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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.
Taiwan AcceptanceTPE:9941 +2.93%64 Graham Number is NT$129.40 as of Mar. 2026, which is 100% below its 10-year median of 0.99. GuruFocus rates TPE:9941 with a GF Score™ of 64/100 and a GF Value™ of NT$184.89 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 403 Credit Services companies, Taiwan Acceptance ranks better than 65.26% on this metric.
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 (2026-08-07), the stock price of Taiwan Acceptance is NT$84.30. Taiwan Acceptance's graham number for the quarter that ended in Mar. 2026 was NT$129.40. Therefore, Taiwan Acceptance's Price to Graham Number ratio for today is 0.65.
The historical rank and industry rank for Taiwan Acceptance's Graham Number or its related term are showing as below:
TPE:9941'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.56 Med: 0.99 Max: 1.46
Current: 0.65
During the past 13 years, the highest Price to Graham Number ratio of Taiwan Acceptance was 1.46. The lowest was 0.56. And the median was 0.99.
TPE:9941's Price-to-Graham-Number is ranked better than 65.26% of 403
companies
in the Credit Services industry
Industry Median: 0.82
vs TPE:9941: 0.65
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Taiwan Acceptance (TPE:9941) 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.
Taiwan Acceptance's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
84.30
/
129.40
=
0.65
* 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.
Taiwan Acceptance Graham Number Related Terms
Taiwan Acceptance Graham Number Historical Data
* Premium members only.
The historical data trend for Taiwan Acceptance'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.
For the Credit Services subindustry, Taiwan Acceptance'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.
Taiwan Acceptance Price-to-Graham-Number vs Credit Services Industry
For the Credit Services industry and Financial Services sector, Taiwan Acceptance's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Taiwan Acceptance'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.
Taiwan Acceptance (TPE:9941) has a Graham Number of NT$129.40 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Taiwan Acceptance and its competitors. This is 12971% above median its historical median of 0.99. Over the past decade, Taiwan Acceptance's Graham Number has ranged from 0.56 to 1.46. According to the industry distribution chart, Taiwan Acceptance ranks #140 out of 403 companies in the Credit Services industry, placing it in the top 34.7%.
Is Taiwan Acceptance's Graham Number too high?
Taiwan Acceptance's current Graham Number of NT$129.40 is 12971% above median its 10-year median of 0.99. Over the past 10 years, this metric has ranged from a low of 0.56 to a high of 1.46. Based on the distribution chart, Taiwan Acceptance ranks #140 out of 403 companies in the Credit Services industry, which is above the industry midpoint. Overall, Taiwan Acceptance has a GF Score™ of 64/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Acceptance's Graham Number compare to V and MA?
According to the Credit Services industry distribution chart, Taiwan Acceptance ranks #140 out of 403 companies for Graham Number. This puts Taiwan Acceptance in the upper half of its industry. The industry median Graham Number is 0.82. Historically, Taiwan Acceptance's own Graham Number has ranged from 0.56 to 1.46 over the past decade. 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 a Credit Services company?
The median Graham Number among Credit Services companies is 0.82, based on 403 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 Taiwan Acceptance and its competitors. For the Credit Services industry, the median Graham Number is 0.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Taiwan Acceptance's current Graham Number is NT$129.40, which is 12971% above median its own 10-year median of 0.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Acceptance stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Acceptance (TPE:9941) is currently considered Possible Value Trap. The stock's GF Value™ is NT$184.89, compared to a current price of NT$84.30 — trading 54.4% below its estimated fair value. The current Graham Number is NT$129.40, which is 12971% above median its 10-year median of 0.99. Taiwan Acceptance's overall GF Score™ is 64/100 with 3 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 Taiwan Acceptance (TPE:9941), the current Graham Number is NT$129.40 as of Mar. 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 Taiwan Acceptance (TPE:9941) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Acceptance stock appears to be undervalued.
The current stock price of NT$84.30 is trading 54.4% below its estimated GF Value™ of NT$184.89.
GuruFocus considers Taiwan Acceptance to be Possible Value Trap.
Key valuation signals for TPE:9941:
Graham Number: NT$129.40 (12971% above median its 10-year median of 0.99)
GF Value™: NT$184.89 vs. price of NT$84.30 (54.4% below fair value)
No single metric tells the full story. See the TPE:9941 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Acceptance Corp mainly focuses on accounts receivable purchasing, installment accounts sales, and the equipment leasing business, which is related to products such as various vehicles, equipment, consumer goods, and power generation business. The Group's reportable segments are: Leasing, which generates the maximum revenue, and Financing. Geographically, it derives maximum revenue from Taiwan, followed by China, and other overseas markets.
64GF Score
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