President Chain Store Corporation

TWSE:2912 Stock Report

Market Cap: NT$279.1b

President Chain Store Valuation

Is 2912 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 2912 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2912 (NT$268.5) is trading below our estimate of fair value (NT$448.13)

Significantly Below Fair Value: 2912 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2912?

Key metric: As 2912 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2912. This is calculated by dividing 2912's market cap by their current earnings.
What is 2912's PE Ratio?
PE Ratio20.6x
EarningsNT$13.54b
Market CapNT$279.14b

Price to Earnings Ratio vs Peers

How does 2912's PE Ratio compare to its peers?

The above table shows the PE ratio for 2912 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.2x
5903 Taiwan FamilyMart
11.4x-40.0%NT$42.6b
2945 Simple Mart Retail
21.1xn/aNT$2.8b
MKS Marks and Spencer Group
14.9x7.1%UK£7.5b
SHP Shoprite Holdings
25.3x11.7%R166.3b
2912 President Chain Store
20.6x1.9%NT$279.1b

Price-To-Earnings vs Peers: 2912 is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the peer average (18.1x).

Price to Earnings Ratio vs Industry

How does 2912's PE Ratio compare vs other companies in the Asian Consumer Retailing Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2912 20.6xIndustry Avg. 16.1xNo. of Companies33PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2912 is expensive based on its Price-To-Earnings Ratio (20.6x) compared to the Asian Consumer Retailing industry average (16.1x).

Price to Earnings Ratio vs Fair Ratio

What is 2912'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.

2912 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.6x
Fair PE Ratio30.8x

Price-To-Earnings vs Fair Ratio: 2912 is good value based on its Price-To-Earnings Ratio (20.6x) compared to the estimated Fair Price-To-Earnings Ratio (30.8x).

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 2912 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$268.50
NT$304.58
+13.4%
8.6%NT$352.00NT$238.00n/a12
Nov ’25NT$276.00
NT$304.58
+10.4%
8.6%NT$352.00NT$238.00n/a12
Oct ’25NT$297.00
NT$305.62
+2.9%
8.8%NT$363.00NT$238.00n/a13
Sep ’25NT$281.50
NT$303.50
+7.8%
8.9%NT$363.00NT$238.00n/a14
Aug ’25NT$273.00
NT$302.86
+10.9%
8.8%NT$363.00NT$239.00n/a14
Jul ’25NT$276.00
NT$303.62
+10.0%
9.0%NT$363.00NT$239.00n/a13
Jun ’25NT$270.00
NT$300.08
+11.1%
9.5%NT$363.00NT$239.00n/a13
May ’25NT$274.00
NT$300.85
+9.8%
9.5%NT$363.00NT$239.00n/a13
Apr ’25NT$269.50
NT$300.31
+11.4%
9.3%NT$360.00NT$239.00n/a13
Mar ’25NT$270.50
NT$304.85
+12.7%
10.8%NT$369.00NT$242.00n/a13
Feb ’25NT$270.00
NT$300.00
+11.1%
10.1%NT$369.00NT$242.00n/a13
Jan ’25NT$269.50
NT$300.00
+11.3%
10.1%NT$369.00NT$242.00n/a13
Dec ’24NT$268.50
NT$301.38
+12.2%
10.0%NT$369.00NT$242.00n/a13
Nov ’24NT$257.00
NT$302.00
+17.5%
10.0%NT$369.00NT$242.00NT$276.0013
Oct ’24NT$262.50
NT$302.31
+15.2%
10.1%NT$369.00NT$242.00NT$297.0013
Sep ’24NT$269.50
NT$301.77
+12.0%
10.5%NT$369.00NT$235.00NT$281.5013
Aug ’24NT$281.00
NT$300.54
+7.0%
11.3%NT$380.00NT$235.00NT$273.0013
Jul ’24NT$282.50
NT$299.15
+5.9%
11.0%NT$380.00NT$235.00NT$276.0013
Jun ’24NT$280.00
NT$296.08
+5.7%
9.0%NT$340.00NT$235.00NT$270.0013
May ’24NT$270.50
NT$290.69
+7.5%
10.8%NT$340.00NT$232.00NT$274.0013
Apr ’24NT$269.50
NT$290.69
+7.9%
10.8%NT$340.00NT$232.00NT$269.5013
Mar ’24NT$265.50
NT$293.31
+10.5%
10.3%NT$340.00NT$232.00NT$270.5013
Feb ’24NT$271.00
NT$294.54
+8.7%
10.3%NT$340.00NT$235.00NT$270.0013
Jan ’24NT$272.00
NT$294.54
+8.3%
10.3%NT$340.00NT$235.00NT$269.5013
Dec ’23NT$273.50
NT$295.15
+7.9%
9.9%NT$340.00NT$235.00NT$268.5013
Nov ’23NT$270.00
NT$298.86
+10.7%
9.7%NT$340.00NT$240.00NT$257.0014

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

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