Chi Sheng Chemical (4111) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Chi Sheng Chemical TWD 54.92, price TWD 28.70, upside +91.4%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 20.72 TWD – 36.05 TWD · fair‑value band 38.44 TWD – 71.40 TWD · the 28.70 TWD price screens below the 54.92 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Chi Sheng Pharma & Biotech Co., Ltd manufactures, processes, imports, exports, and sells western medicines, cosmetics, health food products, medical devices, and animal medicines in Taiwan and internationally.
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Chi Sheng Pharma & Biotech Co., Ltd manufactures, processes, imports, exports, and sells western medicines, cosmetics, health food products, medical devices, and animal medicines in Taiwan and internationally. Its product portfolio includes antibiotics and chemotherapeutic agents; plasma substitutes and amino acid preparations; water nutrients and electrolyte preparations; vitamins; hepatotropic agents; hormones and adrenal cortical steroids; autonomic nerve agents; antihistamines and antipruritics; antipyretics and analgesics; antitussives and anti-asthmatics; gastro-intestinal preparations; local anesthetic preparations; hemodialysis concentrate and external solutions; peritoneal dialysis solutions; and others. The company also offers medical devices, fat emulsion products, anesthetic products, hemostatic solutions, food and health food products, functional drinks, skin care products and cosmetics, and veterinary medicinal products. In addition, it provides externally applied medicines, including contact lens, and salt and iodine solutions. Chi Sheng Pharma & Biotech Co., Ltd was founded in 1962 and is headquartered in Hukou, Taiwan.
Stock analysis
Chi Sheng Chemical (4111) currently trades at 28.70 TWD, while our model-based Fair Value estimate is 54.92 TWD, implying the stock looks roughly 47.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 54.92 TWD per share, and 20 of the 26 models we run sit above the 28.70 TWD price.
Bear case: the Dividend Discount group reads lowest at 10.36 TWD, and 6 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 38.44 TWD (bear) to 71.40 TWD (bull), the price of 28.70 TWD sits below 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 70/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Chi Sheng Chemical reported revenue of 1.4B TWD in FY2025 versus 1.0B TWD in FY2021, a compound +7.7%/yr. Reported net income was 164M TWD in FY2025, compounding +19.4%/yr from FY2021.
Key figures
Market cap 1.7B TWD (≈ $54.1M) · P/E ratio 9.1 · P/S ratio 1.09 · EPS (TTM) 3.14 TWD · Dividend yield 4.5% · Net margin 11.9% · Return on equity 14.1% · Return on assets (EBIT) 7.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −13% fair-value upside, at 91%, 4111 screens cheaper than that median.
Fair Value models
Bear 38.44 TWDFair Value 54.92 TWDBull 71.40 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.35 TWD per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
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.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.1%
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.
+6.4%
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.
+7.0%
Start year 2020 (pandemic)
Revenue growth 8 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.
+3.5%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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.
+21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.7%
Dividend (yield on the price)4.5%
Profit margin 2020 to 2025 ⓘ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.8% → 15%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −6.5% a year for the price.
Price, fair value, quality and upside side by side.
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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.Medical Instruments & Supplies · 203 stocks
Beats the industry median on 12/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+91% · Top 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets7% · Above median
Net margin (TTM)13% · Above median
Operating margin (TTM)14% · Above median
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)4.5% · Top 25%
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Chi Sheng Chemical Fair Value". https://www.fairvalue-calculator.com/stock/4111
Frequently asked questions
Is Chi Sheng Chemical (4111) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 54.92 TWD versus a price of 28.70 TWD, about +91% upside (undervalued).
What is the fair value of 4111?
Our model-based fair value for Chi Sheng Chemical is 54.92 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 28.70 TWD.
What is the quality score of 4111?
Chi Sheng Chemical has a Quality Score of 70/100. 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 Chi Sheng Chemical (4111)?
Our model-based price target is the fair value of 54.92 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 38.44 TWD, optimistic scenario 71.40 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Chi Sheng Chemical stock forecast for 2026?
Our models put fair value at 54.92 TWD, about +91% upside versus a price of 28.70 TWD (undervalued). Cautious scenario 38.44 TWD, optimistic scenario 71.40 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Chi Sheng Chemical (4111)?
Chi Sheng Chemical reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Sep 24, 2026).
Does Chi Sheng Chemical pay a dividend?
