Sea & Land Integrated Co (5603) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Sea & Land Integrated Co TWD 18.11, price TWD 13.55, upside +33.7%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Sea & Land Integrated Corp. engages in the transportation business in Taiwan. The company engages in operation of automobile container freight; shipping; warehousing; crane and forklift installation; crane engineering contracting; import and export of spirits; and food products, as well as operates gas station and CNG station.
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Sea & Land Integrated Corp. engages in the transportation business in Taiwan. The company engages in operation of automobile container freight; shipping; warehousing; crane and forklift installation; crane engineering contracting; import and export of spirits; and food products, as well as operates gas station and CNG station. It offers inland container transportation. In addition, it is involved in the heavy cargo transport; inland container transportation; and diversified businesses. The company was formerly known as Sea & Land Transportation Service Inc. and changed its name to Sea & Land Integrated Corp. in April 1999. Sea & Land Integrated Corp. was founded in 1973 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Sea & Land Integrated Co (5603) currently trades at 13.55 TWD, while our model-based Fair Value estimate is 18.11 TWD, implying the stock looks roughly 25.2% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 12.09 TWD per share, and 1 of the 18 models we run sit above the 13.55 TWD price.
Bear case: the Earnings-Based group reads lowest at 3.30 TWD, and 17 of the 18 models stay below the price. Evidence for this calculation is low.
Scenario range: 12.95 TWD (bear) to 18.11 TWD (bull), the price of 13.55 TWD sits inside 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 52/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Sea & Land Integrated Co reported revenue of 1.4B TWD in FY2025 versus 2.0B TWD in FY2021, a compound −9.1%/yr. Reported net income was 41.6M TWD in FY2025, compounding −51.3%/yr from FY2021.
Key figures
Market cap 1.4B TWD (≈ $44.7M) · P/E ratio 33.9 · P/S ratio 1.04 · EPS (TTM) 0.4000 TWD · Net margin 3.1% · Return on equity 2.3% · Return on assets (EBIT) 9.6% · Operating margin −1.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 32% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 34%, 5603 screens cheaper than that median.
Fair Value models
Bear 12.95 TWDFair Value 18.11 TWDBull 18.11 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 (0.2937 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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−25.4%
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.
−11.5%
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.
−4.9%
Start year 2020 (pandemic)
Revenue growth 8 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.
−37.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−37.1%
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.9% → 0%
⚠ Revenue per share shrinking 4.0%/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.
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).
+7.7%
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 +6.0% a year for the price.
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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.Integrated Freight & Logistics · 217 stocks
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Cite: Fair Value Calculator (2026). "Sea & Land Integrated Co Fair Value". https://www.fairvalue-calculator.com/stock/5603
Frequently asked questions
Is Sea & Land Integrated Co (5603) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 18.11 TWD versus a price of 13.55 TWD, about +34% upside (undervalued).
What is the fair value of 5603?
Our model-based fair value for Sea & Land Integrated Co is 18.11 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 13.55 TWD.
What is the quality score of 5603?
Sea & Land Integrated Co has a Quality Score of 52/100. 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 Sea & Land Integrated Co (5603)?
Our model-based price target is the fair value of 18.11 TWD (as of Sep 24, 2026) from 18 valuation models. Cautious scenario 12.95 TWD, optimistic scenario 18.11 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Sea & Land Integrated Co stock forecast for 2026?
Our models put fair value at 18.11 TWD, about +34% upside versus a price of 13.55 TWD (undervalued). Cautious scenario 12.95 TWD, optimistic scenario 18.11 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Sea & Land Integrated Co (5603)?
Sea & Land Integrated Co reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Sea & Land Integrated Co (5603)?
For today's price to be fair in a discounted-cash-flow model, Sea & Land Integrated Co would have to grow free cash flow by +7.7 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5603 use?
Our models discount Sea & Land Integrated Co at 9.0 %: a base by market capitalisation (nano), damped by beta 0.26, 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 Sea & Land Integrated Co that is +7.7 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Sea & Land Integrated Co (5603) delivered so far?
