Taiwan Paiho Ltd (9938) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taiwan Paiho Ltd TWD 55.72, price TWD 38.05, upside +46.4%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
Taiwan Paiho Ltd (9938) currently trades at 38.05 TWD, while our model-based Fair Value estimate is 55.72 TWD, implying the stock looks roughly 31.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 82.42 TWD per share, and 20 of the 26 models we run sit above the 38.05 TWD price.
Bear case: the Asset-Based group reads lowest at 29.97 TWD, and 6 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: 32.02 TWD (bear) to 86.04 TWD (bull), the price of 38.05 TWD sits inside 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 37/100 (below-average quality), in the Consumer Cyclical sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Taiwan Paiho Ltd 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.
Key figures
Market cap 14.1B TWD (≈ $445M) · P/E ratio 9.3 · P/S ratio 0.72 · EPS (TTM) 4.09 TWD · Dividend yield 6.4% · Net margin 7.7% · Return on equity 7.6% · Return on assets (EBIT) 8.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −21% fair-value upside, at 46%, 9938 screens cheaper than that median.
Fair Value models
Bear 32.02 TWDFair Value 55.72 TWDBull 86.04 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (3.00 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.Evidence ⓘEvidence = 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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+2.0%
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.
−1.0%
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.
+1.5%
Start year 2020 (pandemic). Over 10 years: +5.3% 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.
+8.7%
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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.
−2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.8%
Dividend (yield on the price)6.4%
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.−9% vs −2%, slowing
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.20% → 16%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+30.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +28.4% a year for the price and +5.3% for the forecasts.
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.Textile Manufacturing · 344 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score37 · Bottom 25%
Fair Value upside+46% · Top 25%
Profitability
Return on equity (TTM)8% · Above median
Return on assets4% · Top 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)13% · Top 25%
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)6.4% · Top 25%
Balance sheet
Debt / equity0.37× · Highest 25%
Valuation Multiplesvs Textile Manufacturing median · lower = cheaper
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Is Taiwan Paiho Ltd (9938) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 55.72 TWD versus a price of 38.05 TWD, about +46% upside (undervalued).
What is the fair value of 9938?
Our model-based fair value for Taiwan Paiho Ltd is 55.72 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 38.05 TWD.
What is the quality score of 9938?
Taiwan Paiho Ltd has a Quality Score of 37/100. 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 Taiwan Paiho Ltd (9938)?
Our model-based price target is the fair value of 55.72 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 32.02 TWD, optimistic scenario 86.04 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Paiho Ltd stock forecast for 2026?
Our models put fair value at 55.72 TWD, about +46% upside versus a price of 38.05 TWD (undervalued). Cautious scenario 32.02 TWD, optimistic scenario 86.04 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Paiho Ltd (9938)?
Taiwan Paiho Ltd reported trailing-twelve-month revenue of about 15.6B TWD (latest available figure, as of Sep 24, 2026).
Does Taiwan Paiho Ltd pay a dividend?
Taiwan Paiho Ltd currently shows a dividend yield of about 6.39% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Taiwan Paiho Ltd (9938)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Paiho Ltd would have to grow free cash flow by +30.4 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 9938 use?
Our models discount Taiwan Paiho Ltd at 10.3 %: a base by market capitalisation (small), damped by beta 0.48, 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 Taiwan Paiho Ltd that is +30.4 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Taiwan Paiho Ltd (9938) delivered so far?
Over the past 5 years revenue at Taiwan Paiho Ltd grew +1.5 % a year. The price currently implies +30.4 % 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 Taiwan Paiho Ltd (9938) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Taiwan Paiho Ltd (+30.4 % 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 Taiwan Paiho Ltd (9938)?
The free-cash-flow yield on the price is 2.88 %: that much free cash flow Taiwan Paiho Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taiwan Paiho Ltd (9938)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Paiho Ltd it is 55.72 TWD per share (as of Sep 24, 2026), against a price of 38.05 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Paiho Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 9938 trades below its calculated fair value: price 38.05 TWD, fair value 55.72 TWD, a gap of about +46% (undervalued). 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 9938?
