Test Rite International Co Ltd (2908) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Test Rite International Co Ltd stock TWD 4.97, price TWD 21.75, that is 77.1% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 20 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 18.27 TWD – 23.31 TWD · fair‑value band 3.73 TWD – 6.79 TWD · the 21.75 TWD price screens above the 4.97 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Test-Rite International Co., Ltd. imports and exports hand tools, auto parts, machinery, furniture, and other home appliances in the United States of America, Canada, Great Britain, France, Germany, and Australia. It also operates retail chain stores and sells home-related products.
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The company engages in real estate development and planning business. In addition, it is involved in mechanical and electrical related construction activities. Further, the company engages in logistics warehousing related business.
Test-Rite International Co., Ltd. was incorporated in 1978 and is headquartered in Taipei, Taiwan.
Stock analysis
Test Rite International Co Ltd (2908) currently trades at 21.75 TWD, while our model-based Fair Value estimate is 4.97 TWD, 77% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 8.78 TWD per share, and 0 of the 20 models we run sit above the 21.75 TWD price.
Bear case: the Earnings-Based group reads lowest at 2.16 TWD, and 20 of the 20 models stay below the price. Data coverage for this calculation is low.
Scenario range: 3.73 TWD (bear) to 6.79 TWD (bull), the price of 21.75 TWD sits above 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 44/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Spin-off in 2012: revenue and profit before it include the divested business. Growth is measured afresh from 2012.
Test Rite International Co Ltd reported revenue of 33.6B TWD in FY2025 versus 43.8B TWD in FY2021, a compound −6.4%/yr. Reported net income was 115M TWD in FY2025, compounding −38.1%/yr from FY2021.
Key figures
Market cap 11.9B TWD (≈ $361M) Small · P/E ratio 17.5 · P/S ratio 0.32 · EPS (TTM) 1.24 TWD · Dividend yield 1.5% · Net margin 1.8% · Return on equity 7.0% · Return on assets (EBIT) 1.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (medium confidence).
What moves the price
The share trades about 2% below its 52-week high and 9% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −16% fair-value upside, at −77%, 2908 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (1.49 TWD to 21.35 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear3.73 TWDFair Value 4.97 TWDBull6.79 TWD
Price 21.75 TWD · Downside -77.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.7828 TWD per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.55/100
Spin-off in 2012: revenue and profit before it include the divested business. Growth is measured afresh from 2012.
Revenue growth 1 year
−8.7%
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.
−3.5%
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.
−4.3%
Start year 2020 (pandemic). Over 10 years: −0.7% a year
Revenue growth 13 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.
−0.4%
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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.
−31.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−32.8%
Dividend (yield on the price)1.5%
Per share before 2012divided by the spin-off factor 1.0308
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.−32.8% vs −16.6%, 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.3% → 1%
Pace: the 5-year rate starts in 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).
+5.6%
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 +4.0% a year for the price.
Compare Test Rite International 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.Home Improvement Retail · 31 stocks
Beats the industry median on 1/14 measures
Overall it trails its industry peers.
Valuation
Quality Score44 · Bottom 25%
Fair Value upside−77.1% · Bottom 25%
Profitability
Return on equity (12 months)7.0% · Below median
Return on assets0.7% · Bottom 25%
Net margin (12 months)4.5% · Above median
Operating margin (12 months)2.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)0.5% · Below median
Dividend yield (12 months)1.5% · Bottom 25%
Balance sheet
Debt / equity1.16× · Highest 25%
Valuation Multiplesvs Home Improvement Retail median · lower = cheaper
P/E (12 months)17.5× · Pricier than median
P/B1.70× · Pricier than median
P/S (12 months)0.85× · Pricier than median
Price / free cash flow (fiscal year)19.8× · Pricier than median
EV/EBITDA36.6× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)3· sector 15
PAST (return on equity)28· sector 34
HEALTH (low debt)42· sector 95
DIVIDEND (yield)30· sector 51
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Test Rite International Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2908
Frequently asked questions
Is Test Rite International Co Ltd (2908) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 4.97 TWD versus a price of 21.75 TWD, about 77% lower (overvalued).
What is the fair value of 2908?
Our model-based fair value for Test Rite International Co Ltd is 4.97 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 21.75 TWD.
What is the quality score of 2908?
Test Rite International Co Ltd 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 price target for Test Rite International Co Ltd (2908)?
Our model-based price target is the fair value of 4.97 TWD (as of Nov 8, 2026) from 20 valuation models. Cautious scenario 3.73 TWD, optimistic scenario 6.79 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Test Rite International Co Ltd stock forecast for 2026?
Our models put fair value at 4.97 TWD, about 77% lower versus a price of 21.75 TWD (overvalued). Cautious scenario 3.73 TWD, optimistic scenario 6.79 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Test Rite International Co Ltd (2908)?
Test Rite International Co Ltd reported trailing-twelve-month revenue of about 34.5B TWD (latest available figure, as of Nov 8, 2026).
Does Test Rite International Co Ltd pay a dividend?
Test Rite International Co Ltd currently shows a dividend yield of 1.52% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Test Rite International Co Ltd (2908) and when is the ex-dividend date?
