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Changs Ascending Enterprise Co., Ltd. (8038) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Changs Ascending Enterprise Co., Ltd. TWD 14.38, price TWD 32.60, upside -55.9%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Industrials · TW

CA Some data Sep 24, 2026

Changs Ascending Enterprise Co., Ltd.

8038 · TWO

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value 14.38 TWD · Strongly overvalued (−56%)
!Quality 55/100
!Expensive Growth (revenue 3y +42.2 %/yr)
!Thin margins · 7.0% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (4/12)
!Narrow moat 33/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

62.50 TWD 18.00 TWD Fair Value 14.38 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 18.00 TWD – 62.50 TWD · fair‑value band 10.78 TWD – 17.97 TWD · the 32.60 TWD price screens above the 14.38 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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.

Stock analysis

Changs Ascending Enterprise Co., Ltd. (8038) currently trades at 32.60 TWD, while our model-based Fair Value estimate is 14.38 TWD, implying the stock looks roughly 126.7% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 39.48 TWD per share, and 3 of the 15 models we run sit above the 32.60 TWD price.

Bear case: the Asset-Based group reads lowest at 4.97 TWD, and 12 of the 15 models stay below the price. Evidence for this calculation is medium.

Scenario range: 10.78 TWD (bear) to 17.97 TWD (bull), the price of 32.60 TWD sits above 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 55/100 (solid quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Changs Ascending Enterprise Co., Ltd. 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.

Key figures

Market cap 2.0B TWD (≈ $63.8M) · P/E ratio 39.3 · P/S ratio 3.76 · EPS (TTM) 0.8300 TWD · Net margin 9.6% · Return on equity 10.0% · Return on assets (EBIT) −4.2% · Operating margin −6.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).

What moves the price

The share trades about 44% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at −56%, 8038 screens richer than that median.

Fair Value models

Bear 10.78 TWD Fair Value 14.38 TWD Bull 17.97 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 (0.6094 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.
Highest evidence
EPV 8.88 TWD 9.38 TWD 9.79 TWD 71
Owner Earnings 21.38 TWD 37.45 TWD 65.51 TWD 69
EV/EBITDA 13.56 TWD 16.51 TWD 19.46 TWD 67
All 15 models by family
DCF Models
Owner Earnings 21.38 TWD 37.45 TWD 65.51 TWD 69
Earnings-Based
Graham-Dodd 6.23 TWD 43.48 TWD 61.02 TWD 59
Lynch FV 22.46 TWD 32.09 TWD 41.72 TWD 57
PEG = 1.0 22.46 TWD 32.09 TWD 41.72 TWD 53
EPV 8.88 TWD 9.38 TWD 9.79 TWD 71
Multiples
P/E Multiple 11.69 TWD 15.59 TWD 19.48 TWD 63
P/S Multiple 10.78 TWD 14.38 TWD 17.97 TWD 58
P/B Multiple 11.69 TWD 15.59 TWD 19.48 TWD 55
EV/EBIT 12.47 TWD 15.06 TWD 17.64 TWD 66
EV/EBITDA 13.56 TWD 16.51 TWD 19.46 TWD 67
EV/Revenue 11.43 TWD 14.32 TWD 17.20 TWD 54
Asset-Based
NCAV (Graham) 3.71 TWD 4.97 TWD 7.41 TWD 54
Economic Profit
Residual Income 6.23 TWD 6.92 TWD 9.70 TWD 66
ROIC Compounder 9.83 TWD 11.98 TWD 13.06 TWD 67
Growth Earnings
Growth-Adj P/E 27.64 TWD 39.48 TWD 51.32 TWD 63

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Quality Score breakdown

Overall quality 55/100

Of which business quality 50 · Market factors (momentum, volatility) 21

Profitability 37
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 47
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 75
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+237.8%
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.
+42.2%
Profit margin (trend) ⓘ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.
−179.9% (2021) → 7.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: rate outside our plausibility band
not computed

8038 screens 127% overvalued. Compare with Contemporary Amperex Technology Co →

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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.Electrical Equipment & Parts · 552 stocks

Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside −56% · Below median
Profitability
Return on equity (TTM) 10% · Above median
Return on assets 2% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) −6% · Bottom 25%
Growth and dividend
Revenue growth 11% · Below median

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 39.3× · Pricier than median
P/B 4.39× · Pricier than median
P/S (TTM) 2.73× · Pricier than median
EV/EBITDA 25.4× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)53 · sector 58
PAST (return on equity)40 · sector 26
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 23

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

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Contemporary Amperex Technology Co 3750 HK$507.00 HK$816.64 +61%
ABB Ltd ABBN CHF 80.50 CHF 29.56 −63%
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Prysmian S.p.A PRY €122.35 €77.45 −37%
Legrand SA LR €134.60 €82.53 −39%
Sungrow Power Supply Co 300274 ¥88.20 ¥201.23 +128%
Hubbell Incorporated HUBB $463.70 $293.12 −37%
Shenzhen Inovance Technology Co 300124 ¥54.05 ¥47.94 −11%
nVent Electric plc NVT $162.65 $43.54 −73%
HD Hyundai Electric Co 267260 708,000 KRW 778,800 KRW +10%

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Changs Ascending Enterprise Co., Ltd. · Fair Value
14.38 TWD −127%Fair Value
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Cite: Fair Value Calculator (2026). "Changs Ascending Enterprise Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/8038

