Wah Hong Industrial (8240) Fair Value & Analysis

Technology · TW · Market cap 4.3B TWD (≈ $135M) · ISIN TW0008240003

What is Wah Hong Industrial really worth?

WH Wah Hong Industrial 8240 · TWO

Price51.50 TWD

Fair Value44.94 TWD

Upside−12.7%

Quality59/100

A solid business, but trading 15% above our fair value of 44.94 TWD.

As of Sep 5, 2026, the fair value of Wah Hong Industrial is 44.94 TWD per share against a price of 51.50 TWD, so the fair value sits 13% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −7.1 %/yr)

!Thin margins · 2.7% net margin

!Mixed vs. peers (8/14)

!Narrow moat 34/100

!Weak on valuation: 16 out of 100

!Weak on past: 16 out of 100

For context

·2.52% dividend yield

Evidence: High Range 34.12 TWD – 58.82 TWD

Fair value as of: Sep 5, 2026

From 24 valuation models · updated yesterday

Share price +30.2% over the past month.

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 →

What matters now

Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
The price sits in the upper half of our model range, so the margin of safety is thin.
The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range 23.01 TWD – 74.80 TWD · fair‑value band 34.12 TWD – 58.82 TWD · the 51.50 TWD price screens above the 44.94 TWD fair value. Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Wah Hong Industrial (8240) currently trades at 51.50 TWD, while our model-based Fair Value estimate is 44.94 TWD, implying the stock looks roughly 14.6% overvalued today. The Quality Score stands at 59/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 47.14 TWD per share, and 6 of the 24 models we run sit above the 51.50 TWD price. Bear case: the Dividend Discount group reads lowest at 15.31 TWD, and 18 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Wah Hong Industrial generated revenue of 6.9B TWD at a net margin of 2.7%. Revenue declined 14.5% year over year. It earns a return on equity of 4.0%. Net debt stands at 626M TWD. Fundamentals as of Sep 5, 2026

Our scenario range runs from 34.12 TWD (bear case) to 58.82 TWD (bull case); at 51.50 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 37% below its 52-week high and 82% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at −13%, 8240 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.5799 TWD per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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

FCF DCF 29.80 TWD 38.09 TWD 52.98 TWD 81

Growth DCF 30.75 TWD 38.75 TWD 51.98 TWD 80

Owner Earnings 38.71 TWD 50.27 TWD 71.01 TWD 77

All 24 models by family

DCF Models

FCF DCF 29.80 TWD 38.09 TWD 52.98 TWD 81

Owner Earnings 38.71 TWD 50.27 TWD 71.01 TWD 77

5Y Revenue Exit 31.51 TWD 43.34 TWD 60.54 TWD 73

5Y EBITDA Exit 56.16 TWD 86.00 TWD 125.52 TWD 75

5Y P/E Exit 39.73 TWD 57.57 TWD 78.84 TWD 71

10Y Revenue Exit 29.94 TWD 38.54 TWD 47.81 TWD 68

10Y EBITDA Exit 45.27 TWD 64.33 TWD 85.08 TWD 69

10Y P/E Exit 35.52 TWD 47.14 TWD 58.31 TWD 65

Earnings-Based

Graham-Dodd 14.83 TWD 18.13 TWD 20.40 TWD 67

EPV 28.60 TWD 31.99 TWD 34.92 TWD 74

Dividend Discount

Gordon GGM 14.05 TWD 15.31 TWD 17.22 TWD 69

DDM Multi-Stage 14.05 TWD 17.36 TWD 21.88 TWD 67

Multiples

P/E Multiple 45.81 TWD 61.08 TWD 76.35 TWD 63

P/S Multiple 27.81 TWD 37.08 TWD 46.35 TWD 58

P/B Multiple 27.81 TWD 37.08 TWD 46.35 TWD 55

EV/EBIT 62.18 TWD 80.53 TWD 98.88 TWD 66

EV/EBITDA 84.87 TWD 110.79 TWD 136.70 TWD 67

EV/Revenue 34.96 TWD 46.88 TWD 58.81 TWD 54

Asset-Based

NCAV (Graham) 22.78 TWD 30.52 TWD 45.55 TWD 54

Growth DCF

Growth DCF 30.75 TWD 38.75 TWD 51.98 TWD 80

Rev-Margin DCF 31.51 TWD 43.89 TWD 59.00 TWD 73

Economic Profit

Residual Income 34.52 TWD 34.98 TWD 32.94 TWD 76

ROIC Compounder 28.60 TWD 31.99 TWD 34.92 TWD 72

Growth Earnings

Growth-Adj P/E 32.04 TWD 45.77 TWD 59.51 TWD 67

Widest divergence: DCF Models (47.14 TWD) versus Dividend Discount (15.31 TWD). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 24.0

