Munsin Garment (2916) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Munsin Garment stock TWD 43.70, price TWD 38.50, upside +13.5%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 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 9, 2026.
How to read this chart
60‑month range 15.97 TWD – 65.00 TWD · fair‑value band 28.83 TWD – 63.12 TWD · the 38.50 TWD price screens below the 43.70 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Munsin Garment Corporation manufactures and trades in various ready-made garments, knitwear, and fabrics in Taiwan.
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The company offers golf, sports, fashion, and retro nostalgia apparel, casual wear, club bags, protective accessories, clothing, feminine clothing, urban sportswear, fashionable outfits, trousers, unique style clothing, modern fashion apparel, and sporting products.
It is also involved in the product distribution, import, and export businesses.
The company provides its products under the Munsingwear, Le coq sportif, Le coq sportif GOLF, and per se, PEARLY GATES, POU DOU DOU, Eminento, LILLIAN CART, HAZZY, NARA CAMICIE, COCODEAL, DANSKIN, and SCOTTISH HOUSE brand names.
The company was founded in 1977 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Munsin Garment (2916) currently trades at 38.50 TWD, while our model-based Fair Value estimate is 43.70 TWD, implying the stock looks roughly 12% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 74.80 TWD per share, and 11 of the 26 models we run sit above the 38.50 TWD price.
Bear case: the Asset-Based group reads lowest at 14.50 TWD, and 15 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 28.83 TWD (bear) to 63.12 TWD (bull), the price of 38.50 TWD sits inside 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 56/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Munsin Garment reported revenue of 2.0B TWD in FY2025 versus 1.4B TWD in FY2021, a compound +9.6%/yr. Reported net income was 256M TWD in FY2025, compounding +16.8%/yr from FY2021.
Key figures
Market cap 2.5B TWD (≈ $75.8M) Micro · P/E ratio 9.9 · P/S ratio 1.26 · EPS (TTM) 3.88 TWD · Dividend yield 9.4% · Net margin 12.7% · Return on equity 16.5% · Return on assets (EBIT) 15.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −7% fair-value upside, at 14%, 2916 screens cheaper than that median.
Fair Value models
Bear28.83 TWDFair Value 43.70 TWDBull63.12 TWD
Price 38.50 TWD · Upside +13.5%
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 (0.2401 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.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.0%
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.
+7.5%
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.
+7.3%
Start year 2020 (pandemic)
Revenue growth 8 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.
+5.3%
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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.
+29.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.8%
Dividend (yield on the price)9.4%
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.8% → 14%
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).
+13.6%
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 +11.9% a year for the price.
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.Apparel Manufacturing · 213 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+13.5% · Above median
Profitability
Return on equity (12 months)16.5% · Top 25%
Return on assets12.0% · Top 25%
Net margin (12 months)12.7% · Top 25%
Operating margin (12 months)11.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)3.9% · Above median
Dividend yield (12 months)9.4% · Top 25%
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
P/E (12 months)9.9× · Cheaper than median
P/B1.52× · Pricier than median
P/S (12 months)1.26× · Pricier than median
Price / free cash flow (fiscal year)18.0× · Pricier than median
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Cite: Fair Value Calculator (2026). "Munsin Garment Fair Value". https://www.fairvalue-calculator.com/stock/2916
Frequently asked questions
Is Munsin Garment (2916) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 43.70 TWD versus a price of 38.50 TWD, about +14% upside (undervalued).
What is the fair value of 2916?
Our model-based fair value for Munsin Garment is 43.70 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 38.50 TWD.
What is the quality score of 2916?
Munsin Garment has a Quality Score of 56/100. 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 Munsin Garment (2916)?
Our model-based price target is the fair value of 43.70 TWD (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 28.83 TWD, optimistic scenario 63.12 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Munsin Garment stock forecast for 2026?
Our models put fair value at 43.70 TWD, about +14% upside versus a price of 38.50 TWD (undervalued). Cautious scenario 28.83 TWD, optimistic scenario 63.12 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Munsin Garment (2916)?
Munsin Garment reported trailing-twelve-month revenue of about 2.0B TWD (latest available figure, as of Nov 9, 2026).
Does Munsin Garment pay a dividend?
Munsin Garment currently shows a dividend yield of 9.35% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Munsin Garment (2916) and when is the ex-dividend date?
