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Jing-Jan Retail Business Co (2942) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 2.4B TWD

JJ Jing-Jan Retail Business Co 2942 · TWO
Price36.50 TWD
Fair Value66.10 TWD
Upside+81.1%
Quality65/100
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Weak Growth
Solidly profitable · 15.0% net margin
Low debt · generates free cash flow
7.92% dividend yield
Ranks above peers (11/14)
Moderate moat 55/100
Evidence: High Range 49.57 TWD – 82.62 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price +3.5% over the past month.

A solid business, screening 81% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (49.57 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

37.92 TWD 21.17 TWD Fair Value 66.10 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 21.17 TWD – 37.92 TWD · fair‑value band 49.57 TWD – 82.62 TWD · the 36.50 TWD price screens below the 66.10 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Jing-Jan Retail Business Co (2942) currently trades at 36.50 TWD, while our model-based Fair Value estimate is 66.10 TWD, implying the stock looks roughly 81.1% undervalued today. The Quality Score stands at 65/100 (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, Jing-Jan Retail Business Co generated revenue of 1.3B TWD at a net margin of 15.0%. Revenue declined 1.6% year over year. It earns a return on equity of 15.5%. Net debt stands at 128M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 49.57 TWD (bear case) to 82.62 TWD (bull case); at 36.50 TWD, the current price sits below 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 10% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 50% fair-value upside, at 81%, 2942 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 111.96 TWD 146.05 TWD 202.51 TWD 80
Residual Income 21.83 TWD 27.31 TWD 59.46 TWD 76
Rev-Margin DCF 71.03 TWD 91.56 TWD 117.71 TWD 74
All 24 models by family
DCF Models
FCF DCF 107.87 TWD 143.25 TWD 206.74 TWD 38
Owner Earnings 118.68 TWD 158.02 TWD 228.60 TWD 31
5Y Revenue Exit 71.03 TWD 89.22 TWD 115.47 TWD 39
5Y EBITDA Exit 119.04 TWD 172.32 TWD 242.89 TWD 41
5Y P/E Exit 75.26 TWD 96.53 TWD 122.20 TWD 38
10Y Revenue Exit 84.32 TWD 98.98 TWD 113.83 TWD 36
10Y EBITDA Exit 113.78 TWD 149.21 TWD 186.93 TWD 37
10Y P/E Exit 87.80 TWD 103.40 TWD 117.69 TWD 35
Earnings-Based
Graham-Dodd 22.47 TWD 27.47 TWD 30.90 TWD 54
EPV 48.67 TWD 54.60 TWD 59.71 TWD 59
Dividend Discount
Gordon GGM 13.88 TWD 15.12 TWD 17.01 TWD 70
DDM Multi-Stage 13.88 TWD 17.15 TWD 21.61 TWD 61
Multiples
P/E Multiple 49.57 TWD 66.10 TWD 82.62 TWD 63
P/S Multiple 41.36 TWD 55.14 TWD 68.93 TWD 58
P/B Multiple 42.14 TWD 56.18 TWD 70.23 TWD 55
EV/EBIT 77.52 TWD 99.64 TWD 121.76 TWD 53
EV/EBITDA 145.87 TWD 190.77 TWD 235.67 TWD 54
EV/Revenue 49.76 TWD 66.30 TWD 82.85 TWD 43
Asset-Based
NCAV (Graham) 11.12 TWD 14.90 TWD 22.23 TWD 50
Growth DCF
Growth DCF 111.96 TWD 146.05 TWD 202.51 TWD 80
Rev-Margin DCF 71.03 TWD 91.56 TWD 117.71 TWD 74
Economic Profit
Residual Income 21.83 TWD 27.31 TWD 59.46 TWD 76
ROIC Compounder 48.67 TWD 55.78 TWD 62.56 TWD 72
Growth Earnings
Growth-Adj P/E 35.07 TWD 50.10 TWD 65.13 TWD 68

