Bai Sha Technology Co Ltd (8401) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Bai Sha Technology Co Ltd TWD 27.07, price TWD 22.75, upside +19.0%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Bai Sha Technology Co., Ltd. provides printing services in Taiwan.
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Bai Sha Technology Co., Ltd. provides printing services in Taiwan. The company offers business cards, posters, and wedding invitations; packaging color boxes, PP transparent boxes, and bags; books, such as hardcover, paperback, saddle stitch, glue-bound, and loose leaf; envelopes, letter paper, official document covers, folders, triangular desk calendars, and VIP cards; color and modeling stickers, and automatic labeling; event invitation cards, catalogs, large image output, display stands, and paper fans. It also provides cold foil printing, surface finishing, prepress proofing, and 3D embossing services. The company was formerly known as Bai Sha Paper Products Printing Co., Ltd. and changed its name to Bai Sha Technology Co., Ltd. in 2007. Bai Sha Technology Co., Ltd. was founded in 1992 and is headquartered in Taichung, Taiwan.
Stock analysis
Bai Sha Technology Co Ltd (8401) currently trades at 22.75 TWD, while our model-based Fair Value estimate is 27.07 TWD, implying the stock looks roughly 16.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 44.67 TWD per share, and 16 of the 22 models we run sit above the 22.75 TWD price.
Bear case: the Growth DCF group reads lowest at 8.88 TWD, and 6 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 18.19 TWD (bear) to 37.24 TWD (bull), the price of 22.75 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 53/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Bai Sha Technology Co Ltd reported revenue of 1.5B TWD in FY2025 versus 1.3B TWD in FY2021, a compound +3.5%/yr. Reported net income was 186M TWD in FY2025, compounding +12.0%/yr from FY2021.
Key figures
Market cap 1.6B TWD (≈ $50.5M) · P/E ratio 8.7 · P/S ratio 1.04 · EPS (TTM) 2.62 TWD · Dividend yield 5.3% · Net margin 12.0% · Return on equity 16.1% · Return on assets (EBIT) 10.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 0% fair-value upside, at 19%, 8401 screens cheaper than that median.
Fair Value models
Bear 18.19 TWDFair Value 27.07 TWDBull 37.24 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 (1.04 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.51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.9%
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.
+0.2%
Revenue growth 5 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.
+4.3%
Start year 2020 (pandemic)
Revenue growth 8 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.
+0.9%
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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.
+33.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.4%
Dividend (yield on the price)5.3%
Profit margin 2020 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.5% → 13%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+32.4%
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 +30.3% a year for the price.
Compare Bai Sha Technology Co Ltd with another stock
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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.Specialty Business Services · 249 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+20% · Above median
Profitability
Return on equity (TTM)16% · Above median
Return on assets8% · Top 25%
Net margin (TTM)12% · Top 25%
Operating margin (TTM)14% · Top 25%
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)5.3% · Above median
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bai Sha Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8401
Frequently asked questions
Is Bai Sha Technology Co Ltd (8401) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 27.07 TWD versus a price of 22.75 TWD, about +19% upside (undervalued).
What is the fair value of 8401?
Our model-based fair value for Bai Sha Technology Co Ltd is 27.07 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 22.75 TWD.
What is the quality score of 8401?
Bai Sha Technology Co Ltd has a Quality Score of 53/100. 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 Bai Sha Technology Co Ltd (8401)?
Our model-based price target is the fair value of 27.07 TWD (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 18.19 TWD, optimistic scenario 37.24 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Bai Sha Technology Co Ltd stock forecast for 2026?
Our models put fair value at 27.07 TWD, about +19% upside versus a price of 22.75 TWD (undervalued). Cautious scenario 18.19 TWD, optimistic scenario 37.24 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Bai Sha Technology Co Ltd (8401)?
Bai Sha Technology Co Ltd reported trailing-twelve-month revenue of about 1.6B TWD (latest available figure, as of Sep 24, 2026).
Does Bai Sha Technology Co Ltd pay a dividend?
Bai Sha Technology Co Ltd currently shows a dividend yield of about 5.27% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Bai Sha Technology Co Ltd (8401)?
For today's price to be fair in a discounted-cash-flow model, Bai Sha Technology Co Ltd would have to grow free cash flow by +32.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 8401 use?
Our models discount Bai Sha Technology Co Ltd at 11.8 %: a base by market capitalisation (micro), damped by beta 0.16, 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 Bai Sha Technology Co Ltd that is +32.4 % 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 Bai Sha Technology Co Ltd (8401) delivered so far?
