Usun Technology Co Ltd (3498) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Usun Technology Co Ltd stock TWD 29.16, price TWD 193, that is 84.9% below the price, quality 79 out of 100. Rating: strongly overvalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range 20.93 TWD – 263.50 TWD · fair‑value band 25.95 TWD – 32.36 TWD · the 192.50 TWD price screens above the 29.16 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Usun Technology Co., Ltd., together with its subsidiaries, designs, produces, and maintains automation equipment in Taiwan, China, and internationally.
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The company offers advanced process equipment system, including OCA laminator, 3D automatic laminator, OCR laminator, G10 glass dense unpack, slit coater, thin film coating system, vacuum chamber dryer, and demura+gamma turing machine; non-standard customized automated equipment, such as automatic lens assembly machine CCM, galvanometer system, mask machine, sole edging machine, double-sided automatic laminating machine, automatic loading and unloading machine, lithium battery equipment, and laser marking.
It also provides smart manufacturing solutions comprising all side glued laminated timber, metal industry processing applications, the ground yarn cutting system, glass automatic conveying system, fully integrated plant-wide automation system for fiberglass yarn production, and full-plant automation integration system for glass fiber weaving; automatic storage application and logistics system; and AMR solutions.
In addition, the company offers CCL impregnation system, CCL PP cutting, CCL lay up and de-book, CCL cutting system, board loading and unloading machine, and automatic cap tear machine.
Further, it is involved in the provision of equipment maintenance; sales of spare parts; wholesale and retail of electronic materials; production of automation equipment; and investment activities. The company was founded in 1981 and is based in Taoyuan City, Taiwan.
Stock analysis
Usun Technology Co Ltd (3498) currently trades at 192.50 TWD, while our model-based Fair Value estimate is 29.16 TWD, 85% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 39.88 TWD per share, and 0 of the 22 models we run sit above the 192.50 TWD price.
Bear case: the Growth Earnings group reads lowest at 7.66 TWD, and 22 of the 22 models stay below the price. Data coverage for this calculation is low.
Scenario range: 25.95 TWD (bear) to 32.36 TWD (bull), the price of 192.50 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 79/100 (high quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Usun Technology Co Ltd reported revenue of 1.4B TWD in FY2025 versus 1.5B TWD in FY2021, a compound −1.9%/yr. Reported net income was 29.1M TWD in FY2025, compounding +15.2%/yr from FY2021.
Key figures
Market cap 15.5B TWD (≈ $471M) Small · P/E ratio 43.3 · P/S ratio 8.53 · EPS (TTM) 4.45 TWD · Net margin 14.8% · Return on equity 11.7% · Return on assets (EBIT) −0.6% (5-year average) · Operating margin 29.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 324% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −85%, 3498 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (4.01 TWD to 166.52 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear25.95 TWDFair Value 29.16 TWDBull32.36 TWD
Price 192.50 TWD · Downside -84.9%
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 (3.82 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+43.4%
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.
−7.9%
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.
−6.6%
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.
−4.2%
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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.
+12.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.3%
Dividend (yield on the price)0.0%
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.5% → 4%
⚠ Revenue per share shrinking 6.8%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+35.6%
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 +33.5% 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.Specialty Industrial Machinery · 813 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside−84.9% · Bottom 25%
Profitability
Return on equity (12 months)11.7% · Above median
Return on assets0.7% · Below median
Net margin (12 months)14.8% · Top 25%
Operating margin (12 months)29.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)74.7% · Top 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
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). "Usun Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3498
Frequently asked questions
Is Usun Technology Co Ltd (3498) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 29.16 TWD versus a price of 192.50 TWD, about 85% lower (overvalued).
What is the fair value of 3498?
Our model-based fair value for Usun Technology Co Ltd is 29.16 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 192.50 TWD.
What is the quality score of 3498?
Usun Technology Co Ltd has a Quality Score of 79/100. 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 Usun Technology Co Ltd (3498)?
Our model-based price target is the fair value of 29.16 TWD (as of Nov 4, 2026) from 22 valuation models. Cautious scenario 25.95 TWD, optimistic scenario 32.36 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Usun Technology Co Ltd stock forecast for 2026?
Our models put fair value at 29.16 TWD, about 85% lower versus a price of 192.50 TWD (overvalued). Cautious scenario 25.95 TWD, optimistic scenario 32.36 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Usun Technology Co Ltd (3498)?
