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Swancor Holding Co Ltd (3708) Fair Value & Analysis

Basic Materials · TW · Market cap 8.9B TWD (≈ $281M) · ISIN TW0003708004

What is Swancor Holding Co Ltd really worth?

SH Swancor Holding Co Ltd 3708 · TW
Price100.50 TWD
Fair Value509.43 TWD
Upside+406.9%
Quality33/100

Below-average quality, trading 80% below our fair value of 509.43 TWD.

As of Aug 19, 2026, the fair value of Swancor Holding Co Ltd is 509.43 TWD per share against a price of 100.50 TWD, so the fair value sits 407% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Weak Growth (revenue 5y −36.7 %/yr)
!Low debt · negative free cash flow
!Trails peers (3/8)
!Narrow moat 16/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range 382.07 TWD – 636.78 TWD

Fair value as of: Aug 19, 2026

From 10 valuation models · updated 17 days ago

Share price +3.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (33/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (382.07 TWD). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Price vs Fair Value (5 years)

158.00 TWD 55.50 TWD Fair Value 509.43 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range 55.50 TWD – 158.00 TWD · fair‑value band 382.07 TWD – 636.78 TWD · the 100.50 TWD price screens below the 509.43 TWD fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Swancor Holding Co Ltd (3708) currently trades at 100.50 TWD, while our model-based Fair Value estimate is 509.43 TWD, implying the stock looks roughly 80.3% undervalued today. The Quality Score stands at 33/100 (below-average quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of 654.11 TWD per share, and 7 of the 10 models we run sit above the 100.50 TWD price. Bear case: the Asset-Based group reads lowest at 114.07 TWD, and 3 of the 10 models stay below the price. Evidence for this calculation is low.

Trailing-twelve-month revenue stands at 849M TWD. It earns a return on equity of −4.0%. The balance sheet holds a net cash position of 5.1B TWD. Fundamentals as of Aug 19, 2026

Our scenario range runs from 382.07 TWD (bear case) to 636.78 TWD (bull case); at 100.50 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 35% below its 52-week high and 47% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at 407%, 3708 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
Owner Earnings best evidence 496.35 TWD 654.11 TWD 937.22 TWD 77
Gordon GGM 24.67 TWD 26.88 TWD 30.23 TWD 69
Graham-Dodd 332.65 TWD 406.57 TWD 457.39 TWD 67
All 10 models by family
DCF Models
Owner Earnings best evidence 496.35 TWD 654.11 TWD 937.22 TWD 77
Earnings-Based
Graham-Dodd 332.65 TWD 406.57 TWD 457.39 TWD 67
Dividend Discount
Gordon GGM 24.67 TWD 26.88 TWD 30.23 TWD 69
DDM Multi-Stage 24.67 TWD 30.48 TWD 38.42 TWD 67
Multiples
P/E Multiple 623.72 TWD 831.62 TWD 1,040 TWD 63
P/S Multiple 12.63 TWD 16.84 TWD 21.04 TWD 58
P/B Multiple 383.09 TWD 510.78 TWD 638.48 TWD 55
Asset-Based
NCAV (Graham) 85.13 TWD 114.07 TWD 170.26 TWD 54
Economic Profit
Residual Income 341.81 TWD 518.70 TWD 4,749 TWD 64
Growth Earnings
Growth-Adj P/E 444.34 TWD 634.77 TWD 825.21 TWD 67

Widest divergence: DCF Models (654.11 TWD) versus Dividend Discount (26.88 TWD). Highest evidence: Owner Earnings (77).

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Key figures & financial health

P/S ratio 10.5 TTM
EPS (TTM) −4.44 TWD
Dividend yield 2.4%
Net margin 445% TTM
Return on equity −4.0% TTM
Return on assets (EBIT) 2.4% avg 5y
More key figures
Profitability
Operating margin −37.6% TTM
Growth
Revenue (TTM) 849M TWD TTM
Revenue growth (YoY) −45.4% 3y avg −53.1%
EPS growth (YoY) −72.2%
Balance sheet & cash flow
Free cash flow −607M TWD FY2025
Net cash 5.1B TWD FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 40 · Market factors (momentum, volatility) 28

Profitability 60
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 18
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 32
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Swancor Holding Co., LTD. engages in the manufacture and trading of chemical materials in Taiwan and internationally. It offers vinyl ester for anti-corrosion tank, pipes for factories, desulfurization tanks, and chimneys for power plants; and epoxy resins and hardeners for wind turbine blades. The company sells its products under SWANCOR brand name.

