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Hsin Tai Gas Co (8917) Fair Value & Analysis

Utilities · TW · Market cap 8.6B TWD

HT Hsin Tai Gas Co 8917 · TWO
Price52.50 TWD
Fair Value40.20 TWD
Upside-23.4%
Quality65/100
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Healthy Growth
Solidly profitable · 12.2% net margin
generates free cash flow
3.97% dividend yield
Ranks above peers (8/13)
Moderate moat 54/100
Evidence: High Range 29.21 TWD – 50.25 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −2.8% over the past month.

A solid business, but screening 23% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (50.25 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

80.25 TWD 48.51 TWD Fair Value 40.20 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 48.51 TWD – 80.25 TWD · fair‑value band 29.21 TWD – 50.25 TWD · the 52.50 TWD price screens above the 40.20 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Hsin Tai Gas Co (8917) currently trades at 52.50 TWD, while our model-based Fair Value estimate is 40.20 TWD, implying the stock looks roughly 23.4% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Hsin Tai Gas Co generated revenue of 3.1B TWD at a net margin of 12.2%. Revenue declined 3.1% year over year. It earns a return on equity of 13.3%. The balance sheet holds a net cash position of 536M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 29.21 TWD (bear case) to 50.25 TWD (bull case); at 52.50 TWD, the current price sits above 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 24% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at -23%, 8917 screens richer 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
Residual Income 15.91 TWD 18.67 TWD 30.77 TWD 76
Growth DCF 30.06 TWD 43.32 TWD 61.75 TWD 72
Gordon GGM 19.32 TWD 38.50 TWD 58.30 TWD 70
All 26 models by family
DCF Models
FCF DCF 29.75 TWD 44.97 TWD 67.61 TWD 38
Owner Earnings 31.67 TWD 47.95 TWD 72.16 TWD 31
5Y Revenue Exit 26.39 TWD 40.49 TWD 58.46 TWD 39
5Y EBITDA Exit 31.68 TWD 50.50 TWD 72.54 TWD 41
5Y P/E Exit 29.21 TWD 45.83 TWD 63.34 TWD 38
10Y Revenue Exit 26.67 TWD 39.71 TWD 57.26 TWD 36
10Y EBITDA Exit 30.67 TWD 46.55 TWD 67.87 TWD 37
10Y P/E Exit 29.13 TWD 43.36 TWD 60.94 TWD 35
Earnings-Based
Graham-Dodd 15.19 TWD 49.83 TWD 66.62 TWD 54
Lynch FV 11.19 TWD 15.99 TWD 20.79 TWD 50
PEG = 1.0 11.19 TWD 15.99 TWD 20.79 TWD 46
EPV 20.36 TWD 23.26 TWD 25.76 TWD 59
Dividend Discount
Gordon GGM 19.32 TWD 38.50 TWD 58.30 TWD 70
DDM Multi-Stage 19.32 TWD 32.16 TWD 40.64 TWD 61
Multiples
P/E Multiple 30.15 TWD 40.20 TWD 50.25 TWD 63
P/S Multiple 28.48 TWD 37.97 TWD 47.46 TWD 58
P/B Multiple 22.68 TWD 30.24 TWD 37.80 TWD 55
EV/EBIT 31.11 TWD 40.81 TWD 50.51 TWD 53
EV/EBITDA 36.49 TWD 47.98 TWD 59.47 TWD 54
EV/Revenue 25.55 TWD 35.64 TWD 45.72 TWD 43
Asset-Based
NCAV (Graham) 8.40 TWD 11.26 TWD 16.80 TWD 50
Growth DCF
Growth DCF 30.06 TWD 43.32 TWD 61.75 TWD 72
Rev-Margin DCF 26.39 TWD 40.56 TWD 57.12 TWD 67
Economic Profit
Residual Income 15.91 TWD 18.67 TWD 30.77 TWD 76
ROIC Compounder 21.21 TWD 26.25 TWD 32.42 TWD 67
Growth Earnings
Growth-Adj P/E 25.88 TWD 36.97 TWD 48.06 TWD 68

