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Ton Yi Industrial Corp (9907) Fair Value & Analysis

Consumer Cyclical · TW · Market cap 23.9B TWD

TY Ton Yi Industrial Corp 9907 · TW
Price14.85 TWD
Fair Value23.17 TWD
Upside+56.0%
Quality72/100
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Healthy Growth
Thin margins · 3.9% net margin
Low debt · generates free cash flow
7.79% dividend yield
Ranks above peers (11/15)
Narrow moat 37/100
Evidence: High Range 17.38 TWD – 28.96 TWD Share as image

Fair value as of: Jul 23, 2026

From 25 valuation models · updated 18 days ago

Share price −1.7% over the past month.

A solid business, screening 56% undervalued on our models.

What matters now

  • The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (17.38 TWD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

21.00 TWD 9.29 TWD Fair Value 23.17 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 9.29 TWD – 21.00 TWD · fair‑value band 17.38 TWD – 28.96 TWD · the 14.85 TWD price screens below the 23.17 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

Ton Yi Industrial Corp (9907) currently trades at 14.85 TWD, while our model-based Fair Value estimate is 23.17 TWD, implying the stock looks roughly 56.0% undervalued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical 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: high), always confirm before acting.

Over the trailing twelve months, Ton Yi Industrial Corp generated revenue of 44.6B TWD at a net margin of 3.9%. Revenue declined 8.8% year over year. It earns a return on equity of 7.3%. Net debt stands at 2.3B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 17.38 TWD (bear case) to 28.96 TWD (bull case); at 14.85 TWD, the current price sits below 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 28% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -22% fair-value upside, at 56%, 9907 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 24.09 TWD 33.28 TWD 45.77 TWD 80
Residual Income 12.01 TWD 13.32 TWD 18.87 TWD 76
Rev-Margin DCF 19.93 TWD 29.35 TWD 39.40 TWD 74
All 25 models by family
DCF Models
FCF DCF 23.40 TWD 33.24 TWD 47.17 TWD 38
Owner Earnings 20.31 TWD 28.81 TWD 40.84 TWD 31
5Y Revenue Exit 19.93 TWD 29.05 TWD 40.16 TWD 39
5Y EBITDA Exit 24.89 TWD 37.82 TWD 52.17 TWD 41
5Y P/E Exit 18.64 TWD 26.75 TWD 34.73 TWD 38
10Y Revenue Exit 20.51 TWD 28.87 TWD 39.01 TWD 36
10Y EBITDA Exit 24.13 TWD 34.78 TWD 47.72 TWD 37
10Y P/E Exit 20.22 TWD 27.32 TWD 35.06 TWD 35
Earnings-Based
Graham-Dodd 9.27 TWD 21.06 TWD 26.97 TWD 54
PEG = 1.0 3.48 TWD 4.97 TWD 6.47 TWD 46
EPV 13.91 TWD 16.10 TWD 18.03 TWD 59
Dividend Discount
Gordon GGM 8.91 TWD 14.68 TWD 21.37 TWD 70
DDM Multi-Stage 8.91 TWD 13.04 TWD 17.66 TWD 61
Multiples
P/E Multiple 17.38 TWD 23.17 TWD 28.96 TWD 63
P/S Multiple 17.38 TWD 23.17 TWD 28.96 TWD 58
P/B Multiple 17.38 TWD 23.17 TWD 28.96 TWD 55
EV/EBIT 21.95 TWD 29.02 TWD 36.10 TWD 53
EV/EBITDA 29.36 TWD 38.90 TWD 48.45 TWD 54
EV/Revenue 19.12 TWD 27.00 TWD 34.89 TWD 43
Asset-Based
NCAV (Graham) 6.78 TWD 9.08 TWD 13.55 TWD 50
Growth DCF
Growth DCF 24.09 TWD 33.28 TWD 45.77 TWD 80
Rev-Margin DCF 19.93 TWD 29.35 TWD 39.40 TWD 74
Economic Profit
Residual Income 12.01 TWD 13.32 TWD 18.87 TWD 76
ROIC Compounder 13.96 TWD 16.88 TWD 20.23 TWD 72
Growth Earnings
Growth-Adj P/E 13.23 TWD 18.90 TWD 24.56 TWD 68

Widest divergence: Growth DCF (29.35 TWD) versus Asset-Based (9.08 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 44.6B TWD
Revenue growth (YoY) -8.8%
Net margin 3.9%
Return on equity 7.3%
Free cash flow 3.4B TWD FY2025
P/E ratio 12.3
More key figures
Operating margin 3.8%
EPS (TTM) 1.36 TWD
Dividend yield 7.8%
EPS growth (YoY) -60.3%
Net debt 2.3B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 71 · Market factors (momentum, volatility) 38

Profitability 50
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 96
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

Ton Yi Industrial Corp. manufactures and sells tinplate and plastic packaging materials in Taiwan, Mainland China, and internationally.

