Taiwan Paiho Limited (9938) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 14.0B TWD
Fair value as of: Jul 23, 2026
From 26 valuation models · updated 18 days ago
Share price −9.0% over the past month.
Below-average quality, screening 46% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain.
- The model range is unusually wide (34.07 TWD to 93.95 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
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 42.00 TWD – 92.01 TWD · fair‑value band 34.07 TWD – 93.95 TWD · the 42.00 TWD price screens below the 61.20 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Taiwan Paiho Limited (9938) currently trades at 42.00 TWD, while our model-based Fair Value estimate is 61.20 TWD, implying the stock looks roughly 45.7% undervalued today. The Quality Score stands at 37/100 (below-average 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: medium), always confirm before acting.
Over the trailing twelve months, Taiwan Paiho Limited generated revenue of 15.6B TWD at a net margin of 6.6%. Revenue declined 5.0% year over year. It earns a return on equity of 7.6%. Net debt stands at 8.2B TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 34.07 TWD (bear case) to 93.95 TWD (bull case); at 42.00 TWD, the current price sits within 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 32% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -27% fair-value upside, at 46%, 9938 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.
All 26 models by family
Widest divergence: Growth Earnings (82.42 TWD) versus Growth DCF (21.80 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 38
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
Taiwan Paiho Limited manufactures and sells touch fasteners, webbing, elastic, easy tape, jacquard digital woven fabric, jacquard engineered mesh, and other functional auxiliary materials and textile fabrics in Taiwan, China, Vietnam, and internationally.
Full company description
Taiwan Paiho Limited manufactures and sells touch fasteners, webbing, elastic, easy tape, jacquard digital woven fabric, jacquard engineered mesh, and other functional auxiliary materials and textile fabrics in Taiwan, China, Vietnam, and internationally. The company offers webbing, such as footwear, clothes, bag webbing, shoelaces and draw cords, etc.; and pull strings with various tips, reflective materials, and jacquard fabric weaving functions. It also provides Jacquard engineered mesh for shoe uppers, apparel, home accessories bags, baby strollers, and houseware; touch fastener for accessories of shoes, garments, raincoats, caps, sports equipment, leather goods, and medical equipment; various knitted elastic, flat woven elastic, jacquard elastic, and multi directional textile with elasticity; and easy tape products for paper diapers, medical equipment, computer pipelines, outdoor sporting goods, car seats and interiors, aircraft seats and interiors, and other accessories. In addition, the company offers finishing services for bamboo charcoal yarn; Jacquard digital woven fabric used as external fabrics for footwear, boutique bags and apparels; and thermal insulation products. The company was formerly known as San Ho Hsin Limited and changed its name to Taiwan Paiho Limited in 1986. Taiwan Paiho Limited was founded in 1979 and is headquartered in Changhua, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Taiwan Paiho Limited reported revenue of 15.8B TWD in FY2025 versus 18.3B TWD in FY2021, a compound −3.6%/yr. Reported net income was 1.2B TWD in FY2025, compounding −12.3%/yr from FY2021.
of which total revenue +4.6 pp · buybacks/dilution −0.9 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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Peer Group
Textile Manufacturing · 307 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 Textile Manufacturing 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.
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 Textile Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Shenzhou International Group 2313 | HK$44.40 | HK$75.65 | +70% |
| Tongkun Group 601233 | ¥23.56 | ¥14.53 | -38% |
| Inner Mongolia ERDOS Resources Co 600295 | ¥12.04 | ¥14.35 | +19% |
| Far Eastern New Century Corporation 1402 | 27.55 TWD | 28.72 TWD | +4% |
| K.P.R. Mill Limited KPRMILL | ₹1,083 | ₹467.49 | -57% |
| HMT (Xiamen) New Technical Materials Co 603306 | ¥78.00 | ¥11.85 | -85% |
| Zhejiang Orient Holdings 600120 | ¥5.18 | ¥2.21 | -57% |
| Vardhman Textiles Limited VTL | ₹602.20 | ₹437.53 | -27% |
| Isiklar Enerji ve Yapi Holding IEYHO | 174.20 TRY | 323.84 TRY | +86% |
| Shandong Fiberglass Group 605006 | ¥16.75 | ¥6.42 | -62% |
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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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