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Munsin Garment Corporation (2916) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.6B TWD

MG Munsin Garment Corporation 2916 · TWO
Price41.05 TWD
Fair Value55.41 TWD
Upside+35.0%
Quality58/100
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Mixed Growth
Solidly profitable · 13.2% net margin
Low debt · generates free cash flow
9.13% dividend yield
Ranks above peers (11/14)
Moderate moat 61/100
Evidence: High Range 35.25 TWD – 84.15 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price +1.7% over the past month.

A solid business, screening 35% undervalued on our models.

What matters now

  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (35.25 TWD to 84.15 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

65.00 TWD 13.50 TWD Fair Value 55.41 TWD Mar 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 13.50 TWD – 65.00 TWD · fair‑value band 35.25 TWD – 84.15 TWD · the 41.05 TWD price screens below the 55.41 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Munsin Garment Corporation (2916) currently trades at 41.05 TWD, while our model-based Fair Value estimate is 55.41 TWD, implying the stock looks roughly 35.0% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Munsin Garment Corporation generated revenue of 2.0B TWD at a net margin of 13.2%. Revenue grew 0.6% year over year. It earns a return on equity of 17.6%. Net debt stands at 19.3M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 35.25 TWD (bear case) to 84.15 TWD (bull case); at 41.05 TWD, the current price sits within 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 20% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 35%, 2916 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 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
Growth DCF 26.07 TWD 35.93 TWD 49.27 TWD 80
Residual Income 25.33 TWD 33.19 TWD 87.76 TWD 76
Rev-Margin DCF 26.64 TWD 40.45 TWD 55.98 TWD 74
All 24 models by family
DCF Models
FCF DCF 25.68 TWD 36.72 TWD 52.56 TWD 38
Owner Earnings 31.88 TWD 45.97 TWD 66.15 TWD 31
5Y Revenue Exit 26.64 TWD 40.38 TWD 57.72 TWD 39
5Y EBITDA Exit 37.38 TWD 60.17 TWD 86.49 TWD 41
5Y P/E Exit 47.96 TWD 79.64 TWD 112.53 TWD 38
10Y Revenue Exit 25.32 TWD 37.51 TWD 53.46 TWD 36
10Y EBITDA Exit 32.70 TWD 50.83 TWD 74.60 TWD 37
10Y P/E Exit 39.25 TWD 63.93 TWD 93.75 TWD 35
Earnings-Based
Graham-Dodd 26.93 TWD 77.36 TWD 102.03 TWD 54
Lynch FV 15.91 TWD 22.73 TWD 29.55 TWD 50
PEG = 1.0 15.91 TWD 22.73 TWD 29.55 TWD 46
EPV 33.38 TWD 38.17 TWD 42.29 TWD 59
Multiples
P/E Multiple 65.34 TWD 87.12 TWD 108.90 TWD 63
P/S Multiple 27.27 TWD 36.36 TWD 45.45 TWD 58
P/B Multiple 50.49 TWD 67.32 TWD 84.15 TWD 55
EV/EBIT 61.20 TWD 80.58 TWD 99.95 TWD 53
EV/EBITDA 49.54 TWD 65.03 TWD 80.51 TWD 54
EV/Revenue 28.53 TWD 39.44 TWD 50.35 TWD 43
Asset-Based
NCAV (Graham) 12.63 TWD 16.92 TWD 25.26 TWD 50
Growth DCF
Growth DCF 26.07 TWD 35.93 TWD 49.27 TWD 80
Rev-Margin DCF 26.64 TWD 40.45 TWD 55.98 TWD 74
Economic Profit
Residual Income 25.33 TWD 33.19 TWD 87.76 TWD 76
ROIC Compounder 34.79 TWD 42.51 TWD 51.51 TWD 72
Growth Earnings
Growth-Adj P/E 52.36 TWD 74.80 TWD 97.24 TWD 68

Widest divergence: Growth Earnings (74.80 TWD) versus Asset-Based (16.92 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.0B TWD
Revenue growth (YoY) +0.6%
Net margin 13.2%
Return on equity 17.6%
Free cash flow 138M TWD FY2025
P/E ratio 10.0
More key figures
Operating margin 15.3%
EPS (TTM) 3.95 TWD
Dividend yield 9.1%
EPS growth (YoY) +4.2%
Net debt 19.3M TWD FY2025

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

Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 46

Profitability 70
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 40
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 52
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

Munsin Garment Corporation manufactures and trades in various ready-made garments, knitwear, and fabrics in Taiwan. 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, …

Full company description

Munsin Garment Corporation manufactures and trades in various ready-made garments, knitwear, and fabrics in Taiwan. 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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Munsin Garment Corporation 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.

Growth Quality 70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.0B TWD
Latest YoY
+2.0%
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.
+7.5%
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.
+7.3%
Avg. growth/yr (8Y) 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.
+5.3%
Revenue +9.6%/yr
FY21 1.4B TWD
FY22 1.6B TWD
FY23 1.8B TWD
FY24 1.9B TWD
FY25 2.0B TWD
Net income +16.8%/yr
FY21 138M TWD
FY22 180M TWD
FY23 252M TWD
FY24 248M TWD
FY25 256M TWD

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Cite: Fair Value Calculator (2026). "Munsin Garment Corporation Fair Value". https://www.fairvalue-calculator.com/stock/2916

Peer Group

Apparel Manufacturing · 212 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 58 · Above median
Fair Value upside +35% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 15% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 9.1% · Top 25%

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than 75% of peers
P/B 1.56× · Pricier than median
P/S (TTM) 1.30× · Pricier than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 7.2× · Cheaper than median

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 80 · sector 32
FUTURE 3 · sector 4
PAST 71 · sector 21
HEALTH 100 · sector 98
DIVIDEND 100 · sector 49

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

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is Munsin Garment Corporation (2916) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 55.41 TWD versus a price of 41.05 TWD, about +35% (undervalued).
What is the fair value of 2916?
Our model-based fair value for Munsin Garment Corporation is 55.41 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 41.05 TWD.
What is the quality score of 2916?
Munsin Garment Corporation has a Quality Score of 58/100. 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 Munsin Garment Corporation (2916)?
Munsin Garment Corporation reported trailing-twelve-month revenue of about 2.0B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2916?
The net profit margin of Munsin Garment Corporation is about 13.2%, meaning it keeps roughly 13.2% of revenue as net income. Based on the latest reported figures.
Does Munsin Garment Corporation pay a dividend?
Munsin Garment Corporation currently shows a dividend yield of about 8.54% relative to its recent price (as of Jul 21, 2026).

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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