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4207

環泰 Food As of 2026-06-17 Updated daily after market close

steady quality, discounted valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 環泰 to your watchlist to track signal changes on your next visit.
Valuation 84Quality 71Growth 44Momentum 59Chips 85

Is 環泰 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 71th market percentile. Latest quarterly ROE ≈ 3.4%.

  • Valuation is low.PE is in the 7th market percentile; within its own history, PE is around the 13th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 7.6% of volume (net buy).

  • Signals are active now.On the latest data, signals such as 252-day price high are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.74
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 群益金鼎-新莊 holds 3,410 lots
  • sellers have 367 lots left, ~140 sessions to clear

Window from 2026-01-17 · Price +4% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 群益金鼎-新莊 has accumulated 3,410 lots since the start (sold 0%), still adding.
  • Main distributor 統一-敦南 peaked at 329 lots, has sold 35%, 213 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +2.14pp, mid holders +0, retail -1.38pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -669 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
群益金鼎-新莊統一-內湖凱基-大安新光臺銀-臺中元大-北投
Distributing
統一-敦南元大-六合富邦-新莊康和-南崁華南永昌-高雄華南永昌-中正
Desks
own scale
凱基-站前元大-館前凱基-台北康和-嘉義
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 群益金鼎-新莊 +3,410
    sold 0%· still adding
  • 統一-內湖 +992
    sold 0%· still adding
  • 凱基-大安 +792
    sold 2%· still adding
  • 新光 +711
    sold 10%
  • 臺銀-臺中 +382
    sold 2%
  • 元大-北投 +372
    sold 2%

Distributing

  • 統一-敦南 213 left
    sold 35%· paused recently
  • 元大-六合 155 left
    sold 50%· ~97 sessions to clear
  • 富邦-新莊 66 left
    sold 77%· ~3 sessions to clear
  • 康和-南崁 75 left
    sold 41%· paused recently
  • 華南永昌-高雄 35 left
    sold 58%· paused recently
  • 華南永昌-中正 56 left
    sold 30%· ~62 sessions to clear

Desks

  • 凱基-站前 -752
    unclassified
  • 元大-館前 -492
    unclassified
  • 凱基-台北 -430
    day-trade · selling pressure
  • 康和-嘉義 -373
    unclassified
Still selling 367 lots ~140 sessions to bottom at most
Recent buy/sell force +1,022 absorbed / -311 sold buyers slightly ahead
Hedge-desk net short -47 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Direction matches: big-holder share rose while retail share fell.

Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.

Historical evidence

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

252-day price high (breakout)

Active

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

36 historical occurrences (since 2009-07-03)
Average forward return after 252-day price high (breakout)。20-day: Win 44.4%, Sample 36, Median -2.24%, Excess -3.16%, Beat mkt rate 36.1%；60-day: Win 45.7%, Sample 35, Median -1.55%, Excess -5.4%, Beat mkt rate 28.6%；120-day: Win 52.9%, Sample 34, Median +0.44%, Excess -5.71%, Beat mkt rate 23.5%

120 days after: historical avg +5.11%

20-day -1.57%
60-day +0.08%
120-day +5.11%
20-day
60-day
120-day
Win
44.4%
45.7%
52.9%
Sample
36
35
34
Median
-2.24%
-1.55%
+0.44%
Excess
-3.16%
-5.4%
-5.71%
Beat mkt rate
36.1%
28.6%
23.5%

Over 34 occurrences, 120-day forward avg gained 5.11%, lagged the market by 5.71 pts; win rate 52.9%.

Valuation regime and subsequent returns

Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.

PE percentile bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 You are here720+13.5% +14.7% 73.2% +2.9%
20-40 855-0.5% -2.8% 45.7% -14.9%
40-60 716+9.6% +8.7% 83.7% -11.8%
60-80 315+7.2% +2.7% 62.2% -16.8%
80-100 335+18.6% +21.6% 86% -2%

Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.

Current PE ≈ 9.85, at the 13.0th percentile of its own history (0-20 band).

Valuation × momentum historical grid

Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
Now
+9.9%
Win rate 66.3% Excess +2.6%
756d
+4.7%
Win rate 69% Excess -11.3%
736d
+3.5%
Win rate 57.1% Excess -4.3%
259d
60-day momentum down
+1.3%
Win rate 44.9% Excess -5.9%
501d
+0.5%
Win rate 51.6% Excess -3.8%
510d
+8.9%
Win rate 65.6% Excess +3.7%
299d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum up”: across 756 historical days, 120-day forward avg gained 9.9%, win rate 66.3%, beat the market by 2.6%.

Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

37 times historically; 60-day forward avg +2.26%, win rate 50%, beating the market by +1.7 pts on average.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

38 times historically; 60-day forward avg +0.53%, win rate 47.2%, beating the market by -3.29 pts on average.

