Shinhsiung Natural Gas (8908) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Shinhsiung Natural Gas TWD 33.57, price TWD 40.05, upside -16.2%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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ShinHsiung Natural Gas Inc. supplies natural gas in Taiwan. The company operates through three segments: Gas Sale Department, Installation Department, and Solar Electricity Sale Department.
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ShinHsiung Natural Gas Inc. supplies natural gas in Taiwan. The company operates through three segments: Gas Sale Department, Installation Department, and Solar Electricity Sale Department. It engages in the gas transmission conduits and equipment business; sale of electricity generated by solar energy; equity holding activities; buying, selling, and renting of real estate; solar energy optoelectronics activity; real estate development, lease, and sale business; cogeneration industry; and providing energy technology services. The Company was formerly known as Shin Hsiung Petroleum Gas Co. Ltd. and changed its name to ShinHsiung Natural Gas Inc. in June 2004. The company was incorporated in 1986 and is based in Kaohsiung City, Taiwan.
Stock analysis
Shinhsiung Natural Gas (8908) currently trades at 40.05 TWD, while our model-based Fair Value estimate is 33.57 TWD, implying the stock looks roughly 19.3% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 37.25 TWD per share, and 1 of the 15 models we run sit above the 40.05 TWD price.
Bear case: the Asset-Based group reads lowest at 9.63 TWD, and 14 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: 23.23 TWD (bear) to 43.91 TWD (bull), the price of 40.05 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 49/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Shinhsiung Natural Gas reported revenue of 10.4B TWD in FY2025 versus 6.5B TWD in FY2021, a compound +12.5%/yr. Reported net income was 679M TWD in FY2025, compounding +8.9%/yr from FY2021.
Key figures
Market cap 12.6B TWD (≈ $396M) · P/E ratio 18.9 · P/S ratio 1.23 · EPS (TTM) 2.12 TWD · Dividend yield 3.7% · Net margin 6.5% · Return on equity 16.1% · Return on assets (EBIT) 7.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −11% fair-value upside, at −16%, 8908 screens richer than that median.
Fair Value models
Bear 23.23 TWDFair Value 33.57 TWDBull 43.91 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 (0.4552 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.55/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+27.4%
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.
+12.9%
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.
+10.4%
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.
+7.1%
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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.
+8.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.8%
Dividend (yield on the price)3.7%
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.8% → 8%
⚠ Revenue per share shrinking 3.7%/yr over ~6Y (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.
Price, fair value, quality and upside side by side.
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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.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−16% · Below median
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth−10% · Below median
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.48× · Above median
Valuation Multiplesvs Utilities - Regulated Gas 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). "Shinhsiung Natural Gas Fair Value". https://www.fairvalue-calculator.com/stock/8908
Frequently asked questions
Is Shinhsiung Natural Gas (8908) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 33.57 TWD versus a price of 40.05 TWD, about −16% upside (overvalued).
What is the fair value of 8908?
Our model-based fair value for Shinhsiung Natural Gas is 33.57 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 40.05 TWD.
What is the quality score of 8908?
Shinhsiung Natural Gas has a Quality Score of 49/100. 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 Shinhsiung Natural Gas (8908)?
Our model-based price target is the fair value of 33.57 TWD (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 23.23 TWD, optimistic scenario 43.91 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Shinhsiung Natural Gas stock forecast for 2026?
Our models put fair value at 33.57 TWD, about −16% upside versus a price of 40.05 TWD (overvalued). Cautious scenario 23.23 TWD, optimistic scenario 43.91 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Shinhsiung Natural Gas (8908)?
Shinhsiung Natural Gas reported trailing-twelve-month revenue of about 10.1B TWD (latest available figure, as of Sep 24, 2026).
Does Shinhsiung Natural Gas pay a dividend?
