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Polygreen Resources Co., Ltd. (8423) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Polygreen Resources Co., Ltd. TWD 13.03, price TWD 18.05, upside -27.8%, quality 33 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? No
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Consumer Cyclical · TW

PR Thin data Sep 24, 2026

Polygreen Resources Co., Ltd.

8423 · TWO

Weak valuationQuality is weak on top of the rich price.

!Fair value 13.03 TWD · Overvalued (−28%)
!Quality 33/100
!Expensive Growth (revenue 3y +5.5 %/yr)
!Thin margins · 9.3% net margin (TTM)
!Low debt · negative free cash flow
·3.88% dividend yield
!Mixed vs. peers (7/13)
!Narrow moat 41/100
!Evidence only low, so the estimate is less certain
!Weak on future: 14 out of 100
!Weak on past: 23 out of 100

What runs behind every stock

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

Price vs Fair Value

26.17 TWD 11.53 TWD Fair Value 13.03 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 11.53 TWD – 26.17 TWD · fair‑value band 9.12 TWD – 16.94 TWD · the 18.05 TWD price screens above the 13.03 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Polygreen Resources Co., Ltd., an investment holding company, engages in resource recycling and environmental protection business in Taiwan, Japan, China, Philippines, Vietnam, Indonesia, the Middle East, Singapore, and internationally.

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Polygreen Resources Co., Ltd., an investment holding company, engages in resource recycling and environmental protection business in Taiwan, Japan, China, Philippines, Vietnam, Indonesia, the Middle East, Singapore, and internationally. The company manufactures and sells Tyrec, a tyrec reclaimed rubber for use in tires, conveyor belts, inner tubes, ring pads, rubber matting, shoe soles, vibration pads, dock fenders, and other rubber products; and Burec, a butyl reclaimed rubber for use in butyl inner tubes, tire inner liners, butyl adhesives, and other butyl rubber-related products Its products also comprise T-Mesh, a crumb rubber for use in various applications in rubber products as compounding substitute, such as tire, ring pads, and rubber matting; and rubber granules that are recycled from the tire and industrial rubber waste that is used in the underlayment for running tracks, children's playgrounds, gym, and rubber tiles. The company also exports its products. It serves manufacturers in the tire and conveyor-belt industries. The company was founded in 1988 and is headquartered in Grand Cayman, the Cayman Islands.

Stock analysis

Polygreen Resources Co., Ltd. (8423) currently trades at 18.05 TWD, while our model-based Fair Value estimate is 13.03 TWD, implying the stock looks roughly 38.5% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 15.33 TWD per share, and 2 of the 16 models we run sit above the 18.05 TWD price.

Bear case: the Earnings-Based group reads lowest at 3.87 TWD, and 14 of the 16 models stay below the price. Evidence for this calculation is low.

Scenario range: 9.12 TWD (bear) to 16.94 TWD (bull), the price of 18.05 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 33/100 (below-average quality), in the Consumer Cyclical sector.

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

Polygreen Resources Co., Ltd. reported revenue of 377M TWD in FY2025 versus 269M TWD in FY2021, a compound +8.8%/yr. Reported net income was 30.5M TWD in FY2025, compounding +14.1%/yr from FY2021.

Key figures

Market cap 753M TWD (≈ $23.6M) · P/E ratio 21.2 · P/S ratio 1.72 · EPS (TTM) 0.8500 TWD · Dividend yield 3.9% · Net margin 8.1% · Return on equity 5.7% · Return on assets (EBIT) 4.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 8% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at −19% fair-value upside, at −28%, 8423 screens richer than that median.