Full company description

Ton Yi Industrial Corp. manufactures and sells tinplate and plastic packaging materials in Taiwan, Mainland China, and internationally. The company provides tin mill black plates and cold rolled steel of thin gauge for use in the electric and electronic parts, appliances, steel furniture, containers, structural materials, etc.; tinplates and TFS products which are used in food packing materials, motor oil cans, electric parts, dry cells, stations, toys, etc.; and tin and metal cans for various food and beverages. It offers beverages pet products for tea drink, vegetable and fruit juice, milk tea, coffee, sporty drinks, and vegetable protein drinks, as well as sales and technical services; beverage filling services for production of bottle can; and tetra packs for tea, juice, milk tea, coffee, soy milk and other products. The company was formerly known as Ton Yi Agriculture Industrial Corporation and changed its name to Ton Yi Industrial Corp. in 1974. The company was incorporated in 1969 and is based in Tainan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ton Yi Industrial Corp reported revenue of 45.6B TWD in FY2025 versus 41.9B TWD in FY2021, a compound +2.2%/yr. Reported net income was 2.2B TWD in FY2025, compounding +3.8%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
45.6B TWD
Latest YoY
+1.7%
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.
+1.6%
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.
+8.8%
Avg. growth/yr (25Y) 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.
+4.9%
Revenue +2.2%/yr
FY21 41.9B TWD
FY22 43.5B TWD
FY23 35.2B TWD
FY24 44.9B TWD
FY25 45.6B TWD
Net income +3.8%/yr
FY21 1.9B TWD
FY22 2.2B TWD
FY23 681M TWD
FY24 1.5B TWD
FY25 2.2B TWD
Character of growth · EPS growth decomposed (2014-2025) +6.8 % p.a.
Revenue per share +2.1 pp

of which total revenue +2.0 pp · buybacks/dilution +0.1 pp

EBIT margin +2.7 pp
Tax rate −1.4 pp
Residual (interest, one-offs) +3.4 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). "Ton Yi Industrial Corp Fair Value". https://www.fairvalue-calculator.com/stock/9907

Peer Group

Packaging & Containers · 272 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 72 · Top 25%
Fair Value upside +56% · Top 25%
Return on equity (TTM) 7% · Above median
Return on assets 5% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 4% · Below median
Revenue growth -9% · Below median
Dividend yield (TTM) 7.8% · Top 25%
Debt / equity 0.14× · Lower than median

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than median
P/B 1.12× · Pricier than median
P/S (TTM) 0.54× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 4.3× · Cheaper than 75% of peers
PEG 3.78× · Pricier than 75% of peers

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 100 · sector 9
FUTURE 0 · sector 1
PAST 29 · sector 21
HEALTH 93 · sector 92
DIVIDEND 100 · sector 42

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 Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 101.90 kr 126.39 +24%
ShenZhen YUTO Packaging Technology Co 002831 ¥29.10 ¥20.88 -28%
SCG Packaging Public Company SCGP 29.00 THB 16.12 THB -44%
AblePrint Technology Co 7734 2,850 TWD 661.69 TWD -77%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,194 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 132.50 TWD 127.06 TWD -4%
Time Technoplast Limited TIMETECHNO ₹206.82 ₹161.42 -22%
EPL Limited 500135 ₹222.25 ₹111.65 -50%
Dongwon Systems Corporation 014820 19,330 KRW 31,473 KRW +63%
PT Panca Budi Idaman Tbk, PBID 486.00 IDR 885.39 IDR +82%

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Frequently asked questions

Is Ton Yi Industrial Corp (9907) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 23.17 TWD versus a price of 14.85 TWD, about +56% (undervalued).
What is the fair value of 9907?
Our model-based fair value for Ton Yi Industrial Corp is 23.17 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 14.85 TWD.
What is the quality score of 9907?
Ton Yi Industrial Corp has a Quality Score of 72/100. 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 Ton Yi Industrial Corp (9907)?
Ton Yi Industrial Corp reported trailing-twelve-month revenue of about 44.6B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 9907?
The net profit margin of Ton Yi Industrial Corp is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.
Does Ton Yi Industrial Corp pay a dividend?
Ton Yi Industrial Corp currently shows a dividend yield of about 7.79% relative to its recent price (as of Jul 23, 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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