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San Neng Group (6671) Fair Value & Analysis

Consumer Defensive · TW · Market cap 1.4B TWD

SN San Neng Group 6671 · TW
Price22.65 TWD
Fair Value39.00 TWD
Upside+72.2%
Quality61/100
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Weak Growth
Thin margins · 7.1% net margin
Low debt · generates free cash flow
5.00% dividend yield
Ranks above peers (12/14)
Narrow moat 41/100
Evidence: High Range 27.48 TWD – 52.92 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −3.1% over the past month.

A solid business, screening 72% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (27.48 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (27.48 TWD to 52.92 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

40.59 TWD 21.80 TWD Fair Value 39.00 TWD Mar 2021 Aug 2026

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 21.80 TWD – 40.59 TWD · fair‑value band 27.48 TWD – 52.92 TWD · the 22.65 TWD price screens below the 39.00 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

San Neng Group (6671) currently trades at 22.65 TWD, while our model-based Fair Value estimate is 39.00 TWD, implying the stock looks roughly 72.2% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Consumer Defensive 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, San Neng Group generated revenue of 1.9B TWD at a net margin of 7.1%. Revenue declined 15.9% year over year. It earns a return on equity of 8.2%. The balance sheet holds a net cash position of 21.9M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 27.48 TWD (bear case) to 52.92 TWD (bull case); at 22.65 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 44% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 72%, 6671 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 22.39 TWD 27.95 TWD 36.85 TWD 80
Residual Income 23.16 TWD 24.54 TWD 25.96 TWD 76
Rev-Margin DCF 25.57 TWD 37.52 TWD 52.27 TWD 74
All 24 models by family
DCF Models
FCF DCF 21.78 TWD 27.62 TWD 37.79 TWD 38
Owner Earnings 25.69 TWD 32.68 TWD 44.82 TWD 31
5Y Revenue Exit 25.57 TWD 36.99 TWD 53.82 TWD 39
5Y EBITDA Exit 31.24 TWD 46.73 TWD 67.48 TWD 41
5Y P/E Exit 28.47 TWD 41.98 TWD 58.30 TWD 38
10Y Revenue Exit 23.10 TWD 31.29 TWD 40.27 TWD 36
10Y EBITDA Exit 26.91 TWD 36.90 TWD 47.83 TWD 37
10Y P/E Exit 25.37 TWD 34.17 TWD 42.75 TWD 35
Earnings-Based
Graham-Dodd 16.11 TWD 21.91 TWD 25.40 TWD 54
EPV 19.11 TWD 21.50 TWD 23.49 TWD 59
Dividend Discount
Gordon GGM 20.20 TWD 21.78 TWD 24.12 TWD 70
DDM Multi-Stage 20.20 TWD 24.53 TWD 29.79 TWD 61
Multiples
P/E Multiple 37.31 TWD 49.75 TWD 62.18 TWD 63
P/S Multiple 30.20 TWD 40.27 TWD 50.34 TWD 58
P/B Multiple 30.20 TWD 40.27 TWD 50.34 TWD 55
EV/EBIT 42.56 TWD 56.21 TWD 69.85 TWD 53
EV/EBITDA 44.63 TWD 58.97 TWD 73.31 TWD 54
EV/Revenue 30.84 TWD 43.36 TWD 55.88 TWD 43
Asset-Based
NCAV (Graham) 14.52 TWD 19.46 TWD 29.05 TWD 50
Growth DCF
Growth DCF 22.39 TWD 27.95 TWD 36.85 TWD 80
Rev-Margin DCF 25.57 TWD 37.52 TWD 52.27 TWD 74
Economic Profit
Residual Income 23.16 TWD 24.54 TWD 25.96 TWD 76
ROIC Compounder 19.11 TWD 21.50 TWD 23.49 TWD 72
Growth Earnings
Growth-Adj P/E 26.35 TWD 37.64 TWD 48.93 TWD 68

Widest divergence: Multiples (43.36 TWD) versus Asset-Based (19.46 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.9B TWD
Revenue growth (YoY) -15.9%
Net margin 7.1%
Return on equity 8.2%
Free cash flow 149M TWD FY2025
P/E ratio 9.9
More key figures
Operating margin 4.5%
EPS (TTM) 2.35 TWD
Dividend yield 5.0%
EPS growth (YoY) -30.6%
Net cash 21.9M TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 61 · Market factors (momentum, volatility) 30

Profitability 49
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 60
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

San Neng Group Holdings Co., LTD., through its subsidiaries, engages in the manufacture, processing, and sale of baking equipment and peripheral products in Taiwan, Mainland China, Japan, and internationally.

