Shin Shin Natural Gas Company (9918) Fair Value & Analysis
Utilities · TW · Market cap 7.8B TWD
Fair value as of: Jul 21, 2026
From 24 valuation models · updated 20 days ago
Share price −2.9% over the past month.
A solid business, but screening 49% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (30.04 TWD). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (15.69 TWD to 30.04 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 21, 2026.
How to read this chart
60‑month range 32.48 TWD – 61.30 TWD · fair‑value band 15.69 TWD – 30.04 TWD · the 42.50 TWD price screens above the 21.83 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Shin Shin Natural Gas Company (9918) currently trades at 42.50 TWD, while our model-based Fair Value estimate is 21.83 TWD, implying the stock looks roughly 48.6% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Utilities 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, Shin Shin Natural Gas Company generated revenue of 2.0B TWD at a net margin of 15.1%. Revenue declined 8.7% year over year. It earns a return on equity of 9.6%. The balance sheet holds a net cash position of 549M TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 15.69 TWD (bear case) to 30.04 TWD (bull case); at 42.50 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 31% below its 52-week high and 9% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at -49%, 9918 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 24 models by family
Widest divergence: Multiples (27.53 TWD) versus Growth DCF (11.00 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 56 · Market factors (momentum, volatility) 51
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
Shin Shin Natural Gas Company Limited engages in the transmission of combustible natural gas by pipeline for non-industrial fuel supply in Taiwan. The company is involved in installation of gas pipeline construction, and other related natural gas industry and affiliated businesses.
Full company description
Shin Shin Natural Gas Company Limited engages in the transmission of combustible natural gas by pipeline for non-industrial fuel supply in Taiwan. The company is involved in installation of gas pipeline construction, and other related natural gas industry and affiliated businesses. It also manufactures, sells, imports, and exports gas equipment; and plans and supervises gas equipment and construction. It serves residential and commercial customers. The company was incorporated in 1971 and is based in New Taipei City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Shin Shin Natural Gas Company reported revenue of 2.1B TWD in FY2025 versus 1.8B TWD in FY2021, a compound +3.4%/yr. Reported net income was 286M TWD in FY2025, compounding −4.4%/yr from FY2021.
of which total revenue −1.2 pp · buybacks/dilution +0.0 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).
9918 screens 49% overvalued. Compare with Naturgy Energy Group →
Peer Group
Utilities - Regulated Gas · 104 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 Utilities - Regulated Gas 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: 40/100
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 Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Naturgy Energy Group NTGY | €28.84 | €35.80 | +24% |
| Atmos Energy Corporation ATO | $177.68 | $85.67 | -52% |
| NiSource Inc NI | $47.07 | $28.59 | -39% |
| Uniper SE UN0 | €42.80 | €49.13 | +15% |
| The Hong Kong and China Gas Company 0003 | HK$7.03 | HK$5.08 | -28% |
| Italgas S.p.A IG | €9.98 | €8.11 | -19% |
| GAIL (India) Limited GAIL | ₹171.71 | ₹147.74 | -14% |
| Adani Total Gas Limited ATGL | ₹723.90 | ₹101.36 | -86% |
| ENN Natural Gas Co 600803 | ¥17.30 | ¥25.71 | +49% |
| UGI Corporation UGI | $35.84 | $27.13 | -24% |
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Frequently asked questions
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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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