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POYA International Co (5904) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 65.5B TWD

PI POYA International Co 5904 · TWO
Price79.00 TWD
Fair Value8.71 TWD
Upside-89.0%
Quality69/100
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Healthy Growth
Solidly profitable · 12.8% net margin
Low debt · generates free cash flow
4.09% dividend yield
Ranks above peers (9/14)
Wide moat 66/100
Evidence: High Range 6.54 TWD – 10.89 TWD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated yesterday

Share price +21.3% over the past month.

A solid business, but screening 89% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (10.89 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

962,334 TWD 20.84 TWD Fair Value 8.71 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 20.84 TWD – 962,334 TWD · fair‑value band 6.54 TWD – 10.89 TWD · the 79.00 TWD price screens above the 8.71 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

POYA International Co (5904) currently trades at 79.00 TWD, while our model-based Fair Value estimate is 8.71 TWD, implying the stock looks roughly 89.0% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Cyclical 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: high).

Over the trailing twelve months, POYA International Co generated revenue of 26.1B TWD at a net margin of 12.8%. Revenue grew 12.7% year over year. It earns a return on equity of 56.2%. Net debt stands at 270M TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 6.54 TWD (bear case) to 10.89 TWD (bull case); at 79.00 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. For context, the median of 10 Consumer Cyclical peers we cover trades at 25% fair-value upside, at -89%, 5904 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.

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
Growth DCF 74.74 TWD 124.33 TWD 205.95 TWD 80
Residual Income 28.75 TWD 42.30 TWD 476.75 TWD 76
Rev-Margin DCF 43.27 TWD 64.50 TWD 91.25 TWD 74
All 24 models by family
DCF Models
FCF DCF 74.73 TWD 127.22 TWD 215.04 TWD 38
Owner Earnings 77.01 TWD 131.16 TWD 221.77 TWD 31
5Y Revenue Exit 43.27 TWD 64.09 TWD 90.62 TWD 39
5Y EBITDA Exit 71.54 TWD 120.70 TWD 180.80 TWD 41
5Y P/E Exit 64.75 TWD 107.09 TWD 154.01 TWD 38
10Y Revenue Exit 52.63 TWD 75.46 TWD 107.11 TWD 36
10Y EBITDA Exit 72.00 TWD 116.27 TWD 180.52 TWD 37
10Y P/E Exit 67.55 TWD 106.47 TWD 158.71 TWD 35
Earnings-Based
Graham-Dodd 25.79 TWD 107.68 TWD 146.85 TWD 54
Lynch FV 27.26 TWD 38.95 TWD 50.63 TWD 50
PEG = 1.0 27.26 TWD 38.95 TWD 50.63 TWD 46
EPV 40.10 TWD 46.32 TWD 51.77 TWD 59
Multiples
P/E Multiple 62.57 TWD 83.43 TWD 104.29 TWD 63
P/S Multiple 27.50 TWD 36.67 TWD 45.83 TWD 58
P/B Multiple 29.36 TWD 39.14 TWD 48.93 TWD 55
EV/EBIT 65.90 TWD 86.95 TWD 107.99 TWD 53
EV/EBITDA 76.45 TWD 101.00 TWD 125.56 TWD 54
EV/Revenue 28.44 TWD 39.44 TWD 50.44 TWD 43
Asset-Based
NCAV (Graham) 4.89 TWD 6.56 TWD 9.79 TWD 50
Growth DCF
Growth DCF 74.74 TWD 124.33 TWD 205.95 TWD 80
Rev-Margin DCF 43.27 TWD 64.50 TWD 91.25 TWD 74
Economic Profit
Residual Income 28.75 TWD 42.30 TWD 476.75 TWD 76
ROIC Compounder 42.83 TWD 52.87 TWD 64.10 TWD 72
Growth Earnings
Growth-Adj P/E 47.79 TWD 68.27 TWD 88.75 TWD 68

Widest divergence: DCF Models (107.09 TWD) versus Asset-Based (6.56 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 26.1B TWD
Revenue growth (YoY) +12.7%
Net margin 12.8%
Return on equity 56.2%
Free cash flow 4.8B TWD FY2025
P/E ratio 19.7 as of Jul 18, 2026
More key figures
Operating margin 17.4%
EPS (TTM) 31.24 TWD
Dividend yield 4.1%
EPS growth (YoY) +25.6%
Net debt 270M TWD FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 69 · Market factors (momentum, volatility) 70

Profitability 68
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 96
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 75
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.

