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Shen's Art Printing Co., Ltd. (8921) Fair Value & Analysis

Industrials · TW · Market cap 808M TWD (≈ $25.5M)

SS Shen's Art Printing Co., Ltd. 8921 · TWO
Price17.35 TWD
Fair Value2.03 TWD
Upside-88.3%
Quality33/100
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Risks

!Trades 755% ABOVE our fair value of 2.03 TWD
!Weak Growth (revenue 3y −1.1 %/yr)
!Loss-making · -3.4% net margin
!Low debt · negative free cash flow
Weak Growth (revenue 3y −1.1 %/yr)
Loss-making · -3.4% net margin
Low debt · negative free cash flow
1.56% dividend yield
Trails peers (2/10)
Narrow moat 17/100
Evidence: Low Range 1.81 TWD – 2.30 TWD Share as image

Fair value as of: Aug 28, 2026

From 3 valuation models · updated today

Share price −0.9% over the past month.

Below-average quality, and trading another 755% above our fair value.

What runs behind every stock

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

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What matters now

  • The price sits above even our optimistic bull case (2.30 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.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

31.15 TWD 12.29 TWD Fair Value 2.03 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range 12.29 TWD – 31.15 TWD · fair‑value band 1.81 TWD – 2.30 TWD · the 17.35 TWD price screens above the 2.03 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Shen's Art Printing Co., Ltd. (8921) currently trades at 17.35 TWD, while our model-based Fair Value estimate is 2.03 TWD, implying the stock looks roughly 88.3% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Industrials 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: low).

Over the trailing twelve months, Shen's Art Printing Co., Ltd. generated revenue of 631M TWD at a net margin of -1.5%. Revenue declined 1.1% year over year. It earns a return on equity of -2.2%. Net debt stands at 249M TWD. Fundamentals as of Aug 28, 2026

Our scenario range runs from 1.81 TWD (bear case) to 2.30 TWD (bull case); at 17.35 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 11% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -26% fair-value upside, at -88%, 8921 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
Gordon GGM 1.71 TWD 1.91 TWD 2.15 TWD 70
DDM Multi-Stage 1.71 TWD 2.11 TWD 2.58 TWD 61
NCAV (Graham) 11.07 TWD 14.84 TWD 22.14 TWD 50
All 3 models by family
Dividend Discount
Gordon GGM 1.71 TWD 1.91 TWD 2.15 TWD 70
DDM Multi-Stage 1.71 TWD 2.11 TWD 2.58 TWD 61
Asset-Based
NCAV (Graham) 11.07 TWD 14.84 TWD 22.14 TWD 50

Widest divergence: Asset-Based (14.84 TWD) versus Dividend Discount (1.91 TWD). Highest evidence: Gordon GGM (70).

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Key figures & financial health

P/S ratio 1.31 TTM
EPS (TTM) -0.1100 TWD
Dividend yield 1.5%
Net margin -0.8% FY2025
Return on equity -3.9% TTM
Return on assets (EBIT) -1.7% avg 5y
More key figures
Profitability
Operating margin -13.1% TTM
Growth
Revenue (TTM) 646M TWD TTM
Revenue growth (YoY) +10.0% 3y avg -1.1%
EPS growth (YoY) +13.1%
Balance sheet & cash flow
Free cash flow −428M TWD FY2025
Net debt 249M TWD FY2025

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 34 · Market factors (momentum, volatility) 52

Profitability 13
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 38
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 37
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Shen's Art Printing Co., Ltd., together with its subsidiaries, manufactures, processes, and sells various printed materials in Taiwan and internationally.

Full company description

Shen's Art Printing Co., Ltd., together with its subsidiaries, manufactures, processes, and sells various printed materials in Taiwan and internationally. The company offers creative design services, such as event execution and promotion campaign planning, editing, and visual portion; various services for small quantity orders and large format printing services; and special printing services, such as 3D lenticular and dynamic printing, as well as pattern technology. It also provides cultural and commercial printing for magazines, books, commercial promotion materials, stationary packs, and posters and pamphlet products; and delicate packages and handbags. The company was founded in 1977 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

Shen's Art Printing Co., Ltd. reported revenue of 633M TWD in FY2025 versus 523M TWD in FY2021, a compound +4.9%/yr. Reported net income was −5.3M TWD in FY2025.

Growth Quality 2/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
633M TWD
Latest YoY
+0.0%
Avg. revenue 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.
−1.1%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +4.9%/yr
FY21 523M TWD
FY22 655M TWD
FY23 659M TWD
FY24 633M TWD
FY25 633M TWD
Net income
FY21 14.6M TWD
FY22 23.8M TWD
FY23 −4.6M TWD
FY24 −10.8M TWD
FY25 −5.3M TWD

8921 screens 88% overvalued. Compare with Cintas Corporation →

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Cite: Fair Value Calculator (2026). "Shen's Art Printing Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/8921

Peer Group

Specialty Business Services · 256 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 33 · Bottom 25%
Fair Value upside −88% · Bottom 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) -13% · Bottom 25%
Revenue growth 10% · Above median
Dividend yield (TTM) 1.5% · Below median
Debt / equity 0.39× · Higher than median

Valuation Multiples vs Specialty Business Services median · lower = cheaper

P/S (TTM) 0.04× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 24
FUTURE50 · sector 27
PAST0 · sector 33
HEALTH81 · sector 92
DIVIDEND31 · sector 47

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Specialty Business Services stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Cintas Corporation CTAS $205.78 $95.19 -54%
RELX PLC RELX $34.55 $32.24 -7%
Thomson Reuters Corporation TRI C$142.85 C$70.40 -51%
Copart, Inc CPRT $32.67 $28.59 -12%
Global Payments Inc GPN $92.96 $68.98 -26%
RB Global, Inc RBA C$120.52 C$49.14 -59%
Brambles Limited BXB A$19.47 A$17.27 -11%
UL Solutions Inc ULS $76.68 $33.62 -56%
Wolters Kluwer N.V WKL €68.88 €101.27 +47%
Aramark ARMK $59.08 $13.18 -78%

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Frequently asked questions

Is Shen's Art Printing Co., Ltd. (8921) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of 2.03 TWD versus a price of 17.35 TWD, about −88% (overvalued).
What is the fair value of 8921?
Our model-based fair value for Shen's Art Printing Co., Ltd. is 2.03 TWD (as of Aug 28, 2026), built from audited fundamentals. The current price: 17.35 TWD.
What is the quality score of 8921?
Shen's Art Printing 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 revenue of Shen's Art Printing Co., Ltd. (8921)?
Shen's Art Printing Co., Ltd. reported trailing-twelve-month revenue of about 631M TWD (latest available figure, as of Aug 28, 2026).
What is the net profit margin of 8921?
The net profit margin of Shen's Art Printing Co., Ltd. is about -1.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Shen's Art Printing Co., Ltd. pay a dividend?
Shen's Art Printing Co., Ltd. currently shows a dividend yield of about 1.45% relative to its recent price (as of Aug 28, 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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