Frequently asked questions

Is Changs Ascending Enterprise Co., Ltd. (8038) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 14.38 TWD versus a price of 32.60 TWD, about −56% upside (overvalued).
What is the fair value of 8038?
Our model-based fair value for Changs Ascending Enterprise Co., Ltd. is 14.38 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 32.60 TWD.
What is the quality score of 8038?
Changs Ascending Enterprise Co., Ltd. has a Quality Score of 55/100. 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 Changs Ascending Enterprise Co., Ltd. (8038)?
Our model-based price target is the fair value of 14.38 TWD (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 10.78 TWD, optimistic scenario 17.97 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Changs Ascending Enterprise Co., Ltd. stock forecast for 2026?
Our models put fair value at 14.38 TWD, about −56% upside versus a price of 32.60 TWD (overvalued). Cautious scenario 10.78 TWD, optimistic scenario 17.97 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Changs Ascending Enterprise Co., Ltd. (8038)?
Changs Ascending Enterprise Co., Ltd. reported trailing-twelve-month revenue of about 741M TWD (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Changs Ascending Enterprise Co., Ltd. (8038)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Changs Ascending Enterprise Co., Ltd. it is 14.38 TWD per share (as of Sep 24, 2026), against a price of 32.60 TWD. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Changs Ascending Enterprise Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8038 trades above its calculated fair value: price 32.60 TWD, fair value 14.38 TWD, a gap of about −56% (overvalued). 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 8038?
No. The price is what the market pays today (32.60 TWD); the fair value is what the company's own numbers justify (14.38 TWD). For Changs Ascending Enterprise Co., Ltd. the two are 18.22 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Changs Ascending Enterprise Co., Ltd. worth?
The market values Changs Ascending Enterprise Co., Ltd. at about 2.0B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 32.60 TWD; our models calculate a fair value of 14.38 TWD per share.
What do the bullish and bearish scenarios say about 8038?
Our models span a range for Changs Ascending Enterprise Co., Ltd.: cautious scenario 10.78 TWD, base 14.38 TWD, optimistic 17.97 TWD per share (as of Sep 24, 2026, price 32.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8038?
Changs Ascending Enterprise Co., Ltd. trades at a price-to-earnings ratio of 39.3 (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 14.38 TWD is built from several models across several years. Other multiples: P/B 4.4, P/S 2.7, EV/EBITDA 25.4.
How solid is the balance sheet of Changs Ascending Enterprise Co., Ltd. (8038)?
Balance-sheet figures for Changs Ascending Enterprise Co., Ltd. (as of Sep 24, 2026): return on equity 10.0%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 8038 from its 52-week high?
Changs Ascending Enterprise Co., Ltd. trades at 32.60 TWD, about 44% below its 52-week high of 58.50 TWD and 9% above the low of 29.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 14.38 TWD is for.
Which stocks are comparable to Changs Ascending Enterprise Co., Ltd.?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Prysmian S.p.A, 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 Changs Ascending Enterprise Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 32.60 TWD, calculated fair value 14.38 TWD (−56%), Quality Score 55/100, from 15 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 8038 calculated?
We run Changs Ascending Enterprise Co., Ltd. through 15 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 14.38 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. Changs Ascending Enterprise Co., Ltd. itself currently trades above fair value. 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 Changs Ascending Enterprise Co., Ltd. (8038)?
The closing price on Sep 24, 2026 was 32.60 TWD. Our model-based fair value is 14.38 TWD, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Changs Ascending Enterprise Co., Ltd. right now?
The price sits above even our optimistic bull case (17.97 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Changs Ascending Enterprise Co., Ltd.

How large is the market capitalisation of Changs Ascending Enterprise Co., Ltd. (8038)?
The market capitalisation of Changs Ascending Enterprise Co., Ltd. is 2.0B TWD (≈ $63.8M). 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 Changs Ascending Enterprise Co., Ltd. (8038)?
The price-to-sales ratio of Changs Ascending Enterprise Co., Ltd. is 3.76 (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 Changs Ascending Enterprise Co., Ltd. (8038)?
Earnings per share at Changs Ascending Enterprise Co., Ltd. are 0.8300 TWD (price ÷ EPS = P/E 39.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Changs Ascending Enterprise Co., Ltd. (8038)?
The net margin of Changs Ascending Enterprise Co., Ltd. is 9.6% (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 Changs Ascending Enterprise Co., Ltd. (8038)?
The return on equity (ROE) of Changs Ascending Enterprise Co., Ltd. is 10.0% (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 Changs Ascending Enterprise Co., Ltd. (8038)?
On an EBIT basis the return on assets of Changs Ascending Enterprise Co., Ltd. is −4.2% (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 Changs Ascending Enterprise Co., Ltd. (8038)?
The operating margin of Changs Ascending Enterprise Co., Ltd. is −6.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Changs Ascending Enterprise Co., Ltd. (8038)?
Revenue at Changs Ascending Enterprise Co., Ltd. is growing +10.6% versus a year earlier (3y avg +42.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Changs Ascending Enterprise Co., Ltd. (8038) generate?
The free cash flow of Changs Ascending Enterprise Co., Ltd. is −38.0M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Changs Ascending Enterprise Co., Ltd. (8038) carry?
The net debt of Changs Ascending Enterprise Co., Ltd. is 145M TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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