About the company

POYA International Co., Ltd. operates a chain of retail stores in Taiwan. It offers fashionable beauty and skincare products; underwear and socks; daily necessities; and personal care products. The company was formerly known as POYA Department Store Co., Ltd. and changed its name to POYA International Co., Ltd. in June 2000. POYA International Co., Ltd.

Full company description

POYA International Co., Ltd. operates a chain of retail stores in Taiwan. It offers fashionable beauty and skincare products; underwear and socks; daily necessities; and personal care products. The company was formerly known as POYA Department Store Co., Ltd. and changed its name to POYA International Co., Ltd. in June 2000. POYA International Co., Ltd. was incorporated in 1997 and is based in Tainan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

POYA International Co reported revenue of 25.3B TWD in FY2025 versus 17.5B TWD in FY2021, a compound +9.7%/yr. Reported net income was 3.1B TWD in FY2025, compounding +14.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
25.3B TWD
Latest YoY
+7.2%
Avg. 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.
+9.1%
Avg. 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.
+7.6%
Avg. 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.
+11.3%
Revenue +9.7%/yr
FY21 17.5B TWD
FY22 19.5B TWD
FY23 22.1B TWD
FY24 23.6B TWD
FY25 25.3B TWD
Net income +14.3%/yr
FY21 1.8B TWD
FY22 2.1B TWD
FY23 2.5B TWD
FY24 2.8B TWD
FY25 3.1B TWD
Character of growth · EPS growth decomposed (2012-2023) +15.2 % p.a.
Revenue per share +10.8 pp

of which total revenue +11.0 pp · buybacks/dilution −0.2 pp

EBIT margin +6.2 pp
Tax rate −0.4 pp
Residual (interest, one-offs) −1.3 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).

5904 screens 89% overvalued. Compare with Falabella S.A →

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POYA International Co · Fair Value
8.71 TWD −89%Fair Value
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Cite: Fair Value Calculator (2026). "POYA International Co Fair Value". https://www.fairvalue-calculator.com/stock/5904

Peer Group

Department Stores · 127 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 69 · Top 25%
Fair Value upside −89% · Bottom 25%
Return on equity (TTM) 56% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth 13% · Top 25%
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 19.7× · Cheaper than median
P/B 8.07× · Pricier than 75% of peers
P/S (TTM) 2.51× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than median
EV/EBITDA 12.8× · 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.

VALUE 0 · sector 27
FUTURE 64 · sector 2
PAST 100 · sector 15
HEALTH 92 · sector 96
DIVIDEND 82 · sector 38

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

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Department Stores stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Falabella S.A FALABELLA 6,380 CLP 8,005 CLP +25%
El Puerto de Liverpool, S.A. LIVEPOLC1 99.62 MXN 220.59 MXN +121%
99 Speed Mart Retail Holdings 5326 3.65 MYR 1.59 MYR -56%
Cencosud S.A CENCOSUD 1,949 CLP 2,425 CLP +24%
Vishal Mega Mart Limited VMM ₹107.00 ₹30.46 -72%
SHINSEGAE Inc 004170 399,000 KRW 177,841 KRW -55%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 54.64 MXN +82%
Lotte Shopping Co 023530 97,300 KRW 76,636 KRW -21%
Lojas Renner S.A LREN3 R$11.74 R$33.36 +184%
La Comer, S.A. LACOMERUBC 34.37 MXN 44.99 MXN +31%

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Frequently asked questions

Is POYA International Co (5904) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 8.71 TWD versus a price of 79.00 TWD, about −89% (overvalued).
What is the fair value of 5904?
Our model-based fair value for POYA International Co is 8.71 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price is 79.00 TWD.
What is the quality score of 5904?
POYA International Co has a Quality Score of 69/100. 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 POYA International Co (5904)?
POYA International Co reported trailing-twelve-month revenue of about 26.1B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 5904?
The net profit margin of POYA International Co is about 12.8%, meaning it keeps roughly 12.8% of revenue as net income. Based on the latest reported figures.

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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