China Times Publishing Co (8923) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of China Times Publishing Co stock TWD 17.89, price TWD 17.90, that is 0.1% below the price, quality 61 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 12.51 TWD – 23.10 TWD · fair‑value band 13.42 TWD – 22.37 TWD · the 17.90 TWD price screens above the 17.89 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 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.
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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 17.90 TWD, while our model-based Fair Value estimate is 17.89 TWD, so the stock looks roughly fairly valued today (gap 0.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 23.81 TWD per share, and 8 of the 24 models we run sit above the 17.90 TWD price.
Bear case: the Asset-Based group reads lowest at 4.80 TWD, and 16 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 13.42 TWD (bear) to 22.37 TWD (bull), the price of 17.90 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 544M TWD (≈ $16.6M) Micro · P/E ratio 22.4 · P/S ratio 1.22 · EPS (TTM) 0.8000 TWD · Dividend yield 5.0% · Net margin 5.5% · Return on equity 5.5% · Return on assets (EBIT) 2.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −7% fair-value upside, at 0%, 8923 screens cheaper than that median.
Fair Value models
Bear13.42 TWDFair Value 17.89 TWDBull22.37 TWD
Price 17.90 TWD · Downside -0.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
+4.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.7%
Dividend (yield on the price)5.0%
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.−0.7% vs −0.5%, 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%
Pace: the 5-year rate starts in 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).
−14.6%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −15.9% 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 · 98 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Below median
Fair Value upside−0.1% · Below median
Profitability
Return on equity (12 months)5.5% · Below median
Return on assets3.3% · Below median
Net margin (12 months)5.5% · Below median
Operating margin (12 months)6.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)18.3% · Top 25%
Dividend yield (12 months)5.0% · Top 25%
Valuation Multiplesvs Publishing median · lower = cheaper
P/E (12 months)22.4× · Pricier than median
P/B1.19× · Pricier than median
P/S (12 months)1.22× · Pricier than median
Price / free cash flow (fiscal year)9.7× · Cheaper than median
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). "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 Nov 3, 2026, our model estimates a fair value of 17.89 TWD versus a price of 17.90 TWD, about 0% lower (fairly valued).
What is the fair value of 8923?
Our model-based fair value for China Times Publishing Co is 17.89 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 17.90 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 17.89 TWD (as of Nov 3, 2026) from 24 valuation models. Cautious scenario 13.42 TWD, optimistic scenario 22.37 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 17.89 TWD, about 0% lower versus a price of 17.90 TWD (fairly valued). Cautious scenario 13.42 TWD, optimistic scenario 22.37 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 Nov 3, 2026).
Does China Times Publishing Co pay a dividend?
China Times Publishing Co currently shows a dividend yield of 5.03% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of China Times Publishing Co (8923) and when is the ex-dividend date?
China Times Publishing Co pays a dividend of 0.9 TWD per share a year, a dividend yield of 5.0%. The last ex-dividend date was Jul 7, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 113% of earnings. Free cash flow covers the dividend 2.06 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
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 -14.6 % 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 Nov 3, 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 0.17, 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 -14.6 % per year for five years, then slowing evenly to 2 % by year ten, 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 free-cash-flow growth of -14.6 % per 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 +3.8 % a year. That is the yardstick for the growth priced into China Times Publishing Co (-14.6 % per 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 10.35 %: 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 17.89 TWD per share (as of Nov 3, 2026), against a price of 17.90 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is China Times Publishing Co stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 8923 trades above its calculated fair value: price 17.90 TWD, fair value 17.89 TWD, a gap of about −0% (fairly valued). 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 (17.90 TWD); the fair value is what the company's own numbers justify (17.89 TWD). For China Times Publishing Co the two are 0.0100 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 544M TWD (market capitalisation, as of Nov 3, 2026). Per share that is 17.90 TWD; our models calculate a fair value of 17.89 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 13.42 TWD, base 17.89 TWD, optimistic 22.37 TWD per share (as of Nov 3, 2026, price 17.90 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 22.4 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17.89 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 17.1. Other multiples: P/B 1.2, P/S 1.2, EV/EBITDA 9.0.
How solid is the balance sheet of China Times Publishing Co (8923)?
Balance-sheet figures for China Times Publishing Co (as of Nov 3, 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 17.90 TWD, about 15% below its 52-week high of 21.05 TWD and at the low of 17.90 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 17.89 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, Xinhua Winshare Publishing and Media Co, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media 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 Nov 3, 2026: price 17.90 TWD, calculated fair value 17.89 TWD (−0%), 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 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 17.89 TWD builds on their evidence-weighted average, 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 13.3% 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 Nov 6, 2026 was 17.90 TWD. Our model-based fair value is 17.89 TWD, about 0% lower (fairly valued). 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?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 544M TWD (≈ $16.6M). 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 China Times Publishing Co (8923)?
The price-to-sales ratio of China Times Publishing Co is 1.22 (last twelve months). 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 22.4). 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 5.0% (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 5.5% (last twelve months). 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 6.3% (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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Thin data
Nov 3, 2026