Full company description

San Neng Group Holdings Co., LTD., through its subsidiaries, engages in the manufacture, processing, and sale of baking equipment and peripheral products in Taiwan, Mainland China, Japan, and internationally. The company offers baking trays, cake molds, chocolate fork, display tray, plastic basket, cake stand, knife, loaf pan, thermometer, stainless steel measuring, rings, multi links, plastic extruded bag, sieve, spray bottle, brush thin, cutter, measuring cups and spoon, egg separator, bread mold, egg fryer ring, scissors, brush plastic handle, spatula, pastry bag, cooling rack, backing mat, fiberglass sheet, pastry tips, pie and pizza pan, alloy trolley, cake demold paper, baking paper, hamburger and square pan, biscuit sheet, and whisk. It also provides eggbeaters, eggbeaters, flower spouts, squeeze bags, trolleys, imprinting impressions, price clips, as well as flours, pre-mixed powders, fillings, oils, food colorings, and other baking-related food materials. In addition, it provides utensils, shop-front supplies, small household appliances, and kitchen supplies. The company sells its products under the SANNENG and UNOPAN brands. It serves factories, bakeries, pastry studios, bakery product manufacturers, home and baking DIY workshops, and baking classrooms. San Neng Group Holdings Co., LTD. was founded in 1982 and is headquartered in Grand Cayman, the Cayman Islands

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

San Neng Group reported revenue of 2.0B TWD in FY2025 versus 2.1B TWD in FY2021, a compound −0.9%/yr. Reported net income was 144M TWD in FY2025, compounding −9.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.0B TWD
Latest YoY
−2.1%
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.
+2.4%
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.
+0.9%
Avg. growth/yr (10Y) 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 −0.9%/yr
FY21 2.1B TWD
FY22 1.9B TWD
FY23 1.9B TWD
FY24 2.0B TWD
FY25 2.0B TWD
Net income −9.3%/yr
FY21 213M TWD
FY22 148M TWD
FY23 176M TWD
FY24 193M TWD
FY25 144M TWD
Character of growth · EPS growth decomposed (2015-2025) −11.3 % p.a.
Revenue per share −4.5 pp

of which total revenue −0.7 pp · buybacks/dilution −3.8 pp

EBIT margin −7.4 pp
Tax rate −0.9 pp
Residual (interest, one-offs) +1.5 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). "San Neng Group Fair Value". https://www.fairvalue-calculator.com/stock/6671

Peer Group

Household & Personal Products · 244 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 61 · Above median
Fair Value upside +72% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 5% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth -16% · Bottom 25%
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 0.80× · Cheaper than median
P/S (TTM) 0.73× · Cheaper than median
P/FCF 0.3× · Cheaper than median
EV/EBITDA 5.2× · Cheaper 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 100 · sector 28
FUTURE 0 · sector 4
PAST 33 · sector 26
HEALTH 99 · sector 98
DIVIDEND 100 · sector 50

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is San Neng Group (6671) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 39.00 TWD versus a price of 22.65 TWD, about +72% (undervalued).
What is the fair value of 6671?
Our model-based fair value for San Neng Group is 39.00 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 22.65 TWD.
What is the quality score of 6671?
San Neng Group has a Quality Score of 61/100. 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 San Neng Group (6671)?
San Neng Group reported trailing-twelve-month revenue of about 1.9B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6671?
The net profit margin of San Neng Group is about 7.1%, meaning it keeps roughly 7.1% 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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