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General Plastic Industrial Co (6128) Fair Value & Analysis

Industrials · TW · Market cap 2.6B TWD

GP General Plastic Industrial Co 6128 · TW
Price20.25 TWD
Fair Value24.79 TWD
Upside+22.4%
Quality47/100
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Mixed Growth
Loss-making · -23.8% net margin
Low debt · generates free cash flow
2.50% dividend yield
Trails peers (4/11)
Narrow moat 19/100
Evidence: High Range 14.83 TWD – 24.79 TWD Share as image

Fair value as of: Jul 21, 2026

From 15 valuation models · updated 20 days ago

Share price −0.5% over the past month.

Below-average quality, screening 22% undervalued on our models.

What matters now

  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 14.83 TWD (bear) to 24.79 TWD (bull), base 24.79 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 47/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

42.70 TWD 18.70 TWD Fair Value 24.79 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 18.70 TWD – 42.70 TWD · fair‑value band 14.83 TWD – 24.79 TWD · the 20.25 TWD price screens below the 24.79 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

General Plastic Industrial Co (6128) currently trades at 20.25 TWD, while our model-based Fair Value estimate is 24.79 TWD, implying the stock looks roughly 22.4% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials 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, General Plastic Industrial Co generated revenue of 5.2B TWD at a net margin of -23.8%. Revenue declined 1.1% year over year. It earns a return on equity of -35.8%. Net debt stands at 2.0B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 14.83 TWD (bear case) to 24.79 TWD (bull case); at 20.25 TWD, the current price sits within 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 34% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -32% fair-value upside, at 22%, 6128 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.

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 13.26 TWD 20.44 TWD 31.49 TWD 80
Rev-Margin DCF 12.36 TWD 19.45 TWD 28.17 TWD 74
ROIC Compounder 11.15 TWD 12.65 TWD 13.94 TWD 72
All 15 models by family
DCF Models
FCF DCF 13.25 TWD 20.86 TWD 32.86 TWD 38
5Y Revenue Exit 12.36 TWD 19.53 TWD 28.97 TWD 39
5Y EBITDA Exit 27.00 TWD 48.44 TWD 74.81 TWD 41
10Y Revenue Exit 12.24 TWD 18.93 TWD 28.56 TWD 36
10Y EBITDA Exit 21.89 TWD 39.14 TWD 64.54 TWD 37
Earnings-Based
EPV 11.15 TWD 12.65 TWD 13.94 TWD 59
Dividend Discount
Gordon GGM 21.96 TWD 43.75 TWD 66.25 TWD 70
DDM Multi-Stage 21.96 TWD 37.81 TWD 46.18 TWD 61
Multiples
EV/EBIT 16.46 TWD 21.40 TWD 26.34 TWD 53
EV/EBITDA 37.69 TWD 49.71 TWD 61.73 TWD 54
EV/Revenue 12.21 TWD 16.75 TWD 21.28 TWD 43
Asset-Based
NCAV (Graham) 10.86 TWD 14.55 TWD 21.72 TWD 50
Growth DCF
Growth DCF 13.26 TWD 20.44 TWD 31.49 TWD 80
Rev-Margin DCF 12.36 TWD 19.45 TWD 28.17 TWD 74
Economic Profit
ROIC Compounder 11.15 TWD 12.65 TWD 13.94 TWD 72

Widest divergence: Dividend Discount (37.81 TWD) versus Earnings-Based (12.65 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.2B TWD
Revenue growth (YoY) -1.1%
Net margin -23.8%
Return on equity -35.8%
Free cash flow 128M TWD FY2025
Operating margin 4.8%
More key figures
EPS (TTM) -9.56 TWD
Dividend yield 2.5%
EPS growth (YoY) -41.7%
Net debt 2.0B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 45 · Market factors (momentum, volatility) 37

Profitability 23
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 87
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

General Plastic Industrial Co., Ltd. engages in the manufacture and sale of toner cartridges of photocopiers, laser printers, and organic photoconductive drum gears. The company offers copier toner cartridge, waste toner container, and remanufactured drum unit; and laser printer toner cartridge products.