What does 環泰 do? Company profile

食品工業；澱粉糖、液態糖漿、食品原料 櫃買中心上櫃

Overview

4207 對應證券為環泰，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司成立於 1984/07/25，總部位於桃園市蘆竹區南崁路265號5樓，股票於 2000/01/21 上櫃。董事長為康永明，總經理為康智量。公司實收資本額約新台幣19.85億元，已發行普通股約198,538,008股。2024 年永續報告書揭露台灣地區員工人數 157 人，皆為正式全職員工；此員工數主要涵蓋台灣營運邊界，非完整集團全球員工數。主要股東依 2024 年個體財報附表為六順實業股份有限公司持股 40,441,631 股、約20.36%，康國鋒持股 15,106,038 股、約7.60%。集團營運據點包括台灣桃園南崁總公司與南崁廠、彰化埤頭廠，以及馬來西亞、泰國、菲律賓子公司或工廠；2024 年合併營收為新台幣56.35億元，合併稅後淨利約新台幣2.97億元，歸屬母公司業主淨利約新台幣2.16億元，EPS 約1.09元。2025年法說資料揭露海外主要據點包括馬來西亞廠年產能約7萬噸、2024年營收約9.6億元；泰國廠年產能約12萬噸、2024年營收約25.3億元；菲律賓廠年產能約2萬噸、2024年營收約1.7億元；另有虎欣實業從事馬口鐵桶、塑膠桶業務，2024年營收約2.3億元。

Business

環泰主要從事澱粉糖與食品原料製造，核心產品包括果糖、高果糖糖漿、麥芽糖糖漿、液態糊精、異麥芽寡醣、果寡醣、麥芽糊精、植物性油粉、結晶葡萄糖、山梨醇，以及透過虎欣實業經營馬口鐵桶與塑膠桶。2024 年集團產品營收比重依 2025 年法說資料為：麥芽糖及液態糊精約49%（新台幣27.52億元）、果糖約19%（10.49億元）、山梨醇約14%（7.99億元）、結晶葡萄糖約6%（3.54億元）、麥芽糊精約4%（2.15億元）、植物油粉約4%（2.31億元）、馬口鐵及其他約4%（2.35億元）。母公司個體 2024 年營收明細則為麥芽糖8.26億元、果糖4.79億元、植物性油粉2.31億元、麥芽糊精2.15億元、山梨醇0.41億元、其他0.26億元，合計18.19億元。商業模式為 B2B 食品原料供應商，採購澱粉、糖類、酵素、包材、能源等原物料，經酵素水解、精製、濃縮、噴霧乾燥或相關製程，供應飲料、乳品、冰品、糕餅、烘焙、糖果、醬料、牙膏、日化、飼料與食品加工廠。公司自稱為台灣全系列液態糖漿生產廠商，產品應用廣，客戶以飲料及糕餅食品廠為主；海外子公司則面向東協與跨國食品、飲料、日化客戶。2025 年前三季合併營收新台幣38.93億元，年減約9.4%，但毛利率由 2024 年前三季13.6%提升至19.2%，營業淨利率由7.8%提升至12.8%，EPS由0.77元提升至1.31元，法說資料說明主因包括健康意識抬頭下調整產品組合、降低果糖產品比重、原料成本處相對低檔、美元兌台幣走弱與借款餘額下降使利息支出減少。

Outlook 2025–2028

2025 至 2028 年展望可分為產品升級、海外擴產與資產活化三條主軸。第一，產品升級方面，公司 2025 年法說揭露稀有糖、果寡醣、寡醣益生質為研發方向；稀有糖與國立臺灣海洋大學產學合作，固定化菌體已完成，可重複利用以利未來量產降低成本；果寡醣有效成分由市場常見約40%經酵素生技工程改善至55%，已量產並銷售至生技公司與食品工廠；寡醣益生質已與農科院完成離乳仔豬飼料、蛋雞飼料應用評估，未來擬向飼料業者推廣。第二，海外擴產方面，泰國三廠規劃 2026 年第二季完工、2026 年底試產，設計產能日產200噸，產品組合包含麥芽糊精、難消化糊精（水溶性膳食纖維）、麥芽糖及機能性寡糖；若試產順利，2027 至 2028 年可能進入爬坡並挹注高附加價值產品與外銷，但實際營收貢獻未有公司量化指引。第三，資產活化方面，泰國春武里土地約60公頃，第一期規劃宿舍區、廠房及倉庫區，樓板面積約6,212平方公尺，目標為租金收入，預計 2026 年底完工。產業趨勢上，減糖、健康食品、益生質、膳食纖維、機能性原料與東協食品加工需求，對公司高毛利新品有利；但傳統果糖受健康意識與減糖趨勢壓抑，公司已主動降低果糖比重。主要風險包括澱粉與玉米等農產品原料價格波動、匯率波動、能源及碳排成本、食品安全與標示風險、水資源與極端氣候造成供應鏈中斷、海外擴廠進度與稼動率不如預期、東協及中國澱粉糖廠競爭、主要客戶議價，以及利率與借款成本變動。美國關稅政策部分，2025 年媒體引述公司說明泰國出口至美國比例僅整體營收個位數，影響有限；此仍需後續追蹤。

