Niching Industrial (3444) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Niching Industrial stock TWD 43.17, price TWD 62.90, that is 31.4% below the price, quality 64 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 31.31 TWD – 136.00 TWD · fair‑value band 32.45 TWD – 57.65 TWD · the 62.90 TWD price screens above the 43.17 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Niching Industrial Corporation manufactures, markets and sells semiconductor, flat panel display, LED, green energy, and nanotechnology products.
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It provides silver pastes products, including customized silver paste, pure and hybrid silver sintering paste, snap cure anisotropic conductive paste, conductive silver paste, and screen-printing silver paste; semiconductor package substrate, such as memory and system IC; and vacuum valves comprising butterfly, pendulum, gate, and anti-fouling angle valve.
The company also offers heat sink, lead frame_QFN, capillary; wedge, machine tool, and daisy chain, reclaim, Al coating, and dummy wafer; hub blades, resin blades, and grinding wheels; cutting tools, including hub and resin blades and griding wheels; chip trays, ABS reels, and emboss spacers for the LCD industry.
It provides solutions for IC heat-dissipation, silver paste customization, automative, vacuum control, and package and testing. The company was founded in 1982 and is headquartered in Taichung, Taiwan.
Stock analysis
Niching Industrial (3444) currently trades at 62.90 TWD, while our model-based Fair Value estimate is 43.17 TWD, 31% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 53.71 TWD per share, and 2 of the 26 models we run sit above the 62.90 TWD price.
Bear case: the Asset-Based group reads lowest at 13.94 TWD, and 24 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 32.45 TWD (bear) to 57.65 TWD (bull), the price of 62.90 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Niching Industrial reported revenue of 1.3B TWD in FY2025 versus 1.2B TWD in FY2021, a compound +1.1%/yr. Reported net income was 96.6M TWD in FY2025, compounding −7.9%/yr from FY2021.
Key figures
Market cap 2.8B TWD (≈ $86.2M) Micro · P/E ratio 31.6 · P/S ratio 2.17 · EPS (TTM) 1.99 TWD · Dividend yield 2.9% · Net margin 6.9% · Return on equity 8.8% · Return on assets (EBIT) 9.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −31%, 3444 screens richer than that median.
Fair Value models
Bear32.45 TWDFair Value 43.17 TWDBull57.65 TWD
Price 62.90 TWD · Downside -31.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.1629 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+10.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−1.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.3%
Dividend (yield on the price)2.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 6%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+19.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +17.3% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 235 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Niching Industrial Fair Value". https://www.fairvalue-calculator.com/stock/3444
Frequently asked questions
Is Niching Industrial (3444) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 43.17 TWD versus a price of 62.90 TWD, about 31% lower (overvalued).
What is the fair value of 3444?
Our model-based fair value for Niching Industrial is 43.17 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 62.90 TWD.
What is the quality score of 3444?
Niching Industrial has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Niching Industrial (3444)?
Our model-based price target is the fair value of 43.17 TWD (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 32.45 TWD, optimistic scenario 57.65 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Niching Industrial stock forecast for 2026?
Our models put fair value at 43.17 TWD, about 31% lower versus a price of 62.90 TWD (overvalued). Cautious scenario 32.45 TWD, optimistic scenario 57.65 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Niching Industrial (3444)?
Niching Industrial reported trailing-twelve-month revenue of about 1.3B TWD (latest available figure, as of Nov 9, 2026).
Does Niching Industrial pay a dividend?
Niching Industrial currently shows a dividend yield of 2.86% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Niching Industrial (3444) and when is the ex-dividend date?
Niching Industrial pays a dividend of 1.80 TWD per share a year, a dividend yield of 2.9%. The last ex-dividend date was Jul 23, 2026. A dividend has been paid every year since at least 2009. The payout ratio is 90.5% of earnings. Free cash flow covers the dividend 1.29 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Niching Industrial (3444)?
For today's price to be fair in a discounted-cash-flow model, Niching Industrial would have to grow free cash flow by +19.1 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.7 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 3444 use?
Our models discount Niching Industrial at 12.5 %: a base by market capitalisation (micro), damped by beta 0.76, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Niching Industrial that is +19.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Niching Industrial (3444) delivered so far?
Over the past 5 years revenue at Niching Industrial grew +5.7 % a year. The price currently implies free-cash-flow growth of +19.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Niching Industrial (3444) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Niching Industrial (+19.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Niching Industrial (3444)?
The free-cash-flow yield on the price is 3.69 %: that much free cash flow Niching Industrial produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Niching Industrial (3444)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Niching Industrial it is 43.17 TWD per share (as of Nov 9, 2026), against a price of 62.90 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Niching Industrial stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 3444 trades above its calculated fair value: price 62.90 TWD, fair value 43.17 TWD, a gap of about −31% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 3444?
No. The price is what the market pays today (62.90 TWD); the fair value is what the company's own numbers justify (43.17 TWD). For Niching Industrial the two are 19.73 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Niching Industrial worth?
The market values Niching Industrial at about 2.8B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 62.90 TWD; our models calculate a fair value of 43.17 TWD per share.
What do the bullish and bearish scenarios say about 3444?
Our models span a range for Niching Industrial: cautious scenario 32.45 TWD, base 43.17 TWD, optimistic 57.65 TWD per share (as of Nov 9, 2026, price 62.90 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3444?
Niching Industrial trades at a price-to-earnings ratio of 31.6 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 43.17 TWD is built from several models across several years. Other multiples: P/B 2.6, P/S 2.2, EV/EBITDA 36.8.
How solid is the balance sheet of Niching Industrial (3444)?
Balance-sheet figures for Niching Industrial (as of Nov 9, 2026): return on equity 8.8%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 3444 from its 52-week high?
Niching Industrial trades at 62.90 TWD, about 46% below its 52-week high of 117.50 TWD and 26% above the low of 49.85 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 43.17 TWD is for.
Which stocks are comparable to Niching Industrial?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Niching Industrial stock attractive at the current price?
The data as of Nov 9, 2026: price 62.90 TWD, calculated fair value 43.17 TWD (−31%), Quality Score 64/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 3444 calculated?
We run Niching Industrial through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 43.17 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Niching Industrial itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Niching Industrial (3444)?
The closing price on Nov 6, 2026 was 62.90 TWD. Our model-based fair value is 43.17 TWD, about 31% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Niching Industrial right now?
The price sits above even our optimistic bull case (57.65 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Niching Industrial
How large is the market capitalisation of Niching Industrial (3444)?
The market capitalisation of Niching Industrial is 2.8B TWD (≈ $86.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Niching Industrial (3444)?
The price-to-sales ratio of Niching Industrial is 2.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Niching Industrial (3444)?
Earnings per share at Niching Industrial are 1.99 TWD (price ÷ EPS = P/E 31.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Niching Industrial (3444)?
The dividend yield of Niching Industrial is 2.9% (payout 90.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Niching Industrial (3444)?
The net margin of Niching Industrial is 6.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Niching Industrial (3444)?
The return on equity (ROE) of Niching Industrial is 8.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Niching Industrial (3444)?
On an EBIT basis the return on assets of Niching Industrial is 9.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Niching Industrial (3444)?
The operating margin of Niching Industrial is 4.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Niching Industrial (3444)?
Revenue at Niching Industrial is growing +4.6% versus a year earlier (3y avg +6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Niching Industrial (3444)?
Earnings per share at Niching Industrial are growing +55.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Niching Industrial (3444) hold?
Niching Industrial holds more cash than debt, 389M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 9, 2026