Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) Cyclically Adjusted PS Ratio: 0.24 (As of Jul. 26, 2026) — 33% Below Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:9110 Vietnam Manufacturing and Export Processing (Holdings) Ltd TPE:9110
58 GF Score
Price NT$3.15
GF Value NT$5.21
Valuation Significantly Undervalued
! 3 Warning Signs
View Full Analysis

What is Vietnam Manufacturing and Export Processing (Holdings) Cyclically Adjusted PS Ratio?

Vietnam Manufacturing and Export Processing (Holdings) TPE:9110 58 Cyclically Adjusted PS Ratio is 0.24 as of Jul. 26, 2026, which is 33% below its 10-year median of 0.36. GuruFocus rates TPE:9110 with a GF Score™ of 58/100 and a GF Value™ of NT$5.21 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 1,042 Vehicles & Parts companies, Vietnam Manufacturing and Export Processing (Holdings) ranks better than 78.5% on this metric.

As of today (2026-07-26), Vietnam Manufacturing and Export Processing (Holdings)'s current share price is NT$3.15. Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 was NT$13.31. Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio for today is 0.24.

The historical rank and industry rank for Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio or its related term are showing as below:

TPE:9110' s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 0.21   Med: 0.36   Max: 0.54
Current: 0.22

During the past years, Vietnam Manufacturing and Export Processing (Holdings)'s highest Cyclically Adjusted PS Ratio was 0.54. The lowest was 0.21. And the median was 0.36.

TPE:9110's Cyclically Adjusted PS Ratio is ranked better than
78.5% of 1042 companies
in the Vehicles & Parts industry
Industry Median: 0.72 vs TPE:9110: 0.22

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.

Vietnam Manufacturing and Export Processing (Holdings)'s adjusted revenue per share data for the three months ended in Mar. 2026 was NT$0.656. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is NT$13.31 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Vietnam Manufacturing and Export Processing (Holdings)  (TPE:9110) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Vietnam Manufacturing and Export Processing (Holdings) Cyclically Adjusted PS Ratio Related Terms


Vietnam Manufacturing and Export Processing (Holdings) Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Vietnam Manufacturing and Export Processing (Holdings) Cyclically Adjusted PS Ratio Chart

Vietnam Manufacturing and Export Processing (Holdings) Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.39 0.24

Vietnam Manufacturing and Export Processing (Holdings) Quarterly Data
Jun20 Dec20 Jun21 Dec21 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.39 0.39 0.34 0.24 0.23

TPE:9110 vs BC, PII, THO: Cyclically Adjusted PS Ratio Comparison

For the Recreational Vehicles subindustry, Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Vietnam Manufacturing and Export Processing (Holdings) Cyclically Adjusted PS Ratio vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio falls into.


TPE:9110
58GF Score
Vietnam Manufacturing and Export Processing (Holdings) Ltd TPE:9110
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Vietnam Manufacturing and Export Processing (Holdings) Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio for today is calculated as

Cyclically Adjusted PS Ratio=Share Price/ Cyclically Adjusted Revenue per Share
=3.15/13.31
=0.24

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted Revenue per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Vietnam Manufacturing and Export Processing (Holdings)'s adjusted Revenue per Share data for the three months ended in Mar. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=0.656/330.2130*330.2130
=0.656

Current CPI (Mar. 2026) = 330.2130.

Vietnam Manufacturing and Export Processing (Holdings) Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201206 0.000 229.478 0.000
201212 0.000 229.601 0.000
201306 0.000 233.504 0.000
201309 1.271 234.149 1.792
201312 1.468 233.049 2.080
201406 0.000 238.343 0.000
201409 1.528 238.031 2.120
201412 1.489 234.812 2.094
201506 0.000 238.638 0.000
201509 1.091 237.945 1.514
201512 0.882 236.525 1.231
201606 0.000 241.018 0.000
201609 1.391 241.428 1.903
201612 1.141 241.432 1.561
201706 0.000 244.955 0.000
201712 0.000 246.524 0.000
201806 0.000 251.989 0.000
201812 0.000 251.233 0.000
201906 0.000 256.143 0.000
201912 0.000 256.974 0.000
202006 0.000 257.797 0.000
202012 0.000 260.474 0.000
202106 0.000 271.696 0.000
202112 0.000 278.802 0.000
202206 0.000 296.311 0.000
202209 1.321 296.808 1.470
202212 1.250 296.797 1.391
202303 0.952 301.836 1.042
202306 1.098 305.109 1.188
202309 1.010 307.789 1.084
202312 0.548 306.746 0.590
202403 0.391 312.332 0.413
202406 0.772 314.175 0.811
202409 0.997 315.301 1.044
202412 0.717 315.605 0.750
202503 0.720 319.799 0.743
202506 0.874 322.561 0.895
202509 0.672 324.800 0.683
202512 0.702 324.054 0.715
202603 0.656 330.213 0.656

