Soft-World International (5478) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Soft-World International TWD 149, price TWD 97.00, upside +53.2%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Soft-World International Corporation develops, operates, and distributes games in Taiwan and China.
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Soft-World International Corporation develops, operates, and distributes games in Taiwan and China. The company offers MyCard, which provides payment and marketing services to game publishers; e-PLAY, a product sales and marketing event organization platform; and MyCard Bonus app, a supplementary service for game publishers.It also operates the Soft-World Music Multimedia Center that has one large and six small recording rooms; Charisma Design, which provides event planning solutions comprising exhibition design, execution, and curation; and Gamexpress gaming media, which provides gaming news, as well as produces and distributes a physical monthly magazine. In addition, the company engages in the provision of commercial advertising services, wholesale and retail sale of entertainment products and accessories for game software. Soft-World International Corporation was incorporated in 1983 and is headquartered in Kaohsiung, Taiwan.
Stock analysis
Soft-World International (5478) currently trades at 97.00 TWD, while our model-based Fair Value estimate is 148.58 TWD, implying the stock looks roughly 34.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 164.71 TWD per share, and 19 of the 22 models we run sit above the 97.00 TWD price.
Bear case: the Asset-Based group reads lowest at 39.93 TWD, and 3 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: 123.40 TWD (bear) to 173.77 TWD (bull), the price of 97.00 TWD sits below 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 65/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Soft-World International reported revenue of 6.5B TWD in FY2025 versus 6.6B TWD in FY2021, a compound −0.3%/yr. Reported net income was 1.2B TWD in FY2025, compounding +9.4%/yr from FY2021.
Key figures
Market cap 14.5B TWD (≈ $456M) · P/E ratio 11.0 · P/S ratio 2.01 · EPS (TTM) 8.80 TWD · Dividend yield 5.2% · Net margin 18.2% · Return on equity 14.5% · Return on assets (EBIT) 6.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 61% fair-value upside, at 53%, 5478 screens richer than that median.
Fair Value models
Bear 123.40 TWDFair Value 148.58 TWDBull 173.77 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 (2.78 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−3.8%
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.
+2.2%
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.
−2.2%
Start year 2020 (pandemic). Over 10 years: −7.9% a year
Revenue growth 19 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.
+2.9%
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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.
+8.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)5.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3% vs 9%, slowing
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.17% → 18%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 9.0%/yr over ~10Y (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.
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare Soft-World International with another stock
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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.Electronic Gaming & Multimedia · 147 stocks
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). "Soft-World International Fair Value". https://www.fairvalue-calculator.com/stock/5478
Frequently asked questions
Is Soft-World International (5478) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 148.58 TWD versus a price of 97.00 TWD, about +53% upside (undervalued).
What is the fair value of 5478?
Our model-based fair value for Soft-World International is 148.58 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 97.00 TWD.
What is the quality score of 5478?
Soft-World International has a Quality Score of 65/100. 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 Soft-World International (5478)?
Our model-based price target is the fair value of 148.58 TWD (as of Sep 23, 2026) from 22 valuation models. Cautious scenario 123.40 TWD, optimistic scenario 173.77 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Soft-World International stock forecast for 2026?
Our models put fair value at 148.58 TWD, about +53% upside versus a price of 97.00 TWD (undervalued). Cautious scenario 123.40 TWD, optimistic scenario 173.77 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Soft-World International (5478)?
Soft-World International reported trailing-twelve-month revenue of about 6.8B TWD (latest available figure, as of Sep 23, 2026).
Does Soft-World International pay a dividend?
Soft-World International currently shows a dividend yield of about 5.15% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Soft-World International (5478)?
For today's price to be fair in a discounted-cash-flow model, Soft-World International would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 5478 use?
Our models discount Soft-World International at 8.8 %: a base by market capitalisation (large), damped by beta 0.60, 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 Soft-World International that is less than minus 40 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Soft-World International (5478) delivered so far?
Over the past 5 years revenue at Soft-World International grew -2.2 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a 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 Soft-World International (5478) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Soft-World International (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Soft-World International (5478)?
The free-cash-flow yield on the price is 14.42 %: that much free cash flow Soft-World International produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Soft-World International (5478)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Soft-World International it is 148.58 TWD per share (as of Sep 23, 2026), against a price of 97.00 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Soft-World International stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 5478 trades below its calculated fair value: price 97.00 TWD, fair value 148.58 TWD, a gap of about +53% (undervalued). 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 5478?
No. The price is what the market pays today (97.00 TWD); the fair value is what the company's own numbers justify (148.58 TWD). For Soft-World International the two are 51.58 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Soft-World International worth?
The market values Soft-World International at about 14.5B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 97.00 TWD; our models calculate a fair value of 148.58 TWD per share.
What do the bullish and bearish scenarios say about 5478?
Our models span a range for Soft-World International: cautious scenario 123.40 TWD, base 148.58 TWD, optimistic 173.77 TWD per share (as of Sep 23, 2026, price 97.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5478?
Soft-World International trades at a price-to-earnings ratio of 11.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 148.58 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 2.1, EV/EBITDA 7.2.
How solid is the balance sheet of Soft-World International (5478)?
Balance-sheet figures for Soft-World International (as of Sep 23, 2026): return on equity 14.5%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 5478 from its 52-week high?
Soft-World International trades at 97.00 TWD, about 9% below its 52-week high of 107.16 TWD and 11% above the low of 87.59 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 148.58 TWD is for.
Which stocks are comparable to Soft-World International?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Soft-World International stock attractive at the current price?
The data as of Sep 23, 2026: price 97.00 TWD, calculated fair value 148.58 TWD (+53%), Quality Score 65/100, from 22 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 5478 calculated?
We run Soft-World International through 22 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 148.58 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 14.1 % above its aggregate fair value. Soft-World International currently trades 53 % below its own fair value, and the market average says nothing about that. 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 Soft-World International (5478)?
The closing price on Sep 23, 2026 was 97.00 TWD. Our model-based fair value is 148.58 TWD, about +53% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Soft-World International right now?
The price is below even our cautious bear case (123.40 TWD). The market is more pessimistic than our downside scenario. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Soft-World International (5478) come from?
Earnings per share at Soft-World International grew +9.4 % a year from 2012 to 2023. Broken into its drivers: revenue per share −6.6 %, EBIT margin +20.5 %, tax rate +0.0 %, residual (interest, one-offs) −2.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Soft-World International
How large is the market capitalisation of Soft-World International (5478)?
The market capitalisation of Soft-World International is 14.5B TWD (≈ $456M). 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 Soft-World International (5478)?
The price-to-sales ratio of Soft-World International is 2.01 (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 Soft-World International (5478)?
Earnings per share at Soft-World International are 8.80 TWD (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Soft-World International (5478)?
The dividend yield of Soft-World International is 5.2% (payout 56.8%). 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 Soft-World International (5478)?
The net margin of Soft-World International is 18.2% (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 Soft-World International (5478)?
The return on equity (ROE) of Soft-World International is 14.5% (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 Soft-World International (5478)?
On an EBIT basis the return on assets of Soft-World International is 6.4% (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 Soft-World International (5478)?
The operating margin of Soft-World International is 22.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Soft-World International (5478)?
Revenue at Soft-World International is growing +20.1% versus a year earlier (3y avg +2.2%). 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 Soft-World International (5478)?
Earnings per share at Soft-World International are growing +61.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Soft-World International (5478) hold?
Soft-World International holds more cash than debt, 7.2B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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