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Her Chee Industrial Co Ltd (8937) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Her Chee Industrial Co Ltd TWD 3.53, price TWD 26.60, upside -86.7%, quality 15 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Consumer Cyclical · TW · ISIN TW0008937004

HC Thin data Sep 24, 2026

Her Chee Industrial Co Ltd

8937 · TWO

Weakest SetupStrongly overvalued and low quality.

!Fair value 3.53 TWD · Strongly overvalued (−87%)
!Quality 15/100
!Weak Growth (revenue 5y −25.3 %/yr)
!Thin margins · 6.1% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/12)
!Narrow moat 17/100
!Evidence only low, so the estimate is less certain
!Weak on past: 3 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

192.50 TWD 11.45 TWD Fair Value 3.53 TWD May 2021 Sep 2026

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 11.45 TWD – 192.50 TWD · fair‑value band 2.63 TWD – 5.26 TWD · the 26.60 TWD price screens above the 3.53 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Her Chee Industrial Co., Ltd. manufactures and sells professional vehicles under the ADLY moto brand name in Taiwan. The company offers ATV utility and sports vehicles, and agro-delivery ATVs, scooters, as well as electric vehicles. It also provides locomotives, locomotive leads, electric locomotives, and other means of transportation.

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Her Chee Industrial Co., Ltd. manufactures and sells professional vehicles under the ADLY moto brand name in Taiwan. The company offers ATV utility and sports vehicles, and agro-delivery ATVs, scooters, as well as electric vehicles. It also provides locomotives, locomotive leads, electric locomotives, and other means of transportation. The company is involved in land development, energy storage service, and vessel leasing. It also exports its products. The company was founded in 1976 and is based in Chiayi, Taiwan.

Stock analysis

Her Chee Industrial Co Ltd (8937) currently trades at 26.60 TWD, while our model-based Fair Value estimate is 3.53 TWD, implying the stock looks roughly 654.1% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the evidence level at low.

Scenario range: 2.63 TWD (bear) to 5.26 TWD (bull), the price of 26.60 TWD sits above 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 15/100 (below-average quality), in the Consumer Cyclical sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Her Chee Industrial Co Ltd reported revenue of 65.7M TWD in FY2025 versus 126M TWD in FY2021, a compound −15.1%/yr. Reported net income was −74.0M TWD in FY2025.

Key figures

Market cap 11.4B TWD (≈ $359M) · P/E ratio 332.5 · P/S ratio 28.1 · EPS (TTM) 0.0800 TWD · Net margin −113% · Return on equity 0.9% · Return on assets (EBIT) −2.4% · Operating margin −14.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 85% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 57% fair-value upside, at −87%, 8937 screens richer than that median.

Fair Value models

Bear 2.63 TWD Fair Value 3.53 TWD Bull 5.26 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0587 TWD per share) are deliberately not added. 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.
Highest evidence
NCAV (Graham) 3.09 TWD 4.15 TWD 6.19 TWD 54
All 1 models by family
Asset-Based
NCAV (Graham) 3.09 TWD 4.15 TWD 6.19 TWD 54

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Quality Score breakdown

Overall quality 15/100

Of which business quality 23 · Market factors (momentum, volatility) 23

Profitability 4
Margins and returns on capital today
Quality Growth 6
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

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. 8/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−50.2%
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.
−32.3%
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.
−25.3%
Start year 2020 (pandemic)
Revenue growth 8 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.
−17.5%
Profit margin (trend) ⓘ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.
−10.3% (2020) → −239.4% (2025)
What shareholders gained per year ⓘ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

8937 screens 654% overvalued. Compare with Zhejiang Cfmoto Power Co →

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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.Recreational Vehicles · 40 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −87% · Bottom 25%
Profitability
Return on equity (TTM) 1% · Below median
Return on assets −3% · Below median
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) −15% · Bottom 25%
Growth and dividend
Revenue growth 12% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.07× · Below median

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/E (TTM) 332.5× · Priciest 25%
P/B 4.44× · Priciest 25%
P/S (TTM) 27.23× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 33
FUTURE (revenue growth)59 · sector 0
PAST (return on equity)3 · sector 14
HEALTH (low debt)97 · sector 89
DIVIDEND (yield)0 · sector 59

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

Context: sector, industry, market

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 Recreational Vehicles stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Zhejiang Cfmoto Power Co 603129 ¥296.97 ¥465.45 +57%
Brunswick Corporation BC $66.59 $59.90 −10%
BRP Inc DOO $57.90 $63.69 +10%
Polaris Inc PII $53.97 $129.29 +140%
THOR Industries, Inc THO $73.80 $97.14 +32%
Trigano S.A TRI €132.90 €273.48 +106%
Patrick Industries, Inc PATK $71.06 $85.54 +20%
Harley-Davidson, Inc HOG $26.03 $64.09 +146%
LCI Industries, LCII $87.92 $167.42 +90%
Sanlorenzo S.p.A SL €36.80 €36.55 −1%

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Her Chee Industrial Co Ltd · Fair Value
3.53 TWD −654%Fair Value
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Cite: Fair Value Calculator (2026). "Her Chee Industrial Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8937

