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Qualipoly Chemical Corp (4722) Fair Value & Analysis

Basic Materials · TW · Market cap 22.4B TWD

QC Qualipoly Chemical Corp 4722 · TW
Price202.50 TWD
Fair Value25.49 TWD
Upside-87.4%
Quality38/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

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Risks

!Trades 694% ABOVE our fair value of 25.49 TWD
!Weak Growth (revenue 5y −0.5 %/yr)
!Thin margins · 4.7% net margin
!Moderate debt · negative free cash flow
Weak Growth (revenue 5y −0.5 %/yr)
Thin margins · 4.7% net margin
Moderate debt · negative free cash flow
0.55% dividend yield
Trails peers (2/13)
Narrow moat 26/100
Evidence: Medium Range 24.09 TWD – 33.13 TWD Share as image

Fair value as of: Aug 23, 2026

From 14 valuation models · updated 2 days ago

Below-average quality, and trading another 694% above our fair value.

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What matters now

  • The price sits above even our optimistic bull case (33.13 TWD). The favourable scenario is already priced in.
  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

305.32 TWD 26.99 TWD Fair Value 25.49 TWD Mar 2021 Aug 2026

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

How to read this chart

60‑month range 26.99 TWD – 305.32 TWD · fair‑value band 24.09 TWD – 33.13 TWD · the 202.50 TWD price screens above the 25.49 TWD fair value. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Qualipoly Chemical Corp (4722) currently trades at 202.50 TWD, while our model-based Fair Value estimate is 25.49 TWD, implying the stock looks roughly 87.4% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Qualipoly Chemical Corp generated revenue of 3.7B TWD at a net margin of 4.7%. Revenue declined 3.0% year over year. It earns a return on equity of 5.7%. Net debt stands at 2.6B TWD. Fundamentals as of Aug 23, 2026

Our scenario range runs from 24.09 TWD (bear case) to 33.13 TWD (bull case); at 202.50 TWD, the current price sits above 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 31% below its 52-week high and 230% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -60% fair-value upside, at -87%, 4722 screens richer 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (0.3000 TWD to 33.39 TWD). Read the values as a conservative anchor, not as a price target.
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 24.99 TWD 26.12 TWD 27.03 TWD 76
ROIC Compounder 0.3000 TWD 2.50 TWD 72
Gordon GGM 12.61 TWD 13.80 TWD 15.62 TWD 70
All 14 models by family
Earnings-Based
Graham-Dodd 13.36 TWD 16.32 TWD 18.36 TWD 54
EPV 0.3000 TWD 2.50 TWD 59
Dividend Discount
Gordon GGM 12.61 TWD 13.80 TWD 15.62 TWD 70
DDM Multi-Stage 12.61 TWD 15.82 TWD 20.32 TWD 61
Multiples
P/E Multiple 25.04 TWD 33.39 TWD 41.74 TWD 63
P/S Multiple 25.04 TWD 33.39 TWD 41.74 TWD 58
P/B Multiple 25.04 TWD 33.39 TWD 41.74 TWD 55
EV/EBIT 6.54 TWD 14.49 TWD 22.43 TWD 53
EV/EBITDA 4.45 TWD 11.69 TWD 18.94 TWD 54
EV/Revenue 3.37 TWD 12.22 TWD 21.07 TWD 43
Asset-Based
NCAV (Graham) 15.57 TWD 20.87 TWD 31.15 TWD 50
Economic Profit
Residual Income 24.99 TWD 26.12 TWD 27.03 TWD 76
ROIC Compounder 0.3000 TWD 2.50 TWD 72
Growth Earnings
Growth-Adj P/E 17.84 TWD 25.49 TWD 33.13 TWD 68

Widest divergence: Growth Earnings (25.49 TWD) versus Earnings-Based (0.3000 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 100.3
P/S ratio 6.05 TTM
Dividend yield 0.6% payout 55.7%
Net margin 4.7% TTM
Return on equity 5.7% TTM
Return on assets 2.1% TTM
More key figures
Profitability
Operating margin 3.1% TTM
EPS (TTM) 2.00 TWD
Growth
Revenue (TTM) 3.7B TWD TTM
Revenue growth (YoY) -3.0% 3y avg -4.1%
EPS growth (YoY) -56.4%
Balance sheet & cash flow
Free cash flow −986M TWD FY2025
Net debt 2.6B TWD FY2025

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

Quality Score breakdown

Overall quality 38/100

Of which business quality 39 · Market factors (momentum, volatility) 56

Profitability 30
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 37
Disciplined investing over empire-building
Low Volatility 24
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 78
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Qualipoly Chemical Corp., together with its subsidiaries, manufactures and sells UV curable materials, unsaturated polyester resins, and synthetic resins in Taiwan, Asia, Europe, North and South America, and internationally. It operates through the Qualipoly Chemical Corp. and Qualipoly Technology (Guangdong) Corp. segments.