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PS Ratio of 0.24 mean?
Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) has a Cyclically Adjusted PS Ratio of 0.24 as of Jul. 26, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Vietnam Manufacturing and Export Processing (Holdings) and its competitors. This is 33% below median its historical median of 0.36. Over the past decade, Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio has ranged from 0.21 to 0.54. According to the industry distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #224 out of 1042 companies in the Vehicles & Parts industry, placing it in the top 21.5%.
Is Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio too high?
Vietnam Manufacturing and Export Processing (Holdings)'s current Cyclically Adjusted PS Ratio of 0.24 is 33% below median its 10-year median of 0.36. Over the past 10 years, this metric has ranged from a low of 0.21 to a high of 0.54. The Vehicles & Parts industry median Cyclically Adjusted PS Ratio is 0.72. Vietnam Manufacturing and Export Processing (Holdings)'s value of 0.24 is 66.7% below this industry median. Based on the distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #224 out of 1042 companies in the Vehicles & Parts industry, which is in the top quartile — a strong position relative to peers. Overall, Vietnam Manufacturing and Export Processing (Holdings) has a GF Score™ of 58/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vietnam Manufacturing and Export Processing (Holdings)'s Cyclically Adjusted PS Ratio compare to BC and PII?
According to the Vehicles & Parts industry distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #224 out of 1042 companies for Cyclically Adjusted PS Ratio. This places Vietnam Manufacturing and Export Processing (Holdings) in the top 22% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PS Ratio is 0.72. Vietnam Manufacturing and Export Processing (Holdings)'s value of 0.24 is 66.7% below this benchmark. Historically, Vietnam Manufacturing and Export Processing (Holdings)'s own Cyclically Adjusted PS Ratio has ranged from 0.21 to 0.54 over the past decade. While the company's 10-year median is 0.36 vs. the industry median of 0.72, Vietnam Manufacturing and Export Processing (Holdings) has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Vehicles & Parts company?
The median Cyclically Adjusted PS Ratio among Vehicles & Parts companies is 0.72, based on 1,042 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vietnam Manufacturing and Export Processing (Holdings)'s current Cyclically Adjusted PS Ratio of 0.24 is 66.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Vietnam Manufacturing and Export Processing (Holdings) and its competitors. For the Vehicles & Parts industry, the median Cyclically Adjusted PS Ratio is 0.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vietnam Manufacturing and Export Processing (Holdings)'s current Cyclically Adjusted PS Ratio is 0.24, which is 33% below median its own 10-year median of 0.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vietnam Manufacturing and Export Processing (Holdings) stock overvalued right now?
Based on GuruFocus' analysis, Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$5.21, compared to a current price of NT$3.15 — trading 39.5% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 0.24, which is 33% below median its 10-year median of 0.36 and 66.7% below the Vehicles & Parts industry median of 0.72. Vietnam Manufacturing and Export Processing (Holdings)'s overall GF Score™ is 58/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110), the current Cyclically Adjusted PS Ratio is 0.24 as of Jul. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) Overvalued in 2026?

Based on GuruFocus' analysis, Vietnam Manufacturing and Export Processing (Holdings) stock appears to be undervalued. The current stock price of NT$3.15 is trading 39.5% below its estimated GF Value™ of NT$5.21. GuruFocus considers Vietnam Manufacturing and Export Processing (Holdings) to be Significantly Undervalued.

Key valuation signals for TPE:9110:

  • Cyclically Adjusted PS Ratio: 0.24 (33% below median its 10-year median of 0.36)
  • GF Value™: NT$5.21 vs. price of NT$3.15 (39.5% below fair value)
  • GF Score™: 58/100 with 3 warning signs
  • Industry Position: 66.7% below the Vehicles & Parts median (#224 of 1042)

No single metric tells the full story. See the TPE:9110 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Vietnam Manufacturing and Export Processing (Holdings) Business Description

Other Exchanges 00422:Hong Kong
Address Section 5, Tam Hiep Ward, Dong Nai, Bien Hoa, VNM
Vietnam Manufacturing and Export Processing (Holdings) Ltd is engaged in manufacturing and sales of motorbikes, and related spare parts and engines. Its segments include Manufacturing and sale of motorbikes segment that includes motorbikes manufactured for the Vietnamese market and exports it to other countries including Malaysia, the Philippines, Thailand, Italy, Greece, United Arab Emirates and Singapore; and Manufacturing; and Sale of spare parts and engines segment manufactures engines for use in the group's motorbikes, while the group also exports engines to third parties. It manufactures parts for use in repair servicing and product assembly. Geographically, it operates in Vietnam, Malaysia, Philippines, United Arab Emirates, Greece, Thailand, Italy, Singapore, and Other Countries.
58GF Score

Get the complete analysis for TPE:9110

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$3.15
Price
NT$5.21
GF Value