Topkey Corporation (4536) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 15.0B TWD
Fair value as of: Jul 21, 2026
From 25 valuation models · updated 20 days ago
Share price −1.7% over the past month.
A solid business, screening 92% undervalued on our models.
What matters now
- The price is below even our cautious bear case (246.10 TWD). The market is more pessimistic than our downside scenario.
- Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 107.34 TWD – 232.74 TWD · fair‑value band 246.10 TWD – 398.07 TWD · the 170.00 TWD price screens below the 326.94 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Topkey Corporation (4536) currently trades at 170.00 TWD, while our model-based Fair Value estimate is 326.94 TWD, implying the stock looks roughly 92.3% undervalued today. The Quality Score stands at 64/100 (solid 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, Topkey Corporation generated revenue of 9.1B TWD at a net margin of 13.4%. Revenue declined 3.5% year over year. It earns a return on equity of 14.4%. The balance sheet holds a net cash position of 3.9B TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 246.10 TWD (bear case) to 398.07 TWD (bull case); at 170.00 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 13% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at 92%, 4536 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.
All 25 models by family
Widest divergence: DCF Models (321.66 TWD) versus Asset-Based (69.52 TWD). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 57
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
Topkey Corporation, together with its subsidiaries, produces, processes, sells, and trades in sporting goods in Asia, Europe, the Americas, and internationally. It operates through Sports Goods, Aviation, and Medical Products segments.
Full company description
Topkey Corporation, together with its subsidiaries, produces, processes, sells, and trades in sporting goods in Asia, Europe, the Americas, and internationally. It operates through Sports Goods, Aviation, and Medical Products segments. The company offers glass and carbon fiber products; composite materials; glasses; and helmets, lenses, and automotive/motorcycle, and safety equipment. It also provides agency services; designs, develops, manufactures, and sells precision molds, as well as production and processing of water-resistant and moldless labels; processes plastic and rubber products; and engages in international investment and trade activities. In addition, the company offers aviation and medical components; and rackets, as well as engages in thermoplastic material business. Further, it provides microscopic analysis of material, resin formulation, product structure, tooling design, module design and fabricate, and customized process design services. Topkey Corporation was incorporated in 1980 and is headquartered in Taichung, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Topkey Corporation reported revenue of 9.2B TWD in FY2025 versus 8.7B TWD in FY2021, a compound +1.4%/yr. Reported net income was 1.4B TWD in FY2025, compounding +13.0%/yr from FY2021.
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Peer Group
Leisure · 192 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.
Valuation Multiples vs Leisure median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ANTA Sports Products Limited 2020 | HK$74.15 | HK$119.29 | +61% |
| Pop Mart International Group 9992 | HK$160.20 | HK$227.30 | +42% |
| Amer Sports, Inc AS | $36.44 | $16.16 | -56% |
| Hasbro, Inc HAS | $81.55 | $83.38 | +2% |
| Life Time Group LTH | $42.15 | $16.15 | -62% |
| Acushnet Holdings GOLF | $114.78 | $37.79 | -67% |
| Li Ning Company 2331 | HK$14.80 | HK$29.26 | +98% |
| Benefit Systems S.A BFT | 5,255 PLN | 3,714 PLN | -29% |
| Ninebot Limited 689009 | ¥37.82 | ¥39.17 | +4% |
| Asmodee Group ASMDEEB | kr 145.70 | kr 41.90 | -71% |
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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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