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TOPBI International Holdings Ltd (2929) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of TOPBI International Holdings Ltd stock TWD 6.15, price TWD 5.78, upside +6.4%, quality 45 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Consumer Cyclical TW · ISIN KYG8922A1085

TI TOPBI International Holdings Ltd logo Thin data Nov 10, 2026

TOPBI International Holdings Ltd

2929 · TW
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Profit last quarter +47% vs. a year ago.
Fair value 6.15 TWD · Fairly valued
Quality 45/100
Mixed vs. peers (5/10)
Weak Growth (revenue 5y −9.0 %/yr in TWD)
Loss-making · -13.9% net margin (TTM)
Negative free cash flow
Narrow moat 8/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

20.80 TWD 5.17 TWD Fair Value 6.15 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 5.17 TWD – 20.80 TWD · fair‑value band 4.61 TWD – 7.68 TWD · the 5.78 TWD price screens below the 6.15 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

TOPBI International Holdings Limited, an investment holding company, designs, develops, and sells children's clothing and accessories in Taiwan and China.

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It is also involved in the property leasing activities; online sale of children's clothing; and online live streaming-related information services. TOPBI International Holdings Limited was founded in 2002 and is based in Taipei, Taiwan.

Stock analysis

TOPBI International Holdings Ltd (2929) currently trades at 5.78 TWD, while our estimate is 6.15 TWD, so the stock looks roughly fairly valued today (gap 6.0%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 4.61 TWD (bear) to 7.68 TWD (bull), the price of 5.78 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 45/100 (below-average quality), in the Consumer Cyclical sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

TOPBI International Holdings Ltd reported revenue of 1.8B TWD in FY2025 versus 3.0B TWD in FY2021, a compound −12.3%/yr. Reported net income was −183M TWD in FY2025.

Key figures

Market cap 633M TWD (≈ $19.3M) Micro · P/S ratio 0.35 · EPS (TTM) −2.23 TWD · Net margin −13.9% · Return on equity −9.0% · Return on assets (EBIT) −5.2% (5-year average) · Operating margin −17.2% · Revenue (TTM) 1.7B TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 32% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −4% fair-value upside, at 6%, 2929 screens cheaper than that median.

Fair Value

Bear 4.61 TWD Fair Value 6.15 TWD Bull 7.68 TWD
Price 5.78 TWD · Upside +6.4%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 45/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 3
Are margins and returns getting better?
Cashflow 26
Do the profits arrive as real cash?
Financial strength 75
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 76
How calm the share price moves, does not count
Price momentum 32
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 9
Distance to the 52-week high, does not count
New shares 80
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−17.3%
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.
−11.7%
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.
−9.0%
Start year 2020 (pandemic). Over 10 years: −10.6% a year
Revenue growth 14 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.
−2.1%
Profit margin (trend) ⓘ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.
−86.6% (2020) → −11.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare TOPBI International Holdings Ltd with another stock

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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 · 223 stocks

Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside +6.4% · Above median
Profitability
Return on assets −4.8% · Bottom 25%
Net margin (12 months) −13.9% · Bottom 25%
Operating margin (12 months) −17.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 11.5% · Top 25%

Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper

P/B 0.23× · Cheapest 25%
P/S (12 months) 0.36× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)42 · sector 34
FUTURE (revenue growth)58 · sector 14
PAST (return on equity)0 · sector 20
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 63

Context: sector, industry, market

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Hla Group 600398 ¥6.10 ¥11.97 +96% vs 2929
Bosideng International Holdings 3998 HK$4.54 HK$7.49 +65% vs 2929
Moncler S.p.A MONC €44.53 €50.69 +14% vs 2929
Kontoor Brands, Inc KTB $82.79 $86.80 +5% vs 2929
Gildan Activewear Inc GIL $35.69 $34.12 −4% vs 2929
LPP SA LPP 28,460 PLN 20,032 PLN −30% vs 2929
Levi Strauss & Co LEVI $24.39 $16.24 −33% vs 2929
Youngor Fashion Co 600177 ¥8.46 ¥5.59 −34% vs 2929
Ralph Lauren Corporation RL $399.61 $226.91 −43% vs 2929
V.F. Corporation VFC $20.74 $11.04 −47% vs 2929

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TOPBI International Holdings Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "TOPBI International Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2929

