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Hsinli Chemical Industrial (4303) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 4.1B TWD

HC Hsinli Chemical Industrial 4303 · TWO
Price51.20 TWD
Fair Value125.49 TWD
Upside+145.1%
Quality47/100
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Strengths

Trades 145% below our fair value of 125.49 TWD
Highly profitable · 29.7% net margin
Low debt · generates free cash flow

Risks

!Expensive Growth
!Mixed vs. peers (7/13)
!Moderate moat 46/100
!Evidence only medium, so the estimate is less certain
Expensive Growth
Highly profitable · 29.7% net margin
Low debt · generates free cash flow
2.27% dividend yield
Mixed vs. peers (7/13)
Moderate moat 46/100
Evidence: Medium Range 94.12 TWD – 156.86 TWD Share as image

Fair value as of: Aug 21, 2026

From 20 valuation models · updated today

Share price +16.2% over the past month.

Below-average quality, screening 145% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (94.12 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) 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)

92.40 TWD 14.75 TWD Fair Value 125.49 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range 14.75 TWD – 92.40 TWD · fair‑value band 94.12 TWD – 156.86 TWD · the 51.20 TWD price screens below the 125.49 TWD fair value. Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Hsinli Chemical Industrial (4303) currently trades at 51.20 TWD, while our model-based Fair Value estimate is 125.49 TWD, implying the stock looks roughly 145.1% undervalued today. The Quality Score stands at 47/100 (below-average 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: medium), always confirm before acting.

Over the trailing twelve months, Hsinli Chemical Industrial generated revenue of 992M TWD at a net margin of 29.7%. Revenue grew 1.5% year over year. It earns a return on equity of 8.1%. Net debt stands at 638M TWD. Fundamentals as of Aug 21, 2026

Our scenario range runs from 94.12 TWD (bear case) to 156.86 TWD (bull case); at 51.20 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 44% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 21% fair-value upside, at 145%, 4303 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 10.29 TWD 15.11 TWD 24.53 TWD 80
Residual Income 81.75 TWD 125.18 TWD 1,317 TWD 76
Rev-Margin DCF 9.25 TWD 13.46 TWD 21.79 TWD 74
All 20 models by family
DCF Models
FCF DCF 10.69 TWD 14.15 TWD 24.97 TWD 38
Owner Earnings 173.60 TWD 379.55 TWD 796.03 TWD 31
5Y Revenue Exit 9.01 TWD 12.30 TWD 19.19 TWD 39
5Y P/E Exit 141.89 TWD 355.63 TWD 654.38 TWD 38
10Y Revenue Exit 9.42 TWD 15.17 TWD 18.69 TWD 36
10Y P/E Exit 104.38 TWD 294.76 TWD 624.64 TWD 35
Earnings-Based
Graham-Dodd 75.79 TWD 528.56 TWD 741.76 TWD 54
Lynch FV 228.06 TWD 325.79 TWD 423.53 TWD 50
PEG = 1.0 228.06 TWD 325.79 TWD 423.53 TWD 46
Dividend Discount
Gordon GGM 7.32 TWD 14.58 TWD 22.08 TWD 70
DDM Multi-Stage 7.32 TWD 12.60 TWD 15.39 TWD 61
Multiples
P/E Multiple 183.91 TWD 245.21 TWD 306.51 TWD 63
P/S Multiple 9.40 TWD 12.53 TWD 15.67 TWD 58
P/B Multiple 110.73 TWD 147.63 TWD 184.54 TWD 55
EV/Revenue 7.94 TWD 9.51 TWD 11.09 TWD 43
Asset-Based
NCAV (Graham) 18.45 TWD 24.73 TWD 36.91 TWD 50
Growth DCF
Growth DCF 10.29 TWD 15.11 TWD 24.53 TWD 80
Rev-Margin DCF 9.25 TWD 13.46 TWD 21.79 TWD 74
Economic Profit
Residual Income 81.75 TWD 125.18 TWD 1,317 TWD 76
Growth Earnings
Growth-Adj P/E 286.68 TWD 409.54 TWD 532.41 TWD 68

Widest divergence: Growth Earnings (409.54 TWD) versus Multiples (12.53 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 992M TWD
Revenue growth (YoY) +1.5%
Net margin 29.7%
Return on equity 8.1%
Free cash flow 38.2M TWD FY2025
P/E ratio 4.6
More key figures
Operating margin 2.4%
EPS (TTM) 11.11 TWD
Dividend yield 2.3%
EPS growth (YoY) +138%
Net debt 638M TWD FY2024

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

Quality Score breakdown

Overall quality 47/100

Of which business quality 49 · Market factors (momentum, volatility) 37

Profitability 62
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 0
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

HsinLi Chemical Industrial Corp. engages in the manufacture and sale of synthetic and plastic leather products in Taiwan and internationally.

