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Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Vietnam Manufacturing and Export Processing (Holdings) Limited TWD 2.12, price TWD 2.82, upside -24.8%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? No
Good quality? Yes
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Consumer Cyclical · TW

VM Thin data Sep 24, 2026

Vietnam Manufacturing and Export Processing (Holdings) Limited

9110 · TW

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value 2.12 TWD · Overvalued (−25%)

!Quality 60/100

!Expensive Growth (revenue YoY +6.5 %/yr)

!Thin margins · 4.3% net margin (TTM)

!negative free cash flow

!Trails peers (3/10)

!Narrow moat 25/100

!Evidence only low, so the estimate is less certain

26 models, one by oneBear 1.91 TWD to bull 2.46 TWD Growth analysisrevenue history, year by year Quality 60/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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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

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 2.51 TWD – 9.24 TWD · fair‑value band 1.91 TWD – 2.46 TWD · the 2.82 TWD price screens above the 2.12 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

Stock analysis

Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) currently trades at 2.82 TWD, while our model-based Fair Value estimate is 2.12 TWD, implying the stock looks roughly 33.0% overvalued today.

Valuation

Bull case: the Multiples group reads highest at a median of 2.12 TWD per share, and 0 of the 8 models we run sit above the 2.82 TWD price.

Bear case: the Earnings-Based group reads lowest at 0.9422 TWD, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: 1.91 TWD (bear) to 2.46 TWD (bull), the price of 2.82 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 60/100 (solid quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Vietnam Manufacturing and Export Processing (Holdings) Limited reported revenue of $86.4M in FY2025 versus $93.0M in FY2021, a compound −1.8%/yr. Reported net income was $4.6M in FY2025.

Key figures

Market cap 2.8B TWD (≈ $88.9M) · P/E ratio 17.6 · P/S ratio 0.94 · EPS (TTM) 0.1600 TWD · Net margin 5.3% · Return on equity 7.8% · Return on assets (EBIT) −0.7% · Operating margin −1.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 12% 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 −25%, 9110 screens richer than that median.

Fair Value models

Bear 1.91 TWD Fair Value 2.12 TWD Bull 2.46 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 (0.1170 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

Owner Earnings 1.88 TWD 2.12 TWD 2.59 TWD 75

Residual Income 0.9422 TWD 0.9422 TWD 1.18 TWD 71

Graham-Dodd 0.7067 TWD 0.9422 TWD 1.18 TWD 67

All 8 models by family

DCF Models

Owner Earnings 1.88 TWD 2.12 TWD 2.59 TWD 75

Earnings-Based

Graham-Dodd 0.7067 TWD 0.9422 TWD 1.18 TWD 67

Multiples

P/E Multiple 1.88 TWD 2.59 TWD 3.30 TWD 63

P/S Multiple 1.41 TWD 2.12 TWD 2.59 TWD 58

P/B Multiple 1.41 TWD 2.12 TWD 2.59 TWD 55

Asset-Based

NCAV (Graham) 0.7067 TWD 0.9422 TWD 1.18 TWD 53

Economic Profit

Residual Income 0.9422 TWD 0.9422 TWD 1.18 TWD 71

Growth Earnings

Growth-Adj P/E 1.41 TWD 1.88 TWD 2.59 TWD 67

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Quality Score breakdown

Overall quality 60/100

Of which business quality 57 · Market factors (momentum, volatility) 27

Profitability 37

Margins and returns on capital today

Quality Growth 62

Are margins and returns improving?

Cashflow 0

Earnings quality: real cash, not paper profit

Fin. Strength 81

Balance sheet, leverage, solvency risk

Investment 100

Disciplined investing over empire-building

Low Volatility 65

Calm price path (market factor)

Momentum 15

Price trend over the last 3–12 months (market factor)

52W Momentum 7

Distance to the 52-week high (market factor)

Net Issuance 100

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. 40/100

The company is growing, but growth may require heavy reinvestment or weak cash conversion.

What shareholders gained per year (last 3 years) ⓘ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 3 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.

+76.2%

Earnings growth per share plus dividend.

Earnings per share, growth per year+76.2%

Dividend (yield on the price)0.0%

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% → −3%

⚠ Revenue per share shrinking 4.8%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

9110 screens 33% 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 3/10 measures

Overall it trails its industry peers.

Valuation

Quality Score 60 · Top 25%

Fair Value upside −25% · Below median

Profitability

Return on equity (TTM) 8% · Above median

Return on assets −2% · Below median

Net margin (TTM) 4% · Above median

Operating margin (TTM) −2% · Below median

Growth and dividend

Revenue growth −6% · Below median

Valuation Multiplesvs Recreational Vehicles median · lower = cheaper

P/E (TTM) 17.6× · Pricier than median

P/B 1.83× · Pricier than median

P/S (TTM) 1.04× · Pricier than median

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)0 · sector 34

FUTURE (revenue growth)0 · sector 0

PAST (return on equity)31 · sector 14

HEALTH (low debt)0 · 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

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Vietnam Manufacturing and Export Processing (Holdings) Limited · Fair Value
2.12 TWD −33%Fair Value
Calculator →

<a href="https://www.fairvalue-calculator.com/stock/9110" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Vietnam Manufacturing and Export Processing (Holdings) Limited · Fair Value</span><br><b style="font-size:20px">2.12 TWD</b> <span style="color:#e0816f;font-weight:700;font-size:14px">−33%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Vietnam Manufacturing and Export Processing (Holdings) Limited Fair Value". https://www.fairvalue-calculator.com/stock/9110

Frequently asked questions

Is Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) overvalued or undervalued?