Fair Value models

Bear 9.12 TWD Fair Value 13.03 TWD Bull 16.94 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 (0.1101 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
Residual Income 11.32 TWD 11.52 TWD 10.94 TWD 73
EPV 11.30 TWD 12.54 TWD 13.61 TWD 71
ROIC Compounder 11.30 TWD 12.54 TWD 13.61 TWD 69
All 16 models by family
Earnings-Based
Graham-Dodd 4.97 TWD 13.64 TWD 17.90 TWD 62
Lynch FV 2.71 TWD 3.87 TWD 5.03 TWD 58
PEG = 1.0 2.71 TWD 3.87 TWD 5.03 TWD 55
EPV 11.30 TWD 12.54 TWD 13.61 TWD 71
Dividend Discount
Gordon GGM 5.12 TWD 10.19 TWD 15.44 TWD 64
DDM Multi-Stage 5.12 TWD 7.89 TWD 10.71 TWD 64
Multiples
P/E Multiple 11.50 TWD 15.33 TWD 19.17 TWD 63
P/S Multiple 9.31 TWD 12.41 TWD 15.52 TWD 58
P/B Multiple 9.31 TWD 12.41 TWD 15.52 TWD 55
EV/EBIT 17.39 TWD 22.05 TWD 26.70 TWD 66
EV/EBITDA 19.08 TWD 24.29 TWD 29.51 TWD 67
EV/Revenue 13.40 TWD 17.67 TWD 21.94 TWD 54
Asset-Based
NCAV (Graham) 7.43 TWD 9.96 TWD 14.86 TWD 54
Economic Profit
Residual Income 11.32 TWD 11.52 TWD 10.94 TWD 73
ROIC Compounder 11.30 TWD 12.54 TWD 13.61 TWD 69
Growth Earnings
Growth-Adj P/E 9.12 TWD 13.03 TWD 16.94 TWD 65

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Quality Score breakdown

Overall quality 33/100

Of which business quality 37 · Market factors (momentum, volatility) 54

Profitability 30
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 23
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 3
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 25
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. 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.9%
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.
+5.5%
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.
+8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)3.9%
Profit margin 2021 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.9% → 12%

8423 screens 39% overvalued. Compare with O'Reilly Automotive, Inc →

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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.Auto Parts · 692 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside −27% · Below median
Profitability
Return on equity (TTM) 6% · Below median
Return on assets 4% · Above median
Net margin (TTM) 9% · Top 25%
Operating margin (TTM) 15% · Top 25%
Growth and dividend
Revenue growth 3% · Below median
Dividend yield (TTM) 3.9% · Above median
Balance sheet
Debt / equity 0.14× · Above median

Valuation Multiplesvs Auto Parts median · lower = cheaper

P/E (TTM) 21.2× · Cheaper than median
P/B 1.21× · Cheaper than median
P/S (TTM) 1.97× · Pricier than median
EV/EBITDA 8.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 27
FUTURE (revenue growth)14 · sector 21
PAST (return on equity)23 · sector 28
HEALTH (low debt)93 · sector 95
DIVIDEND (yield)78 · sector 38

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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Samvardhana Motherson International Limited MOTHERSON ₹164.40 ₹96.97 −41%
Ningbo Tuopu Group 601689 ¥45.71 ¥28.28 −38%
Bosch Limited BOSCHLTD ₹47,955 ₹25,325 −47%
Bharat Forge Limited BHARATFORG ₹2,004 ₹407.35 −80%
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Cite: Fair Value Calculator (2026). "Polygreen Resources Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/8423