Supply Chain

Upstream
  • 澱粉、玉米或其他穀物澱粉原料供應商 核心原料來源，用於果糖、麥芽糖、液態糊精、麥芽糊精、結晶葡萄糖、山梨醇等澱粉糖產品；公司永續報告書未揭露具名供應商，2024年原物料採購約89.27%來自國外、10.73%來自國內。
  • 酵素、生技工程與食品添加物供應商 用於澱粉水解、果寡醣、異麥芽寡醣與稀有糖等製程；具名供應商未公開，屬推估性供應鏈分類。
  • 虎欣實業股份有限公司 環泰持股之非上市櫃關係企業，生產馬口鐵桶、塑膠桶，可支援集團包材與容器業務，2024年營收約新台幣2.3億元。
  • 能源、天然氣、生質燃料與蒸汽鍋爐設備供應商 澱粉糖製程耗能高，公司南崁廠規劃以天然氣鍋爐取代燃煤鍋爐，馬來西亞廠建置生質能源蒸汽鍋爐，供應商未具名。
  • 食品安全、檢驗與認證服務供應商 公司及各廠取得 FSSC 22000、HALAL、KOSHER、HACCP、ISO 22000、ISO 9001 等認證，屬食品原料供應商進入跨國客戶供應鏈的重要上游服務。
Downstream
  • 雀巢 Nestle 非台股掛牌跨國食品公司；2025年法說揭露為馬來西亞廠液態糊精客戶、泰國廠液態糊精客戶、菲律賓廠液態糊精客戶之一。
  • Kerry Group 非台股掛牌跨國食品原料/食品公司；2025年法說揭露為馬來西亞廠液態糊精與果糖客戶之一。
  • Hershey 美國上市公司；2025年法說揭露為馬來西亞廠果糖客戶之一，應用於巧克力、醬料及飲料等。
  • F&N 非台股掛牌飲料與食品集團；2025年法說揭露為馬來西亞廠果糖客戶之一。
  • Thai Beverage 新加坡上市飲料集團；2025年法說揭露為泰國廠果糖客戶之一。
  • Unilever 非台股掛牌跨國消費品公司；2025年法說揭露為泰國廠山梨醇客戶之一。
  • Colgate 美國上市日化公司；2025年法說揭露為泰國廠山梨醇客戶之一，山梨醇可用於牙膏與日化產品。
  • FrieslandCampina 非台股掛牌乳品公司；2025年法說揭露為菲律賓廠液態糊精客戶之一。
  • 統一企業股份有限公司 1216 台股上市食品飲料公司；較早期公開新聞曾揭露為環泰台灣廠客戶，屬歷史公開資訊，是否仍為當前主要客戶未由最新法說具名確認。
  • 味全食品工業股份有限公司 1201 台股上市食品飲料公司；較早期公開新聞曾揭露為環泰台灣廠客戶，屬歷史公開資訊，是否仍為當前主要客戶未由最新法說具名確認。
  • 愛之味股份有限公司 1217 台股上市食品飲料公司；較早期公開新聞曾揭露為環泰台灣廠客戶，屬歷史公開資訊，是否仍為當前主要客戶未由最新法說具名確認。
  • 南亞塑膠工業股份有限公司 1303 台股上市公司；2025年法說揭露為虎欣實業馬口鐵桶、塑膠桶主要客戶之一。
  • 佳龍科技工程股份有限公司 9955 台股上市櫃公司；2025年法說揭露為虎欣實業馬口鐵桶、塑膠桶主要客戶之一。

Competitors

  • 台榮產業股份有限公司 1220 台股上市食品工業公司；公開產業文章指出台榮與環泰、豐年豐禾同為國內能生產全系列果糖產品的主要廠商之一，與環泰在果糖、澱粉糖與部分食品原料市場競爭。
  • 豐年豐禾企業股份有限公司 未上市公司；公開產業文章指出其與環泰、台榮為國內全系列果糖產品主要廠商之一。
  • 三福化工股份有限公司 4755 台股上市公司；屬化工與部分食品添加物相關供應商，與環泰在食品添加物、山梨醇或相關應用市場可視為廣義競爭或替代供應商，但並非純粹液態糖漿同業。
  • 大成玉米集團有限公司 非台股掛牌；中國大陸/港股相關玉米深加工與澱粉糖業者，產品包含麥芽糖漿等，屬區域進口或海外市場競爭者。
  • 中國大陸及東協澱粉糖、麥芽糊精、果葡糖漿製造商 非單一台股公司；環泰原物料與產品面臨中國大陸、泰國、馬來西亞等地澱粉糖廠價格與產能競爭，具名公司公開資料不足。
Sources（13）

This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.

Method and limitations

  • All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
  • Excess return is measured against the TAIEX total-return index (dividends included).
  • Valuation regime and percentile stats use an expanding own-history window (no future data).
  • Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
  • Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.

This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.