Widest divergence: DCF Models (103.40 TWD) versus Asset-Based (14.90 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.3B TWD
Revenue growth (YoY) -1.6%
Net margin 15.0%
Return on equity 15.5%
Free cash flow 627M TWD FY2025
P/E ratio 11.4
More key figures
Operating margin 21.4%
EPS (TTM) 3.29 TWD
Dividend yield 7.9%
EPS growth (YoY) +1.3%
Net debt 128M TWD FY2025

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

Quality Score breakdown

Overall quality 65/100

Of which business quality 63 · Market factors (momentum, volatility) 70

Profitability 39
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 84
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

Jing-Jan Retail Business Co., Ltd. owns and operates a shopping mall. It engages in operation of department stores and related ancillary businesses. The company was incorporated in 1996 and is based in Taipei, Taiwan. Jing-Jan Retail Business Co., Ltd. operates as a subsidiary of Radium Life Tech. Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jing-Jan Retail Business Co reported revenue of 1.3B TWD in FY2025 versus 1.1B TWD in FY2021, a compound +4.6%/yr. Reported net income was 198M TWD in FY2025, compounding +37.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.3B TWD
Latest YoY
−1.2%
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.
+2.5%
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.
−0.6%
Avg. growth/yr (11Y) 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.
+0.3%
Revenue +4.6%/yr
FY21 1.1B TWD
FY22 1.2B TWD
FY23 1.4B TWD
FY24 1.3B TWD
FY25 1.3B TWD
Net income +37.2%/yr
FY21 56.0M TWD
FY22 112M TWD
FY23 211M TWD
FY24 190M TWD
FY25 198M TWD
Character of growth · EPS growth decomposed (2014-2024) −0.1 % p.a.
Revenue per share +0.1 pp

of which total revenue +0.1 pp · buybacks/dilution +0.0 pp

EBIT margin +7.2 pp
Tax rate −0.7 pp
Residual (interest, one-offs) −6.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Jing-Jan Retail Business Co Fair Value". https://www.fairvalue-calculator.com/stock/2942

Peer Group

Department Stores · 127 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 65 · Top 25%
Fair Value upside +81% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 7.9% · Top 25%

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 12.1× · Cheaper than 75% of peers
P/B 1.79× · Pricier than median
P/S (TTM) 1.80× · Pricier than 75% of peers
P/FCF 0.1× · Cheaper than median
EV/EBITDA 4.5× · 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 100 · sector 26
FUTURE 0 · sector 2
PAST 62 · sector 16
HEALTH 100 · sector 96
DIVIDEND 100 · sector 37

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

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 5,875 CLP 8,880 CLP +51%
El Puerto de Liverpool, S.A. LIVEPOLC1 99.62 MXN 263.70 MXN +165%
99 Speed Mart Retail Holdings 5326 3.70 MYR 1.45 MYR -61%
Cencosud S.A CENCOSUD 2,040 CLP 2,516 CLP +23%
Vishal Mega Mart Limited VMM ₹113.94 ₹37.39 -67%
SHINSEGAE Inc 004170 610,000 KRW 200,259 KRW -67%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 59.59 MXN +98%
Lotte Shopping Co 023530 155,300 KRW 81,725 KRW -47%
Lojas Renner S.A LREN3 R$14.10 R$33.36 +137%
La Comer, S.A. LACOMERUBC 34.37 MXN 51.49 MXN +50%

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Frequently asked questions

Is Jing-Jan Retail Business Co (2942) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 66.10 TWD versus a price of 36.50 TWD, about +81% (undervalued).
What is the fair value of 2942?
Our model-based fair value for Jing-Jan Retail Business Co is 66.10 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 36.50 TWD.
What is the quality score of 2942?
Jing-Jan Retail Business Co has a Quality Score of 65/100. 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 Jing-Jan Retail Business Co (2942)?
Jing-Jan Retail Business Co reported trailing-twelve-month revenue of about 1.3B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 2942?
The net profit margin of Jing-Jan Retail Business Co is about 15.0%, meaning it keeps roughly 15.0% of revenue as net income. Based on the latest reported figures.
Does Jing-Jan Retail Business Co pay a dividend?
Jing-Jan Retail Business Co currently shows a dividend yield of about 7.92% 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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