Tong Ming Enterprise Co (5538) Fair Value & Analysis
Basic Materials · TW · Market cap 7.0B TWD
Fair value as of: Jul 23, 2026
From 25 valuation models · updated 18 days ago
Share price +7.4% over the past month.
A solid business, screening 45% undervalued on our models.
What matters now
- The price is below even our cautious bear case (38.54 TWD). The market is more pessimistic than our downside scenario.
- Solid quality (57/100) 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 23, 2026.
How to read this chart
60‑month range 28.25 TWD – 57.00 TWD · fair‑value band 38.54 TWD – 64.23 TWD · the 35.40 TWD price screens below the 51.38 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Tong Ming Enterprise Co (5538) currently trades at 35.40 TWD, while our model-based Fair Value estimate is 51.38 TWD, implying the stock looks roughly 45.1% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials 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, Tong Ming Enterprise Co generated revenue of 12.8B TWD at a net margin of 5.4%. Revenue grew 2.8% year over year. It earns a return on equity of 9.1%. Net debt stands at 2.9B TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 38.54 TWD (bear case) to 64.23 TWD (bull case); at 35.40 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 5% below its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -7% fair-value upside, at 45%, 5538 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 (60.20 TWD) versus Dividend Discount (19.88 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 55 · Market factors (momentum, volatility) 67
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
Tong Ming Enterprise Co., Ltd., together with its subsidiaries, manufactures and sells stainless steel fasteners and wires under the TONG brand name in China and internationally.
Full company description
Tong Ming Enterprise Co., Ltd., together with its subsidiaries, manufactures and sells stainless steel fasteners and wires under the TONG brand name in China and internationally. It offers fasteners, such as screws, nuts, industrial rice, and threaded rods; and stainless-steel wires, which are used as customized raw materials for manufacturing small screws, kitchen supplies, mesh belts, re-stretching wires, and springs. The company was founded in 1995 and is headquartered in Grand Cayman, Cayman Islands.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tong Ming Enterprise Co reported revenue of 12.7B TWD in FY2025 versus 13.2B TWD in FY2021, a compound −1.0%/yr. Reported net income was 608M TWD in FY2025, compounding −19.4%/yr from FY2021.
of which total revenue +8.4 pp · buybacks/dilution −1.8 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).
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Peer Group
Steel · 378 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 Steel 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 Steel stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Tata Steel Limited TTST | $0.2010 | $0.2000 | -0% |
| JSW Steel Limited JSWSTEEL | ₹1,227 | ₹1,140 | -7% |
| Baoshan Iron & Steel Co 600019 | ¥5.89 | ¥8.07 | +37% |
| China Steel Corporation 2002A | 38.55 TWD | 8.74 TWD | -77% |
| POSCO Holdings 005490 | 313,500 KRW | 155,270 KRW | -50% |
| Companhia Siderúrgica Nacional, SID | 13,670 ARS | 15,940 ARS | +17% |
| Jindal Steel Limited JINDALSTEL | ₹1,028 | ₹545.12 | -47% |
| Lloyds Metals and Energy Limited LLOYDSME | ₹1,844 | ₹1,098 | -40% |
| Gerdau S.A GGBN | 83.50 MXN | 42.64 MXN | -49% |
| Ternium S.A TXR | 17,780 ARS | 27,210 ARS | +53% |
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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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