As of Sep 24, 2026, our model estimates a fair value of 2.12 TWD versus a price of 2.82 TWD, about −25% upside (overvalued).

What is the fair value of 9110?

Our model-based fair value for Vietnam Manufacturing and Export Processing (Holdings) Limited is 2.12 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 2.82 TWD.

What is the quality score of 9110?

Vietnam Manufacturing and Export Processing (Holdings) Limited 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 price target for Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

Our model-based price target is the fair value of 2.12 TWD (as of Sep 24, 2026) from 8 valuation models. Cautious scenario 1.91 TWD, optimistic scenario 2.46 TWD. It is a calculation from audited fundamentals, not an analyst target.

What is the Vietnam Manufacturing and Export Processing (Holdings) Limited stock forecast for 2026?

Our models put fair value at 2.12 TWD, about −25% upside versus a price of 2.82 TWD (overvalued). Cautious scenario 1.91 TWD, optimistic scenario 2.46 TWD. The calculation is refreshed regularly with new filings.

What is the revenue of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

Vietnam Manufacturing and Export Processing (Holdings) Limited reported trailing-twelve-month revenue of about $85.9M (latest available figure, as of Sep 24, 2026).

What is the intrinsic value of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam Manufacturing and Export Processing (Holdings) Limited it is 2.12 TWD per share (as of Sep 24, 2026), against a price of 2.82 TWD. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).

Is Vietnam Manufacturing and Export Processing (Holdings) Limited stock overvalued or undervalued in 2026?

As of Sep 24, 2026, 9110 trades above its calculated fair value: price 2.82 TWD, fair value 2.12 TWD, a gap of about −25% (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 9110?

No. The price is what the market pays today (2.82 TWD); the fair value is what the company's own numbers justify (2.12 TWD). For Vietnam Manufacturing and Export Processing (Holdings) Limited the two are 0.7000 TWD per share apart. That gap is exactly why we show both numbers side by side.

How much is Vietnam Manufacturing and Export Processing (Holdings) Limited worth?

The market values Vietnam Manufacturing and Export Processing (Holdings) Limited at about 2.8B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 2.82 TWD; our models calculate a fair value of 2.12 TWD per share.

What do the bullish and bearish scenarios say about 9110?

Our models span a range for Vietnam Manufacturing and Export Processing (Holdings) Limited: cautious scenario 1.91 TWD, base 2.12 TWD, optimistic 2.46 TWD per share (as of Sep 24, 2026, price 2.82 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the P/E ratio of 9110?

Vietnam Manufacturing and Export Processing (Holdings) Limited trades at a price-to-earnings ratio of 17.6 (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 2.12 TWD is built from several models across several years. Other multiples: P/B 1.8, P/S 1.0.

How solid is the balance sheet of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

Balance-sheet figures for Vietnam Manufacturing and Export Processing (Holdings) Limited (as of Sep 24, 2026): return on equity 7.8%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.

How far is 9110 from its 52-week high?

Vietnam Manufacturing and Export Processing (Holdings) Limited trades at 2.82 TWD, about 39% below its 52-week high of 4.60 TWD and 12% above the low of 2.51 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 2.12 TWD is for.

Which stocks are comparable to Vietnam Manufacturing and Export Processing (Holdings) Limited?

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 Vietnam Manufacturing and Export Processing (Holdings) Limited stock attractive at the current price?

The data as of Sep 24, 2026: price 2.82 TWD, calculated fair value 2.12 TWD (−25%), Quality Score 60/100, from 8 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 9110 calculated?

We run Vietnam Manufacturing and Export Processing (Holdings) Limited through 8 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 2.12 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 14.0 % above its aggregate fair value. Vietnam Manufacturing and Export Processing (Holdings) Limited 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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

The closing price on Sep 24, 2026 was 2.82 TWD. Our model-based fair value is 2.12 TWD, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Vietnam Manufacturing and Export Processing (Holdings) Limited right now?

The price sits above even our optimistic bull case (2.46 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. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Vietnam Manufacturing and Export Processing (Holdings) Limited

How large is the market capitalisation of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

The market capitalisation of Vietnam Manufacturing and Export Processing (Holdings) Limited is 2.8B TWD (≈ $88.9M). 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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

The price-to-sales ratio of Vietnam Manufacturing and Export Processing (Holdings) Limited is 0.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What are the earnings per share of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

Earnings per share at Vietnam Manufacturing and Export Processing (Holdings) Limited are 0.1600 TWD (price ÷ EPS = P/E 17.6). Earnings per share over the last twelve months: total profit spread across every single share.

What is the net margin of Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

The net margin of Vietnam Manufacturing and Export Processing (Holdings) Limited is 5.3% (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

The return on equity (ROE) of Vietnam Manufacturing and Export Processing (Holdings) Limited is 7.8% (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

On an EBIT basis the return on assets of Vietnam Manufacturing and Export Processing (Holdings) Limited is −0.7% (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

The operating margin of Vietnam Manufacturing and Export Processing (Holdings) Limited is −1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at Vietnam Manufacturing and Export Processing (Holdings) Limited (9110)?

Revenue at Vietnam Manufacturing and Export Processing (Holdings) Limited is growing −5.7% versus a year earlier (3y avg −13.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.

How much free cash flow does Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) generate?

The free cash flow of Vietnam Manufacturing and Export Processing (Holdings) Limited is −$11.5M (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 Vietnam Manufacturing and Export Processing (Holdings) Limited (9110) carry?

The net debt of Vietnam Manufacturing and Export Processing (Holdings) Limited is $8.6M (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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