Iron Force Industrial Co (2228) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 6.2B TWD
Fair value as of: Aug 13, 2026
From 26 valuation models · updated yesterday
Share price −5.9% over the past month.
A solid business, screening 34% undervalued on our models.
What matters now
- Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (70.13 TWD to 127.69 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 57.71 TWD – 124.50 TWD · fair‑value band 70.13 TWD – 127.69 TWD · the 76.70 TWD price screens below the 103.04 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Iron Force Industrial Co (2228) currently trades at 76.70 TWD, while our model-based Fair Value estimate is 103.04 TWD, implying the stock looks roughly 34.3% undervalued today. The Quality Score stands at 58/100 (solid 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: high), always confirm before acting.
Over the trailing twelve months, Iron Force Industrial Co generated revenue of 4.9B TWD at a net margin of 7.0%. Revenue declined 4.3% year over year. It earns a return on equity of 6.4%. The balance sheet holds a net cash position of 353M TWD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 70.13 TWD (bear case) to 127.69 TWD (bull case); at 76.70 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 41% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -52% fair-value upside, at 34%, 2228 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: Dividend Discount (125.69 TWD) versus Earnings-Based (32.07 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 35
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
Iron Force Industrial Co., Ltd., together with its subsidiaries, manufactures and trades in airbag inflators for automotive safety systems in Taiwan, Mainland China, and Europe.
Full company description
Iron Force Industrial Co., Ltd., together with its subsidiaries, manufactures and trades in airbag inflators for automotive safety systems in Taiwan, Mainland China, and Europe. Its auto parts include airbag inflators and precision metal parts for automotive safety systems; steering columns/shafts and diesel engine cooling pipes; high precision metal tubes for seatbelt retractor/pre-tensioner systems; designing and building in house automated machines; and special surface treatments, as well as related components. The company provides OEM and ODM of customized store display fixtures, display systems design, and retail store design. In addition, it offers clothes hangers, logistic services, and mannequins, as well as trading of display fixtures and other metal parts. Iron Force Industrial Co., Ltd. was incorporated in 1977 and is headquartered in New Taipei City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Iron Force Industrial Co reported revenue of 5.0B TWD in FY2025 versus 3.7B TWD in FY2021, a compound +7.7%/yr. Reported net income was 418M TWD in FY2025, compounding +15.0%/yr from FY2021.
of which total revenue +2.5 pp · buybacks/dilution −0.6 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).
Watch 2228: get an alert when its fair value changes →
Peer Group
Auto Parts · 642 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 Auto Parts 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 Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Hyundai Mobis Co 012330 | 511,000 KRW | 643,909 KRW | +26% |
| Magna International Inc MGAN | 1,122 MXN | 1,142 MXN | +2% |
| Samvardhana Motherson International Limited MOTHERSON | ₹169.50 | ₹80.63 | -52% |
| Bosch Limited BOSCHLTD | ₹46,750 | ₹13,061 | -72% |
| Bharat Forge Limited BHARATFORG | ₹2,082 | ₹393.20 | -81% |
| Uno Minda Limited UNOMINDA | ₹1,232 | ₹426.57 | -65% |
| Schaeffler India Limited SCHAEFFLER | ₹4,126 | ₹1,412 | -66% |
| Hankook Tire & Technology Co 161390 | 71,500 KRW | 196,479 KRW | +175% |
| Sona BLW Precision Forgings Limited SONACOMS | ₹799.90 | ₹207.06 | -74% |
| Balkrishna Industries Limited BALKRISIND | ₹2,497 | ₹1,211 | -51% |
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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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