Frequently asked questions

Is TOPBI International Holdings Ltd (2929) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 6.15 TWD versus a price of 5.78 TWD, about +6% upside (fairly valued).
What is the fair value of 2929?
Our estimate for TOPBI International Holdings Ltd is 6.15 TWD (as of Nov 10, 2026), built from audited fundamentals. The current price: 5.78 TWD.
What is the quality score of 2929?
TOPBI International Holdings Ltd 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 price target for TOPBI International Holdings Ltd (2929)?
Our calculated price target is the estimate of 6.15 TWD (as of Nov 10, 2026). Cautious scenario 4.61 TWD, optimistic scenario 7.68 TWD. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the TOPBI International Holdings Ltd stock forecast for 2026?
Our estimate puts fair value at 6.15 TWD, about +6% upside versus a price of 5.78 TWD (fairly valued). Cautious scenario 4.61 TWD, optimistic scenario 7.68 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TOPBI International Holdings Ltd (2929)?
TOPBI International Holdings Ltd reported trailing-twelve-month revenue of about 1.7B TWD (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of TOPBI International Holdings Ltd (2929)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TOPBI International Holdings Ltd it is 6.15 TWD per share (as of Nov 10, 2026), against a price of 5.78 TWD.
Is TOPBI International Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 2929 trades below its calculated fair value: price 5.78 TWD, fair value 6.15 TWD, a gap of about +6% (fairly valued). 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 2929?
No. The price is what the market pays today (5.78 TWD); the fair value is what the company's own numbers justify (6.15 TWD). For TOPBI International Holdings Ltd the two are 0.3700 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TOPBI International Holdings Ltd worth?
The market values TOPBI International Holdings Ltd at about 633M TWD (market capitalisation, as of Nov 10, 2026). Per share that is 5.78 TWD; our models calculate a fair value of 6.15 TWD per share.
What do the bullish and bearish scenarios say about 2929?
Our models span a range for TOPBI International Holdings Ltd: cautious scenario 4.61 TWD, base 6.15 TWD, optimistic 7.68 TWD per share (as of Nov 10, 2026, price 5.78 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TOPBI International Holdings Ltd (2929)?
Balance-sheet figures for TOPBI International Holdings Ltd (as of Nov 10, 2026): return on equity −9.0%. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is 2929 from its 52-week high?
TOPBI International Holdings Ltd trades at 5.78 TWD, about 32% below its 52-week high of 8.45 TWD and 12% above the low of 5.17 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 6.15 TWD is for.
Which stocks are comparable to TOPBI International Holdings Ltd?
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 TOPBI International Holdings Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price 5.78 TWD, calculated fair value 6.15 TWD (+6%), Quality Score 45/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. TOPBI International Holdings Ltd currently trades 6% 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 TOPBI International Holdings Ltd (2929)?
The closing price on Nov 10, 2026 was 5.78 TWD. Our estimate is 6.15 TWD, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TOPBI International Holdings Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of TOPBI International Holdings Ltd

How large is the market capitalisation of TOPBI International Holdings Ltd (2929)?
The market capitalisation of TOPBI International Holdings Ltd is 633M TWD (≈ $19.3M). 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 TOPBI International Holdings Ltd (2929)?
The price-to-sales ratio of TOPBI International Holdings Ltd is 0.35 (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 TOPBI International Holdings Ltd (2929)?
Earnings per share at TOPBI International Holdings Ltd are −2.23 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TOPBI International Holdings Ltd (2929)?
The net margin of TOPBI International Holdings Ltd is −13.9% (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 TOPBI International Holdings Ltd (2929)?
The return on equity (ROE) of TOPBI International Holdings Ltd is −9.0% (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 TOPBI International Holdings Ltd (2929)?
On an EBIT basis the return on assets of TOPBI International Holdings Ltd is −5.2% (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 TOPBI International Holdings Ltd (2929)?
The operating margin of TOPBI International Holdings Ltd is −17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TOPBI International Holdings Ltd (2929)?
Revenue at TOPBI International Holdings Ltd is growing +11.5% versus a year earlier (3y avg −11.7%). 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 TOPBI International Holdings Ltd (2929)?
Earnings per share at TOPBI International Holdings Ltd are growing +47.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does TOPBI International Holdings Ltd (2929) generate?
The free cash flow of TOPBI International Holdings Ltd is −96.7M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does TOPBI International Holdings Ltd (2929) hold?
TOPBI International Holdings Ltd holds more cash than debt, 997M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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