Giant Manufacturing Co Ltd (9921) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Giant Manufacturing Co Ltd stock TWD 34.86, price TWD 89.70, that is 61.1% below the price, quality 50 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Giant Manufacturing Co Ltd
9921 · TWOur calculation puts a fair price 61% below what the stock costs today.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 65.30 TWD – 335.93 TWD · fair‑value band 26.14 TWD – 43.57 TWD · the 89.70 TWD price screens above the 34.86 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Company profile
Giant Manufacturing Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of bicycles and electric bicycles in Taiwan, the United States, Europe, Asia, and internationally.
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The company offers bikes products, such as road racing, triathlon racing bikes, flat handlebar road bike, sport commuter car, folding bicycle, and E+ road bike; dual-shock mountain bike, single-suspension mountain bike, mountain bike, E+ off-road mountain bike; gravel road bike, crossover multi-functional bicycle, E+ mixed-road vehicle; and children's balance bike.
It also provides accessories, including inner garment, sunglasses, gloves, helmet, bicycle jacket, shoes, cycling pants, raincoat, windproof vest, sleeves and leg covers, shoe covers, headscarves and caps, sock, apparel, power meter, bicycle speedometer, bicycle child seats, bicycle lights, bicycle lock, car bags, automotive parts, training platform, shelves, air pump, mini tools, tubeless tire accessories, lubricating oil and cleaning agent, hand grip and handle strap, tire, cushion, seatpost, handle, driver's cup assembly, driver pole, parking rack, braking system, electric vehicle parts, pedal, and wheelset products.
It offers its products through retail stores. Giant Manufacturing Co., Ltd. was founded in 1961 and is headquartered in Taichung, Taiwan.
Stock analysis
Giant Manufacturing Co Ltd (9921) currently trades at 89.70 TWD, while our model-based Fair Value estimate is 34.86 TWD, 61% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 245.16 TWD per share, and 12 of the 25 models we run sit above the 89.70 TWD price.
Bear case: the Asset-Based group reads lowest at 25.61 TWD, and 13 of the 25 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 26.14 TWD (bear) to 43.57 TWD (bull), the price of 89.70 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 50/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Giant Manufacturing Co Ltd reported revenue of 60.3B TWD in FY2025 versus 81.8B TWD in FY2021, a compound −7.4%/yr. Reported net income was 723M TWD in FY2025, compounding −40.9%/yr from FY2021.
Key figures
Market cap 39.7B TWD (≈ $1.2B) Small · P/E ratio 58.2 · P/S ratio 0.70 · EPS (TTM) 1.54 TWD · Dividend yield 2.0% · Net margin 1.1% · Return on equity 2.3% · Return on assets (EBIT) 6.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 20% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −61%, 9921 screens richer than that median.
Fair Value models
All 25 models by family
The fair value above starts from this blend and is adjusted for dilution from new shares.
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
9921 screens overvalued: fair value 61% below the price. Compare with Pop Mart International Group →
Compare Giant Manufacturing Co Ltd with another stock
Price, fair value, quality and upside side by side.
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.Leisure · 169 stocks
Valuation Multiplesvs Leisure median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Consumer Discretionary sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Fair value gap by industry
- Return on assets by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Taiwanese Stocks
- Valuation of the Taiwan market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Leisure stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Li Ning Company 2331 | HK$15.48 | HK$29.46 | +90% | vs 9921 |
| Ninebot Limited 689009 | ¥34.77 | ¥52.88 | +52% | vs 9921 |
| Pop Mart International Group 9992 | HK$141.90 | HK$207.44 | +46% | vs 9921 |
| Mattel, Inc MAT | $15.35 | $22.25 | +45% | vs 9921 |
| Planet Fitness, Inc PLNT | $60.31 | $66.34 | +10% | vs 9921 |
| Fluidra, S.A FDR | €19.32 | €21.25 | +10% | vs 9921 |
| Amer Sports, Inc AS | $31.47 | $19.17 | −39% | vs 9921 |
| Acushnet Holdings GOLF | $80.74 | $44.21 | −45% | vs 9921 |
| Life Time Group LTH | $47.12 | $16.00 | −66% | vs 9921 |
| Hasbro, Inc HAS | $118.91 | $32.71 | −72% | vs 9921 |
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Frequently asked questions
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Key figures of Giant Manufacturing Co Ltd
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