Test Rite International Co Ltd pays a dividend of 0.33 TWD per share a year, a dividend yield of 1.5%. The last ex-dividend date was Jun 16, 2026. The payout ratio is 26.6% of earnings. Free cash flow covers the dividend 8.80 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Test Rite International Co Ltd (2908)?
For today's price to be fair in a discounted-cash-flow model, Test Rite International Co Ltd would have to grow free cash flow by +5.6 % 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 -4.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 2908 use?
Our models discount Test Rite International Co Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.15, 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 Test Rite International Co Ltd that is +5.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Test Rite International Co Ltd (2908) delivered so far?
Over the past 5 years revenue at Test Rite International Co Ltd grew -4.3 % a year. The price currently implies free-cash-flow growth of +5.6 % per 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 Test Rite International Co Ltd (2908) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Test Rite International Co Ltd (+5.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Test Rite International Co Ltd (2908)?
The free-cash-flow yield on the price is 12.49 %: that much free cash flow Test Rite International 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 Test Rite International Co Ltd (2908)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Test Rite International Co Ltd it is 4.97 TWD per share (as of Nov 8, 2026), against a price of 21.75 TWD. It is the blended result of 20 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Test Rite International Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 2908 trades above its calculated fair value: price 21.75 TWD, fair value 4.97 TWD, a gap of about −77% (overvalued). 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 2908?
No. The price is what the market pays today (21.75 TWD); the fair value is what the company's own numbers justify (4.97 TWD). For Test Rite International Co Ltd the two are 16.78 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Test Rite International Co Ltd worth?
The market values Test Rite International Co Ltd at about 11.9B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 21.75 TWD; our models calculate a fair value of 4.97 TWD per share.
What do the bullish and bearish scenarios say about 2908?
Our models span a range for Test Rite International Co Ltd: cautious scenario 3.73 TWD, base 4.97 TWD, optimistic 6.79 TWD per share (as of Nov 8, 2026, price 21.75 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2908?
Test Rite International Co Ltd trades at a price-to-earnings ratio of 17.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.97 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 25.6. Other multiples: P/B 1.7, P/S 0.8, EV/EBITDA 36.6.
How solid is the balance sheet of Test Rite International Co Ltd (2908)?
Balance-sheet figures for Test Rite International Co Ltd (as of Nov 8, 2026): return on equity 7.0%, debt of 1.16 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is 2908 from its 52-week high?
Test Rite International Co Ltd trades at 21.75 TWD, about 2% below its 52-week high of 22.25 TWD and 9% above the low of 19.90 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 4.97 TWD is for.
Which stocks are comparable to Test Rite International Co Ltd?
From the same area (Consumer Cyclical) we also value The Home Depot, Inc, Lowe's Companies, Inc, Wesfarmers Limited, Floor & Decor Holdings, 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 Test Rite International Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price 21.75 TWD, calculated fair value 4.97 TWD (−77%), Quality Score 44/100, from 20 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 2908 calculated?
We run Test Rite International Co Ltd through 20 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 4.97 TWD builds on their evidence-weighted average, 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 13.7% above its aggregate fair value. Test Rite International Co Ltd itself currently trades above fair value. 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 Test Rite International Co Ltd (2908)?
The closing price on Nov 9, 2026 was 21.75 TWD. Our model-based fair value is 4.97 TWD, about 77% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Test Rite International Co Ltd right now?
The price sits above even our optimistic bull case (6.79 TWD). The favourable scenario is already priced in. Weak quality (44/100) 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 (3.73 TWD to 6.79 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Test Rite International Co Ltd (2908) come from?
Earnings per share at Test Rite International Co Ltd grew −11.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.3 %, EBIT margin −7.4 %, tax rate −0.3 %, residual (interest, one-offs) −3.7 %. 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 Test Rite International Co Ltd
How large is the market capitalisation of Test Rite International Co Ltd (2908)?
The market capitalisation of Test Rite International Co Ltd is 11.9B TWD (≈ $361M). 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 Test Rite International Co Ltd (2908)?
The price-to-sales ratio of Test Rite International Co Ltd is 0.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Test Rite International Co Ltd (2908)?
Earnings per share at Test Rite International Co Ltd are 1.24 TWD (price ÷ EPS = P/E 17.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Test Rite International Co Ltd (2908)?
The dividend yield of Test Rite International Co Ltd is 1.5% (payout 26.6%). 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 Test Rite International Co Ltd (2908)?
The net margin of Test Rite International Co Ltd is 1.8% (last twelve months). 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 Test Rite International Co Ltd (2908)?
The return on equity (ROE) of Test Rite International Co Ltd is 7.0% (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 Test Rite International Co Ltd (2908)?
On an EBIT basis the return on assets of Test Rite International Co Ltd is 1.2% (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 Test Rite International Co Ltd (2908)?
The operating margin of Test Rite International Co Ltd is 2.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Test Rite International Co Ltd (2908)?
Revenue at Test Rite International Co Ltd is growing +0.5% versus a year earlier (3y avg −3.5%). 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 Test Rite International Co Ltd (2908)?
Earnings per share at Test Rite International Co Ltd are growing +117% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Test Rite International Co Ltd (2908) carry?
The net debt of Test Rite International Co Ltd is 19.1B TWD (fiscal year 2025, ≈ 12.9 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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Thin data
Nov 8, 2026