Ma Kuang Healthcare Holding Ltd (4139) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Ma Kuang Healthcare Holding Ltd TWD 47.81, price TWD 41.55, upside +15.1%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Ma Kuang Healthcare Holding Limited, an investment holding company, provides medical services in Taiwan, Singapore, Mainland China, and internationally. The company offers community medical services, Chinese medical services, Chinese medicines, medical management training courses, educational support services, etc.
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Ma Kuang Healthcare Holding Limited, an investment holding company, provides medical services in Taiwan, Singapore, Mainland China, and internationally. The company offers community medical services, Chinese medical services, Chinese medicines, medical management training courses, educational support services, etc. It also provides medical treatment, and overseas student homestay and guardianship services; management consultant services; Chinese medicine beauty services; consulting services, such as corporate management, computer technology, industry information, and marketing; and e-commerce sales services. In addition, the company operates clinics, educational institutions, community medicine clinics, and traditional Chinese medicine clinics. Further, it is involved in sale of dietary supplement, and pharmaceutical and medical goods in stores; restaurant business; and leasing and other services. The company was incorporated in 2009 and is based in Kaohsiung, Taiwan.
Stock analysis
Ma Kuang Healthcare Holding Ltd (4139) currently trades at 41.55 TWD, while our model-based Fair Value estimate is 47.81 TWD, implying the stock looks roughly 13.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 61.40 TWD per share, and 9 of the 11 models we run sit above the 41.55 TWD price.
Bear case: the Asset-Based group reads lowest at 6.58 TWD, and 2 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: 38.18 TWD (bear) to 59.97 TWD (bull), the price of 41.55 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 48/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ma Kuang Healthcare Holding Ltd reported revenue of 1.1B TWD in FY2025 versus 959M TWD in FY2021, a compound +3.3%/yr. Reported net income was −67.1M TWD in FY2025.
Key figures
Market cap 1.9B TWD (≈ $58.7M) · P/S ratio 1.75 · EPS (TTM) −1.55 TWD · Net margin −6.1% · Return on equity −19.6% · Return on assets (EBIT) 1.7% · Operating margin −8.6% · Revenue (TTM) 1.1B TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 3% below its 52-week high and 90% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 35% fair-value upside, at 15%, 4139 screens richer than that median.
Fair Value models
Bear 38.18 TWDFair Value 47.81 TWDBull 59.97 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.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.37/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.3%
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.
+1.1%
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.
+3.7%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 10 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.
+1.2%
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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.
14.3% (2020) → −0.4% (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
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+4.5%
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 +2.8% a year for the price.
Compare Ma Kuang Healthcare Holding Ltd with another stock
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 Care Facilities · 258 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside+15% · Above median
Profitability
Return on assets−2% · Bottom 25%
Net margin (TTM)−7% · Bottom 25%
Operating margin (TTM)−9% · Bottom 25%
Growth and dividend
Revenue growth−4% · Bottom 25%
Balance sheet
Debt / equity0.31× · Above median
Valuation Multiplesvs Medical Care Facilities 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). "Ma Kuang Healthcare Holding Ltd Fair Value". https://www.fairvalue-calculator.com/stock/4139
Frequently asked questions
Is Ma Kuang Healthcare Holding Ltd (4139) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 47.81 TWD versus a price of 41.55 TWD, about +15% upside (undervalued).
What is the fair value of 4139?
Our model-based fair value for Ma Kuang Healthcare Holding Ltd is 47.81 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 41.55 TWD.
What is the quality score of 4139?
Ma Kuang Healthcare Holding Ltd has a Quality Score of 48/100. 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 Ma Kuang Healthcare Holding Ltd (4139)?
Our model-based price target is the fair value of 47.81 TWD (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 38.18 TWD, optimistic scenario 59.97 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Ma Kuang Healthcare Holding Ltd stock forecast for 2026?
Our models put fair value at 47.81 TWD, about +15% upside versus a price of 41.55 TWD (undervalued). Cautious scenario 38.18 TWD, optimistic scenario 59.97 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Ma Kuang Healthcare Holding Ltd (4139)?
Ma Kuang Healthcare Holding Ltd reported trailing-twelve-month revenue of about 1.1B TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Ma Kuang Healthcare Holding Ltd (4139)?
For today's price to be fair in a discounted-cash-flow model, Ma Kuang Healthcare Holding Ltd would have to grow free cash flow by +4.5 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 4139 use?
