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Taiwanese maker of plate heat exchangers for HVAC and industrial cooling applications, with newer interests in hydrogen energy.
Taiwanese maker of plate heat exchangers for HVAC and industrial cooling applications, with newer interests in hydrogen energy.
Sells plate heat exchangers as components that HVAC and cooling-equipment makers build into their own systems, so volumes follow those customers' production and product designs rather than end-user purchases. Hydrogen-energy equipment is a newer, early-stage line beside it.
In one line: A niche heat-exchanger maker akin to a smaller Alfa Laval.
Moat: narrow (process know-how, customer qualification). Precision heat-exchanger manufacturing know-how qualified into HVAC/industrial cooling supply chains.
Headquarters: Taiwan
Size Kaori Heat Treatment (8996.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $3.34B, the 114th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$1,180 on 6 Nov 2026.
Performance Over six months the shares fell 0.8%, against -19.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 108.3% over the last twelve months (peer median +10.7%); the operating margin is 16.3% (peer median 9.7%).
Valuation It trades at 42.6× forward earnings against a peer median of 26.1× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is +20 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 12.5 points above its cost of capital (12.5% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$9.81B | NT$6.58B | NT$4.00B | NT$4.33B | NT$2.84B |
| Revenue growth | — | +64% | -7% | +52% | — |
| Gross profit | NT$2.58B | NT$1.74B | NT$1.16B | NT$1.18B | NT$746M |
| EBITDA | NT$1.83B | NT$1.22B | NT$803M | NT$838M | NT$459M |
| Net income | NT$1.38B | NT$830M | NT$593M | NT$577M | NT$301M |
| Free cash flow | NT$721M | NT$306M | NT$860M | NT$295M | -NT$379M |
| Capital expenditure | NT$872M | NT$325M | NT$201M | NT$365M | NT$194M |
| Total debt | NT$2.59B | NT$1.45B | NT$1.71B | NT$1.35B | NT$1.44B |
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 |
|---|---|---|---|---|---|---|
| Kaori Heat Treatment 8996.TW | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% |
| Alfa Laval ALFA.ST | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% |
| Hisaka Works,Ltd 6247.T | n/a | -8% | n/a | n/a | n/a | n/a |
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 | 8996.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.0% | -9.8% | 6th lowest of 21 |
| 6-month return | -0.8% | -19.5% | 3rd highest of 21 |
| Distance from 52-week high | -34.4% | -39.9% | 9th highest of 21 |
| Revenue growth (TTM) | +108.3% | +10.7% | highest of 21 |
| Operating margin | 16.3% | 9.7% | 5th highest of 21 |
| Forward P/E | 42.6× | 26.1× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 46.0% | 15.7% | most demanding of 13 |
| Growth delivered (Del g) | +25.9% | +9.9% | highest of 13 |
| Hurdle (Req g minus delivered) | +20.1 pp | +4.7 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +12.5 pp | +0.0 pp | 2nd highest of 21 |
| EV / EBITDA | 60.4× | 15.2× | most expensive of 10 |
| Net debt / EBITDA | -0.0× | -0.1× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Jiangsu Lettall Electronic 603629.SS | China | $3.41B | -40% | +27% | 34% | n/a | 4.8% | +15.0% |
| Guangdong Shenling Environmental Systems 301018.SZ | China | $3.42B | -27% | +45% | 5% | 64.8× | n/a | n/a |
| Blue Star BLUESTARCO.NS | India | $3.43B | -10% | +9% | 5% | 56.0× | n/a | n/a |
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Shenzhen Zhaowei Machinery & Electronics 003021.SZ | China | $3.45B | +6% | 0% | 9% | 124.4× | 46.0% | +7.5% |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |
| Thermax THERMAX.NS | India | $3.46B | -34% | +5% | 6% | 43.6× | n/a | n/a |
| Anhui Yingliu Electromechanical 603308.SS | China | $3.50B | -58% | +38% | 13% | 42.0× | n/a | n/a |
| THK 6481.T | Japan | $3.52B | -16% | +8% | 7% | 10.6× | 24.8% | +1.9% |
| Tokyo Seimitsu 7729.T | Japan | $3.16B | -29% | +17% | 22% | 15.2× | 16.0% | +11.4% |
| Infore Environment Technology 000967.SZ | China | $3.14B | -53% | +20% | 8% | 26.5× | -0.8% | -0.7% |
| Takasago Thermal Engineering 1969.T | Japan | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% | +9.0% |
| SIASUN Robot & Automation 300024.SZ | China | $3.12B | -11% | +11% | -7% | 235.7× | n/a | n/a |
| Danieli & C. Officine Meccaniche DAN.MI | Italy | $3.60B | -24% | -8% | -6% | 13.5× | n/a | n/a |
| Jack Technology 603337.SS | China | $3.09B | +15% | +13% | 10% | 22.8× | 4.2% | +13.3% |
| Kunshan Kinglai Hygienic Materials 300260.SZ | China | $3.61B | -12% | +11% | 8% | 73.2× | n/a | n/a |
| AIA Engineering AIAENG.NS | India | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% | +9.1% |
| Haitian International 1882.HK | Hong Kong | $3.64B | -18% | +8% | 17% | 7.4× | -11.5% | +7.7% |