Munsin Garment pays a dividend of 3.60 TWD per share a year, a dividend yield of 9.4%. The last ex-dividend date was May 28, 2026. A dividend has been paid every year since 2018. The payout ratio is 92.8% of earnings. Free cash flow covers the dividend 0.59 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Munsin Garment (2916)?
For today's price to be fair in a discounted-cash-flow model, Munsin Garment would have to grow free cash flow by +13.6 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 2916 use?
Our models discount Munsin Garment at 11.8 %: a base by market capitalisation (micro), damped by beta 0.04, 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 Munsin Garment that is +13.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Munsin Garment (2916) delivered so far?
Over the past 5 years revenue at Munsin Garment grew +7.3 % a year. The price currently implies free-cash-flow growth of +13.6 % 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 Munsin Garment (2916) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Munsin Garment (+13.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Munsin Garment (2916)?
The free-cash-flow yield on the price is 5.55 %: that much free cash flow Munsin Garment produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Munsin Garment (2916)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Munsin Garment it is 43.70 TWD per share (as of Nov 9, 2026), against a price of 38.50 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Munsin Garment stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 2916 trades below its calculated fair value: price 38.50 TWD, fair value 43.70 TWD, a gap of about +14% (undervalued). 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 2916?
No. The price is what the market pays today (38.50 TWD); the fair value is what the company's own numbers justify (43.70 TWD). For Munsin Garment the two are 5.20 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Munsin Garment worth?
The market values Munsin Garment at about 2.5B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 38.50 TWD; our models calculate a fair value of 43.70 TWD per share.
What do the bullish and bearish scenarios say about 2916?
Our models span a range for Munsin Garment: cautious scenario 28.83 TWD, base 43.70 TWD, optimistic 63.12 TWD per share (as of Nov 9, 2026, price 38.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2916?
Munsin Garment trades at a price-to-earnings ratio of 9.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 43.70 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 11.3. Other multiples: P/B 1.5, P/S 1.3, EV/EBITDA 7.1.
How solid is the balance sheet of Munsin Garment (2916)?
Balance-sheet figures for Munsin Garment (as of Nov 9, 2026): return on equity 16.5%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 2916 from its 52-week high?
Munsin Garment trades at 38.50 TWD, about 23% below its 52-week high of 50.00 TWD and at the low of 38.50 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 43.70 TWD is for.
Which stocks are comparable to Munsin Garment?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, LPP SA, Levi Strauss & Co, 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 Munsin Garment stock attractive at the current price?
The data as of Nov 9, 2026: price 38.50 TWD, calculated fair value 43.70 TWD (+14%), Quality Score 56/100, from 26 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 2916 calculated?
We run Munsin Garment through 26 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 43.70 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 13.3% above its aggregate fair value. Munsin Garment currently trades 12% below its own fair value, and the market average says nothing about that. 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 Munsin Garment (2916)?
The closing price on Nov 6, 2026 was 38.50 TWD. Our model-based fair value is 43.70 TWD, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Munsin Garment right now?
A fairly wide model range (28.83 TWD to 63.12 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Munsin Garment
How large is the market capitalisation of Munsin Garment (2916)?
The market capitalisation of Munsin Garment is 2.5B TWD (≈ $75.8M). 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 Munsin Garment (2916)?
The price-to-sales ratio of Munsin Garment is 1.26 (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 Munsin Garment (2916)?
Earnings per share at Munsin Garment are 3.88 TWD (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Munsin Garment (2916)?
The dividend yield of Munsin Garment is 9.4% (payout 92.8%). 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 Munsin Garment (2916)?
The net margin of Munsin Garment is 12.7% (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 Munsin Garment (2916)?
The return on equity (ROE) of Munsin Garment is 16.5% (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 Munsin Garment (2916)?
On an EBIT basis the return on assets of Munsin Garment is 15.0% (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 Munsin Garment (2916)?
The operating margin of Munsin Garment is 11.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Munsin Garment (2916)?
Revenue at Munsin Garment is growing +3.9% versus a year earlier (3y avg +7.5%). 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 Munsin Garment (2916)?
Earnings per share at Munsin Garment are growing −13.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Munsin Garment (2916) carry?
The net debt of Munsin Garment is 19.3M TWD (fiscal year 2025, ≈ 0.1 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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Broad data
Nov 9, 2026