Changs Ascending Enterprise Co (8038) Fair Value & Analysis
Industrials · TW · Market cap 2.3B TWD
Fair value as of: Jul 21, 2026
From 15 valuation models · updated 20 days ago
Fair value updated Jul 21, 2026, revised from 17.03 TWD to 16.98 TWD (−0.3%) since Jul 12, 2026. Share price −26.0% over the past month.
A solid business, but screening 48% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (19.78 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
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 18.00 TWD – 62.50 TWD · fair‑value band 12.26 TWD – 19.78 TWD · the 32.85 TWD price screens above the 16.98 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Changs Ascending Enterprise Co (8038) currently trades at 32.85 TWD, while our model-based Fair Value estimate is 16.98 TWD, implying the stock looks roughly 48.3% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Industrials 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: medium).
Over the trailing twelve months, Changs Ascending Enterprise Co generated revenue of 724M TWD at a net margin of 11.6%. It earns a return on equity of 16.0%. Net debt stands at 145M TWD. The stock trades on a trailing P/E of 45.0. Fundamentals as of Jul 21, 2026
Our scenario range runs from 12.26 TWD (bear case) to 19.78 TWD (bull case); at 32.85 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. The share trades about 48% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -48%, 8038 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.
All 15 models by family
Widest divergence: DCF Models (48.38 TWD) versus Asset-Based (4.97 TWD). Highest evidence: ROIC Compounder (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 23
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
Changs Ascending Enterprise Co., Ltd. engages in the research and development, manufacturing, and sale of lithium-iron batteries and its materials in Taiwan. The company offers power and energy storage batteries. It is also involved in the patent licensing; technology transfer; and leasing and sales of battery module.
Full company description
Changs Ascending Enterprise Co., Ltd. engages in the research and development, manufacturing, and sale of lithium-iron batteries and its materials in Taiwan. The company offers power and energy storage batteries. It is also involved in the patent licensing; technology transfer; and leasing and sales of battery module. The company was formerly known as Changs Enterprise Co., Ltd. and changed its name to Changs Ascending Enterprise Co., Ltd. in July 2000. Changs Ascending Enterprise Co., Ltd. was founded in 1997 and is based in Taichung, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Changs Ascending Enterprise Co reported revenue of 597M TWD in FY2025 versus 66.3M TWD in FY2021, a compound +73.2%/yr. Reported net income was 57.1M TWD in FY2025.
8038 screens 48% overvalued. Compare with Contemporary Amperex Technology Co →
Peer Group
Electrical Equipment & Parts · 526 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.
Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper
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: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Contemporary Amperex Technology Co 3750 | HK$675.50 | HK$391.44 | -42% |
| ABB Ltd ABBN | CHF 83.82 | CHF 35.46 | -58% |
| Delta Electronics (Thailand) Public Company TDED | 10.16 SGD | 1.47 SGD | -86% |
| LG Energy Solution, Ltd 373220 | 334,000 KRW | 201,455 KRW | -40% |
| WEG S.A WEGE3 | 13,210 ARS | 7,948 ARS | -40% |
| Sungrow Power Supply Co 300274 | ¥114.79 | ¥123.83 | +8% |
| Shenzhen Inovance Technology Co 300124 | ¥63.43 | ¥33.04 | -48% |
| HD Hyundai Electric Co 267260 | 823,000 KRW | 371,133 KRW | -55% |
| LS ELECTRIC Co 010120 | 190,000 KRW | 31,517 KRW | -83% |
| Sieyuan Electric Co 002028 | ¥151.73 | ¥71.69 | -53% |
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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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