Fundamental analysis 9921.TW (Giant Manufacturing Co., Ltd.)

Updated on 09/05/2026

Method and analysis by Lubin Danilo, founder of Lubin Investment. Score computed automatically, with no human opinion.

We analyzed Giant Manufacturing stock against the 10 quality criteria of Lubin Investment. The company gets a quality score of 7/10, meaning medium quality, and a P/FCF valuation multiple of 4.2×.

This is the setup we look for: Giant Manufacturing passes a large majority of our quality criteria while trading at a low free cash flow multiple. That is exactly the "quality company at the right price" profile, the one worth a closer look.

Sector: Leisure. Listing: TW. Current price: 98.90 TWD.

Lubin scoring methodology

Giant Manufacturing Co., Ltd. (9921.TW)'s score is calculated automatically from 10 objective financial criteria, with no human intervention or opinion. Each criterion is validated (YES / PARTIAL / NO) based on thresholds drawn from the financial literature (Warren Buffett, Michael Mauboussin, Aswath Damodaran). The final score is the sum of validations.

The thresholds come from the financial literature, not from our preferences: see the valuation work of Aswath Damodaran (NYU Stern) and the SEC investor education resources (investor.gov).

The 10 quantitative criteria analyzed

1. Profitable: net margin > 5%
2. Growing revenue: revenue growing > 10%/year over 5 years
3. Growing earnings per share: FCF per share adjusted for stock-based compensation, > 10%/year over 5 years
4. Share count under control: stable or declining (net buybacks = value creation for shareholders)
5. Growing revenue per employee: revenue and revenue per employee both grow ≥ 10%/year over 5 years; partial when only one growth driver reaches its tier (fallback: free cash flow margin > 10% when employee history is unavailable)
6. Expanding margins: operating margin widens over 5 years (operating leverage)
7. Return on invested capital: Cash ROCE > 15% per year
8. Debt under control: net debt repayable in less than 3 years of free cash flow
9. Earnings converted to cash: free cash flow exceeds accounting net income
10. Net collection period: short or negative cash conversion cycle

Its price against peers

Against the 5 other Leisure stocks we have scored, Giant Manufacturing trades at 4.2× its free cash flow, versus a median of 25.0× for that basket. On price alone, Giant Manufacturing is therefore cheaper than its peers. That says nothing about its quality: at Lubin Investment, quality and price are judged separately, and a low multiple is only a bargain if the quality holds up.

Frequently asked questions

Is Giant Manufacturing a quality stock?

Giant Manufacturing gets a quality score of 7/10 (medium quality), calculated over the 10 Lubin Investment criteria: profitability, revenue and free cash flow growth, share buybacks, margins, debt and return on capital.

How is Giant Manufacturing's score calculated?

The score is the total of validated criteria (YES / PARTIAL / NO) using thresholds drawn from the financial literature (Warren Buffett, Mauboussin, Aswath Damodaran), automatically and with no human opinion.

What is Giant Manufacturing's P/FCF?

The price-to-free-cash-flow (P/FCF) multiple of Giant Manufacturing stock is 4.2×. At Lubin Investment, valuation is judged separately from quality.

Where to see Giant Manufacturing's full analysis?

The full interactive analysis (10-criteria detail, history, P/FCF valuation, sector comparisons) is available at https://lubin-investment.com/analyse/9921.TW?lng=en.

Other stocks in the Leisure sector

• Technogym (TGYM.MI), score 10/10, P/FCF 25.0×
• Pop Mart International Group (9992.HK), score 10/10, P/FCF 38.6×
• Songcheng Performance Development Co.,Ltd (300144.SZ), score 10/10, P/FCF 11.4×
• Games Workshop Group (GAW.L), score 9/10, P/FCF 25.9×

Go further

👉 See the full interactive analysis of 9921.TW

Other resources : All stocks in the Leisure sector.