Man Zai Industrial Co Ltd (4543) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Man Zai Industrial Co Ltd stock TWD 15.35, price TWD 24.15, that is 36.4% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 12.91 TWD – 62.34 TWD · fair‑value band 11.52 TWD – 19.20 TWD · the 24.15 TWD price screens above the 15.35 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Man Zai Industrial Co., Ltd. engages in the manufacture and sale of air- conditioning products in Asia, the United States, Europe, and internationally.
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The company offers auto air-con modules, including condenser units, evaporator units, and heater cores; automobile and motorcycle aluminum radiators for cooling systems, such as radiator units and oil coolers; and thermal-electric cooling modules comprising thermal modules for CPU, thermal syphon modules, and liquid cooling modules, as well as water-cooled modules for use in CPU, VGA, LED, and auto-electric cooling modules.
It also provides aluminum extrusion products that include fittings/brackets/pipes, racket frames, OPC drums, computer heat sinks, and bicycle frames; heat sinks for commercial air conditioners, cloud servers, electrical and mechanical products, and home appliances; and air-con and refrigeration products.
The company was founded in 1984 and is based in Tainan City, Taiwan.
Stock analysis
Man Zai Industrial Co Ltd (4543) currently trades at 24.15 TWD, while our model-based Fair Value estimate is 15.35 TWD, 36% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 14.88 TWD per share, and 1 of the 24 models we run sit above the 24.15 TWD price.
Bear case: the Earnings-Based group reads lowest at 5.46 TWD, and 23 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 11.52 TWD (bear) to 19.20 TWD (bull), the price of 24.15 TWD sits above 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 56/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Man Zai Industrial Co Ltd reported revenue of 803M TWD in FY2025 versus 927M TWD in FY2021, a compound −3.5%/yr. Reported net income was 31.6M TWD in FY2025, compounding +1.4%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 1.5B TWD (≈ $45.8M) Micro · P/E ratio 9.9 · P/S ratio 1.69 · EPS (TTM) 2.44 TWD · Dividend yield 0.8% · Net margin 17.2% · Return on equity 8.6% · Return on assets (EBIT) 3.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (medium confidence).
What moves the price
The share trades about 45% 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 −23% fair-value upside, at −36%, 4543 screens richer than that median.
Fair Value models
Bear11.52 TWDFair Value 15.35 TWDBull19.20 TWD
Price 24.15 TWD · Downside -36.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.93 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF12.68 TWD14.99 TWD18.71 TWD82
Growth DCF12.91 TWD15.08 TWD18.30 TWD80
Owner Earnings13.19 TWD15.64 TWD19.57 TWD78
All 24 models by family
DCF Models
FCF DCF12.68 TWD14.99 TWD18.71 TWD82
Owner Earnings13.19 TWD15.64 TWD19.57 TWD78
5Y Revenue Exit11.24 TWD13.87 TWD17.68 TWD74
5Y EBITDA Exit14.38 TWD19.29 TWD25.79 TWD76
5Y P/E Exit11.76 TWD14.76 TWD18.37 TWD72
10Y Revenue Exit11.76 TWD13.55 TWD15.40 TWD68
10Y EBITDA Exit13.51 TWD16.41 TWD19.46 TWD70
10Y P/E Exit12.15 TWD14.02 TWD15.74 TWD65
Earnings-Based
Graham-Dodd3.43 TWD4.19 TWD4.71 TWD67
EPV6.41 TWD6.72 TWD6.98 TWD74
Dividend Discount
Gordon GGM6.63 TWD7.08 TWD7.76 TWD69
DDM Multi-Stage6.63 TWD7.67 TWD8.97 TWD67
Multiples
P/E Multiple8.32 TWD11.09 TWD13.87 TWD63
P/S Multiple6.43 TWD8.57 TWD10.71 TWD58
P/B Multiple84.03 TWD112.03 TWD140.04 TWD55
EV/EBIT9.34 TWD12.66 TWD15.97 TWD66
EV/EBITDA13.55 TWD18.26 TWD22.98 TWD67
EV/Revenue6.10 TWD8.97 TWD11.85 TWD53
Asset-Based
NCAV (Graham)4.05 TWD6.13 TWD7.66 TWD55
Growth DCF
Growth DCF12.91 TWD15.08 TWD18.30 TWD80
Rev-Margin DCF11.24 TWD14.13 TWD17.73 TWD74
Economic Profit
Residual Income16.46 TWD17.18 TWD18.25 TWD76
ROIC Compounder6.41 TWD6.72 TWD6.98 TWD72
Growth Earnings
Growth-Adj P/E5.86 TWD8.38 TWD10.89 TWD67
The fair value above starts from this blend and is adjusted for a cyclical trough year.
