based
NCAV (Graham) 5.11 TWD 6.85 TWD 10.23 TWD 50

Widest divergence: Asset-Based (6.85 TWD) versus DCF Models (4.50 TWD). Highest evidence: NCAV (Graham) (50).

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Key figures & financial health

Revenue (TTM) 1.9B TWD
Revenue growth (YoY) -14.3%
Net margin 1.7%
Return on equity 4.2%
Free cash flow −10.9M TWD FY2025
Operating margin 8.9%
More key figures
EPS (TTM) -0.1500 TWD
EPS growth (YoY) +375%
Net cash 52.4M TWD FY2024

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

Quality Score breakdown

Overall quality 40/100

Of which business quality 43 · Market factors (momentum, volatility) 26

Profitability 31
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 39
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

TSG Star Travel Corp. engages in the travel business in Northeast Asia, Japan and Southeast Asia. The company offers tourists; and provides related services such as transportation, accommodation, and activity design. The company is also involved in general wholesale and retail activities and management consulting services.

Full company description

TSG Star Travel Corp. engages in the travel business in Northeast Asia, Japan and Southeast Asia. The company offers tourists; and provides related services such as transportation, accommodation, and activity design. The company is also involved in general wholesale and retail activities and management consulting services. The company was formerly known as Star Travel Corp. The company was founded in 2003 and is based in New Taipei City, Taiwan. TSG Star Travel Corp. operates as a subsidiary of E-Top Metal Co. Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TSG Star Travel Corp reported revenue of 2.0B TWD in FY2025 versus 33.1M TWD in FY2021, a compound +177.4%/yr. Reported net income was −10.0M TWD in FY2025.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.0B TWD
Latest YoY
−14.2%
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.
+188.4%
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.
+65.0%
Avg. growth/yr (6Y) 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.
+2.5%
Revenue +177.4%/yr
FY21 33.1M TWD
FY22 81.8M TWD
FY23 1.1B TWD
FY24 2.3B TWD
FY25 2.0B TWD
Net income
FY21 −42.6M TWD
FY22 −44.6M TWD
FY23 105M TWD
FY24 86.9M TWD
FY25 −10.0M TWD

2719 screens 84% overvalued. Compare with Booking Holdings →

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Cite: Fair Value Calculator (2026). "TSG Star Travel Corp Fair Value". https://www.fairvalue-calculator.com/stock/2719

Peer Group

Travel Services · 90 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 43 · Bottom 25%
Fair Value upside −84% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 1% · Bottom 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) 9% · Above median
Revenue growth -14% · Bottom 25%
Debt / equity 0.10× · Higher than median

Valuation Multiples vs Travel Services median · lower = cheaper

P/B 0.07× · Cheaper than 75% of peers
P/S (TTM) 0.03× · 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 0 · sector 19
FUTURE 0 · sector 25
PAST 17 · sector 36
HEALTH 95 · sector 97
DIVIDEND 0 · sector 36

VALUE 0: the price sits above our fair-value range.

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

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $182.80 $152.94 -16%
Airbnb, Inc ABNB $148.62 $57.47 -61%
Royal Caribbean Cruises Ltd RCL $286.96 $215.19 -25%
Viking Holdings VIK $100.69 $43.51 -57%
Carnival Corporation CCL $26.41 $31.36 +19%
Expedia Group EXPE $268.77 $248.63 -7%
Trip.com Group TCOM $42.45 $88.82 +109%
Norwegian Cruise Line Holdings NCLH $19.46 $20.28 +4%
Global Business Travel Group GBTG $9.40 $4.17 -56%
Travel + Leisure Co TNL $73.27 $27.29 -63%

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Frequently asked questions

Is TSG Star Travel Corp (2719) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 3.37 TWD versus a price of 21.65 TWD, about −84% (overvalued).
What is the fair value of 2719?
Our model-based fair value for TSG Star Travel Corp is 3.37 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 21.65 TWD.
What is the quality score of 2719?
TSG Star Travel Corp has a Quality Score of 40/100. 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 TSG Star Travel Corp (2719)?
TSG Star Travel Corp reported trailing-twelve-month revenue of about 1.9B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2719?
The net profit margin of TSG Star Travel Corp is about 1.7%, meaning it keeps roughly 1.7% 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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