Our models discount Ma Kuang Healthcare Holding Ltd at 13.3 %: a base by market capitalisation (micro), 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 Ma Kuang Healthcare Holding Ltd that is +4.5 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Ma Kuang Healthcare Holding Ltd (4139) delivered so far?
Over the past 5 years revenue at Ma Kuang Healthcare Holding Ltd grew +3.7 % a year. The price currently implies +4.5 % 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 Ma Kuang Healthcare Holding Ltd (4139) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Ma Kuang Healthcare Holding Ltd (+4.5 % 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 Ma Kuang Healthcare Holding Ltd (4139)?
The free-cash-flow yield on the price is 11.43 %: that much free cash flow Ma Kuang Healthcare Holding Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ma Kuang Healthcare Holding Ltd (4139)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ma Kuang Healthcare Holding Ltd it is 47.81 TWD per share (as of Sep 24, 2026), against a price of 41.55 TWD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Ma Kuang Healthcare Holding Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4139 trades below its calculated fair value: price 41.55 TWD, fair value 47.81 TWD, a gap of about +15% (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 4139?
No. The price is what the market pays today (41.55 TWD); the fair value is what the company's own numbers justify (47.81 TWD). For Ma Kuang Healthcare Holding Ltd the two are 6.26 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Ma Kuang Healthcare Holding Ltd worth?
The market values Ma Kuang Healthcare Holding Ltd at about 1.9B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 41.55 TWD; our models calculate a fair value of 47.81 TWD per share.
What do the bullish and bearish scenarios say about 4139?
Our models span a range for Ma Kuang Healthcare Holding Ltd: cautious scenario 38.18 TWD, base 47.81 TWD, optimistic 59.97 TWD per share (as of Sep 24, 2026, price 41.55 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ma Kuang Healthcare Holding Ltd (4139)?
Balance-sheet figures for Ma Kuang Healthcare Holding Ltd (as of Sep 24, 2026): return on equity −19.6%, debt of 0.31 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 4139 from its 52-week high?
Ma Kuang Healthcare Holding Ltd trades at 41.55 TWD, about 3% below its 52-week high of 42.95 TWD and 90% above the low of 21.85 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 47.81 TWD is for.
Which stocks are comparable to Ma Kuang Healthcare Holding Ltd?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, IHH Healthcare Berhad, an investment holding 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 Ma Kuang Healthcare Holding Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 41.55 TWD, calculated fair value 47.81 TWD (+15%), Quality Score 48/100, from 11 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 4139 calculated?
We run Ma Kuang Healthcare Holding Ltd through 11 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 47.81 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. Ma Kuang Healthcare Holding Ltd currently trades 15 % 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 Ma Kuang Healthcare Holding Ltd (4139)?
The closing price on Sep 24, 2026 was 41.55 TWD. Our model-based fair value is 47.81 TWD, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ma Kuang Healthcare Holding Ltd right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Ma Kuang Healthcare Holding Ltd
How large is the market capitalisation of Ma Kuang Healthcare Holding Ltd (4139)?
The market capitalisation of Ma Kuang Healthcare Holding Ltd is 1.9B TWD (≈ $58.7M). 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 Ma Kuang Healthcare Holding Ltd (4139)?
The price-to-sales ratio of Ma Kuang Healthcare Holding Ltd is 1.75 (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 Ma Kuang Healthcare Holding Ltd (4139)?
Earnings per share at Ma Kuang Healthcare Holding Ltd are −1.55 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ma Kuang Healthcare Holding Ltd (4139)?
The net margin of Ma Kuang Healthcare Holding Ltd is −6.1% (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 Ma Kuang Healthcare Holding Ltd (4139)?
The return on equity (ROE) of Ma Kuang Healthcare Holding Ltd is −19.6% (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 Ma Kuang Healthcare Holding Ltd (4139)?
On an EBIT basis the return on assets of Ma Kuang Healthcare Holding Ltd is 1.7% (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 Ma Kuang Healthcare Holding Ltd (4139)?
The operating margin of Ma Kuang Healthcare Holding Ltd is −8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ma Kuang Healthcare Holding Ltd (4139)?
Revenue at Ma Kuang Healthcare Holding Ltd is growing −3.6% versus a year earlier (3y avg +1.1%). 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 Ma Kuang Healthcare Holding Ltd (4139)?
Earnings per share at Ma Kuang Healthcare Holding Ltd are growing −20.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ma Kuang Healthcare Holding Ltd (4139) carry?
The net debt of Ma Kuang Healthcare Holding Ltd is 286M TWD (fiscal year 2025, ≈ 1.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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