Test Rite International Co Ltd (2908) Fair Value & Analysis
Consumer Cyclical · TW · Market cap 11.2B TWD (≈ $353M) · ISIN TW0002908001
What is Test Rite International Co Ltd really worth?
Below-average quality, and trading another 348% above our fair value of 4.97 TWD.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 20 valuation models · updated yesterday
Share price +1.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (7.40 TWD). The favourable scenario is already priced in.
- Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (3.73 TWD to 7.40 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 Sep 3, 2026.
How to read this chart
60‑month range 18.27 TWD – 23.56 TWD · fair‑value band 3.73 TWD – 7.40 TWD · the 22.25 TWD price screens above the 4.97 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Test Rite International Co Ltd (2908) currently trades at 22.25 TWD, while our model-based Fair Value estimate is 4.97 TWD, implying the stock looks roughly 347.6% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Economic Profit group reads highest at a median of 9.20 TWD per share, and 6 of the 20 models we run sit above the 22.25 TWD price. Bear case: the Earnings-Based group reads lowest at 2.16 TWD, and 14 of the 20 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Test Rite International Co Ltd generated revenue of 34.5B TWD at a net margin of 0.6%. Revenue grew 9.9% year over year. It earns a return on equity of 1.1%. Net debt stands at 19.1B TWD. Fundamentals as of Sep 3, 2026
Our scenario range runs from 3.73 TWD (bear case) to 7.40 TWD (bull case); at 22.25 TWD, the current price sits above 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 near its 52-week high and 15% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −25% fair-value upside, at −78%, 2908 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 20 models by family
Widest divergence: Economic Profit (9.20 TWD) versus Earnings-Based (2.16 TWD). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 40 · Market factors (momentum, volatility) 70
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Test-Rite International Co., Ltd. imports and exports hand tools, auto parts, machinery, furniture, and other home appliances in the United States of America, Canada, Great Britain, France, Germany, and Australia. It also operates retail chain stores and sells home-related products. The company engages in real estate development and planning business.
Full company description
Test-Rite International Co., Ltd. imports and exports hand tools, auto parts, machinery, furniture, and other home appliances in the United States of America, Canada, Great Britain, France, Germany, and Australia. It also operates retail chain stores and sells home-related products. The company engages in real estate development and planning business. In addition, it is involved in mechanical and electrical related construction activities. Further, the company engages in logistics warehousing related business. Test-Rite International Co., Ltd. was incorporated in 1978 and is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Test Rite International Co Ltd reported revenue of 33.6B TWD in FY2025 versus 43.8B TWD in FY2021, a compound −6.4%/yr. Reported net income was 115M TWD in FY2025, compounding −38.1%/yr from FY2021.
of which total revenue −0.2 % · buybacks/dilution −0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
2908 screens 348% overvalued. Compare with The Home Depot, Inc →
Peer Group
Home Improvement Retail · 34 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 Home Improvement Retail median · lower = cheaper
Strength profile in five axes (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.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Home Improvement Retail stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| The Home Depot, Inc HD | $328.61 | $236.85 | −28% |
| Lowe's Companies, Inc LOW | $208.05 | $186.32 | −10% |
| Wesfarmers Limited WES | A$77.73 | A$50.50 | −35% |
| Floor & Decor Holdings FND | $59.33 | $27.30 | −54% |
| Mr D.I.Y. Group 5296 | 1.51 MYR | 1.47 MYR | −3% |
| Home Product Center Public Company HMPROR | 6.70 THB | 6.31 THB | −6% |
| Siam Global House Public Company GLOBAL | 6.65 THB | 5.96 THB | −10% |
| Haverty Furniture Companies, Inc HVT | $27.26 | $20.42 | −25% |
| Dohome Public Company DOHOME | 3.78 THB | 2.75 THB | −27% |
| Bourrelier Group ALBOU | €69.40 | €36.15 | −48% |
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