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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.3%
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.
−5.9%
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.
−0.2%
Start year 2020 (pandemic). Over 10 years: −4.3% 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.
−4.3%
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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.
≈ +11.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +10.5%
Dividend (yield on the price)0.8%
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.4% → 6%
⚠ Revenue per share shrinking 3.4%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.32 per share, median 0.79 in 2017 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+16.9%
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 +15.1% a year for the price.
Compare Man Zai Industrial Co 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.Auto Parts · 655 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−36.4% · Below median
Profitability
Return on equity (12 months)8.6% · Above median
Return on assets1.2% · Bottom 25%
Net margin (12 months)17.2% · Top 25%
Operating margin (12 months)14.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)7.7% · Above median
Dividend yield (12 months)0.8% · Below median
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Auto Parts median · lower = cheaper
P/E (12 months)9.9× · Cheaper than median
P/B0.84× · Cheaper than median
P/S (12 months)1.69× · Pricier than median
Price / free cash flow (fiscal year)21.1× · Pricier than median
EV/EBITDA9.4× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 33
FUTURE (revenue growth)39· sector 34
PAST (return on equity)34· sector 31
HEALTH (low debt)93· sector 95
DIVIDEND (yield)16· sector 39
VALUE 0: the price sits above our fair-value range.
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). "Man Zai Industrial Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/4543
Frequently asked questions
Is Man Zai Industrial Co Ltd (4543) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 15.35 TWD versus a price of 24.15 TWD, about 36% lower (overvalued).
What is the fair value of 4543?
Our model-based fair value for Man Zai Industrial Co Ltd is 15.35 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 24.15 TWD.
What is the quality score of 4543?
Man Zai Industrial Co Ltd has a Quality Score of 56/100. 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 Man Zai Industrial Co Ltd (4543)?
Our model-based price target is the fair value of 15.35 TWD (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 11.52 TWD, optimistic scenario 19.20 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Man Zai Industrial Co Ltd stock forecast for 2026?
Our models put fair value at 15.35 TWD, about 36% lower versus a price of 24.15 TWD (overvalued). Cautious scenario 11.52 TWD, optimistic scenario 19.20 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Man Zai Industrial Co Ltd (4543)?
Man Zai Industrial Co Ltd reported trailing-twelve-month revenue of about 889M TWD (latest available figure, as of Nov 9, 2026).
Does Man Zai Industrial Co Ltd pay a dividend?
Man Zai Industrial Co Ltd currently shows a dividend yield of 0.79% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Man Zai Industrial Co Ltd (4543) and when is the ex-dividend date?
Man Zai Industrial Co Ltd pays a dividend of 0.191 TWD per share a year, a dividend yield of 0.8%. The last ex-dividend date was Aug 25, 2026. The payout ratio is 7.8% of earnings. Free cash flow covers the dividend 5.94 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Man Zai Industrial Co Ltd (4543)?
For today's price to be fair in a discounted-cash-flow model, Man Zai Industrial Co Ltd would have to grow free cash flow by +16.9 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.2 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 4543 use?
Our models discount Man Zai Industrial Co Ltd at 12.5 %: a base by market capitalisation (micro), damped by beta 0.77, 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 Man Zai Industrial Co Ltd that is +16.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Man Zai Industrial Co Ltd (4543) delivered so far?
Over the past 5 years revenue at Man Zai Industrial Co Ltd grew -0.2 % a year. The price currently implies free-cash-flow growth of +16.9 % per 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 Man Zai Industrial Co Ltd (4543) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Man Zai Industrial Co Ltd (+16.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Man Zai Industrial Co Ltd (4543)?