Over the past 5 years revenue at Bai Sha Technology Co Ltd grew +4.3 % a year. The price currently implies +32.4 % 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 Bai Sha Technology Co Ltd (8401) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Bai Sha Technology Co Ltd (+32.4 % 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 Bai Sha Technology Co Ltd (8401)?
The free-cash-flow yield on the price is 1.71 %: that much free cash flow Bai Sha Technology 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 Bai Sha Technology Co Ltd (8401)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bai Sha Technology Co Ltd it is 27.07 TWD per share (as of Sep 24, 2026), against a price of 22.75 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Bai Sha Technology Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8401 trades below its calculated fair value: price 22.75 TWD, fair value 27.07 TWD, a gap of about +19% (undervalued). 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 8401?
No. The price is what the market pays today (22.75 TWD); the fair value is what the company's own numbers justify (27.07 TWD). For Bai Sha Technology Co Ltd the two are 4.32 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Bai Sha Technology Co Ltd worth?
The market values Bai Sha Technology Co Ltd at about 1.6B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 22.75 TWD; our models calculate a fair value of 27.07 TWD per share.
What do the bullish and bearish scenarios say about 8401?
Our models span a range for Bai Sha Technology Co Ltd: cautious scenario 18.19 TWD, base 27.07 TWD, optimistic 37.24 TWD per share (as of Sep 24, 2026, price 22.75 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8401?
Bai Sha Technology Co Ltd trades at a price-to-earnings ratio of 8.7 (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 27.07 TWD is built from several models across several years. Other multiples: P/B 1.3, P/S 1.0, EV/EBITDA 4.1.
How solid is the balance sheet of Bai Sha Technology Co Ltd (8401)?
Balance-sheet figures for Bai Sha Technology Co Ltd (as of Sep 24, 2026): return on equity 16.1%, debt of 0.07 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 8401 from its 52-week high?
Bai Sha Technology Co Ltd trades at 22.75 TWD, about 23% below its 52-week high of 29.65 TWD and 1% above the low of 22.50 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 27.07 TWD is for.
Which stocks are comparable to Bai Sha Technology Co Ltd?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, 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 Bai Sha Technology Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 22.75 TWD, calculated fair value 27.07 TWD (+19%), Quality Score 53/100, from 22 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 8401 calculated?
We run Bai Sha Technology Co Ltd through 22 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 27.07 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 13.2 % above its aggregate fair value. Bai Sha Technology Co Ltd currently trades 19 % 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 Bai Sha Technology Co Ltd (8401)?
The closing price on Sep 24, 2026 was 22.75 TWD. Our model-based fair value is 27.07 TWD, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bai Sha Technology Co Ltd right now?
A fairly wide model range (18.19 TWD to 37.24 TWD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Bai Sha Technology Co Ltd
How large is the market capitalisation of Bai Sha Technology Co Ltd (8401)?
The market capitalisation of Bai Sha Technology Co Ltd is 1.6B TWD (≈ $50.5M). 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 Bai Sha Technology Co Ltd (8401)?
The price-to-sales ratio of Bai Sha Technology Co Ltd is 1.04 (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 Bai Sha Technology Co Ltd (8401)?
Earnings per share at Bai Sha Technology Co Ltd are 2.62 TWD (price ÷ EPS = P/E 8.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bai Sha Technology Co Ltd (8401)?
The dividend yield of Bai Sha Technology Co Ltd is 5.3% (payout 45.8%). 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 Bai Sha Technology Co Ltd (8401)?
The net margin of Bai Sha Technology Co Ltd is 12.0% (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 Bai Sha Technology Co Ltd (8401)?
The return on equity (ROE) of Bai Sha Technology Co Ltd is 16.1% (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 Bai Sha Technology Co Ltd (8401)?
On an EBIT basis the return on assets of Bai Sha Technology Co Ltd is 10.9% (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 Bai Sha Technology Co Ltd (8401)?
The operating margin of Bai Sha Technology Co Ltd is 14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bai Sha Technology Co Ltd (8401)?
Revenue at Bai Sha Technology Co Ltd is growing +5.2% versus a year earlier (3y avg +0.2%). 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 Bai Sha Technology Co Ltd (8401)?
Earnings per share at Bai Sha Technology Co Ltd are growing −4.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bai Sha Technology Co Ltd (8401) hold?
Bai Sha Technology Co Ltd holds more cash than debt, 185M TWD net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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