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Kuo Toong International Co (8936) Fair Value & Analysis

Industrials · TW · Market cap 13.0B TWD

KT Kuo Toong International Co 8936 · TWO
Price52.70 TWD
Fair Value64.35 TWD
Upside+22.1%
Quality60/100
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Expensive Growth
Solidly profitable · 16.1% net margin
Low debt · generates free cash flow
5.78% dividend yield
Ranks above peers (11/14)
Moderate moat 63/100
Evidence: Medium Range 34.83 TWD – 89.26 TWD Share as image

Fair value as of: Jul 22, 2026

From 26 valuation models · updated 20 days ago

Share price −5.2% over the past month.

A solid business, screening 22% undervalued on our models.

What matters now

  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (34.83 TWD to 89.26 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

86.80 TWD 14.93 TWD Fair Value 64.35 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.

How to read this chart

60‑month range 14.93 TWD – 86.80 TWD · fair‑value band 34.83 TWD – 89.26 TWD · the 52.70 TWD price screens below the 64.35 TWD fair value. Dashed = 300-day average. As of Jul 22, 2026.

Full chart & analysis →

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Analysis

Kuo Toong International Co (8936) currently trades at 52.70 TWD, while our model-based Fair Value estimate is 64.35 TWD, implying the stock looks roughly 22.1% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Kuo Toong International Co generated revenue of 6.7B TWD at a net margin of 16.1%. Revenue grew 26.7% year over year. It earns a return on equity of 13.5%. Net debt stands at 3.0B TWD. Fundamentals as of Jul 22, 2026

Our scenario range runs from 34.83 TWD (bear case) to 89.26 TWD (bull case); at 52.70 TWD, the current price sits within 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 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at 22%, 8936 screens cheaper 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
Growth DCF 2.28 TWD 8.64 TWD 19.49 TWD 80
Residual Income 27.24 TWD 34.85 TWD 82.52 TWD 76
Rev-Margin DCF 18.22 TWD 40.82 TWD 70.11 TWD 74
All 26 models by family
DCF Models
FCF DCF 2.35 TWD 9.32 TWD 21.53 TWD 38
Owner Earnings 39.54 TWD 77.25 TWD 143.34 TWD 31
5Y Revenue Exit 18.22 TWD 41.93 TWD 75.09 TWD 39
5Y EBITDA Exit 34.72 TWD 76.13 TWD 129.38 TWD 41
5Y P/E Exit 37.08 TWD 81.02 TWD 132.36 TWD 38
10Y Revenue Exit 11.72 TWD 32.54 TWD 66.16 TWD 36
10Y EBITDA Exit 23.79 TWD 57.68 TWD 111.85 TWD 37
10Y P/E Exit 25.36 TWD 61.28 TWD 114.36 TWD 35
Earnings-Based
Graham-Dodd 27.76 TWD 131.24 TWD 180.48 TWD 54
Lynch FV 34.83 TWD 49.76 TWD 64.69 TWD 50
PEG = 1.0 34.83 TWD 49.76 TWD 64.69 TWD 46
EPV 36.07 TWD 43.10 TWD 49.24 TWD 59
Dividend Discount
Gordon GGM 18.36 TWD 38.18 TWD 60.57 TWD 70
DDM Multi-Stage 18.36 TWD 32.20 TWD 40.07 TWD 61
Multiples
P/E Multiple 64.29 TWD 85.72 TWD 107.15 TWD 63
P/S Multiple 38.15 TWD 50.87 TWD 63.59 TWD 58
P/B Multiple 52.05 TWD 69.40 TWD 86.74 TWD 55
EV/EBIT 65.26 TWD 89.04 TWD 112.82 TWD 53
EV/EBITDA 54.46 TWD 74.64 TWD 94.82 TWD 54
EV/Revenue 25.96 TWD 39.70 TWD 53.43 TWD 43
Asset-Based
NCAV (Graham) 13.63 TWD 18.26 TWD 27.26 TWD 50
Growth DCF
Growth DCF 2.28 TWD 8.64 TWD 19.49 TWD 80
Rev-Margin DCF 18.22 TWD 40.82 TWD 70.11 TWD 74
Economic Profit
Residual Income 27.24 TWD 34.85 TWD 82.52 TWD 76
ROIC Compounder 40.04 TWD 57.28 TWD 80.91 TWD 72
Growth Earnings
Growth-Adj P/E 54.93 TWD 78.48 TWD 102.02 TWD 68

Widest divergence: Growth Earnings (78.48 TWD) versus Growth DCF (8.64 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.7B TWD
Revenue growth (YoY) +26.7%
Net margin 16.1%
Return on equity 13.5%
Free cash flow 161M TWD FY2025
P/E ratio 12.9
More key figures
Operating margin 19.3%
EPS (TTM) 4.06 TWD
Dividend yield 5.8%
EPS growth (YoY) +33.9%
Net debt 3.0B TWD FY2025

Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 55 · Market factors (momentum, volatility) 53

Profitability 45
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 32
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

Kuo Toong International Co., Ltd. engages in the design, production, and assembly of water supply and division pipes in Taiwan and internationally.

