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President Chain Store Corporation (2912) Fair Value & Analysis

Consumer Defensive · TW · Market cap 253B TWD

PC President Chain Store Corporation 2912 · TW
Price221.00 TWD
Fair Value155.81 TWD
Upside-29.5%
Quality45/100
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Healthy Growth
Thin margins · 3.2% net margin
Low debt · generates free cash flow
Trails peers (5/14)
Moderate moat 49/100
Evidence: Medium Range 144.36 TWD – 194.77 TWD Share as image

Fair value as of: Jul 19, 2026

From 26 valuation models · updated 21 days ago

Share price −8.3% over the past month.

Below-average quality, and screening another 30% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (194.77 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

303.00 TWD 206.50 TWD Fair Value 155.81 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 206.50 TWD – 303.00 TWD · fair‑value band 144.36 TWD – 194.77 TWD · the 221.00 TWD price screens above the 155.81 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

President Chain Store Corporation (2912) currently trades at 221.00 TWD, while our model-based Fair Value estimate is 155.81 TWD, implying the stock looks roughly 29.5% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Consumer Defensive 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: medium).

Over the trailing twelve months, President Chain Store Corporation generated revenue of 355B TWD at a net margin of 3.2%. Revenue grew 4.6% year over year. It earns a return on equity of 23.9%. Net debt stands at 180B TWD. Fundamentals as of Jul 19, 2026

Our scenario range runs from 144.36 TWD (bear case) to 194.77 TWD (bull case); at 221.00 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 18% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -31% fair-value upside, at -30%, 2912 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 BearBaseBull Evidence
Highest evidence
Growth DCF 204.75 TWD 287.79 TWD 410.67 TWD 80
Residual Income 66.04 TWD 78.54 TWD 228.08 TWD 76
Rev-Margin DCF 166.71 TWD 237.79 TWD 317.69 TWD 74
All 26 models by family
DCF Models
FCF DCF 200.41 TWD 291.78 TWD 434.46 TWD 38
Owner Earnings 218.43 TWD 319.66 TWD 477.76 TWD 31
5Y Revenue Exit 166.71 TWD 236.51 TWD 323.57 TWD 39
5Y EBITDA Exit 311.74 TWD 502.63 TWD 722.94 TWD 41
5Y P/E Exit 189.61 TWD 278.53 TWD 369.62 TWD 38
10Y Revenue Exit 173.33 TWD 240.12 TWD 325.84 TWD 36
10Y EBITDA Exit 270.97 TWD 427.22 TWD 632.25 TWD 37
10Y P/E Exit 191.95 TWD 269.66 TWD 361.17 TWD 35
Earnings-Based
Graham-Dodd 73.33 TWD 206.23 TWD 271.37 TWD 54
Lynch FV 41.74 TWD 59.63 TWD 77.52 TWD 50
PEG = 1.0 41.74 TWD 59.63 TWD 77.52 TWD 46
EPV 132.94 TWD 150.46 TWD 166.03 TWD 59
Dividend Discount
Gordon GGM 86.57 TWD 189.00 TWD 318.00 TWD 70
DDM Multi-Stage 86.57 TWD 139.76 TWD 196.97 TWD 61
Multiples
P/E Multiple 169.84 TWD 226.45 TWD 283.06 TWD 63
P/S Multiple 137.49 TWD 183.31 TWD 229.14 TWD 58
P/B Multiple 137.49 TWD 183.31 TWD 229.14 TWD 55
EV/EBIT 204.52 TWD 261.47 TWD 318.41 TWD 53
EV/EBITDA 412.54 TWD 538.82 TWD 665.11 TWD 54
EV/Revenue 155.61 TWD 207.87 TWD 260.13 TWD 43
Asset-Based
NCAV (Graham) 20.47 TWD 27.43 TWD 40.94 TWD 50
Growth DCF
Growth DCF 204.75 TWD 287.79 TWD 410.67 TWD 80
Rev-Margin DCF 166.71 TWD 237.79 TWD 317.69 TWD 74
Economic Profit
Residual Income 66.04 TWD 78.54 TWD 228.08 TWD 76
ROIC Compounder 134.68 TWD 154.54 TWD 173.61 TWD 72
Growth Earnings
Growth-Adj P/E 135.75 TWD 193.93 TWD 252.11 TWD 68

Widest divergence: DCF Models (278.53 TWD) versus Asset-Based (27.43 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 355B TWD
Revenue growth (YoY) +4.6%
Net margin 3.2%
Return on equity 23.9%
Free cash flow 14.8B TWD FY2025
P/E ratio 22.6
More key figures
Operating margin 4.3%
EPS (TTM) 10.74 TWD
EPS growth (YoY) +6.8%
Net debt 180B TWD FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 49

Profitability 63
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 11
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

President Chain Store Corporation operates and manages convenience stores, restaurants, drugstores, department stores, supermarkets, and online shopping stores in Taiwan and internationally. It operates through Convenience Stores, Retail Business Group, Logistics Business Group, and Other Operating segments.

