Loading…
Taiwan's largest paper and pulp maker, also diversified into biotech, chemicals and investment holdings.
Taiwan's largest paper and pulp maker, also diversified into biotech, chemicals and investment holdings.
Sells paper in grades from printing to industrial packaging, with output in both Taiwan and mainland China. As a group it also holds stakes in other businesses, so investment gains and dividends can move results alongside the paper cycle.
In one line: Taiwan's International Paper, with side bets.
Moat: narrow (scale, distribution). Largest integrated paper producer in Taiwan with broad mill and distribution network.
Headquarters: Taipei, Taiwan · Founded: 1950 · Employees: 11,679
Size YFY (1907.TW) is a Taiwan Materials company (Pulp & Paper) with a market value of $1.40B, the 211th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$27.95 on 6 Nov 2026.
Performance Over six months the shares gained 17.7%, against -11.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 2.3% over the last twelve months (peer median +1.6%); the operating margin is -0.4% (peer median 2.1%).
Valuation It trades at 23.1× forward earnings against a peer median of 15.3× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$75.3B | NT$73.6B | NT$78.4B | NT$73.9B | NT$79.6B |
| Revenue growth | — | -6% | +6% | -7% | — |
| Gross profit | NT$9.54B | NT$8.99B | NT$9.91B | NT$9.53B | NT$10.6B |
| EBITDA | NT$4.42B | NT$3.88B | NT$4.50B | NT$4.63B | NT$5.54B |
| Net income | NT$2.82B | NT$1.97B | NT$1.63B | NT$1.83B | NT$2.17B |
| Free cash flow | NT$2.67B | -NT$928M | -NT$360M | NT$1.49B | NT$1.05B |
| Capital expenditure | NT$4.19B | NT$5.16B | NT$5.20B | NT$3.81B | NT$4.02B |
| Total debt | NT$59.9B | NT$58.5B | NT$55.7B | NT$50.1B | NT$48.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| YFY 1907.TW | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% |
| Cheng Loong 1904.TW | $788M | +34% | -3% | 6% | 61.8× | 3.9% |
| Chung Hwa Pulp 1905.TW | $373M | -11% | -7% | -9% | n/a | n/a |
| Nine Dragons Paper 2689.HK | $2.76B | -29% | +22% | 9% | 4.4× | n/a |
| Oji 3861.T | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1907.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | -7.4% | 6th highest of 21 |
| 6-month return | +17.7% | -11.3% | 3rd highest of 21 |
| Distance from 52-week high | -11.8% | -33.6% | 2nd highest of 21 |
| Revenue growth (TTM) | -2.3% | +1.6% | 7th lowest of 21 |
| Operating margin | -0.4% | 2.1% | 7th lowest of 21 |
| Forward P/E | 23.1× | 15.3× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 7.1% | 3.6% | 6th most demanding of 13 |
| Growth delivered (Del g) | +0.1% | +3.2% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | +6.9 pp | +0.3 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | -5.2 pp | -2.7 pp | 7th lowest of 21 |
| EV / EBITDA | 19.4× | 9.9× | most expensive of 8 |
| Net debt / EBITDA | 4.9× | 4.2× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% | +0.1% |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 21.7× | -2.1% | +2.3% |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 15.5× | -9.8% | +5.0% |
| Sylvamo SLVM | United States | $1.57B | -4% | -7% | 6% | 9.6× | n/a | n/a |
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | n/a | 16.7% | -1.2% |
| Lee & Man Paper Manufacturing 2314.HK | Hong Kong | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% | +0.6% |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 15.6× | 3.7% | +3.4% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 19.9× | n/a | n/a |
| Xianhe 603733.SS | China | $1.94B | -28% | +9% | 10% | 10.9× | n/a | n/a |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | n/a | -11.8% | +2.9% |
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | n/a | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 11.8× | 15.4% | +3.4% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 12.1× | n/a | n/a |
| Billerud BILL.ST | Sweden | $2.24B | +35% | -9% | -1% | 70.1× | 24.9% | +11.2% |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 15.3× | 3.5% | +5.6% |
| Rengo 3941.T | Japan | $2.29B | +18% | +4% | 4% | 11.0× | n/a | n/a |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 38.0× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | n/a | n/a | n/a |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 17.2× | n/a | n/a |
| Guangdong Guanhao High-Tech 600433.SS | China | $788M | -37% | -1% | -4% | 11.7× | 25.9% | +2.0% |
| Zhejiang Jingxing Paper Joint Stock 002067.SZ | China | $787M | -27% | +18% | 0% | n/a | n/a | n/a |