104 Corporation (3130) Fair Value & Analysis
Industrials · TW · Market cap 6.7B TWD
Fair value as of: Jul 21, 2026
From 26 valuation models · updated 20 days ago
Share price −1.6% over the past month.
A strong business, screening 27% undervalued on our models.
What matters now
- The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict.
- Our model range runs from 195.77 TWD (bear) to 335.49 TWD (bull), base 258.01 TWD. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 79/100 (high quality) with high evidence: the data supports the verdict.
Price vs Fair Value (5 years)
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 111.10 TWD – 217.50 TWD · fair‑value band 195.77 TWD – 335.49 TWD · the 202.50 TWD price screens below the 258.01 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
104 Corporation (3130) currently trades at 202.50 TWD, while our model-based Fair Value estimate is 258.01 TWD, implying the stock looks roughly 27.4% undervalued today. The Quality Score stands at 79/100 (high quality), in the Industrials 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, 104 Corporation generated revenue of 2.7B TWD at a net margin of 18.5%. Revenue grew 4.4% year over year. It earns a return on equity of 27.7%. The balance sheet holds a net cash position of 300M TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 195.77 TWD (bear case) to 335.49 TWD (bull case); at 202.50 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 14% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 23% fair-value upside, at 27%, 3130 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.
All 26 models by family
Widest divergence: DCF Models (306.83 TWD) versus Asset-Based (34.56 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 77 · Market factors (momentum, volatility) 51
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
104 Corporation engages in the information technology, general advertising, employment, and human resource consultancy services in Taiwan and internationally. It offers online recruitment, advertising, learning, HR Salary management system, HR assessment, and executive search services.
Full company description
104 Corporation engages in the information technology, general advertising, employment, and human resource consultancy services in Taiwan and internationally. It offers online recruitment, advertising, learning, HR Salary management system, HR assessment, and executive search services. The company provides career placement and career service, educational services for career development, employer branding and customized integrated recruitment, talent acquisition and recruitment, personal career analysis and career counseling, executive and key talent pool, and platform for seniors, as well as HR system tools and solutions. In addition, it offers IT software, electronic information, talent dispatching, and data processing services. Further, the company develops network technologies and computer software; sell products; and provides technical advice and services, as well as management consultancy. The company was formerly known as Fu-Hwa International Market Development Consultant Ltd. and changed its name to 104 Corporation in August 2000. 104 Corporation was incorporated in 1993 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
104 Corporation reported revenue of 2.7B TWD in FY2025 versus 1.9B TWD in FY2021, a compound +9.6%/yr. Reported net income was 488M TWD in FY2025, compounding +7.1%/yr from FY2021.
of which total revenue +3.9 pp · buybacks/dilution +0.0 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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Peer Group
Staffing & Employment Services · 85 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.
Valuation Multiples vs Staffing & Employment Services median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Adecco Group ADEN | CHF 20.46 | CHF 23.73 | +16% |
| Korn Ferry, KFY | $78.61 | $114.56 | +46% |
| Robert Half Inc RHI | $36.70 | $22.10 | -40% |
| TriNet Group TNET | $57.56 | $70.85 | +23% |
| ManpowerGroup Inc MAN | $39.02 | $29.67 | -24% |
| Insperity, Inc NSP | $49.48 | $17.34 | -65% |
| FESCO Group 600861 | ¥13.24 | ¥45.46 | +243% |
| Grupa Pracuj S.A GPP | 47.40 PLN | 65.45 PLN | +38% |
| Barrett Business Services, Inc BBSI | $37.43 | $38.42 | +3% |
| Maharah for Human Resources Company 1831 | 5.36 SAR | 6.92 SAR | +29% |
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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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