No. The price is what the market pays today (38.05 TWD); the fair value is what the company's own numbers justify (55.72 TWD). For Taiwan Paiho Ltd the two are 17.67 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Paiho Ltd worth?
The market values Taiwan Paiho Ltd at about 14.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 38.05 TWD; our models calculate a fair value of 55.72 TWD per share.
What do the bullish and bearish scenarios say about 9938?
Our models span a range for Taiwan Paiho Ltd: cautious scenario 32.02 TWD, base 55.72 TWD, optimistic 86.04 TWD per share (as of Sep 24, 2026, price 38.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 9938?
Taiwan Paiho Ltd trades at a price-to-earnings ratio of 9.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 55.72 TWD is built from several models across several years. Other multiples: P/B 1.1, P/S 0.9, EV/EBITDA 4.2.
How solid is the balance sheet of Taiwan Paiho Ltd (9938)?
Balance-sheet figures for Taiwan Paiho Ltd (as of Sep 24, 2026): return on equity 7.6%, debt of 0.37 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is 9938 from its 52-week high?
Taiwan Paiho Ltd trades at 38.05 TWD, about 37% below its 52-week high of 60.40 TWD and 1% above the low of 37.70 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 55.72 TWD is for.
Which stocks are comparable to Taiwan Paiho Ltd?
From the same area (Consumer Cyclical) we also value Shenzhou International Group, Tongkun Group, Inner Mongolia ERDOS Resources Co, K.P.R. Mill Limited, 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 Taiwan Paiho Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 38.05 TWD, calculated fair value 55.72 TWD (+46%), Quality Score 37/100, from 26 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 9938 calculated?
We run Taiwan Paiho Ltd through 26 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 55.72 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 14.0 % above its aggregate fair value. Taiwan Paiho Ltd currently trades 46 % below its own fair value, and the market average says nothing about that. 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 Taiwan Paiho Ltd (9938)?
The closing price on Sep 24, 2026 was 38.05 TWD. Our model-based fair value is 55.72 TWD, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Paiho Ltd right 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 (32.02 TWD to 86.04 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Taiwan Paiho Ltd (9938) come from?
Earnings per share at Taiwan Paiho Ltd grew −2.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.7 %, EBIT margin −3.3 %, tax rate +0.0 %, residual (interest, one-offs) −2.3 %. 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 Taiwan Paiho Ltd
How large is the market capitalisation of Taiwan Paiho Ltd (9938)?
The market capitalisation of Taiwan Paiho Ltd is 14.1B TWD (≈ $445M). 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 Taiwan Paiho Ltd (9938)?
The price-to-sales ratio of Taiwan Paiho Ltd is 0.72 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Taiwan Paiho Ltd (9938)?
Earnings per share at Taiwan Paiho Ltd are 4.09 TWD (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Paiho Ltd (9938)?
The dividend yield of Taiwan Paiho Ltd is 6.4% (payout 59.4%). 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 Taiwan Paiho Ltd (9938)?
The net margin of Taiwan Paiho Ltd is 7.7% (fiscal year 2025). 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 Taiwan Paiho Ltd (9938)?
The return on equity (ROE) of Taiwan Paiho Ltd is 7.6% (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 Taiwan Paiho Ltd (9938)?
On an EBIT basis the return on assets of Taiwan Paiho Ltd is 8.5% (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 Taiwan Paiho Ltd (9938)?
The operating margin of Taiwan Paiho Ltd is 12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Paiho Ltd (9938)?
Revenue at Taiwan Paiho Ltd is growing −5.0% versus a year earlier (3y avg −1.0%). 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 Taiwan Paiho Ltd (9938)?
Earnings per share at Taiwan Paiho Ltd are growing −43.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taiwan Paiho Ltd (9938) carry?
The net debt of Taiwan Paiho Ltd is 8.2B TWD (fiscal year 2025, ≈ 20.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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