Shin Hai Gas Corp (9926) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Shin Hai Gas Corp stock TWD 30.48, price TWD 49.40, upside -38.3%, quality 58 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?No
Quality 50+?Yes
In an uptrend?No
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 27, 2026.
How to read this chart
60‑month range 41.89 TWD – 57.20 TWD · fair‑value band 21.53 TWD – 41.79 TWD · the 49.40 TWD price screens above the 30.48 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 27, 2026.
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Shin Hai Gas Corporation supplies and sells natural gas and related equipment in Taiwan. The company provides microcomputer gas meters, gas leak alarms, shut-off valves, safety equipment, natural gas special stoves, and gas type clothes dryers. It also offers telecom services.
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Shin Hai Gas Corporation was founded in 1966 and is headquartered in New Taipei City, Taiwan.
Stock analysis
Shin Hai Gas Corp (9926) currently trades at 49.40 TWD, while our model-based Fair Value estimate is 30.48 TWD, 38.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 37.20 TWD per share, and 0 of the 24 models we run sit above the 49.40 TWD price.
Bear case: the Asset-Based group reads lowest at 14.79 TWD, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 21.53 TWD (bear) to 41.79 TWD (bull), the price of 49.40 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 58/100 (solid quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Shin Hai Gas Corp reported revenue of 2.5B TWD in FY2025 versus 2.1B TWD in FY2021, a compound +3.6%/yr. Reported net income was 482M TWD in FY2025, compounding +1.8%/yr from FY2021.
Key figures
Market cap 8.8B TWD (≈ $271M) Micro · P/E ratio 17.4 · P/S ratio 3.60 · EPS (TTM) 2.84 TWD · Dividend yield 4.3% · Net margin 20.8% · Return on equity 12.1% · Return on assets (EBIT) 6.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at 1% fair-value upside, at −38%, 9926 screens richer than that median.
Fair Value models
Bear21.53 TWDFair Value 30.48 TWDBull41.79 TWD
Price 49.40 TWD · Upside -38.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.6123 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.9%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+2.4%
Start year 2020 (pandemic). Over 10 years: +1.0% a year
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
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What shareholders gained per year (last 5 years), in TWD ⓘ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 5 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. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.8%
Dividend (yield on the price)4.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2.8% vs 4.7%, steady
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.23% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +7.8% a year for the price.
Price, fair value, quality and upside side by side.
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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.Utilities - Regulated Gas · 109 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside−38.3% · Bottom 25%
Profitability
Return on equity (12 months)12.1% · Above median
Return on assets5.4% · Top 25%
Net margin (12 months)20.8% · Top 25%
Operating margin (12 months)17.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−1.0% · Below median
Dividend yield (12 months)4.3% · Above median
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
P/E (12 months)17.4× · Pricier than median
P/B2.09× · Priciest 25%
P/S (12 months)3.60× · Priciest 25%
Price / free cash flow23.6× · Pricier than median
EV/EBITDA10.3× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 35
FUTURE (revenue growth)0· sector 16
PAST (return on equity)48· sector 34
HEALTH (low debt)0· sector 83
DIVIDEND (yield)85· sector 70
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Shin Hai Gas Corp Fair Value". https://www.fairvalue-calculator.com/stock/9926.TW
Frequently asked questions
Is Shin Hai Gas Corp (9926) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of 30.48 TWD versus a price of 49.40 TWD, about −38% upside (overvalued).
What is the fair value of 9926?
Our model-based fair value for Shin Hai Gas Corp is 30.48 TWD (as of Oct 27, 2026), built from audited fundamentals. The current price: 49.40 TWD.
What is the quality score of 9926?
Shin Hai Gas Corp has a Quality Score of 58/100. 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 Shin Hai Gas Corp (9926)?
Our model-based price target is the fair value of 30.48 TWD (as of Oct 27, 2026) from 24 valuation models. Cautious scenario 21.53 TWD, optimistic scenario 41.79 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Shin Hai Gas Corp stock forecast for 2026?
Our models put fair value at 30.48 TWD, about −38% upside versus a price of 49.40 TWD (overvalued). Cautious scenario 21.53 TWD, optimistic scenario 41.79 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Shin Hai Gas Corp (9926)?
Shin Hai Gas Corp reported trailing-twelve-month revenue of about 2.5B TWD (latest available figure, as of Oct 27, 2026).
Does Shin Hai Gas Corp pay a dividend?
Shin Hai Gas Corp currently shows a dividend yield of 4.25% relative to its recent price (as of Oct 27, 2026).
What growth is priced into Shin Hai Gas Corp (9926)?
For today's price to be fair in a discounted-cash-flow model, Shin Hai Gas Corp would have to grow free cash flow by +9.5 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.4 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of 9926 use?