The free-cash-flow yield on the price is 4.93 %: that much free cash flow Man Zai Industrial Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Man Zai Industrial Co Ltd (4543)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Man Zai Industrial Co Ltd it is 15.35 TWD per share (as of Nov 9, 2026), against a price of 24.15 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Man Zai Industrial Co Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 4543 trades above its calculated fair value: price 24.15 TWD, fair value 15.35 TWD, a gap of about −36% (overvalued). 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 4543?
No. The price is what the market pays today (24.15 TWD); the fair value is what the company's own numbers justify (15.35 TWD). For Man Zai Industrial Co Ltd the two are 8.80 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Man Zai Industrial Co Ltd worth?
The market values Man Zai Industrial Co Ltd at about 1.5B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 24.15 TWD; our models calculate a fair value of 15.35 TWD per share.
What do the bullish and bearish scenarios say about 4543?
Our models span a range for Man Zai Industrial Co Ltd: cautious scenario 11.52 TWD, base 15.35 TWD, optimistic 19.20 TWD per share (as of Nov 9, 2026, price 24.15 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4543?
Man Zai Industrial Co Ltd trades at a price-to-earnings ratio of 9.9 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 15.35 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 1.7, EV/EBITDA 9.4.
How solid is the balance sheet of Man Zai Industrial Co Ltd (4543)?
Balance-sheet figures for Man Zai Industrial Co Ltd (as of Nov 9, 2026): return on equity 8.6%, debt of 0.15 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 4543 from its 52-week high?
Man Zai Industrial Co Ltd trades at 24.15 TWD, about 45% below its 52-week high of 43.86 TWD and 18% above the low of 20.49 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 15.35 TWD is for.
Which stocks are comparable to Man Zai Industrial Co Ltd?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, 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 Man Zai Industrial Co Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 24.15 TWD, calculated fair value 15.35 TWD (−36%), Quality Score 56/100, from 24 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 4543 calculated?
We run Man Zai Industrial Co Ltd through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 15.35 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Man Zai Industrial Co Ltd itself currently trades above fair value. 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 Man Zai Industrial Co Ltd (4543)?
The closing price on Nov 6, 2026 was 24.15 TWD. Our model-based fair value is 15.35 TWD, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Man Zai Industrial Co Ltd right now?
The price sits above even our optimistic bull case (19.20 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Man Zai Industrial Co Ltd
How large is the market capitalisation of Man Zai Industrial Co Ltd (4543)?
The market capitalisation of Man Zai Industrial Co Ltd is 1.5B TWD (≈ $45.8M). 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 Man Zai Industrial Co Ltd (4543)?
The price-to-sales ratio of Man Zai Industrial Co Ltd is 1.69 (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 Man Zai Industrial Co Ltd (4543)?
Earnings per share at Man Zai Industrial Co Ltd are 2.44 TWD (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Man Zai Industrial Co Ltd (4543)?
The dividend yield of Man Zai Industrial Co Ltd is 0.8% (payout 7.8%). 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 Man Zai Industrial Co Ltd (4543)?
The net margin of Man Zai Industrial Co Ltd is 17.2% (last twelve months). 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 Man Zai Industrial Co Ltd (4543)?
The return on equity (ROE) of Man Zai Industrial Co Ltd is 8.6% (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 Man Zai Industrial Co Ltd (4543)?
On an EBIT basis the return on assets of Man Zai Industrial Co Ltd is 3.6% (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 Man Zai Industrial Co Ltd (4543)?
The operating margin of Man Zai Industrial Co Ltd is 14.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Man Zai Industrial Co Ltd (4543)?
Revenue at Man Zai Industrial Co Ltd is growing +7.7% versus a year earlier (3y avg −5.9%). 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 Man Zai Industrial Co Ltd (4543)?
Earnings per share at Man Zai Industrial Co Ltd are growing +153% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Man Zai Industrial Co Ltd (4543) carry?
The net debt of Man Zai Industrial Co Ltd is 37.7M TWD (fiscal year 2025, ≈ 0.5 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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Thin data
Nov 9, 2026