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Ya Horng Electronic Co (6201) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 4.4B TWD

YH Ya Horng Electronic Co 6201 · TW
Price45.45 TWD
Fair Value55.26 TWD
Upside+21.6%
Quality67/100
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Weak Growth
Thin margins · 9.1% net margin
Low debt · generates free cash flow
6.60% dividend yield
Ranks above peers (10/14)
Moderate moat 54/100
Evidence: High Range 41.79 TWD – 81.74 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price −5.7% over the past month.

A solid business, screening 22% undervalued on our models.

What matters now

  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (41.79 TWD to 81.74 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

66.40 TWD 33.87 TWD Fair Value 55.26 TWD Feb 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 33.87 TWD – 66.40 TWD · fair‑value band 41.79 TWD – 81.74 TWD · the 45.45 TWD price screens below the 55.26 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Ya Horng Electronic Co (6201) currently trades at 45.45 TWD, while our model-based Fair Value estimate is 55.26 TWD, implying the stock looks roughly 21.6% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical 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, Ya Horng Electronic Co generated revenue of 3.2B TWD at a net margin of 9.1%. Revenue declined 12.8% year over year. It earns a return on equity of 11.2%. The balance sheet holds a net cash position of 527M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 41.79 TWD (bear case) to 81.74 TWD (bull case); at 45.45 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 28% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 16% fair-value upside, at 22%, 6201 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 36.85 TWD 47.14 TWD 64.20 TWD 80
Residual Income 28.82 TWD 32.73 TWD 49.26 TWD 76
Rev-Margin DCF 35.32 TWD 49.45 TWD 66.75 TWD 74
All 24 models by family
DCF Models
FCF DCF 35.61 TWD 46.30 TWD 65.48 TWD 38
Owner Earnings 43.97 TWD 57.71 TWD 82.37 TWD 31
5Y Revenue Exit 35.32 TWD 48.74 TWD 68.24 TWD 39
5Y EBITDA Exit 42.05 TWD 60.38 TWD 84.66 TWD 41
5Y P/E Exit 49.57 TWD 73.39 TWD 101.79 TWD 38
10Y Revenue Exit 34.44 TWD 44.27 TWD 54.81 TWD 36
10Y EBITDA Exit 39.21 TWD 51.30 TWD 64.23 TWD 37
10Y P/E Exit 43.68 TWD 59.17 TWD 74.06 TWD 35
Earnings-Based
Graham-Dodd 25.25 TWD 30.86 TWD 34.71 TWD 54
EPV 37.84 TWD 42.80 TWD 47.08 TWD 59
Dividend Discount
Gordon GGM 35.13 TWD 38.29 TWD 43.06 TWD 70
DDM Multi-Stage 35.13 TWD 43.41 TWD 54.71 TWD 61
Multiples
P/E Multiple 61.26 TWD 81.68 TWD 102.10 TWD 63
P/S Multiple 33.57 TWD 44.76 TWD 55.95 TWD 58
P/B Multiple 47.34 TWD 63.11 TWD 78.89 TWD 55
EV/EBIT 65.33 TWD 84.97 TWD 104.61 TWD 53
EV/EBITDA 53.04 TWD 68.59 TWD 84.14 TWD 54
EV/Revenue 37.73 TWD 51.16 TWD 64.59 TWD 43
Asset-Based
NCAV (Graham) 15.79 TWD 21.15 TWD 31.57 TWD 50
Growth DCF
Growth DCF 36.85 TWD 47.14 TWD 64.20 TWD 80
Rev-Margin DCF 35.32 TWD 49.45 TWD 66.75 TWD 74
Economic Profit
Residual Income 28.82 TWD 32.73 TWD 49.26 TWD 76
ROIC Compounder 37.84 TWD 43.91 TWD 50.28 TWD 72
Growth Earnings
Growth-Adj P/E 43.18 TWD 61.69 TWD 80.20 TWD 68

Widest divergence: Multiples (63.11 TWD) versus Asset-Based (21.15 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.2B TWD
Revenue growth (YoY) -12.8%
Net margin 9.1%
Return on equity 11.2%
Free cash flow 281M TWD FY2025
P/E ratio 13.3
More key figures
Operating margin 10.4%
EPS (TTM) 3.69 TWD
Dividend yield 6.6%
EPS growth (YoY) -39.6%
Net cash 527M TWD FY2025

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 39

Profitability 53
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 83
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

Ya Horng Electronic Co., Ltd. manufactures and sells audio products, household appliances, electronic component, and medical equipment products in Taiwan, the United States, Japan, France, Canada, China, and internationally.