Widest divergence: DCF Models (44.97 TWD) versus Asset-Based (11.26 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.1B TWD
Revenue growth (YoY) -3.1%
Net margin 12.2%
Return on equity 13.3%
Free cash flow 412M TWD FY2025
P/E ratio 23.3
More key figures
Operating margin 13.6%
EPS (TTM) 2.23 TWD
Dividend yield 4.0%
EPS growth (YoY) +14.5%
Net cash 536M TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 47

Profitability 40
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 82
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

Hsin Tai Gas Co., Ltd. engages in the sale of natural gas in Taiwan. It operates through Gas Sales, Installation, and Others segments. It also engages in the installation of gas supply equipment and pipelines; sale of gas meters; and leasing of office buildings. Hsin Tai Gas Co., Ltd. was incorporated in 1986 and is based in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hsin Tai Gas Co reported revenue of 3.1B TWD in FY2025 versus 2.3B TWD in FY2021, a compound +7.7%/yr. Reported net income was 363M TWD in FY2025, compounding +2.7%/yr from FY2021.

Growth Quality 81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.1B TWD
Latest YoY
+11.8%
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.
+6.9%
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.
+6.0%
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.
+8.1%
Revenue +7.7%/yr
FY21 2.3B TWD
FY22 2.5B TWD
FY23 2.6B TWD
FY24 2.8B TWD
FY25 3.1B TWD
Net income +2.7%/yr
FY21 326M TWD
FY22 368M TWD
FY23 387M TWD
FY24 384M TWD
FY25 363M TWD

8917 screens 23% overvalued. Compare with Naturgy Energy Group →

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Cite: Fair Value Calculator (2026). "Hsin Tai Gas Co Fair Value". https://www.fairvalue-calculator.com/stock/8917

Peer Group

Utilities - Regulated Gas · 104 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 65 · Top 25%
Fair Value upside −23% · Below median
Return on equity (TTM) 13% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 14% · Above median
Revenue growth -3% · Above median
Dividend yield (TTM) 4.0% · Above median

Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper

P/E (TTM) 23.8× · Pricier than 75% of peers
P/B 3.15× · Pricier than 75% of peers
P/S (TTM) 2.81× · Pricier than 75% of peers
P/FCF 0.7× · Cheaper than median
EV/EBITDA 11.3× · Pricier than median

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 2 · sector 22
FUTURE 0 · sector 0
PAST 53 · sector 34
HEALTH 0 · sector 85
DIVIDEND 79 · sector 67

Insider activity: 45/100

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 Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €28.84 €35.80 +24%
Atmos Energy Corporation ATO $177.68 $85.67 -52%
NiSource Inc NI $47.07 $28.59 -39%
Uniper SE UN0 €42.80 €49.13 +15%
The Hong Kong and China Gas Company 0003 HK$7.03 HK$5.08 -28%
Italgas S.p.A IG €9.98 €8.11 -19%
GAIL (India) Limited GAIL ₹171.71 ₹147.74 -14%
Adani Total Gas Limited ATGL ₹723.90 ₹101.36 -86%
ENN Natural Gas Co 600803 ¥17.30 ¥25.71 +49%
UGI Corporation UGI $35.84 $27.13 -24%

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Frequently asked questions

Is Hsin Tai Gas Co (8917) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 40.20 TWD versus a price of 52.50 TWD, about −23% (overvalued).
What is the fair value of 8917?
Our model-based fair value for Hsin Tai Gas Co is 40.20 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 52.50 TWD.
What is the quality score of 8917?
Hsin Tai Gas Co has a Quality Score of 65/100. 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 Hsin Tai Gas Co (8917)?
Hsin Tai Gas Co reported trailing-twelve-month revenue of about 3.1B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 8917?
The net profit margin of Hsin Tai Gas Co is about 12.2%, meaning it keeps roughly 12.2% of revenue as net income. Based on the latest reported figures.
Does Hsin Tai Gas Co pay a dividend?
Hsin Tai Gas Co currently shows a dividend yield of about 4.04% relative to its recent price (as of Jul 23, 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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