Chi Sheng Chemical currently shows a dividend yield of about 4.53% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Chi Sheng Chemical (4111)?
For today's price to be fair in a discounted-cash-flow model, Chi Sheng Chemical would have to grow free cash flow by -5.1 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4111 use?
Our models discount Chi Sheng Chemical at 11.8 %: a base by market capitalisation (micro), damped by beta 0.20, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Chi Sheng Chemical that is -5.1 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Chi Sheng Chemical (4111) delivered so far?
Over the past 5 years revenue at Chi Sheng Chemical grew +7.0 % a year. The price currently implies -5.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Chi Sheng Chemical (4111) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Chi Sheng Chemical (-5.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Chi Sheng Chemical (4111)?
The free-cash-flow yield on the price is 10.49 %: that much free cash flow Chi Sheng Chemical produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chi Sheng Chemical (4111)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chi Sheng Chemical it is 54.92 TWD per share (as of Sep 24, 2026), against a price of 28.70 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Chi Sheng Chemical stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4111 trades below its calculated fair value: price 28.70 TWD, fair value 54.92 TWD, a gap of about +91% (undervalued). 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 4111?
No. The price is what the market pays today (28.70 TWD); the fair value is what the company's own numbers justify (54.92 TWD). For Chi Sheng Chemical the two are 26.22 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Chi Sheng Chemical worth?
The market values Chi Sheng Chemical at about 1.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 28.70 TWD; our models calculate a fair value of 54.92 TWD per share.
What do the bullish and bearish scenarios say about 4111?
Our models span a range for Chi Sheng Chemical: cautious scenario 38.44 TWD, base 54.92 TWD, optimistic 71.40 TWD per share (as of Sep 24, 2026, price 28.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4111?
Chi Sheng Chemical trades at a price-to-earnings ratio of 9.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 54.92 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 1.2, EV/EBITDA 4.6.
How solid is the balance sheet of Chi Sheng Chemical (4111)?
Balance-sheet figures for Chi Sheng Chemical (as of Sep 24, 2026): return on equity 14.1%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 4111 from its 52-week high?
Chi Sheng Chemical trades at 28.70 TWD, about 7% below its 52-week high of 30.85 TWD and 1% above the low of 28.55 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 54.92 TWD is for.
Which stocks are comparable to Chi Sheng Chemical?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Medline Inc, Becton, Dickinson and Company, 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 Chi Sheng Chemical stock attractive at the current price?
The data as of Sep 24, 2026: price 28.70 TWD, calculated fair value 54.92 TWD (+91%), Quality Score 70/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 4111 calculated?
We run Chi Sheng Chemical through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 54.92 TWD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Chi Sheng Chemical currently trades 91 % 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 Chi Sheng Chemical (4111)?
The closing price on Sep 24, 2026 was 28.70 TWD. Our model-based fair value is 54.92 TWD, about +91% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chi Sheng Chemical right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (38.44 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. A fairly wide model range (38.44 TWD to 71.40 TWD) leaves room in how you read the outcome.
Key figures of Chi Sheng Chemical
How large is the market capitalisation of Chi Sheng Chemical (4111)?
The market capitalisation of Chi Sheng Chemical is 1.7B TWD (≈ $54.1M). 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 Chi Sheng Chemical (4111)?
The price-to-sales ratio of Chi Sheng Chemical is 1.09 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Chi Sheng Chemical (4111)?
Earnings per share at Chi Sheng Chemical are 3.14 TWD (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chi Sheng Chemical (4111)?
The dividend yield of Chi Sheng Chemical is 4.5% (payout 41.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Chi Sheng Chemical (4111)?
The net margin of Chi Sheng Chemical is 11.9% (fiscal year 2025). 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 Chi Sheng Chemical (4111)?
The return on equity (ROE) of Chi Sheng Chemical is 14.1% (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 Chi Sheng Chemical (4111)?
On an EBIT basis the return on assets of Chi Sheng Chemical is 7.3% (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 Chi Sheng Chemical (4111)?
The operating margin of Chi Sheng Chemical is 13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chi Sheng Chemical (4111)?
Revenue at Chi Sheng Chemical is growing +2.0% versus a year earlier (3y avg +6.4%). 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 Chi Sheng Chemical (4111)?
Earnings per share at Chi Sheng Chemical are growing +27.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Chi Sheng Chemical (4111) hold?
Chi Sheng Chemical holds more cash than debt, 166M TWD net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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