China Times Publishing Co (8923) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of China Times Publishing Co TWD 16.34, price TWD 18.65, upside -12.4%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 12.43 TWD – 23.10 TWD · fair‑value band 12.26 TWD – 20.43 TWD · the 18.65 TWD price screens above the 16.34 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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China Times Publishing Comp., together with its subsidiaries, engages in the editing, publishing, and wholesale distribution of books and magazines in Taiwan. It is also involved in investment activities; and provision of planning, designing, and consulting services for publications and literary events, as well as exhibition services.
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China Times Publishing Comp., together with its subsidiaries, engages in the editing, publishing, and wholesale distribution of books and magazines in Taiwan. It is also involved in investment activities; and provision of planning, designing, and consulting services for publications and literary events, as well as exhibition services. The company was founded in 1985 and is based in Taipei, Taiwan.
Stock analysis
China Times Publishing Co (8923) currently trades at 18.65 TWD, while our model-based Fair Value estimate is 16.34 TWD, implying the stock looks roughly 14.1% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 23.02 TWD per share, and 8 of the 24 models we run sit above the 18.65 TWD price.
Bear case: the Earnings-Based group reads lowest at 6.33 TWD, and 16 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 12.26 TWD (bear) to 20.43 TWD (bull), the price of 18.65 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 61/100 (solid quality), in the Communication Services sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
China Times Publishing Co reported revenue of 447M TWD in FY2025 versus 441M TWD in FY2021, a compound +0.4%/yr. Reported net income was 29.2M TWD in FY2025, compounding −0.9%/yr from FY2021.
Key figures
Market cap 567M TWD (≈ $17.8M) · P/E ratio 23.3 · P/S ratio 1.52 · EPS (TTM) 0.8000 TWD · Dividend yield 4.8% · Net margin 6.5% · Return on equity 5.5% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at −12%, 8923 screens richer than that median.
Fair Value models
Bear 12.26 TWDFair Value 16.34 TWDBull 20.43 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.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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+2.7%
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.
−1.5%
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.
+0.4%
Start year 2020 (pandemic)
Revenue growth 9 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.
+0.1%
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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.
+4.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.7%
Dividend (yield on the price)4.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1% vs −1%, steady
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.6% → 4%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−13.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −14.7% a year for the price.
Compare China Times Publishing Co with another stock
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.Publishing · 108 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Below median
Fair Value upside−12% · Below median
Profitability
Return on equity (TTM)6% · Below median
Return on assets1% · Below median
Net margin (TTM)5% · Above median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth18% · Top 25%
Dividend yield (TTM)4.8% · Above median
Valuation Multiplesvs Publishing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "China Times Publishing Co Fair Value". https://www.fairvalue-calculator.com/stock/8923
Frequently asked questions
Is China Times Publishing Co (8923) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 16.34 TWD versus a price of 18.65 TWD, about −12% upside (overvalued).
What is the fair value of 8923?
Our model-based fair value for China Times Publishing Co is 16.34 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 18.65 TWD.
What is the quality score of 8923?
China Times Publishing Co has a Quality Score of 61/100. 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 China Times Publishing Co (8923)?
Our model-based price target is the fair value of 16.34 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 12.26 TWD, optimistic scenario 20.43 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the China Times Publishing Co stock forecast for 2026?
Our models put fair value at 16.34 TWD, about −12% upside versus a price of 18.65 TWD (overvalued). Cautious scenario 12.26 TWD, optimistic scenario 20.43 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of China Times Publishing Co (8923)?
China Times Publishing Co reported trailing-twelve-month revenue of about 446M TWD (latest available figure, as of Sep 24, 2026).
Does China Times Publishing Co pay a dividend?
China Times Publishing Co currently shows a dividend yield of about 4.83% relative to its recent price (as of Sep 24, 2026).
What growth is priced into China Times Publishing Co (8923)?
For today's price to be fair in a discounted-cash-flow model, China Times Publishing Co would have to grow free cash flow by -13.3 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 8923 use?