Our models discount Shin Hai Gas Corp at 11.8 %: a base by market capitalisation (micro), damped by beta 0.03, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Shin Hai Gas Corp that is +9.5 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Shin Hai Gas Corp (9926) delivered so far?
Over the past 5 years revenue at Shin Hai Gas Corp grew +2.4 % a year. The price currently implies +9.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Shin Hai Gas Corp (9926) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Shin Hai Gas Corp (+9.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Shin Hai Gas Corp (9926)?
The free-cash-flow yield on the price is 4.23 %: that much free cash flow Shin Hai Gas Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Shin Hai Gas Corp (9926)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shin Hai Gas Corp it is 30.48 TWD per share (as of Oct 27, 2026), against a price of 49.40 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Shin Hai Gas Corp stock overvalued or undervalued in 2026?
As of Oct 27, 2026, 9926 trades above its calculated fair value: price 49.40 TWD, fair value 30.48 TWD, a gap of about −38% (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 9926?
No. The price is what the market pays today (49.40 TWD); the fair value is what the company's own numbers justify (30.48 TWD). For Shin Hai Gas Corp the two are 18.92 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Shin Hai Gas Corp worth?
The market values Shin Hai Gas Corp at about 8.8B TWD (market capitalisation, as of Oct 27, 2026). Per share that is 49.40 TWD; our models calculate a fair value of 30.48 TWD per share.
What do the bullish and bearish scenarios say about 9926?
Our models span a range for Shin Hai Gas Corp: cautious scenario 21.53 TWD, base 30.48 TWD, optimistic 41.79 TWD per share (as of Oct 27, 2026, price 49.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9926?
Shin Hai Gas Corp trades at a price-to-earnings ratio of 17.4 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 30.48 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 20.6. Other multiples: P/B 2.1, P/S 3.6, EV/EBITDA 10.3.
How solid is the balance sheet of Shin Hai Gas Corp (9926)?
Balance-sheet figures for Shin Hai Gas Corp (as of Oct 27, 2026): return on equity 12.1%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 9926 from its 52-week high?
Shin Hai Gas Corp trades at 49.40 TWD, about 14% below its 52-week high of 57.20 TWD and 3% above the low of 47.93 TWD (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 30.48 TWD is for.
Which stocks are comparable to Shin Hai Gas Corp?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, 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 Shin Hai Gas Corp stock attractive at the current price?
The data as of Oct 27, 2026: price 49.40 TWD, calculated fair value 30.48 TWD (−38%), Quality Score 58/100, from 24 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 9926 calculated?
We run Shin Hai Gas Corp through 24 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 30.48 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 13.4 % above its aggregate fair value. Shin Hai Gas Corp 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 Shin Hai Gas Corp (9926)?
The closing price on Oct 28, 2026 was 49.40 TWD. Our model-based fair value is 30.48 TWD, about −38% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shin Hai Gas Corp right now?
The price sits above even our optimistic bull case (41.79 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (21.53 TWD to 41.79 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Shin Hai Gas Corp (9926) come from?
Earnings per share at Shin Hai Gas Corp grew +5.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.2 %, EBIT margin +4.0 %, tax rate −0.2 %, residual (interest, one-offs) +1.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Shin Hai Gas Corp
How large is the market capitalisation of Shin Hai Gas Corp (9926)?
The market capitalisation of Shin Hai Gas Corp is 8.8B TWD (≈ $271M). 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 Shin Hai Gas Corp (9926)?
The price-to-sales ratio of Shin Hai Gas Corp is 3.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shin Hai Gas Corp (9926)?
Earnings per share at Shin Hai Gas Corp are 2.84 TWD (price ÷ EPS = P/E 17.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shin Hai Gas Corp (9926)?
The dividend yield of Shin Hai Gas Corp is 4.3% (payout 73.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Shin Hai Gas Corp (9926)?
The net margin of Shin Hai Gas Corp is 20.8% (last twelve months). 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 Shin Hai Gas Corp (9926)?
The return on equity (ROE) of Shin Hai Gas Corp is 12.1% (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 Shin Hai Gas Corp (9926)?
On an EBIT basis the return on assets of Shin Hai Gas Corp is 6.2% (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 Shin Hai Gas Corp (9926)?
The operating margin of Shin Hai Gas Corp is 17.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shin Hai Gas Corp (9926)?
Revenue at Shin Hai Gas Corp is growing −1.0% versus a year earlier (3y avg +3.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Shin Hai Gas Corp (9926)?
Earnings per share at Shin Hai Gas Corp are growing +15.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Shin Hai Gas Corp (9926) hold?
Shin Hai Gas Corp holds more cash than debt, 409M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 27, 2026