Tatung Fine Chemicals Co. (4738) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Tatung Fine Chemicals Co. TWD 3.16, price TWD 6.44, upside -50.9%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Tatung Fine Chemicals Co. engages in the development, manufacture, and sale of electrocoatings and electronic coatings in Taiwan.
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Tatung Fine Chemicals Co. engages in the development, manufacture, and sale of electrocoatings and electronic coatings in Taiwan. The company offers synthetic resins, industrial additives, paints, monomers, solvents, and electronic components, as well as oil-based and water-based coatings, such as epoxy electropolymer resins, acrylic electrocoatings, fanli water insulation coatings, resistive coatings, and industrial coatings. It serves automobiles, electronics, home appliances, and hardware processing plants. The company was formerly known as Tatung Coatings Company and changed its name to Tatung Fine Chemicals Co. in 2003. Tatung Fine Chemicals Co. was founded in 1969 and is based in Taoyuan City, Taiwan.
Stock analysis
Tatung Fine Chemicals Co. (4738) currently trades at 6.44 TWD, while our model-based Fair Value estimate is 3.16 TWD, implying the stock looks roughly 103.8% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 6.98 TWD per share, and 1 of the 15 models we run sit above the 6.44 TWD price.
Bear case: the Asset-Based group reads lowest at 1.28 TWD, and 14 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.37 TWD (bear) to 3.95 TWD (bull), the price of 6.44 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 51/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Tatung Fine Chemicals Co. reported revenue of 333M TWD in FY2025 versus 300M TWD in FY2021, a compound +2.6%/yr. Reported net income was 14.4M TWD in FY2025, compounding +28.0%/yr from FY2021.
Key figures
Market cap 500M TWD (≈ $15.7M) · P/E ratio 33.9 · P/S ratio 1.47 · EPS (TTM) 0.1900 TWD · Net margin 4.3% · Return on equity 10.2% · Return on assets (EBIT) 0.8% · Operating margin 0.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at −51%, 4738 screens richer than that median.
Fair Value models
Bear 2.37 TWDFair Value 3.16 TWDBull 3.95 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1395 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.Evidence ⓘEvidence = 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.
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.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.0%
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.
+5.0%
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.
+6.8%
Start year 2020 (pandemic)
Revenue growth 6 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%
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+16.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.8%
Dividend (yield on the price)0.0%
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.−7% → 4%
2025 sits 164% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Tatung Fine Chemicals Co. 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.Specialty Chemicals · 711 stocks
Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−49% · Below median
Profitability
Return on equity (TTM)10% · Above median
Return on assets2% · Below median
Net margin (TTM)4% · Below median
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth7% · Above median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (TTM)33.9× · Pricier than median
P/B3.21× · Priciest 25%
P/S (TTM)1.43× · Pricier than median
EV/EBITDA22.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)34· sector 21
PAST (return on equity)41· sector 23
HEALTH (low debt)93· sector 95
DIVIDEND (yield)0· sector 29
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). "Tatung Fine Chemicals Co. Fair Value". https://www.fairvalue-calculator.com/stock/4738
Frequently asked questions
Is Tatung Fine Chemicals Co. (4738) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.16 TWD versus a price of 6.44 TWD, about −51% upside (overvalued).
What is the fair value of 4738?
Our model-based fair value for Tatung Fine Chemicals Co. is 3.16 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 6.44 TWD.
What is the quality score of 4738?
Tatung Fine Chemicals Co. has a Quality Score of 51/100. 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 Tatung Fine Chemicals Co. (4738)?
Our model-based price target is the fair value of 3.16 TWD (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 2.37 TWD, optimistic scenario 3.95 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Tatung Fine Chemicals Co. stock forecast for 2026?
Our models put fair value at 3.16 TWD, about −51% upside versus a price of 6.44 TWD (overvalued). Cautious scenario 2.37 TWD, optimistic scenario 3.95 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Tatung Fine Chemicals Co. (4738)?
