Kaori Heat Treatment Co (8996) Fair Value & Analysis
Industrials · TW · Market cap 94.3B TWD
Fair value as of: Jul 19, 2026
From 26 valuation models · updated 22 days ago
Fair value updated Jul 19, 2026, revised from 153.08 TWD to 154.40 TWD (+0.9%) since Jul 12, 2026. Share price −20.8% over the past month.
A solid business, but screening 85% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (215.58 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (85.50 TWD to 215.58 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range 37.26 TWD – 1,590 TWD · fair‑value band 85.50 TWD – 215.58 TWD · the 1,045 TWD price screens above the 154.40 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Kaori Heat Treatment Co (8996) currently trades at 1,045 TWD, while our model-based Fair Value estimate is 154.40 TWD, implying the stock looks roughly 85.2% overvalued today. The Quality Score stands at 58/100 (solid 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: high).
Over the trailing twelve months, Kaori Heat Treatment Co generated revenue of 9.0B TWD at a net margin of 14.5%. Revenue grew 237.6% year over year. It earns a return on equity of 33.2%. The balance sheet holds a net cash position of 227M TWD. Fundamentals as of Jul 19, 2026
Our scenario range runs from 85.50 TWD (bear case) to 215.58 TWD (bull case); at 1,045 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 20% below its 52-week high and 343% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -85%, 8996 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.
All 26 models by family
Widest divergence: Growth Earnings (174.47 TWD) versus Asset-Based (30.10 TWD). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 57
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
Kaori Heat Treatment Co., Ltd. engages in the research, development, manufacture, and sale of heat exchanger and thermal energy products in Taiwan, Asia, the United States, Europe, and internationally.
Full company description
Kaori Heat Treatment Co., Ltd. engages in the research, development, manufacture, and sale of heat exchanger and thermal energy products in Taiwan, Asia, the United States, Europe, and internationally. The company offers brazed and gasketed plate heat exchangers, methanol fuel cells, hydrogen generators, and automatic methanol mixers; plate heat exchange inverters; brazing and welding products; fuel cell products; and liquid cooling solutions. It also engages in the manufacture and sales of mechanical hardware; and the development, manufacture, and sales of heat exchange products or thermal products. The company serves refrigeration and HVAC, semiconductor and electronics, energy, machinery and manufacturing, marine and transportation, healthcare, and data center industries. The company was incorporated in 1970 and is headquartered in Taoyuan City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Kaori Heat Treatment Co reported revenue of 6.6B TWD in FY2025 versus 2.2B TWD in FY2021, a compound +31.0%/yr. Reported net income was 830M TWD in FY2025, compounding +53.6%/yr from FY2021.
8996 screens 85% overvalued. Compare with GE Vernova Inc →
Peer Group
Specialty Industrial Machinery · 809 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.
Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper
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 0: the price sits above our fair-value range.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| GE Vernova Inc 1GEV | €887.60 | €186.93 | -79% |
| 1SIE 1SIE | €273.20 | €91.93 | -66% |
| SMNS SMNS | C$31.76 | C$22.68 | -29% |
| Eaton Corporation ETN | $407.28 | $171.92 | -58% |
| Atlas Copco AB ATCOA | kr 195.15 | kr 112.59 | -42% |
| Sandvik AB SAND | kr 384.10 | kr 193.01 | -50% |
| Doosan Enerbility Co 034020 | 76,400 KRW | 7,938 KRW | -90% |
| Vestas Wind Systems A/S VWS | kr 178.10 | kr 124.54 | -30% |
| Zhejiang Sanhua Intelligent Controls Co 002050 | ¥43.20 | ¥22.68 | -48% |
| NARI Technology Co 600406 | ¥22.19 | ¥18.71 | -16% |
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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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