Rayzher Industrial Co., Ltd (7703) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Rayzher Industrial Co., Ltd TWD 221, price TWD 203, upside +8.9%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Rayzher Industrial Co., Ltd. engages in the provision of engineering services in Taiwan and China.
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Rayzher Industrial Co., Ltd. engages in the provision of engineering services in Taiwan and China. It offers equipment installation services, such as gas hook up, tool installation, and equipment related engineering services; facility system installation and piping services; facility layout planning and installation services; and MEP and basic water and electrical piping services. The company also provides design planning services, including fab pipeline layout design, hook up design, and project management; design, production, and installation of special gas supply equipment; and supply of semiconductor accessory tools, oil-free valve parts, accessories, and equipment-specific consumables. In addition, it is involved in the manufacturing and installation of special gas supply systems; import and export sales of related instruments and materials, spare parts, and other products for semiconductor equipment. The company was founded in 1996 and is headquartered in Zhubei, Taiwan.
Stock analysis
Rayzher Industrial Co., Ltd (7703) currently trades at 203.00 TWD, while our model-based Fair Value estimate is 221.10 TWD, implying the stock looks roughly 8.2% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 194.34 TWD per share, and 5 of the 24 models we run sit above the 203.00 TWD price.
Bear case: the Asset-Based group reads lowest at 41.31 TWD, and 19 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 163.55 TWD (bear) to 273.10 TWD (bull), the price of 203.00 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 68/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Rayzher Industrial Co., Ltd reported revenue of 2.6B TWD in FY2025 versus 1.6B TWD in FY2021, a compound +13.3%/yr. Reported net income was 303M TWD in FY2025, compounding +24.7%/yr from FY2021.
Key figures
Market cap 7.1B TWD (≈ $221M) · P/E ratio 27.3 · P/S ratio 3.23 · EPS (TTM) 7.43 TWD · Dividend yield 3.4% · Net margin 11.8% · Return on equity 12.5% · Return on assets (EBIT) 15.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 9%, 7703 screens cheaper than that median.
Fair Value models
Bear 163.55 TWDFair Value 221.10 TWDBull 273.10 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 (0.3157 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.71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+31.4%
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.
+3.7%
’21
’22
’23
’24
’25
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.
+20.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.1%
Dividend (yield on the price)3.4%
Profit margin 2021 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.11% → 15%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+10.8%
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 +9.1% a year for the price.
Compare Rayzher Industrial Co., Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Engineering & Construction · 839 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+10% · Above median
Profitability
Return on equity (TTM)13% · Above median
Return on assets6% · Top 25%
Net margin (TTM)10% · Top 25%
Operating margin (TTM)11% · Top 25%
Growth and dividend
Revenue growth14% · Above median
Dividend yield (TTM)3.4% · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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Is Rayzher Industrial Co., Ltd (7703) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 221.10 TWD versus a price of 203.00 TWD, about +9% upside (fairly valued).
What is the fair value of 7703?
Our model-based fair value for Rayzher Industrial Co., Ltd is 221.10 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 203.00 TWD.
What is the quality score of 7703?
Rayzher Industrial Co., Ltd has a Quality Score of 68/100. 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 Rayzher Industrial Co., Ltd (7703)?
Our model-based price target is the fair value of 221.10 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 163.55 TWD, optimistic scenario 273.10 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Rayzher Industrial Co., Ltd stock forecast for 2026?
Our models put fair value at 221.10 TWD, about +9% upside versus a price of 203.00 TWD (fairly valued). Cautious scenario 163.55 TWD, optimistic scenario 273.10 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Rayzher Industrial Co., Ltd (7703)?
Rayzher Industrial Co., Ltd reported trailing-twelve-month revenue of about 2.7B TWD (latest available figure, as of Sep 24, 2026).
Does Rayzher Industrial Co., Ltd pay a dividend?
Rayzher Industrial Co., Ltd currently shows a dividend yield of about 3.45% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Rayzher Industrial Co., Ltd (7703)?
For today's price to be fair in a discounted-cash-flow model, Rayzher Industrial Co., Ltd would have to grow free cash flow by +10.8 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +13.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 7703 use?
Our models discount Rayzher Industrial Co., Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.28, 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 Rayzher Industrial Co., Ltd that is +10.8 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Rayzher Industrial Co., Ltd (7703) delivered so far?
