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Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-09-04), the stock price of Top High Image is NT$20.85. Top High Image's graham number for the quarter that ended in Jun. 2026 was NT$27.65. Therefore, Top High Image's Price to Graham Number ratio for today is 0.75.
The historical rank and industry rank for Top High Image's Graham Number or its related term are showing as below:
ROCO:3284'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.7 Med: 1.04 Max: 1.63
Current: 0.75
During the past 13 years, the highest Price to Graham Number ratio of Top High Image was 1.63. The lowest was 0.70. And the median was 1.04.
ROCO:3284's Price-to-Graham-Number is ranked better than 84.23% of 2220
companies
in the Industrial Products industry
Industry Median: 1.74
vs ROCO:3284: 0.75
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Top High Image (ROCO:3284) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Top High Image's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
20.85
/
27.65
=
0.75
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Top High Image Graham Number Related Terms
Top High Image Graham Number Historical Data
* Premium members only.
The historical data trend for Top High Image's Graham Number 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.
ROCO:3284 vs GEV, ETN, PH: Graham Number Comparison
For the Specialty Industrial Machinery subindustry, Top High Image's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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.
Top High Image Price-to-Graham-Number vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Top High Image's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Top High Image's Price-to-Graham-Number falls into.
* 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.
Top High Image (ROCO:3284) has a Graham Number of NT$27.65 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Top High Image and its competitors. According to the industry distribution chart, Top High Image ranks #350 out of 2220 companies in the Industrial Products industry, placing it in the top 15.8%.
Is Top High Image's Graham Number too high?
Top High Image's current Graham Number is NT$27.65. Based on the distribution chart, Top High Image ranks #350 out of 2220 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Top High Image has a GF Score™ of 62/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Top High Image's Graham Number compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Top High Image ranks #350 out of 2220 companies for Graham Number. This places Top High Image in the top 16% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.74. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for an Industrial Products company?
The median Graham Number among Industrial Products companies is 1.74, based on 2,220 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Top High Image and its competitors. For the Industrial Products industry, the median Graham Number is 1.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Top High Image's current Graham Number is NT$27.65. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top High Image stock overvalued right now?
Based on GuruFocus' analysis, Top High Image (ROCO:3284) is currently considered Fairly Valued. The stock's GF Value™ is NT$19.26, compared to a current price of NT$20.85 — trading 8.3% above its estimated fair value. The current Graham Number is NT$27.65. Top High Image's overall GF Score™ is 62/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Top High Image (ROCO:3284), the current Graham Number is NT$27.65 as of Jun. 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 Top High Image (ROCO:3284) Overvalued in 2026?
Based on GuruFocus' analysis, Top High Image stock appears to be overvalued.
The current stock price of NT$20.85 is trading 8.3% above its estimated GF Value™ of NT$19.26.
GuruFocus considers Top High Image to be Fairly Valued.
Key valuation signals for ROCO:3284:
Graham Number: NT$27.65
GF Value™: NT$19.26 vs. price of NT$20.85 (8.3% above fair value)
No single metric tells the full story. See the ROCO:3284 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Top High Image Corp. is a company based in Kaohsiung, Taiwan, specializing in manufacturing and selling offset printing plates and printing consumables. It offers a wide range of printing plates, including process-free, thermal CTP, positive thermal CTP, and conventional plates used in various printing applications like brochures, newspapers, packaging, and labels. Besides printing plates, it also deals in trading and services, food manufacturing and wholesale, advertising, and real estate agency and leasing services. The main source of income for the company was through the sales of pre-sensitized plates and the land through a joint construction and sub-sales project as well as a real estate agency.
62GF Score
Get the complete analysis for ROCO:3284
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