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Taiwan Tea Corp (2913) Fair Value & Analysis

Consumer Defensive · TW · Market cap 9.0B TWD

TT Taiwan Tea Corp 2913 · TW
Price11.30 TWD
Fair Value3.75 TWD
Upside-66.8%
Quality44/100
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Risks

!Trades 67% ABOVE our fair value of 3.75 TWD
!Expensive Growth
!Loss-making · -26.2% net margin
!Low debt · negative free cash flow
Expensive Growth
Loss-making · -26.2% net margin
Low debt · negative free cash flow
Trails peers (1/11)
Narrow moat 16/100
Evidence: Low Range 2.76 TWD – 4.76 TWD Share as image

Fair value as of: Aug 13, 2026

From 3 valuation models · updated 7 days ago

Fair value updated Aug 13, 2026, revised from 4.09 TWD to 3.75 TWD (−8.3%) since Jul 23, 2026. Share price −0.9% over the past month.

Below-average quality, and screening another 67% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (4.76 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.
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Price vs Fair Value (5 years)

30.45 TWD 10.60 TWD Fair Value 3.75 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 10.60 TWD – 30.45 TWD · fair‑value band 2.76 TWD – 4.76 TWD · the 11.30 TWD price screens above the 3.75 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Taiwan Tea Corp (2913) currently trades at 11.30 TWD, while our model-based Fair Value estimate is 3.75 TWD, implying the stock looks roughly 66.8% overvalued today. The Quality Score stands at 44/100 (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: low).

Over the trailing twelve months, Taiwan Tea Corp generated revenue of 463M TWD at a net margin of -26.2%. Revenue declined 7.3% year over year. It earns a return on equity of -1.0%. Net debt stands at 5.1B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 2.76 TWD (bear case) to 4.76 TWD (bull case); at 11.30 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 30% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 104% fair-value upside, at -67%, 2913 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
Gordon GGM 2.63 TWD 3.53 TWD 4.42 TWD 70
DDM Multi-Stage 2.63 TWD 3.59 TWD 4.68 TWD 61
NCAV (Graham) 7.86 TWD 10.53 TWD 15.72 TWD 50
All 3 models by family
Dividend Discount
Gordon GGM 2.63 TWD 3.53 TWD 4.42 TWD 70
DDM Multi-Stage 2.63 TWD 3.59 TWD 4.68 TWD 61
Asset-Based
NCAV (Graham) 7.86 TWD 10.53 TWD 15.72 TWD 50

Widest divergence: Asset-Based (10.53 TWD) versus Dividend Discount (3.53 TWD). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 463M TWD
Revenue growth (YoY) -7.3%
Net margin -26.2%
Return on equity -1.0%
Free cash flow −90.9M TWD FY2025
Operating margin -1.6%
More key figures
EPS (TTM) -0.1500 TWD
EPS growth (YoY) +889%
Net debt 5.1B TWD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 41 · Market factors (momentum, volatility) 43

Profitability 7
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 82
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

Taiwan Tea Corporation engages in the plantation, cultivation, production, and sale of tea products in Taiwan. It also engages in the recreational tea farming land development activities; and marketing channel business.

Full company description

Taiwan Tea Corporation engages in the plantation, cultivation, production, and sale of tea products in Taiwan. It also engages in the recreational tea farming land development activities; and marketing channel business. In addition, the company involved in the construction engineering business, including decoration works, compartment works, ceiling works, anti-smoke vertical wall works, painting works, flooring works, windowsill Board works, curtain box works, stone works, etc. The company was formerly known as Mitsui & Co., Ltd. and changed its name to Taiwan Tea Corporation in 1950. Taiwan Tea Corporation was founded in 1899 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

Taiwan Tea Corp reported revenue of 473M TWD in FY2025 versus 369M TWD in FY2021, a compound +6.4%/yr. Reported net income was −116M TWD in FY2025.

Growth Quality 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
473M TWD
Latest YoY
+9.1%
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.
+7.8%
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.
+8.7%
Avg. growth/yr (25Y) 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.
−8.7%
Revenue +6.4%/yr
FY21 369M TWD
FY22 377M TWD
FY23 380M TWD
FY24 433M TWD
FY25 473M TWD
Net income
FY21 −1.1B TWD
FY22 −1.6B TWD
FY23 −287M TWD
FY24 −175M TWD
FY25 −116M TWD

2913 screens 67% overvalued. Compare with Muyuan Foods Group →

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Cite: Fair Value Calculator (2026). "Taiwan Tea Corp Fair Value". https://www.fairvalue-calculator.com/stock/2913

Peer Group

Farm Products · 305 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 −67% · Bottom 25%
Return on assets -0% · Below median
Net margin (TTM) -26% · Bottom 25%
Operating margin (TTM) -2% · Bottom 25%
Revenue growth -7% · Bottom 25%
Dividend yield (TTM) 2.7% · Above median
Debt / equity 0.38× · Higher than 75% of peers

Valuation Multiples vs Farm Products median · lower = cheaper

P/S (TTM) 0.61× · Pricier than median
EV/EBITDA 65.8× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 30
FUTURE0 · sector 22
PAST0 · sector 19
HEALTH81 · sector 94
DIVIDEND54 · sector 47

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

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
PT Charoen Pokphand Indonesia Tbk, CPIN 2,960 IDR 6,818 IDR +130%
PT Triputra Agro Persada Tbk TAPG 1,805 IDR 3,087 IDR +71%
PT FAP Agri Tbk FAPA 7,350 IDR 6,420 IDR -13%
PT Japfa Comfeed Indonesia Tbk JPFA 2,260 IDR 6,974 IDR +209%
PT Jhonlin Agro Raya Tbk JARR 1,890 IDR 610.80 IDR -68%
PT Nusantara Sawit Sejahtera Tbk NSSS 860.00 IDR 402.24 IDR -53%
PT Sinar Mas Agro Resources and Technology Tbk SMAR 5,625 IDR 16,227 IDR +188%
PT Dharma Satya Nusantara Tbk DSNG 1,320 IDR 2,696 IDR +104%
PT Astra Agro Lestari Tbk AALI 7,175 IDR 16,058 IDR +124%

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Frequently asked questions

Is Taiwan Tea Corp (2913) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 3.75 TWD versus a price of 11.30 TWD, about −67% (overvalued).
What is the fair value of 2913?
Our model-based fair value for Taiwan Tea Corp is 3.75 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 11.30 TWD.
What is the quality score of 2913?
Taiwan Tea Corp 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 Taiwan Tea Corp (2913)?
Taiwan Tea Corp reported trailing-twelve-month revenue of about 463M TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2913?
The net profit margin of Taiwan Tea Corp is about -26.2%, meaning it is currently running at a net loss. 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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