Full company description

Kuo Toong International Co., Ltd. engages in the design, production, and assembly of water supply and division pipes in Taiwan and internationally. The company offers prestressed concrete and cylinder pipes, straight and propelling steel pipes, ductile iron pipes and accessories, water collecting pipes, PCCP, steel pipe by jacking method WSP, DI flexible pipe joints, connecting closures, cement products and spare parts; and assembles and embeds various water pipes and spare parts; as well as manufactures precision and other chemical materials. It also provides mechanical installation, sewage process, pipeline construction, and other environmental sanitation and pollution prevention services, as well as housing and building materials, machinery, and hardware. In addition, the company is involved in the manufacturing of metal structure, architectural decoration and plumbing pipe parts, fittings and precision casting products, and various pipes fittings. Further, it engages in the business of tap-water, construction, dredging and sand, silt and discarding in the sea, waste treatment, seawater desalination, auto control equipment construction, solar, battery module, construction item and designs, and research and development, international trading, wholesale and retail, as well as investment activities. Kuo Toong International Co., Ltd. was incorporated in 1978 and is based in Kaohsiung, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kuo Toong International Co reported revenue of 6.3B TWD in FY2025 versus 4.6B TWD in FY2021, a compound +8.1%/yr. Reported net income was 1.0B TWD in FY2025, compounding +32.7%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.3B TWD
Latest YoY
+20.3%
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.
+18.5%
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.
+11.2%
Avg. growth/yr (19Y) 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.
+11.2%
Revenue +8.1%/yr
FY21 4.6B TWD
FY22 3.8B TWD
FY23 4.1B TWD
FY24 5.2B TWD
FY25 6.3B TWD
Net income +32.7%/yr
FY21 327M TWD
FY22 625M TWD
FY23 714M TWD
FY24 837M TWD
FY25 1.0B TWD
Character of growth · EPS growth decomposed (2012-2023) +2.6 % p.a.
Revenue per share +2.8 pp

of which total revenue +5.2 pp · buybacks/dilution −2.5 pp

EBIT margin +4.3 pp
Tax rate −0.8 pp
Residual (interest, one-offs) −3.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Kuo Toong International Co Fair Value". https://www.fairvalue-calculator.com/stock/8936

Peer Group

Building Products & Equipment · 247 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 60 · Above median
Fair Value upside +22% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 27% · Top 25%
Dividend yield (TTM) 5.8% · Top 25%
Debt / equity 0.32× · Higher than median

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 12.9× · Cheaper than median
P/B 1.93× · Pricier than median
P/S (TTM) 1.95× · Pricier than 75% of peers
P/FCF 2.5× · Cheaper than median
EV/EBITDA 9.1× · Cheaper 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 63 · sector 3
FUTURE 100 · sector 9
PAST 54 · sector 23
HEALTH 84 · sector 94
DIVIDEND 100 · sector 28

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 Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).

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Compagnie de Saint-Gobain S.A SGO €76.62 €101.60 +33%
Geberit AG GEBN CHF 523.20 CHF 307.66 -41%
Lennox International Inc LII $543.93 $363.09 -33%
Kingspan Group KRX €87.30 €70.76 -19%
Masco Corporation MAS $78.04 $54.36 -30%
PT Impack Pratama Industri Tbk, IMPC 1,420 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 36.03 kr 25.37 -30%

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Frequently asked questions

Is Kuo Toong International Co (8936) overvalued or undervalued?
As of Jul 22, 2026, our model estimates a fair value of 64.35 TWD versus a price of 52.70 TWD, about +22% (undervalued).
What is the fair value of 8936?
Our model-based fair value for Kuo Toong International Co is 64.35 TWD (as of Jul 22, 2026), built from audited fundamentals. The current price is 52.70 TWD.
What is the quality score of 8936?
Kuo Toong International Co has a Quality Score of 60/100. 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 Kuo Toong International Co (8936)?
Kuo Toong International Co reported trailing-twelve-month revenue of about 6.7B TWD (latest available figure, as of Jul 22, 2026).
What is the net profit margin of 8936?
The net profit margin of Kuo Toong International Co is about 16.1%, meaning it keeps roughly 16.1% of revenue as net income. Based on the latest reported figures.
Does Kuo Toong International Co pay a dividend?
Kuo Toong International Co currently shows a dividend yield of about 5.43% relative to its recent price (as of Jul 22, 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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