Frequently asked questions

Is Her Chee Industrial Co Ltd (8937) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.53 TWD versus a price of 26.60 TWD, about −87% upside (overvalued).
What is the fair value of 8937?
Our model-based fair value for Her Chee Industrial Co Ltd is 3.53 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 26.60 TWD.
What is the quality score of 8937?
Her Chee Industrial Co Ltd has a Quality Score of 15/100. 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 Her Chee Industrial Co Ltd (8937)?
Our model-based price target is the fair value of 3.53 TWD (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 2.63 TWD, optimistic scenario 5.26 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Her Chee Industrial Co Ltd stock forecast for 2026?
Our models put fair value at 3.53 TWD, about −87% upside versus a price of 26.60 TWD (overvalued). Cautious scenario 2.63 TWD, optimistic scenario 5.26 TWD. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Her Chee Industrial Co Ltd (8937)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Her Chee Industrial Co Ltd it is 3.53 TWD per share (as of Sep 24, 2026), against a price of 26.60 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Her Chee Industrial Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 8937 trades above its calculated fair value: price 26.60 TWD, fair value 3.53 TWD, a gap of about −87% (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 8937?
No. The price is what the market pays today (26.60 TWD); the fair value is what the company's own numbers justify (3.53 TWD). For Her Chee Industrial Co Ltd the two are 23.07 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Her Chee Industrial Co Ltd worth?
The market values Her Chee Industrial Co Ltd at about 11.4B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 26.60 TWD; our models calculate a fair value of 3.53 TWD per share.
What do the bullish and bearish scenarios say about 8937?
Our models span a range for Her Chee Industrial Co Ltd: cautious scenario 2.63 TWD, base 3.53 TWD, optimistic 5.26 TWD per share (as of Sep 24, 2026, price 26.60 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8937?
Her Chee Industrial Co Ltd trades at a price-to-earnings ratio of 332.5 (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 3.53 TWD is built from several models across several years. Other multiples: P/B 4.4, P/S 27.2.
How solid is the balance sheet of Her Chee Industrial Co Ltd (8937)?
Balance-sheet figures for Her Chee Industrial Co Ltd (as of Sep 24, 2026): return on equity 0.9%, debt of 0.07 per unit of equity. They feed the Quality Score of 15/100, which measures business quality independently of the share price.
How far is 8937 from its 52-week high?
Her Chee Industrial Co Ltd trades at 26.60 TWD, about 85% below its 52-week high of 180.00 TWD and 22% above the low of 21.80 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3.53 TWD is for.
Which stocks are comparable to Her Chee Industrial Co Ltd?
From the same area (Consumer Cyclical) we also value Zhejiang Cfmoto Power Co, Brunswick Corporation, BRP Inc, Polaris Inc, 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 Her Chee Industrial Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 26.60 TWD, calculated fair value 3.53 TWD (−87%), Quality Score 15/100, from 1 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 8937 calculated?
We run Her Chee Industrial Co Ltd through 1 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 3.53 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 13.0 % above its aggregate fair value. Her Chee Industrial Co Ltd 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 Her Chee Industrial Co Ltd (8937)?
The closing price on Sep 24, 2026 was 26.60 TWD. Our model-based fair value is 3.53 TWD, about −87% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Her Chee Industrial Co Ltd right now?
The price sits above even our optimistic bull case (5.26 TWD). The favourable scenario is already priced in. Weak quality (15/100) 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. A fairly wide model range (2.63 TWD to 5.26 TWD) leaves room in how you read the outcome.

Key figures of Her Chee Industrial Co Ltd

How large is the market capitalisation of Her Chee Industrial Co Ltd (8937)?
The market capitalisation of Her Chee Industrial Co Ltd is 11.4B TWD (≈ $359M). 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 Her Chee Industrial Co Ltd (8937)?
The price-to-sales ratio of Her Chee Industrial Co Ltd is 28.1 (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 Her Chee Industrial Co Ltd (8937)?
Earnings per share at Her Chee Industrial Co Ltd are 0.0800 TWD (price ÷ EPS = P/E 332.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Her Chee Industrial Co Ltd (8937)?
The net margin of Her Chee Industrial Co Ltd is −113% (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 Her Chee Industrial Co Ltd (8937)?
The return on equity (ROE) of Her Chee Industrial Co Ltd is 0.9% (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 Her Chee Industrial Co Ltd (8937)?
On an EBIT basis the return on assets of Her Chee Industrial Co Ltd is −2.4% (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 Her Chee Industrial Co Ltd (8937)?
The operating margin of Her Chee Industrial Co Ltd is −14.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Her Chee Industrial Co Ltd (8937)?
Revenue at Her Chee Industrial Co Ltd is growing +11.7% versus a year earlier (3y avg −32.3%). 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 Her Chee Industrial Co Ltd (8937)?
Earnings per share at Her Chee Industrial Co Ltd are growing +436% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Her Chee Industrial Co Ltd (8937) generate?
The free cash flow of Her Chee Industrial Co Ltd is −3.3B TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Her Chee Industrial Co Ltd (8937) carry?
The net debt of Her Chee Industrial Co Ltd is 400M TWD (fiscal year 2025). 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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