Over the past 5 years revenue at Sea & Land Integrated Co grew -4.9 % a year. The price currently implies +7.7 % 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 Sea & Land Integrated Co (5603) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Sea & Land Integrated Co (+7.7 % 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 Sea & Land Integrated Co (5603)?
The free-cash-flow yield on the price is 6.04 %: that much free cash flow Sea & Land Integrated Co produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sea & Land Integrated Co (5603)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sea & Land Integrated Co it is 18.11 TWD per share (as of Sep 24, 2026), against a price of 13.55 TWD. It is the blended result of 18 valuation models (cash flow, earnings, asset, dividend).
Is Sea & Land Integrated Co stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5603 trades below its calculated fair value: price 13.55 TWD, fair value 18.11 TWD, a gap of about +34% (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 5603?
No. The price is what the market pays today (13.55 TWD); the fair value is what the company's own numbers justify (18.11 TWD). For Sea & Land Integrated Co the two are 4.56 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Sea & Land Integrated Co worth?
The market values Sea & Land Integrated Co at about 1.4B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 13.55 TWD; our models calculate a fair value of 18.11 TWD per share.
What do the bullish and bearish scenarios say about 5603?
Our models span a range for Sea & Land Integrated Co: cautious scenario 12.95 TWD, base 18.11 TWD, optimistic 18.11 TWD per share (as of Sep 24, 2026, price 13.55 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5603?
Sea & Land Integrated 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 18.11 TWD is built from several models across several years. Other multiples: P/B 0.8, P/S 1.0, EV/EBITDA 13.9.
How solid is the balance sheet of Sea & Land Integrated Co (5603)?
Balance-sheet figures for Sea & Land Integrated Co (as of Sep 24, 2026): return on equity 2.3%, debt of 0.06 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 5603 from its 52-week high?
Sea & Land Integrated Co trades at 13.55 TWD, about 32% below its 52-week high of 19.80 TWD and 1% above the low of 13.45 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 18.11 TWD is for.
Which stocks are comparable to Sea & Land Integrated Co?
From the same area (Industrials) we also value United Parcel Service, Inc, FedEx Corporation, Deutsche Post AG, DSV A/S, 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 Sea & Land Integrated Co stock attractive at the current price?
The data as of Sep 24, 2026: price 13.55 TWD, calculated fair value 18.11 TWD (+34%), Quality Score 52/100, from 18 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 5603 calculated?
We run Sea & Land Integrated Co through 18 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 18.11 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 14.0 % above its aggregate fair value. Sea & Land Integrated Co currently trades 34 % 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 Sea & Land Integrated Co (5603)?
The closing price on Sep 24, 2026 was 13.55 TWD. Our model-based fair value is 18.11 TWD, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sea & Land Integrated Co right now?
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 quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Sea & Land Integrated Co
How large is the market capitalisation of Sea & Land Integrated Co (5603)?
The market capitalisation of Sea & Land Integrated Co is 1.4B TWD (≈ $44.7M). 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 Sea & Land Integrated Co (5603)?
The price-to-sales ratio of Sea & Land Integrated Co is 1.04 (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 Sea & Land Integrated Co (5603)?
Earnings per share at Sea & Land Integrated Co are 0.4000 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 Sea & Land Integrated Co (5603)?
The net margin of Sea & Land Integrated Co is 3.1% (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 Sea & Land Integrated Co (5603)?
The return on equity (ROE) of Sea & Land Integrated Co is 2.3% (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 Sea & Land Integrated Co (5603)?
On an EBIT basis the return on assets of Sea & Land Integrated Co is 9.6% (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 Sea & Land Integrated Co (5603)?
The operating margin of Sea & Land Integrated Co is −1.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast are earnings growing at Sea & Land Integrated Co (5603)?
Earnings per share at Sea & Land Integrated Co are growing −51.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sea & Land Integrated Co (5603) carry?
The net debt of Sea & Land Integrated Co is 318M TWD (fiscal year 2025, ≈ 3.7 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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