Our models discount China Times Publishing Co at 9.0 %: a base by market capitalisation (nano), damped by beta 0.15, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For China Times Publishing Co that is -13.3 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has China Times Publishing Co (8923) delivered so far?
Over the past 5 years revenue at China Times Publishing Co grew +0.4 % a year. The price currently implies -13.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of China Times Publishing Co (8923) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into China Times Publishing Co (-13.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of China Times Publishing Co (8923)?
The free-cash-flow yield on the price is 9.94 %: that much free cash flow China Times Publishing Co produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of China Times Publishing Co (8923)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For China Times Publishing Co it is 16.34 TWD per share (as of Sep 24, 2026), against a price of 18.65 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is China Times Publishing Co stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8923 trades above its calculated fair value: price 18.65 TWD, fair value 16.34 TWD, a gap of about −12% (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 8923?
No. The price is what the market pays today (18.65 TWD); the fair value is what the company's own numbers justify (16.34 TWD). For China Times Publishing Co the two are 2.31 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is China Times Publishing Co worth?
The market values China Times Publishing Co at about 567M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 18.65 TWD; our models calculate a fair value of 16.34 TWD per share.
What do the bullish and bearish scenarios say about 8923?
Our models span a range for China Times Publishing Co: cautious scenario 12.26 TWD, base 16.34 TWD, optimistic 20.43 TWD per share (as of Sep 24, 2026, price 18.65 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8923?
China Times Publishing Co trades at a price-to-earnings ratio of 23.3 (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 16.34 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 1.3, EV/EBITDA 9.6.
How solid is the balance sheet of China Times Publishing Co (8923)?
Balance-sheet figures for China Times Publishing Co (as of Sep 24, 2026): return on equity 5.5%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 8923 from its 52-week high?
China Times Publishing Co trades at 18.65 TWD, about 17% below its 52-week high of 22.55 TWD and 3% above the low of 18.05 TWD (as of Sep 22, 2026). Distance from the high says nothing about value: that is what the fair value of 16.34 TWD is for.
Which stocks are comparable to China Times Publishing Co?
From the same area (Communication Services) we also value The New York Times Company, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, People.cn CO., LTD, 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 China Times Publishing Co stock attractive at the current price?
The data as of Sep 24, 2026: price 18.65 TWD, calculated fair value 16.34 TWD (−12%), Quality Score 61/100, from 24 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 8923 calculated?
We run China Times Publishing Co through 24 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 16.34 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. China Times Publishing Co 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 China Times Publishing Co (8923)?
The closing price on Sep 22, 2026 was 18.65 TWD. Our model-based fair value is 16.34 TWD, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with China Times Publishing Co right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of China Times Publishing Co
How large is the market capitalisation of China Times Publishing Co (8923)?
The market capitalisation of China Times Publishing Co is 567M TWD (≈ $17.8M). 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 China Times Publishing Co (8923)?
The price-to-sales ratio of China Times Publishing Co is 1.52 (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 China Times Publishing Co (8923)?
Earnings per share at China Times Publishing Co are 0.8000 TWD (price ÷ EPS = P/E 23.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of China Times Publishing Co (8923)?
The dividend yield of China Times Publishing Co is 4.8% (payout 113%). 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 China Times Publishing Co (8923)?
The net margin of China Times Publishing Co 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 China Times Publishing Co (8923)?
The return on equity (ROE) of China Times Publishing Co is 5.5% (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 China Times Publishing Co (8923)?
On an EBIT basis the return on assets of China Times Publishing Co is 2.9% (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 China Times Publishing Co (8923)?
The operating margin of China Times Publishing Co is 3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at China Times Publishing Co (8923)?
Revenue at China Times Publishing Co is growing +18.3% versus a year earlier (3y avg −1.5%). 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 China Times Publishing Co (8923)?
Earnings per share at China Times Publishing Co are growing +300% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does China Times Publishing Co (8923) carry?
The net debt of China Times Publishing Co is 16.1M TWD (fiscal year 2023, ≈ 0.3 yrs of FCF). 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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