Usun Technology Co Ltd reported trailing-twelve-month revenue of about 1.8B TWD (latest available figure, as of Nov 4, 2026).
What growth is priced into Usun Technology Co Ltd (3498)?
For today's price to be fair in a discounted-cash-flow model, Usun Technology Co Ltd would have to grow free cash flow by +35.6 % per year for five years (discount rate 12.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.6 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of 3498 use?
Our models discount Usun Technology Co Ltd at 12.3 %: a base by market capitalisation (small), damped by beta 1.18, 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 Usun Technology Co Ltd that is +35.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.3 %) and the same formula as our fair value.
How much growth has Usun Technology Co Ltd (3498) delivered so far?
Over the past 5 years revenue at Usun Technology Co Ltd grew -6.6 % a year. The price currently implies free-cash-flow growth of +35.6 % 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 Usun Technology Co Ltd (3498) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Usun Technology Co Ltd (+35.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Usun Technology Co Ltd (3498)?
The free-cash-flow yield on the price is 1.66 %: that much free cash flow Usun Technology Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Usun Technology Co Ltd (3498)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Usun Technology Co Ltd it is 29.16 TWD per share (as of Nov 4, 2026), against a price of 192.50 TWD. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Usun Technology Co Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 3498 trades above its calculated fair value: price 192.50 TWD, fair value 29.16 TWD, a gap of about −85% (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 3498?
No. The price is what the market pays today (192.50 TWD); the fair value is what the company's own numbers justify (29.16 TWD). For Usun Technology Co Ltd the two are 163.34 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Usun Technology Co Ltd worth?
The market values Usun Technology Co Ltd at about 15.5B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 192.50 TWD; our models calculate a fair value of 29.16 TWD per share.
What do the bullish and bearish scenarios say about 3498?
Our models span a range for Usun Technology Co Ltd: cautious scenario 25.95 TWD, base 29.16 TWD, optimistic 32.36 TWD per share (as of Nov 4, 2026, price 192.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3498?
Usun Technology Co Ltd trades at a price-to-earnings ratio of 43.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 29.16 TWD is built from several models across several years. Other multiples: P/B 6.9, P/S 8.5, EV/EBITDA 40.3.
How solid is the balance sheet of Usun Technology Co Ltd (3498)?
Balance-sheet figures for Usun Technology Co Ltd (as of Nov 4, 2026): return on equity 11.7%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is 3498 from its 52-week high?
Usun Technology Co Ltd trades at 192.50 TWD, about 27% below its 52-week high of 263.50 TWD and 324% above the low of 45.35 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 29.16 TWD is for.
Which stocks are comparable to Usun Technology Co Ltd?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin 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 Usun Technology Co Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price 192.50 TWD, calculated fair value 29.16 TWD (−85%), Quality Score 79/100, from 22 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 3498 calculated?
We run Usun Technology Co Ltd through 22 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 29.16 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. Usun Technology Co Ltd 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 Usun Technology Co Ltd (3498)?
The closing price on Nov 6, 2026 was 192.50 TWD. Our model-based fair value is 29.16 TWD, about 85% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Usun Technology Co Ltd right now?
A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (32.36 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Usun Technology Co Ltd
How large is the market capitalisation of Usun Technology Co Ltd (3498)?
The market capitalisation of Usun Technology Co Ltd is 15.5B TWD (≈ $471M). 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 Usun Technology Co Ltd (3498)?
The price-to-sales ratio of Usun Technology Co Ltd is 8.53 (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 Usun Technology Co Ltd (3498)?
Earnings per share at Usun Technology Co Ltd are 4.45 TWD (price ÷ EPS = P/E 43.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Usun Technology Co Ltd (3498)?
The net margin of Usun Technology Co Ltd is 14.8% (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 Usun Technology Co Ltd (3498)?
The return on equity (ROE) of Usun Technology Co Ltd is 11.7% (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 Usun Technology Co Ltd (3498)?
On an EBIT basis the return on assets of Usun Technology Co Ltd is −0.6% (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 Usun Technology Co Ltd (3498)?
The operating margin of Usun Technology Co Ltd is 29.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Usun Technology Co Ltd (3498)?
Revenue at Usun Technology Co Ltd is growing +74.7% versus a year earlier (3y avg −7.9%). 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 Usun Technology Co Ltd (3498)?
Earnings per share at Usun Technology Co Ltd are growing +915% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Usun Technology Co Ltd (3498) hold?
Usun Technology Co Ltd holds more cash than debt, 1.1B TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 4, 2026