Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 2.8B TWD
Fair value as of: Jul 21, 2026
From 10 valuation models · updated 20 days ago
Fair value updated Jul 21, 2026, revised from 1.93 TWD to 1.94 TWD (+0.5%) since Jul 12, 2026. Share price −6.1% over the past month.
A solid business, but screening 37% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (2.26 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 2.51 TWD – 9.24 TWD · fair‑value band 1.62 TWD – 2.26 TWD · the 3.07 TWD price screens above the 1.94 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) currently trades at 3.07 TWD, while our model-based Fair Value estimate is 1.94 TWD, implying the stock looks roughly 36.8% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Cyclical 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: medium).
Over the trailing twelve months, Vietnam Manufacturing and Export Processing (Holdings) Limited generated revenue of 85.9M TWD at a net margin of 4.3%. Revenue declined 5.7% year over year. It earns a return on equity of 7.8%. Net debt stands at 8.6M TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 1.62 TWD (bear case) to 2.26 TWD (bull case); at 3.07 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 52% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 6% fair-value upside, at -37%, 9110 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 10 models by family
Widest divergence: DCF Models (1.94 TWD) versus Earnings-Based (0.8622 TWD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 36
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
Vietnam Manufacturing and Export Processing (Holdings) Limited, an investment holding company, engages in the manufacture and sale of motorbikes and scooters, and related spare parts and engines in Vietnam. The company engages in the provision of motorbike maintenance services; and manufactures parts for use in repair servicing and product assembly.
Full company description
Vietnam Manufacturing and Export Processing (Holdings) Limited, an investment holding company, engages in the manufacture and sale of motorbikes and scooters, and related spare parts and engines in Vietnam. The company engages in the provision of motorbike maintenance services; and manufactures parts for use in repair servicing and product assembly. It also operates a distribution network of SYM authorized stores owned by dealers in Vietnam; and develops real estate properties. It offers motorbikes under the SYM brand name. It also exports its products to Malaysia, the Philippines, United Arab Emirates Thailand, Greece, Italy, Singapore, and internationally. Vietnam Manufacturing and Export Processing (Holdings) Limited was incorporated in 2005 and is headquartered in Biên Hòa, Vietnam. Vietnam Manufacturing and Export Processing (Holdings) Limited operates as a subsidiary of SY International Ltd.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Vietnam Manufacturing and Export Processing (Holdings) Limited reported revenue of 86.4M TWD in FY2025 versus 93.0M TWD in FY2021, a compound −1.8%/yr. Reported net income was 4.6M TWD in FY2025.
9110 screens 37% overvalued. Compare with Zhejiang Cfmoto Power Co →
Peer Group
Recreational Vehicles · 37 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 Recreational Vehicles 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.
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 Recreational Vehicles stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Zhejiang Cfmoto Power Co 603129 | ¥293.01 | ¥199.10 | -32% |
| Brunswick Corporation BC | $80.45 | $16.76 | -79% |
| BRP Inc DOO | C$85.96 | C$86.81 | +1% |
| Polaris Inc PII | $67.40 | $29.83 | -56% |
| THOR Industries, Inc THO | $72.86 | $97.14 | +33% |
| Trigano S.A TRI | €149.60 | €273.48 | +83% |
| Patrick Industries, Inc PATK | $82.70 | $85.54 | +3% |
| Harley-Davidson, Inc HOG | $26.81 | $64.09 | +139% |
| LCI Industries, LCII | $108.17 | $156.35 | +45% |
| Sanlorenzo S.p.A SL | €38.30 | €40.65 | +6% |
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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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