Merida Industry Co., Ltd.

TWSE:9914 Stock Report

Market Cap: NT$46.3b

Merida Industry Valuation

Is 9914 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9914 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9914 (NT$155) is trading above our estimate of fair value (NT$137.69)

Significantly Below Fair Value: 9914 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9914?

Key metric: As 9914 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 9914. This is calculated by dividing 9914's market cap by their current earnings.
What is 9914's PE Ratio?
PE Ratio31.8x
EarningsNT$1.46b
Market CapNT$46.34b

Price to Earnings Ratio vs Peers

How does 9914's PE Ratio compare to its peers?

The above table shows the PE ratio for 9914 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.2x
9921 Giant Manufacturing
23.6x22.1%NT$58.2b
6670 FuSheng Precision
12.5x9.6%NT$40.2b
4536 Topkey
13.4x12.1%NT$18.0b
8478 Alexander Marine
11.2x7.0%NT$19.6b
9914 Merida Industry
31.8x27.2%NT$46.3b

Price-To-Earnings vs Peers: 9914 is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the peer average (15.2x).

Price to Earnings Ratio vs Industry

How does 9914's PE Ratio compare vs other companies in the Asian Leisure Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
9914 31.8xIndustry Avg. 18.9xNo. of Companies12PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 9914 is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the Asian Leisure industry average (18.9x).

Price to Earnings Ratio vs Fair Ratio

What is 9914's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9914 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio31.8x
Fair PE Ratio23.4x

Price-To-Earnings vs Fair Ratio: 9914 is expensive based on its Price-To-Earnings Ratio (31.8x) compared to the estimated Fair Price-To-Earnings Ratio (23.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 9914 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$155.00
NT$167.11
+7.8%
10.5%NT$198.00NT$135.00n/a9
Dec ’25NT$160.00
NT$167.56
+4.7%
10.2%NT$198.00NT$135.00n/a9
Nov ’25NT$176.00
NT$245.10
+39.3%
16.0%NT$302.00NT$180.00n/a10
Oct ’25NT$221.50
NT$254.60
+14.9%
13.5%NT$302.00NT$180.00n/a10
Sep ’25NT$241.00
NT$257.60
+6.9%
11.0%NT$302.00NT$210.00n/a10
Aug ’25NT$252.00
NT$257.00
+2.0%
13.6%NT$300.00NT$180.00n/a10
Jul ’25NT$218.00
NT$246.09
+12.9%
11.7%NT$280.00NT$180.00n/a11
Jun ’25NT$229.00
NT$233.73
+2.1%
12.6%NT$265.00NT$180.00n/a11
May ’25NT$235.00
NT$220.64
-6.1%
14.5%NT$257.00NT$175.00n/a11
Apr ’25NT$207.50
NT$223.36
+7.6%
13.0%NT$257.00NT$175.00n/a11
Mar ’25NT$205.50
NT$204.70
-0.4%
10.5%NT$240.00NT$160.00n/a10
Feb ’25NT$172.50
NT$201.70
+16.9%
11.9%NT$240.00NT$160.00n/a10
Jan ’25NT$182.50
NT$200.20
+9.7%
11.6%NT$240.00NT$160.00n/a10
Dec ’24NT$185.50
NT$196.20
+5.8%
9.8%NT$225.00NT$160.00NT$160.0010
Nov ’24NT$166.00
NT$212.50
+28.0%
9.8%NT$250.00NT$180.00NT$176.0010
Oct ’24NT$175.00
NT$217.70
+24.4%
10.7%NT$252.00NT$180.00NT$221.5010
Sep ’24NT$193.50
NT$217.09
+12.2%
10.5%NT$252.00NT$180.00NT$241.0011
Aug ’24NT$217.50
NT$200.80
-7.7%
14.8%NT$250.00NT$165.00NT$252.0010
Jul ’24NT$222.00
NT$182.64
-17.7%
16.2%NT$248.00NT$150.00NT$218.0011
Jun ’24NT$194.50
NT$175.60
-9.7%
16.8%NT$248.00NT$132.00NT$229.0010
May ’24NT$171.50
NT$171.00
-0.3%
24.7%NT$284.00NT$127.00NT$235.0010
Apr ’24NT$168.50
NT$181.55
+7.7%
23.9%NT$284.00NT$140.00NT$207.5011
Mar ’24NT$179.00
NT$195.36
+9.1%
19.1%NT$284.00NT$140.00NT$205.5011
Feb ’24NT$181.50
NT$211.73
+16.7%
21.4%NT$284.00NT$150.00NT$172.5011
Jan ’24NT$167.00
NT$217.18
+30.0%
21.1%NT$284.00NT$150.00NT$182.5011
Dec ’23NT$188.50
NT$217.18
+15.2%
21.1%NT$284.00NT$150.00NT$185.5011

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 18:00
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Merida Industry Co., Ltd. is covered by 29 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Qihui LiBarclays
Jenny TsaiBNP Paribas Securities (Asia)
Ronald LeungBofA Global Research