Full company description

Swancor Holding Co., LTD. engages in the manufacture and trading of chemical materials in Taiwan and internationally. It offers vinyl ester for anti-corrosion tank, pipes for factories, desulfurization tanks, and chimneys for power plants; and epoxy resins and hardeners for wind turbine blades. The company sells its products under SWANCOR brand name. Swancor Holding Co., LTD. was founded in 1992 and is headquartered in Nantou City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Swancor Holding Co Ltd reported revenue of 1.0B TWD in FY2025 versus 10.7B TWD in FY2021, a compound −44.6%/yr. Reported net income was 4.4B TWD in FY2025, compounding +120.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 5/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.0B TWD
Latest YoY
−87.2%
Avg. revenue 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.
−53.1%
Avg. revenue 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.
−36.7%
Avg. revenue growth/yr (16Y) 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.
−5.5%
Value creation/yr (5Y, in TWD) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
≈ +54.5% (approximate, leans on 2025) · in TWD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+52.1%
Dividend yield2.4%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 52.1% vs 10Y 16.0%, picking up
Operating margin (EBIT) 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.10.3% (2020) → −45.5% (2025) · falling
Worst earnings drop95% (2016) · in TWD
⚠ Rate leans on 2025: that final year sits 348% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue −44.6%/yr
FY21 10.7B TWD
FY22 9.8B TWD
FY23 7.3B TWD
FY24 7.9B TWD
FY25 1.0B TWD
Net income +120.3%/yr
FY21 186M TWD
FY22 903M TWD
FY23 1.3B TWD
FY24 284M TWD
FY25 4.4B TWD
Character of growth · EPS growth decomposed (2014-2025) +0.0 % p.a.
Revenue per share +0.3 %

of which total revenue +3.3 % · buybacks/dilution −2.8 %

EBIT margin −13.3 %
Tax rate +1.3 %
Residual (interest, one-offs) +13.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Swancor Holding Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3708.TW

Peer Group

Specialty Chemicals · 695 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 33 · Bottom 25%
Return on assets −2% · Bottom 25%
Operating margin (TTM) −38% · Bottom 25%
Revenue growth −45% · Bottom 25%
Dividend yield (TTM) 2.4% · Above median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/S (TTM) 0.33× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 20
PAST0 · sector 23
HEALTH100 · sector 95
DIVIDEND48 · sector 28

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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $485.35 $222.03 −54%
The Sherwin-Williams Company SHW $344.86 $143.38 −58%
Ecolab Inc ECL $286.75 $96.18 −66%
Air Products and Chemicals, Inc APD $308.09 $122.14 −60%
Givaudan SA GIVN CHF 3,282 CHF 1,498 −54%
Wanhua Chemical Group 600309 ¥77.66 ¥68.03 −12%
500820 500820 ₹2,757 ₹557.43 −80%
Novozymes A/S NSISB kr 456.40 kr 169.99 −63%
Asian Paints Limited ASIANPAINT ₹2,630 ₹696.23 −74%
PPG Industries, Inc PPG $114.22 $71.31 −38%

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Frequently asked questions

Is Swancor Holding Co Ltd (3708) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 509.43 TWD versus a price of 100.50 TWD, about +407% upside (undervalued).
What is the fair value of 3708?
Our model-based fair value for Swancor Holding Co Ltd is 509.43 TWD (as of Aug 19, 2026), built from audited fundamentals. The current price: 100.50 TWD.
What is the quality score of 3708?
Swancor Holding Co Ltd has a Quality Score of 33/100. 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 Swancor Holding Co Ltd (3708)?
Our model-based price target is the fair value of 509.43 TWD (as of Aug 19, 2026) from 10 valuation models. Cautious scenario 382.07 TWD, optimistic scenario 636.78 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Swancor Holding Co Ltd stock forecast for 2026?
Our models put fair value at 509.43 TWD, about +407% upside versus a price of 100.50 TWD (undervalued). Cautious scenario 382.07 TWD, optimistic scenario 636.78 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Swancor Holding Co Ltd (3708)?
Swancor Holding Co Ltd reported trailing-twelve-month revenue of about 849M TWD (latest available figure, as of Aug 19, 2026).
Does Swancor Holding Co Ltd pay a dividend?
Swancor Holding Co Ltd currently shows a dividend yield of about 2.39% relative to its recent price (as of Aug 19, 2026).
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