Full company description

Qualipoly Chemical Corp., together with its subsidiaries, manufactures and sells UV curable materials, unsaturated polyester resins, and synthetic resins in Taiwan, Asia, Europe, North and South America, and internationally. It operates through the Qualipoly Chemical Corp. and Qualipoly Technology (Guangdong) Corp. segments. The company offers UV curable materials, including monomers, oligomers, additives, and photo- initiatives under the QualiCure for use in wood coatings, plastics and metal coatings, adhesives and lacquers for CD/DVD, over print varnishes, optical films, and additives for electronic/optical parts; unsaturated polyester resins for use in FRPs, colorpastes and gelcoats, fire retardants, castings, synthetic marbles, buttons, decorative panels, coatings and putties, SMC/BMCs, and ISO-type FRPs; and coating resins, such as alkyd, acrylic, and amino resins, which are used for sealers, surfacers, primers, top coats, and varnishes on papers, woods, plastics, metals, and other substrates. It also provides foundry resins, which are used as a cement and adhesive, casting resin, coating, and impregnant; insulating varnishes for the manufacture transformers, coils, and enamel-insulated wires; polyurethane rigid foam resins for the manufacture wood-imitation materials, soft floors, and fillers; PVAC and acrylic emulsion resins, which are used as adhesives; and fiber glass, which is used as reinforcement for composite materials. In addition, the company is involved in general investment and international trading activities. Qualipoly Chemical Corp. was incorporated in 1978 and is headquartered in Kaohsiung City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Qualipoly Chemical Corp reported revenue of 3.7B TWD in FY2025 versus 4.8B TWD in FY2021, a compound −6.3%/yr. Reported net income was 202M TWD in FY2025, compounding −13.9%/yr from FY2021.

Growth Quality 12/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.7B TWD
Latest YoY
−7.7%
Avg. revenue 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.
−4.1%
Avg. revenue 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.
−0.5%
Avg. revenue growth/yr (23Y) 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.
+3.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−6.3% (-6.8 + 0.6)
Revenue −6.3%/yr
FY21 4.8B TWD
FY22 4.2B TWD
FY23 3.5B TWD
FY24 4.0B TWD
FY25 3.7B TWD
Net income −13.9%/yr
FY21 368M TWD
FY22 315M TWD
FY23 167M TWD
FY24 225M TWD
FY25 202M TWD
Character of growth · EPS growth decomposed (2014-2025) −4.8 % p.a.
Revenue per share −3.2 pp

of which total revenue −2.5 pp · buybacks/dilution −0.7 pp

EBIT margin −2.5 pp
Tax rate −0.5 pp
Residual (interest, one-offs) +1.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

4722 screens 87% overvalued. Compare with Linde plc →

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Cite: Fair Value Calculator (2026). "Qualipoly Chemical Corp Fair Value". https://www.fairvalue-calculator.com/stock/4722

Peer Group

Specialty Chemicals · 683 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 38 · Bottom 25%
Fair Value upside −87% · Bottom 25%
Return on equity (TTM) 6% · Above median
Return on assets 2% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 3% · Below median
Revenue growth -3% · Below median
Dividend yield (TTM) 0.6% · Bottom 25%
Debt / equity 0.64× · Higher than 75% of peers

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 100.3× · Pricier than 75% of peers
P/B 7.00× · Pricier than 75% of peers
P/S (TTM) 6.05× · Pricier than 75% of peers
EV/EBITDA 86.2× · Pricier than 75% of peers

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
VALUE0 · sector 0
FUTURE0 · sector 19
PAST23 · sector 23
HEALTH68 · sector 95
DIVIDEND12 · sector 30

VALUE 0: the price sits above our fair-value range.

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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

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Air Products and Chemicals, Inc APD $304.07 $122.14 -60%
Givaudan SA GIVN CHF 3,162 CHF 1,498 -53%
Wanhua Chemical Group 600309 ¥75.06 ¥68.03 -9%
500820 500820 ₹2,757 ₹557.43 -80%
Novozymes A/S NSISB kr 456.40 kr 169.99 -63%
Asian Paints Limited ASIANPAINT ₹2,630 ₹696.23 -74%
PPG Industries, Inc PPG $112.81 $71.31 -37%

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Frequently asked questions

Is Qualipoly Chemical Corp (4722) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of 25.49 TWD versus a price of 202.50 TWD, about −87% (overvalued).
What is the fair value of 4722?
Our model-based fair value for Qualipoly Chemical Corp is 25.49 TWD (as of Aug 23, 2026), built from audited fundamentals. The current price: 202.50 TWD.
What is the quality score of 4722?
Qualipoly Chemical Corp has a Quality Score of 38/100. 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 Qualipoly Chemical Corp (4722)?
Qualipoly Chemical Corp reported trailing-twelve-month revenue of about 3.7B TWD (latest available figure, as of Aug 23, 2026).
What is the net profit margin of 4722?
The net profit margin of Qualipoly Chemical Corp is about 4.7%, meaning it keeps roughly 4.7% of revenue as net income. Based on the latest reported figures.
Does Qualipoly Chemical Corp pay a dividend?
Qualipoly Chemical Corp currently shows a dividend yield of about 0.55% relative to its recent price (as of Aug 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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