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TST Group (4439) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 3.8B TWD

TG TST Group 4439 · TW
Price104.50 TWD
Fair Value123.68 TWD
Upside+18.4%
Quality49/100
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Expensive Growth
Thin margins · 4.5% net margin
Low debt · negative free cash flow
3.96% dividend yield
Ranks above peers (10/13)
Narrow moat 39/100
Evidence: High Range 86.57 TWD – 160.77 TWD Share as image

Fair value as of: Jul 23, 2026

From 17 valuation models · updated 18 days ago

Share price +7.5% over the past month.

Below-average quality, screening 18% undervalued on our models.

What matters now

  • A fairly wide model range (86.57 TWD to 160.77 TWD) leaves room in how you read the outcome.
  • Our model range runs from 86.57 TWD (bear) to 160.77 TWD (bull), base 123.68 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 49/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

159.46 TWD 73.05 TWD Fair Value 123.68 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 73.05 TWD – 159.46 TWD · fair‑value band 86.57 TWD – 160.77 TWD · the 104.50 TWD price screens below the 123.68 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

TST Group (4439) currently trades at 104.50 TWD, while our model-based Fair Value estimate is 123.68 TWD, implying the stock looks roughly 18.4% undervalued today. The Quality Score stands at 49/100 (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: high), always confirm before acting.

Over the trailing twelve months, TST Group generated revenue of 7.0B TWD at a net margin of 4.5%. Revenue grew 2.1% year over year. It earns a return on equity of 9.1%. Net debt stands at 1.0B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 86.57 TWD (bear case) to 160.77 TWD (bull case); at 104.50 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 5% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -27% fair-value upside, at 18%, 4439 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
Residual Income 74.65 TWD 80.68 TWD 97.94 TWD 76
ROIC Compounder 81.89 TWD 98.31 TWD 120.38 TWD 72
Gordon GGM 18.94 TWD 37.73 TWD 57.13 TWD 70
All 17 models by family
DCF Models
Owner Earnings 61.10 TWD 91.71 TWD 135.04 TWD 31
Earnings-Based
Graham-Dodd 53.16 TWD 145.70 TWD 191.16 TWD 54
Lynch FV 28.90 TWD 41.28 TWD 53.66 TWD 50
PEG = 1.0 28.90 TWD 41.28 TWD 53.66 TWD 46
EPV 81.89 TWD 95.45 TWD 107.15 TWD 59
Dividend Discount
Gordon GGM 18.94 TWD 37.73 TWD 57.13 TWD 70
DDM Multi-Stage 18.94 TWD 29.18 TWD 39.60 TWD 61
Multiples
P/E Multiple 129.00 TWD 172.00 TWD 215.00 TWD 63
P/S Multiple 99.68 TWD 132.91 TWD 166.13 TWD 58
P/B Multiple 99.68 TWD 132.91 TWD 166.13 TWD 55
EV/EBIT 147.12 TWD 197.50 TWD 247.87 TWD 53
EV/EBITDA 162.64 TWD 218.19 TWD 273.74 TWD 54
EV/Revenue 97.87 TWD 141.53 TWD 185.19 TWD 43
Asset-Based
NCAV (Graham) 44.61 TWD 59.78 TWD 89.22 TWD 50
Economic Profit
Residual Income 74.65 TWD 80.68 TWD 97.94 TWD 76
ROIC Compounder 81.89 TWD 98.31 TWD 120.38 TWD 72
Growth Earnings
Growth-Adj P/E 101.85 TWD 145.50 TWD 189.14 TWD 68

Widest divergence: Growth Earnings (145.50 TWD) versus Dividend Discount (29.18 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 7.0B TWD
Revenue growth (YoY) +2.1%
Net margin 4.5%
Return on equity 9.1%
Free cash flow −12.8M TWD FY2025
P/E ratio 14.1
More key figures
Operating margin 7.6%
EPS (TTM) 7.21 TWD
Dividend yield 4.0%
EPS growth (YoY) +0.2%
Net debt 1.0B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 63

Profitability 46
Margins and returns on capital today
Quality Growth 85
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 22
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

TST Group Holding Ltd. manufactures and sales of cotton fabric in textile industry. The company was founded in 1995 and is based in George Town, Cayman Islands.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TST Group reported revenue of 7.0B TWD in FY2025 versus 7.4B TWD in FY2021, a compound −1.4%/yr. Reported net income was 294M TWD in FY2025, compounding −3.3%/yr from FY2021.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
7.0B TWD
Latest YoY
+29.3%
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.
−2.0%
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.
+5.4%
Avg. growth/yr (9Y) 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.
+6.3%
Revenue −1.4%/yr
FY21 7.4B TWD
FY22 7.4B TWD
FY23 5.2B TWD
FY24 5.4B TWD
FY25 7.0B TWD
Net income −3.3%/yr
FY21 336M TWD
FY22 442M TWD
FY23 408M TWD
FY24 65.7M TWD
FY25 294M TWD

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Cite: Fair Value Calculator (2026). "TST Group Fair Value". https://www.fairvalue-calculator.com/stock/4439

Peer Group

Textile Manufacturing · 307 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 49 · Below median
Fair Value upside +18% · Above median
Return on equity (TTM) 9% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 2% · Above median
Dividend yield (TTM) 4.0% · Top 25%
Debt / equity 0.21× · Higher than median

Valuation Multiples vs Textile Manufacturing median · lower = cheaper

P/E (TTM) 14.1× · Cheaper than median
P/B 1.14× · Pricier than median
P/S (TTM) 0.54× · Cheaper than median
EV/EBITDA 5.7× · Cheaper 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.

VALUE 58 · sector 8
FUTURE 11 · sector 0
PAST 36 · sector 15
HEALTH 90 · sector 95
DIVIDEND 79 · sector 34

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Textile Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Shenzhou International Group 2313 HK$44.40 HK$75.65 +70%
Tongkun Group 601233 ¥23.56 ¥14.53 -38%
Inner Mongolia ERDOS Resources Co 600295 ¥12.04 ¥14.35 +19%
HMT (Xiamen) New Technical Materials Co 603306 ¥91.75 ¥12.85 -86%
Far Eastern New Century Corporation 1402 27.55 TWD 28.72 TWD +4%
K.P.R. Mill Limited KPRMILL ₹1,083 ₹467.49 -57%
Zhejiang Orient Holdings 600120 ¥5.18 ¥2.21 -57%
Vardhman Textiles Limited VTL ₹602.20 ₹437.53 -27%
Isiklar Enerji ve Yapi Holding IEYHO 174.20 TRY 323.84 TRY +86%
Shandong Fiberglass Group 605006 ¥16.75 ¥6.42 -62%

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Frequently asked questions

Is TST Group (4439) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 123.68 TWD versus a price of 104.50 TWD, about +18% (undervalued).
What is the fair value of 4439?
Our model-based fair value for TST Group is 123.68 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 104.50 TWD.
What is the quality score of 4439?
TST Group has a Quality Score of 49/100. 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 TST Group (4439)?
TST Group reported trailing-twelve-month revenue of about 7.0B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4439?
The net profit margin of TST Group is about 4.5%, meaning it keeps roughly 4.5% of revenue as net income. Based on the latest reported figures.
Does TST Group pay a dividend?
TST Group currently shows a dividend yield of about 4.55% relative to its recent price (as of Jul 23, 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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