Full company description

Ya Horng Electronic Co., Ltd. manufactures and sells audio products, household appliances, electronic component, and medical equipment products in Taiwan, the United States, Japan, France, Canada, China, and internationally. The company offers CD/MP3 players, audio mixers, amplifiers, turntables, and media controllers; appliances, such as blenders, juicers, food processors, desiccants, dehumidifiers, air purifiers, coffee makers, and kitchen masters; and health care products, that includes blood pressure monitors, wearable ECGs, thermometers, pro biometric scale, and oral care products, as well as SONU for the relief of moderate to severe nasal congestion due to allergic and non-allergic rhinitis. It also engages in general investment; production and sale of electricity; provision of sub-products and household products; and electrical appliances business. Ya Horng Electronic Co., Ltd. was founded in 1972 and is headquartered in Tainan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ya Horng Electronic Co reported revenue of 3.3B TWD in FY2025 versus 3.9B TWD in FY2021, a compound −4.0%/yr. Reported net income was 331M TWD in FY2025, compounding +2.4%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.3B TWD
Latest YoY
+0.3%
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.
+3.4%
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.
−1.1%
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.
+0.6%
Revenue −4.0%/yr
FY21 3.9B TWD
FY22 3.0B TWD
FY23 3.4B TWD
FY24 3.3B TWD
FY25 3.3B TWD
Net income +2.4%/yr
FY21 301M TWD
FY22 332M TWD
FY23 413M TWD
FY24 418M TWD
FY25 331M TWD
Character of growth · EPS growth decomposed (2014-2025) +6.5 % p.a.
Revenue per share −0.1 pp

of which total revenue −0.1 pp · buybacks/dilution +0.0 pp

EBIT margin +8.4 pp
Tax rate +0.0 pp
Residual (interest, one-offs) −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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Cite: Fair Value Calculator (2026). "Ya Horng Electronic Co Fair Value". https://www.fairvalue-calculator.com/stock/6201

Peer Group

Furnishings, Fixtures & Appliances · 311 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 67 · Top 25%
Fair Value upside +22% · Above median
Return on equity (TTM) 11% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 10% · Top 25%
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 6.6% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Furnishings, Fixtures & Appliances median · lower = cheaper

P/E (TTM) 13.3× · Cheaper than median
P/B 1.56× · Pricier than median
P/S (TTM) 1.36× · Pricier than median
P/FCF 0.5× · Cheaper than 75% of peers
EV/EBITDA 9.6× · Pricier 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 62 · sector 22
FUTURE 0 · sector 0
PAST 45 · sector 19
HEALTH 100 · sector 97
DIVIDEND 100 · sector 49

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 Furnishings, Fixtures & Appliances stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Midea Group 000333 ¥82.71 ¥107.22 +30%
Gree Electric Appliances, Inc 000651 ¥38.25 ¥88.02 +130%
Haier Smart Home Co 600690 ¥21.46 ¥36.04 +68%
King Slide Works Co 2059 8,655 TWD 1,917 TWD -78%
Guangdong Songfa Ceramics Co 603268 ¥155.59 ¥38.95 -75%
SharkNinja, Inc SN $154.53 $89.07 -42%
Hisense Home Appliances Group 000921 ¥26.33 ¥48.03 +82%
Zhejiang Supor Co 002032 ¥43.85 ¥44.84 +2%
Ecovacs Robotics Co 603486 ¥58.97 ¥54.14 -8%
COWAY Co 021240 96,700 KRW 112,530 KRW +16%

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Frequently asked questions

Is Ya Horng Electronic Co (6201) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 55.26 TWD versus a price of 45.45 TWD, about +22% (undervalued).
What is the fair value of 6201?
Our model-based fair value for Ya Horng Electronic Co is 55.26 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 45.45 TWD.
What is the quality score of 6201?
Ya Horng Electronic Co has a Quality Score of 67/100. 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 Ya Horng Electronic Co (6201)?
Ya Horng Electronic Co reported trailing-twelve-month revenue of about 3.2B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6201?
The net profit margin of Ya Horng Electronic Co is about 9.1%, meaning it keeps roughly 9.1% of revenue as net income. Based on the latest reported figures.
Does Ya Horng Electronic Co pay a dividend?
Ya Horng Electronic Co currently shows a dividend yield of about 6.60% 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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