Full company description

General Plastic Industrial Co., Ltd. engages in the manufacture and sale of toner cartridges of photocopiers, laser printers, and organic photoconductive drum gears. The company offers copier toner cartridge, waste toner container, and remanufactured drum unit; and laser printer toner cartridge products. It also offers personal protective equipment; and project management and logistics services. In addition, the company is involved in the property trading, land development, and tourist hotel businesses; sale of medical supplies; photocopiers rental business; RD, procurement, and supply planning services; and distribution of cartridges and consumables for printers, photocopiers, and fax and multi-function machines. The company serves the medical, automotive electronics, microelectronics, micro/fiber optics, and emerging technologies sectors. It has operations in Taiwan, the United States, the Netherlands, Italy, Mexico, the United Kingdom, France, Germany, Spain, Brazil, and internationally. The company was incorporated in 1978 and is based in Taichung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

General Plastic Industrial Co reported revenue of 5.3B TWD in FY2025 versus 4.9B TWD in FY2021, a compound +1.6%/yr. Reported net income was −1.2B TWD in FY2025.

Growth Quality 33/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
5.3B TWD
Latest YoY
−4.7%
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.
−2.7%
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.
+4.4%
Avg. growth/yr (22Y) 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.
+7.4%
Revenue +1.6%/yr
FY21 4.9B TWD
FY22 5.7B TWD
FY23 5.3B TWD
FY24 5.5B TWD
FY25 5.3B TWD
Net income
FY21 337M TWD
FY22 679M TWD
FY23 433M TWD
FY24 367M TWD
FY25 −1.2B TWD
Character of growth · EPS growth decomposed (2014-2025) −1.3 % p.a.
Revenue per share +9.2 pp

of which total revenue +13.1 pp · buybacks/dilution −4.0 pp

EBIT margin −10.9 pp
Tax rate +1.1 pp
Residual (interest, one-offs) −0.7 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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Cite: Fair Value Calculator (2026). "General Plastic Industrial Co Fair Value". https://www.fairvalue-calculator.com/stock/6128

Peer Group

Business Equipment & Supplies · 72 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 47 · Below median
Fair Value upside +22% · Above median
Return on assets 1% · Below median
Net margin (TTM) -24% · Bottom 25%
Operating margin (TTM) 5% · Above median
Revenue growth -1% · Below median
Dividend yield (TTM) 2.5% · Below median
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Business Equipment & Supplies median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.6× · Cheaper than median

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 63 · sector 33
FUTURE 0 · sector 18
PAST 0 · sector 21
HEALTH 91 · sector 99
DIVIDEND 50 · sector 52

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 Business Equipment & Supplies stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Ricoh Company RICO ¥15.33 ¥17.99 +17%
GRG Banking Equipment Co 002152 ¥10.08 ¥6.90 -32%
Shanghai M&G Stationery Inc 603899 ¥21.45 ¥30.05 +40%
XGD Inc 300130 ¥19.90 ¥15.67 -21%
DOMS Industries Limited DOMS ₹2,260 ₹782.96 -65%
Hengbao Co 002104 ¥9.20 ¥1.66 -82%
Shaanxi Fenghuo Electronics Co 000561 ¥6.99 ¥1.75 -75%
Shenzhen Comix Group 002301 ¥7.30 ¥3.11 -57%
Shandong New Beiyang Information Technology Co 002376 ¥6.00 ¥1.73 -71%
Qingdao Hiron Commercial Cold Chain Co 603187 ¥11.92 ¥21.12 +77%

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Frequently asked questions

Is General Plastic Industrial Co (6128) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 24.79 TWD versus a price of 20.25 TWD, about +22% (undervalued).
What is the fair value of 6128?
Our model-based fair value for General Plastic Industrial Co is 24.79 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 20.25 TWD.
What is the quality score of 6128?
General Plastic Industrial Co has a Quality Score of 47/100. 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 General Plastic Industrial Co (6128)?
General Plastic Industrial Co reported trailing-twelve-month revenue of about 5.2B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6128?
The net profit margin of General Plastic Industrial Co is about -23.8%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does General Plastic Industrial Co pay a dividend?
General Plastic Industrial Co currently shows a dividend yield of about 2.46% relative to its recent price (as of Jul 21, 2026).

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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