P/S ratio 0.73 P/E × margin

EPS (TTM) 2.15 TWD price ÷ EPS = P/E 24.0

Dividend yield 2.5% payout 60.5%

Net margin 3.1% FY2025

Return on equity 4.0% TTM

More key figures

Profitability

Return on assets (EBIT) 4.7% avg 5y

Operating margin 3.4% TTM

Growth

Revenue (TTM) 6.9B TWD TTM

Revenue growth (YoY) −14.5% 3y avg −8.1%

EPS growth (YoY) −46.7%

Balance sheet & cash flow

Free cash flow 245M TWD FY2025

Net debt 626M TWD FY2023 · ≈ 2.6 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 52

Profitability 37

Margins and returns on capital today

Quality Growth 34

Are margins and returns improving?

Cashflow 48

Earnings quality: real cash, not paper profit

Fin. Strength 71

Balance sheet, leverage, solvency risk

Investment 94

Disciplined investing over empire-building

Low Volatility 57

Calm price path (market factor)

Momentum 46

Price trend over the last 3–12 months (market factor)

52W Momentum 56

Distance to the 52-week high (market factor)

Net Issuance 84

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Full company description

Wah Hong Industrial Corp. manufactures and sells LCD materials, including diffusing film, reflective film, and optical films, as well as bulk molding compound (BMC) materials and molded products in Taiwan, China, and internationally. The company offers opto-electronics material comprising optical film, optical plate, and touch panel material; and precise coating products, such as protective film, screen protector, ASF, thermal and UV release tapes, QFN tape, OEM/ODM coating service, surface coating, and adhesive formulation. It also provides BMC bulk molding materials, granular thermoset molding materials, functional engineering plastics, composite materials, functional engineering plastics, lithium battery materials and cells, lithium battery module, and power module packaging materials. In addition, the company offers graphite thermal sheet, microcrystal copper, solid air heat insulation sheet, heat pipe / vapor chambers / 3D VC, air thermal module, liquid cooling module, and PCI chamber module; and precision processing products, such as G2 retainer rings, contour Cu and Oxi, UTE inner ring and outer ring, EVO (B&C) retainer ring, and roller housing and idler rollers. It serves sporting goods, automobile, communication, and electronics industries. The company was formerly known as Wah Hong Chemical Corp. and changed its name to Wah Hong Industrial Corp. in 1997. Wah Hong Industrial Corp. was incorporated in 1973 and is headquartered in Kaohsiung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Wah Hong Industrial reported revenue of 7.1B TWD in FY2025 versus 11.0B TWD in FY2021, a compound −10.2%/yr. Reported net income was 218M TWD in FY2025, compounding −15.6%/yr from FY2021.

Growth Quality 40/100

Revenue growth is weak, negative or inconsistent.

Latest Revenue (FY 2025)

7.1B TWD

Latest YoY

−5.0%

Avg. revenue 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.

−8.1%

Avg. revenue 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.

−7.1%

Avg. revenue growth/yr (16Y) ⓘ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.

+0.4%

Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.

+2.5% · in TWD

Earnings growth per share plus dividend yield: the value created per share and year.

Earnings growth per share+0.0%

Dividend yield2.5%

Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 0.0% vs 10Y 8.7%, flattening

Operating margin (EBIT) ⓘ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.3.5% (2020) → 4.3% (2025) · steady

Worst earnings drop460% (2016) (loss year, drop beyond 100%) · in TWD

⚠ Revenue per share shrinking 3.9%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

Revenue −10.2%/yr

FY21 11.0B TWD

FY22 9.2B TWD

FY23 7.5B TWD

FY24 7.5B TWD

FY25 7.1B TWD

Net income −15.6%/yr

FY21 430M TWD

FY22 262M TWD

FY23 202M TWD

FY24 301M TWD

FY25 218M TWD

Character of growth · EPS growth decomposed (2012-2023) +4.7 % p.a.