Over the past 4 years revenue at Rayzher Industrial Co., Ltd grew +13.4 % a year. The price currently implies +10.8 % 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 Rayzher Industrial Co., Ltd (7703) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Rayzher Industrial Co., Ltd (+10.8 % 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 Rayzher Industrial Co., Ltd (7703)?
The free-cash-flow yield on the price is 5.09 %: that much free cash flow Rayzher Industrial Co., Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Rayzher Industrial Co., Ltd (7703)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Rayzher Industrial Co., Ltd it is 221.10 TWD per share (as of Sep 24, 2026), against a price of 203.00 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Rayzher Industrial Co., Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 7703 trades below its calculated fair value: price 203.00 TWD, fair value 221.10 TWD, a gap of about +9% (fairly valued). 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 7703?
No. The price is what the market pays today (203.00 TWD); the fair value is what the company's own numbers justify (221.10 TWD). For Rayzher Industrial Co., Ltd the two are 18.10 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Rayzher Industrial Co., Ltd worth?
The market values Rayzher Industrial Co., Ltd at about 7.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 203.00 TWD; our models calculate a fair value of 221.10 TWD per share.
What do the bullish and bearish scenarios say about 7703?
Our models span a range for Rayzher Industrial Co., Ltd: cautious scenario 163.55 TWD, base 221.10 TWD, optimistic 273.10 TWD per share (as of Sep 24, 2026, price 203.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 7703?
Rayzher Industrial Co., Ltd trades at a price-to-earnings ratio of 27.3 (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 221.10 TWD is built from several models across several years. Other multiples: P/B 3.3, P/S 2.6, EV/EBITDA 18.5.
How solid is the balance sheet of Rayzher Industrial Co., Ltd (7703)?
Balance-sheet figures for Rayzher Industrial Co., Ltd (as of Sep 24, 2026): return on equity 12.5%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 7703 from its 52-week high?
Rayzher Industrial Co., Ltd trades at 203.00 TWD, about 16% below its 52-week high of 241.40 TWD and 33% above the low of 153.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 221.10 TWD is for.
Which stocks are comparable to Rayzher Industrial Co., Ltd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Rayzher Industrial Co., Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 203.00 TWD, calculated fair value 221.10 TWD (+9%), Quality Score 68/100, from 24 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 7703 calculated?
We run Rayzher Industrial Co., Ltd through 24 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 221.10 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 13.0 % above its aggregate fair value. Rayzher Industrial Co., Ltd currently trades 9 % 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 Rayzher Industrial Co., Ltd (7703)?
The closing price on Sep 24, 2026 was 203.00 TWD. Our model-based fair value is 221.10 TWD, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Rayzher Industrial Co., Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Rayzher Industrial Co., Ltd
How large is the market capitalisation of Rayzher Industrial Co., Ltd (7703)?
The market capitalisation of Rayzher Industrial Co., Ltd is 7.1B TWD (≈ $221M). 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 Rayzher Industrial Co., Ltd (7703)?
The price-to-sales ratio of Rayzher Industrial Co., Ltd is 3.23 (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 Rayzher Industrial Co., Ltd (7703)?
Earnings per share at Rayzher Industrial Co., Ltd are 7.43 TWD (price ÷ EPS = P/E 27.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Rayzher Industrial Co., Ltd (7703)?
The dividend yield of Rayzher Industrial Co., Ltd is 3.4% (payout 94.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Rayzher Industrial Co., Ltd (7703)?
The net margin of Rayzher Industrial Co., Ltd is 11.8% (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 Rayzher Industrial Co., Ltd (7703)?
The return on equity (ROE) of Rayzher Industrial Co., Ltd is 12.5% (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 Rayzher Industrial Co., Ltd (7703)?
On an EBIT basis the return on assets of Rayzher Industrial Co., Ltd is 15.0% (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 Rayzher Industrial Co., Ltd (7703)?
The operating margin of Rayzher Industrial Co., Ltd is 11.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Rayzher Industrial Co., Ltd (7703)?
Revenue at Rayzher Industrial Co., Ltd is growing +13.8% versus a year earlier (3y avg +3.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Rayzher Industrial Co., Ltd (7703)?
Earnings per share at Rayzher Industrial Co., Ltd are growing −13.4% versus a year earlier. How much earnings per share grew versus a year earlier.
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