Shinhsiung Natural Gas currently shows a dividend yield of about 3.75% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Shinhsiung Natural Gas (8908)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shinhsiung Natural Gas it is 33.57 TWD per share (as of Sep 24, 2026), against a price of 40.05 TWD. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Shinhsiung Natural Gas stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8908 trades above its calculated fair value: price 40.05 TWD, fair value 33.57 TWD, a gap of about −16% (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 8908?
No. The price is what the market pays today (40.05 TWD); the fair value is what the company's own numbers justify (33.57 TWD). For Shinhsiung Natural Gas the two are 6.48 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Shinhsiung Natural Gas worth?
The market values Shinhsiung Natural Gas at about 12.6B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 40.05 TWD; our models calculate a fair value of 33.57 TWD per share.
What do the bullish and bearish scenarios say about 8908?
Our models span a range for Shinhsiung Natural Gas: cautious scenario 23.23 TWD, base 33.57 TWD, optimistic 43.91 TWD per share (as of Sep 24, 2026, price 40.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8908?
Shinhsiung Natural Gas trades at a price-to-earnings ratio of 18.9 (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 33.57 TWD is built from several models across several years. Other multiples: P/B 2.8, P/S 1.2, EV/EBITDA 10.9.
How solid is the balance sheet of Shinhsiung Natural Gas (8908)?
Balance-sheet figures for Shinhsiung Natural Gas (as of Sep 24, 2026): return on equity 16.1%, debt of 0.48 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 8908 from its 52-week high?
Shinhsiung Natural Gas trades at 40.05 TWD, about 18% below its 52-week high of 48.95 TWD and 3% above the low of 38.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 33.57 TWD is for.
Which stocks are comparable to Shinhsiung Natural Gas?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, 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 Shinhsiung Natural Gas stock attractive at the current price?
The data as of Sep 24, 2026: price 40.05 TWD, calculated fair value 33.57 TWD (−16%), Quality Score 49/100, 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 8908 calculated?
We run Shinhsiung Natural Gas 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 33.57 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 14.0 % above its aggregate fair value. Shinhsiung Natural Gas 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 Shinhsiung Natural Gas (8908)?
The closing price on Sep 24, 2026 was 40.05 TWD. Our model-based fair value is 33.57 TWD, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shinhsiung Natural Gas right now?
Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (23.23 TWD to 43.91 TWD) leaves room in how you read the outcome.
Key figures of Shinhsiung Natural Gas
How large is the market capitalisation of Shinhsiung Natural Gas (8908)?
The market capitalisation of Shinhsiung Natural Gas is 12.6B TWD (≈ $396M). 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 Shinhsiung Natural Gas (8908)?
The price-to-sales ratio of Shinhsiung Natural Gas is 1.23 (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 Shinhsiung Natural Gas (8908)?
Earnings per share at Shinhsiung Natural Gas are 2.12 TWD (price ÷ EPS = P/E 18.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shinhsiung Natural Gas (8908)?
The dividend yield of Shinhsiung Natural Gas is 3.7% (payout 70.8%). 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 Shinhsiung Natural Gas (8908)?
The net margin of Shinhsiung Natural Gas is 6.5% (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 Shinhsiung Natural Gas (8908)?
The return on equity (ROE) of Shinhsiung Natural Gas 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 Shinhsiung Natural Gas (8908)?
On an EBIT basis the return on assets of Shinhsiung Natural Gas is 7.9% (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 Shinhsiung Natural Gas (8908)?
The operating margin of Shinhsiung Natural Gas is 7.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shinhsiung Natural Gas (8908)?
Revenue at Shinhsiung Natural Gas is growing −9.5% versus a year earlier (3y avg +12.9%). 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 Shinhsiung Natural Gas (8908)?
Earnings per share at Shinhsiung Natural Gas are growing −8.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Shinhsiung Natural Gas (8908) generate?
The free cash flow of Shinhsiung Natural Gas is −158M 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 Shinhsiung Natural Gas (8908) carry?
The net debt of Shinhsiung Natural Gas is 2.4B 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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