Revenue per share −2.6 %

of which total revenue −2.6 % · buybacks/dilution +0.0 %

EBIT margin +6.2 %

Tax rate +0.7 %

Residual (interest, one-offs) +0.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

8240 screens 15% overvalued. Compare with Amphenol Corporation →

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Wah Hong Industrial · Fair Value
44.94 TWD −15%Fair Value
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Cite: Fair Value Calculator (2026). "Wah Hong Industrial Fair Value". https://www.fairvalue-calculator.com/stock/8240.TWO

Peer Group

Electronic Components · 638 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 59 · Above median

Fair Value upside −13% · Above median

Return on equity (TTM) 4% · Below median

Return on assets 2% · Below median

Net margin (TTM) 3% · Below median

Operating margin (TTM) 3% · Below median

Revenue growth −15% · Bottom 25%

Dividend yield (TTM) 2.5% · Top 25%

Debt / equity 0.10× · Higher than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 24.0× · Cheaper than median

P/B 0.94× · Cheaper than 75% of peers

P/S (TTM) 0.62× · Cheaper than median

P/FCF 0.5× · Cheaper than median

EV/EBITDA 7.6× · Cheaper than 75% of peers

Strength profile in five axes (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.

This stock

Sector peers

VALUE16 · sector 0

FUTURE0 · sector 40

PAST16 · sector 25

HEALTH95 · sector 95

DIVIDEND50 · sector 24

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

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock	Price	Fair Value	vs Fair Value
Amphenol Corporation APH	$157.74	$97.19	−38%
Corning Incorporated GLW	CHF 134.64	CHF 35.18	−74%
Delta Electronics, Inc 2308	1,750 TWD	602.37 TWD	−66%
Luxshare Precision Industry Co 002475	¥56.06	¥38.44	−31%
Samsung Electro-Mechanics Co 009150	1,503,000 KRW	172,954 KRW	−88%
Suzhou Dongshan Precision Manufacturing Co 002384	¥202.11	¥21.19	−90%
TE Connectivity plc TEL	$202.66	$144.42	−29%
Shengyi Technology Co 600183	¥132.80	¥36.30	−73%
Flex Ltd FLEX	$124.53	$48.10	−61%
Celestica Inc CLS	$298.70	$113.54	−62%

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Frequently asked questions

Is Wah Hong Industrial (8240) overvalued or undervalued?

As of Sep 5, 2026, our model estimates a fair value of 44.94 TWD versus a price of 51.50 TWD, about −13% upside (overvalued).

What is the fair value of 8240?

Our model-based fair value for Wah Hong Industrial is 44.94 TWD (as of Sep 5, 2026), built from audited fundamentals. The current price: 51.50 TWD.

What is the quality score of 8240?

Wah Hong Industrial has a Quality Score of 59/100. 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 Wah Hong Industrial (8240)?

Our model-based price target is the fair value of 44.94 TWD (as of Sep 5, 2026) from 24 valuation models. Cautious scenario 34.12 TWD, optimistic scenario 58.82 TWD. It is a calculation from audited fundamentals, not an analyst target.

What is the Wah Hong Industrial stock forecast for 2026?

Our models put fair value at 44.94 TWD, about −13% upside versus a price of 51.50 TWD (overvalued). Cautious scenario 34.12 TWD, optimistic scenario 58.82 TWD. The calculation is refreshed regularly with new filings.

What is the revenue of Wah Hong Industrial (8240)?

Wah Hong Industrial reported trailing-twelve-month revenue of about 6.9B TWD (latest available figure, as of Sep 5, 2026).

What is the net profit margin of 8240?

The net profit margin of Wah Hong Industrial is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.

Does Wah Hong Industrial pay a dividend?

Wah Hong Industrial currently shows a dividend yield of about 2.52% relative to its recent price (as of Sep 5, 2026).

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