Full company description

HsinLi Chemical Industrial Corp. engages in the manufacture and sale of synthetic and plastic leather products in Taiwan and internationally. The company provides TPU products, moisture-penetrate polyurethane (PU) films, and PU synthetic leather products; furniture, automobile decoration, and soft polyvinyl chloride series products; and leather sofa, wallpapers, car seats, seat covers, and cushions. The company was founded in 1962 and is based in Tainan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hsinli Chemical Industrial reported revenue of 988M TWD in FY2025 versus 365M TWD in FY2021, a compound +28.3%/yr. Reported net income was 1.1B TWD in FY2025, compounding +66.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
988M TWD
Latest YoY
+164.3%
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.
+44.8%
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.
+24.3%
Avg. growth/yr (8Y) 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.
+11.4%
Revenue +28.3%/yr
FY21 365M TWD
FY22 325M TWD
FY23 162M TWD
FY24 374M TWD
FY25 988M TWD
Net income +66.6%/yr
FY21 137M TWD
FY22 −41.2M TWD
FY23 123M TWD
FY24 1.4B TWD
FY25 1.1B TWD

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Cite: Fair Value Calculator (2026). "Hsinli Chemical Industrial Fair Value". https://www.fairvalue-calculator.com/stock/4303

Peer Group

Footwear & Accessories · 96 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 47 · Below median
Fair Value upside +151% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets -0% · Below median
Net margin (TTM) 30% · Top 25%
Operating margin (TTM) 2% · Below median
Revenue growth 2% · Above median
Dividend yield (TTM) 2.0% · Below median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Footwear & Accessories median · lower = cheaper

P/E (TTM) 4.6× · Cheaper than 75% of peers
P/B 1.18× · Cheaper than median
P/S (TTM) 4.17× · Pricier than 75% of peers
P/FCF 3.4× · Pricier 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 17
FUTURE8 · sector 0
PAST32 · sector 22
HEALTH99 · sector 97
DIVIDEND39 · sector 44

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 Footwear & Accessories stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
NIKE, Inc NKE $40.51 $35.63 -12%
adidas AG 1ADS €158.15 €65.71 -58%
Deckers Outdoor Corporation DECK $89.51 $125.16 +40%
On Holding ONON $31.03 $17.79 -43%
Zhejiang China Commodities City Group 600415 ¥11.81 ¥13.03 +10%
Birkenstock Holding BIRK $36.74 $44.59 +21%
Crocs, Inc CROX $130.61 $203.65 +56%
Huali Industrial Group 300979 ¥36.73 ¥51.36 +40%
PUMA SE PUM €26.69 €10.57 -60%
Yue Yuen Industrial (Holdings) Limited 0551 HK$13.65 HK$31.67 +132%

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Frequently asked questions

Is Hsinli Chemical Industrial (4303) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of 125.49 TWD versus a price of 51.20 TWD, about +145% (undervalued).
What is the fair value of 4303?
Our model-based fair value for Hsinli Chemical Industrial is 125.49 TWD (as of Aug 21, 2026), built from audited fundamentals. The current price: 51.20 TWD.
What is the quality score of 4303?
Hsinli Chemical Industrial has a Quality Score of 47/100. 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 Hsinli Chemical Industrial (4303)?
Hsinli Chemical Industrial reported trailing-twelve-month revenue of about 992M TWD (latest available figure, as of Aug 21, 2026).
What is the net profit margin of 4303?
The net profit margin of Hsinli Chemical Industrial is about 29.7%, meaning it keeps roughly 29.7% of revenue as net income. Based on the latest reported figures.
Does Hsinli Chemical Industrial pay a dividend?
Hsinli Chemical Industrial currently shows a dividend yield of about 2.18% relative to its recent price (as of Aug 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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