Full company description

President Chain Store Corporation operates and manages convenience stores, restaurants, drugstores, department stores, supermarkets, and online shopping stores in Taiwan and internationally. It operates through Convenience Stores, Retail Business Group, Logistics Business Group, and Other Operating segments. The company engages in the logistics and storage of publication and e-commerce; trade, enterprise information management and consultancy, and art and cultural exhibition activities; operation of chain restaurants; sports and entertainment business; retail of bread and pastry products; electronic ticketing and electronic payment activities; manufacture of food products; information software business; operation of gas stations; and installment and maintenance of elevators. It is also involved in sale of ice cream, health care products, cosmetics, pharmaceuticals, and daily items; investment and delivery services; logistics, warehousing, and retail businesses; leasing and selling of cleaning instruments; various software and internet- related services; wholesale of merchandises; and trucking services. In addition, the company provides insurance brokerage services; and acts as a collection agent. President Chain Store Corporation was incorporated in 1978 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

President Chain Store Corporation reported revenue of 351B TWD in FY2025 versus 263B TWD in FY2021, a compound +7.5%/yr. Reported net income was 11.2B TWD in FY2025, compounding +6.1%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
351B TWD
Latest YoY
+3.8%
Avg. growth/yr (3Y)
+6.5%
Avg. growth/yr (5Y)
+6.3%
Avg. growth/yr (25Y)
+7.5%
Revenue +7.5%/yr
FY21 263B TWD
FY22 290B TWD
FY23 317B TWD
FY24 338B TWD
FY25 351B TWD
Net income +6.1%/yr
FY21 8.9B TWD
FY22 9.3B TWD
FY23 10.6B TWD
FY24 11.5B TWD
FY25 11.2B TWD

2912 screens 30% overvalued. Compare with Loblaw Companies Limited →

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Cite: Fair Value Calculator (2026). "President Chain Store Corporation Fair Value". https://www.fairvalue-calculator.com/stock/2912

Peer Group

Grocery Stores · 83 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 45 · Bottom 25%
Fair Value upside −30% · Bottom 25%
Return on equity (TTM) 24% · Top 25%
Return on assets 3% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 4% · Above median
Revenue growth 5% · Above median
Debt / equity 0.36× · Higher than median

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 22.6× · Pricier than median
P/B 5.94× · Pricier than 75% of peers
P/S (TTM) 0.71× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 9.1× · Pricier than median
PEG 5.75× · Pricier 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 36
FUTURE 23 · sector 17
PAST 95 · sector 51
HEALTH 82 · sector 92
DIVIDEND 0 · sector 48

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 Grocery Stores stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$65.49 C$44.44 -32%
Koninklijke Ahold Delhaize N.V AD €36.30 €53.50 +47%
The Kroger Co KR $58.82 $28.19 -52%
Woolworths Group WOW A$39.20 A$13.40 -66%
George Weston Limited WN C$100.98 C$63.61 -37%
Coles Group COL A$23.56 A$15.86 -33%
Metro Inc MRU C$93.64 C$94.01 +0%
Carrefour SA CA €16.40 €11.51 -30%
CP ALL Public Company TCPD 1.89 SGD 2.36 SGD +25%
BIM Birlesik Magazalar A.S., BIMAS 385.75 TRY 267.12 TRY -31%

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Frequently asked questions

Is President Chain Store Corporation (2912) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 155.81 TWD versus a price of 221.00 TWD, about −30% (overvalued).
What is the fair value of 2912?
Our model-based fair value for President Chain Store Corporation is 155.81 TWD (as of Jul 19, 2026), built from audited fundamentals. The current price is 221.00 TWD.
What is the quality score of 2912?
President Chain Store Corporation has a Quality Score of 45/100. 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 President Chain Store Corporation (2912)?
President Chain Store Corporation reported trailing-twelve-month revenue of about 355B TWD (latest available figure, as of Jul 19, 2026).
What is the net profit margin of 2912?
The net profit margin of President Chain Store Corporation is about 3.2%, meaning it keeps roughly 3.2% 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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