Frequently asked questions

Is Polygreen Resources Co., Ltd. (8423) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 13.03 TWD versus a price of 18.05 TWD, about −28% upside (overvalued).
What is the fair value of 8423?
Our model-based fair value for Polygreen Resources Co., Ltd. is 13.03 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 18.05 TWD.
What is the quality score of 8423?
Polygreen Resources Co., Ltd. has a Quality Score of 33/100. 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 Polygreen Resources Co., Ltd. (8423)?
Our model-based price target is the fair value of 13.03 TWD (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 9.12 TWD, optimistic scenario 16.94 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Polygreen Resources Co., Ltd. stock forecast for 2026?
Our models put fair value at 13.03 TWD, about −28% upside versus a price of 18.05 TWD (overvalued). Cautious scenario 9.12 TWD, optimistic scenario 16.94 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Polygreen Resources Co., Ltd. (8423)?
Polygreen Resources Co., Ltd. reported trailing-twelve-month revenue of about 380M TWD (latest available figure, as of Sep 24, 2026).
Does Polygreen Resources Co., Ltd. pay a dividend?
Polygreen Resources Co., Ltd. currently shows a dividend yield of about 3.88% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Polygreen Resources Co., Ltd. (8423)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Polygreen Resources Co., Ltd. it is 13.03 TWD per share (as of Sep 24, 2026), against a price of 18.05 TWD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Polygreen Resources Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8423 trades above its calculated fair value: price 18.05 TWD, fair value 13.03 TWD, a gap of about −28% (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 8423?
No. The price is what the market pays today (18.05 TWD); the fair value is what the company's own numbers justify (13.03 TWD). For Polygreen Resources Co., Ltd. the two are 5.02 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Polygreen Resources Co., Ltd. worth?
The market values Polygreen Resources Co., Ltd. at about 753M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 18.05 TWD; our models calculate a fair value of 13.03 TWD per share.
What do the bullish and bearish scenarios say about 8423?
Our models span a range for Polygreen Resources Co., Ltd.: cautious scenario 9.12 TWD, base 13.03 TWD, optimistic 16.94 TWD per share (as of Sep 24, 2026, price 18.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8423?
Polygreen Resources Co., Ltd. trades at a price-to-earnings ratio of 21.2 (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 13.03 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 2.0, EV/EBITDA 8.7.
How solid is the balance sheet of Polygreen Resources Co., Ltd. (8423)?
Balance-sheet figures for Polygreen Resources Co., Ltd. (as of Sep 24, 2026): return on equity 5.7%, debt of 0.14 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is 8423 from its 52-week high?
Polygreen Resources Co., Ltd. trades at 18.05 TWD, about 8% below its 52-week high of 19.55 TWD and 4% above the low of 17.30 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 13.03 TWD is for.
Which stocks are comparable to Polygreen Resources Co., Ltd.?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, 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 Polygreen Resources Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 18.05 TWD, calculated fair value 13.03 TWD (−28%), Quality Score 33/100, from 16 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 8423 calculated?
We run Polygreen Resources Co., Ltd. through 16 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 13.03 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. Polygreen Resources 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 Polygreen Resources Co., Ltd. (8423)?
The closing price on Sep 24, 2026 was 18.05 TWD. Our model-based fair value is 13.03 TWD, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Polygreen Resources Co., Ltd. right now?
The price sits above even our optimistic bull case (16.94 TWD). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (9.12 TWD to 16.94 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 Polygreen Resources Co., Ltd.

How large is the market capitalisation of Polygreen Resources Co., Ltd. (8423)?
The market capitalisation of Polygreen Resources Co., Ltd. is 753M TWD (≈ $23.6M). 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 Polygreen Resources Co., Ltd. (8423)?
The price-to-sales ratio of Polygreen Resources Co., Ltd. is 1.72 (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 Polygreen Resources Co., Ltd. (8423)?
Earnings per share at Polygreen Resources Co., Ltd. are 0.8500 TWD (price ÷ EPS = P/E 21.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Polygreen Resources Co., Ltd. (8423)?
The dividend yield of Polygreen Resources Co., Ltd. is 3.9% (payout 82.4%). 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 Polygreen Resources Co., Ltd. (8423)?
The net margin of Polygreen Resources Co., Ltd. is 8.1% (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 Polygreen Resources Co., Ltd. (8423)?
The return on equity (ROE) of Polygreen Resources Co., Ltd. is 5.7% (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 Polygreen Resources Co., Ltd. (8423)?
On an EBIT basis the return on assets of Polygreen Resources Co., Ltd. is 4.6% (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 Polygreen Resources Co., Ltd. (8423)?
The operating margin of Polygreen Resources Co., Ltd. is 14.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Polygreen Resources Co., Ltd. (8423)?
Revenue at Polygreen Resources Co., Ltd. is growing +2.7% versus a year earlier (3y avg +5.5%). 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 Polygreen Resources Co., Ltd. (8423)?
Earnings per share at Polygreen Resources Co., Ltd. are growing +89.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Polygreen Resources Co., Ltd. (8423) generate?
The free cash flow of Polygreen Resources Co., Ltd. is −51.2M 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 Polygreen Resources Co., Ltd. (8423) carry?
The net debt of Polygreen Resources Co., Ltd. is 16.5M 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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