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Bai Sha Technology Co (8401) Fair Value & Analysis

Industrials · TW · Market cap 1.6B TWD

BS Bai Sha Technology Co 8401 · TWO
Price22.90 TWD
Fair Value31.00 TWD
Upside+35.4%
Quality53/100
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Expensive Growth
Solidly profitable · 12.1% net margin
Low debt · generates free cash flow
5.25% dividend yield
Ranks above peers (11/14)
Moderate moat 57/100
Evidence: High Range 26.22 TWD – 54.27 TWD Share as image

Fair value as of: Jul 22, 2026

From 22 valuation models · updated 19 days ago

A solid business, screening 35% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (26.22 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (26.22 TWD to 54.27 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

34.55 TWD 11.04 TWD Fair Value 31.00 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 11.04 TWD – 34.55 TWD · fair‑value band 26.22 TWD – 54.27 TWD · the 22.90 TWD price screens below the 31.00 TWD fair value. Dashed = 300-day average. As of Jul 22, 2026.

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Analysis

Bai Sha Technology Co (8401) currently trades at 22.90 TWD, while our model-based Fair Value estimate is 31.00 TWD, implying the stock looks roughly 35.4% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Bai Sha Technology Co generated revenue of 1.6B TWD at a net margin of 12.1%. Revenue grew 5.0% year over year. It earns a return on equity of 17.0%. The balance sheet holds a net cash position of 185M TWD. Fundamentals as of Jul 22, 2026

Our scenario range runs from 26.22 TWD (bear case) to 54.27 TWD (bull case); at 22.90 TWD, the current price sits below 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 23% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at 35%, 8401 screens cheaper 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.

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
Growth DCF 8.31 TWD 9.16 TWD 10.56 TWD 80
Residual Income 16.26 TWD 20.06 TWD 43.11 TWD 76
Rev-Margin DCF 19.89 TWD 29.55 TWD 41.33 TWD 74
All 22 models by family
DCF Models
FCF DCF 8.22 TWD 9.10 TWD 10.71 TWD 38
Owner Earnings 7.55 TWD 8.25 TWD 9.53 TWD 31
5Y Revenue Exit 19.89 TWD 29.46 TWD 43.75 TWD 39
5Y EBITDA Exit 27.25 TWD 42.00 TWD 61.95 TWD 41
5Y P/E Exit 26.60 TWD 40.88 TWD 58.22 TWD 38
10Y Revenue Exit 14.14 TWD 20.94 TWD 28.82 TWD 36
10Y EBITDA Exit 18.84 TWD 28.36 TWD 39.27 TWD 37
10Y P/E Exit 18.47 TWD 27.70 TWD 37.13 TWD 35
Earnings-Based
Graham-Dodd 17.87 TWD 27.18 TWD 32.38 TWD 54
EPV 23.88 TWD 26.46 TWD 28.61 TWD 59
Multiples
P/E Multiple 41.38 TWD 55.18 TWD 68.97 TWD 63
P/S Multiple 32.77 TWD 43.69 TWD 54.62 TWD 58
P/B Multiple 33.50 TWD 44.67 TWD 55.83 TWD 55
EV/EBIT 41.15 TWD 53.20 TWD 65.26 TWD 53
EV/EBITDA 47.71 TWD 61.95 TWD 76.19 TWD 54
EV/Revenue 30.80 TWD 41.86 TWD 52.92 TWD 43
Asset-Based
NCAV (Graham) 8.58 TWD 11.50 TWD 17.17 TWD 50
Growth DCF
Growth DCF 8.31 TWD 9.16 TWD 10.56 TWD 80
Rev-Margin DCF 19.89 TWD 29.55 TWD 41.33 TWD 74
Economic Profit
Residual Income 16.26 TWD 20.06 TWD 43.11 TWD 76
ROIC Compounder 24.04 TWD 27.08 TWD 30.18 TWD 72
Growth Earnings
Growth-Adj P/E 29.22 TWD 41.74 TWD 54.27 TWD 68

Widest divergence: Multiples (44.67 TWD) versus Growth DCF (9.16 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.6B TWD
Revenue growth (YoY) +5.0%
Net margin 12.1%
Return on equity 17.0%
Free cash flow 27.5M TWD FY2025
P/E ratio 8.8
More key figures
Operating margin 11.3%
EPS (TTM) 2.62 TWD
Dividend yield 5.3%
EPS growth (YoY) +9.6%
Net cash 185M TWD FY2022

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 55 · Market factors (momentum, volatility) 42

Profitability 60
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 97
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 18
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.

About the company

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, …

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bai Sha Technology Co 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.

Growth Quality 51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.5B TWD
Latest YoY
−0.9%
Avg. 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.
+0.2%
Avg. 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.
+4.3%
Avg. growth/yr (8Y) 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.
+0.9%
Revenue +3.5%/yr
FY21 1.3B TWD
FY22 1.5B TWD
FY23 1.5B TWD
FY24 1.6B TWD
FY25 1.5B TWD
Net income +12.0%/yr
FY21 118M TWD
FY22 133M TWD
FY23 109M TWD
FY24 171M TWD
FY25 186M TWD

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Cite: Fair Value Calculator (2026). "Bai Sha Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/8401

Peer Group

Specialty Business Services · 253 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 53 · Below median
Fair Value upside +35% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 11% · Above median
Revenue growth 5% · Below median
Dividend yield (TTM) 5.3% · Top 25%
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/E (TTM) 8.8× · Cheaper than 75% of peers
P/B 1.34× · Cheaper than median
P/S (TTM) 1.04× · Pricier than median
P/FCF 1.8× · Cheaper than median
EV/EBITDA 4.3× · Cheaper than 75% of peers

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 81 · sector 24
FUTURE 25 · sector 27
PAST 68 · sector 33
HEALTH 96 · sector 92
DIVIDEND 100 · sector 54

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

Stock Price Fair Value vs Fair Value
Cintas Corporation CTAS $206.25 $95.30 -54%
RELX PLC RELX $33.70 $32.49 -4%
Thomson Reuters Corporation TRI C$133.87 C$70.40 -47%
Copart, Inc CPRT $27.61 $28.59 +4%
Global Payments Inc GPN $80.49 $69.67 -13%
RB Global, Inc RBA C$156.43 C$49.14 -69%
Brambles Limited BXB A$18.79 A$12.28 -35%
UL Solutions Inc ULS $87.76 $33.62 -62%
Wolters Kluwer N.V WKL €62.56 €103.99 +66%
Aramark ARMK $56.74 $13.73 -76%

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Frequently asked questions

Is Bai Sha Technology Co (8401) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 31.00 TWD versus a price of 22.90 TWD, about +35% (undervalued).
What is the fair value of 8401?
Our model-based fair value for Bai Sha Technology Co is 31.00 TWD (as of Jul 22, 2026), built from audited fundamentals. The current price is 22.90 TWD.
What is the quality score of 8401?
Bai Sha Technology Co 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 revenue of Bai Sha Technology Co (8401)?
Bai Sha Technology Co reported trailing-twelve-month revenue of about 1.6B TWD (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 8401?
The net profit margin of Bai Sha Technology Co is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does Bai Sha Technology Co pay a dividend?
Bai Sha Technology Co currently shows a dividend yield of about 5.26% relative to its recent price (as of Jul 22, 2026).

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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