Tatung Fine Chemicals Co. reported trailing-twelve-month revenue of about 333M TWD (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Tatung Fine Chemicals Co. (4738)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tatung Fine Chemicals Co. it is 3.16 TWD per share (as of Sep 24, 2026), against a price of 6.44 TWD. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Tatung Fine Chemicals Co. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 4738 trades above its calculated fair value: price 6.44 TWD, fair value 3.16 TWD, a gap of about −51% (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 4738?
No. The price is what the market pays today (6.44 TWD); the fair value is what the company's own numbers justify (3.16 TWD). For Tatung Fine Chemicals Co. the two are 3.28 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Tatung Fine Chemicals Co. worth?
The market values Tatung Fine Chemicals Co. at about 500M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 6.44 TWD; our models calculate a fair value of 3.16 TWD per share.
What do the bullish and bearish scenarios say about 4738?
Our models span a range for Tatung Fine Chemicals Co.: cautious scenario 2.37 TWD, base 3.16 TWD, optimistic 3.95 TWD per share (as of Sep 24, 2026, price 6.44 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4738?
Tatung Fine Chemicals Co. trades at a price-to-earnings ratio of 33.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.16 TWD is built from several models across several years. Other multiples: P/B 3.2, P/S 1.4, EV/EBITDA 22.8.
How solid is the balance sheet of Tatung Fine Chemicals Co. (4738)?
Balance-sheet figures for Tatung Fine Chemicals Co. (as of Sep 24, 2026): return on equity 10.2%, debt of 0.13 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
Which stocks are comparable to Tatung Fine Chemicals Co.?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Tatung Fine Chemicals Co. stock attractive at the current price?
The data as of Sep 24, 2026: price 6.44 TWD, calculated fair value 3.16 TWD (−51%), Quality Score 51/100, from 15 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 4738 calculated?
We run Tatung Fine Chemicals Co. through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 3.16 TWD, 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 13.2 % above its aggregate fair value. Tatung Fine Chemicals Co. 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 Tatung Fine Chemicals Co. (4738)?
The closing price on Sep 24, 2026 was 6.44 TWD. Our model-based fair value is 3.16 TWD, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tatung Fine Chemicals Co. right now?
The price sits above even our optimistic bull case (3.95 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 (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Tatung Fine Chemicals Co.
How large is the market capitalisation of Tatung Fine Chemicals Co. (4738)?
The market capitalisation of Tatung Fine Chemicals Co. is 500M TWD (≈ $15.7M). 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 Tatung Fine Chemicals Co. (4738)?
The price-to-sales ratio of Tatung Fine Chemicals Co. is 1.47 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tatung Fine Chemicals Co. (4738)?
Earnings per share at Tatung Fine Chemicals Co. are 0.1900 TWD (price ÷ EPS = P/E 33.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tatung Fine Chemicals Co. (4738)?
The net margin of Tatung Fine Chemicals Co. is 4.3% (fiscal year 2025). 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 Tatung Fine Chemicals Co. (4738)?
The return on equity (ROE) of Tatung Fine Chemicals Co. is 10.2% (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 Tatung Fine Chemicals Co. (4738)?
On an EBIT basis the return on assets of Tatung Fine Chemicals Co. is 0.8% (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 Tatung Fine Chemicals Co. (4738)?
The operating margin of Tatung Fine Chemicals Co. is 0.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tatung Fine Chemicals Co. (4738)?
Revenue at Tatung Fine Chemicals Co. is growing +6.7% versus a year earlier (3y avg +5.0%). 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 Tatung Fine Chemicals Co. (4738)?
Earnings per share at Tatung Fine Chemicals Co. are growing +318% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tatung Fine Chemicals Co. (4738) generate?
The free cash flow of Tatung Fine Chemicals Co. is −9.7M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tatung Fine Chemicals Co. (4738) carry?
The net debt of Tatung Fine Chemicals Co. is 21.4M TWD (fiscal year 2025). 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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