AIC Inc (3693) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of AIC Inc stock TWD 620, price TWD 620, upside +0.1%, quality 56 out of 100. Rating: fairly valued. 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 10, 2026.
How to read this chart
60‑month range 34.53 TWD – 754.00 TWD · fair‑value band 441.40 TWD – 859.59 TWD · the 620.00 TWD price screens below the 620.40 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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AIC Inc. provides OEM/ODM, commercial off-the-shelf, and server and storage solutions in Taiwan and internationally.
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The company offers intel and AMD server boards; rackmount, multi-node, GPU, and edge servers; storage servers, just a bunch of disks, JBOX products, high availability servers, and just a bunch of NVMe flash products; industrial PC and server chassis products; accessories, such as canisters and front bezels; designing services with MAX I/O; and AMD EPYC systems.
It also provides solutions to cloud/data center, network appliance, media entertainment, video surveillance, VMware ready, and edge AI. The company was formerly known as T-win Systems, Inc. and changed its name to AIC Inc. in June 2011.
AIC Inc. was founded in 1996 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
AIC Inc (3693) currently trades at 620.00 TWD, while our model-based Fair Value estimate is 620.40 TWD, so the stock looks roughly fairly valued today (gap 0.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 428.47 TWD per share, and 0 of the 26 models we run sit above the 620.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 126.90 TWD, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 441.40 TWD (bear) to 859.59 TWD (bull), the price of 620.00 TWD sits inside 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 56/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
AIC Inc reported revenue of 7.5B TWD in FY2025 versus 3.5B TWD in FY2021, a compound +21.4%/yr. Reported net income was 666M TWD in FY2025, compounding +54.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 26.6B TWD (≈ $811M) Small · P/E ratio 40.4 · P/S ratio 3.64 · EPS (TTM) 15.35 TWD · Dividend yield 1.3% · Net margin 9.1% · Return on equity 12.7% · Return on assets (EBIT) 12.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 142% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at 0%, 3693 screens cheaper than that median.
Fair Value models
Bear441.40 TWDFair Value 620.40 TWDBull859.59 TWD
Price 620.00 TWD · Upside +0.1%
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 (6.32 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.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−12.0%
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.
+10.9%
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.
+20.2%
Start year 2020 (pandemic). Over 10 years: +4.1% a year
Revenue growth 10 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.
+4.1%
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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. Basis: EBIT basis. 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.
+49.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+48.3%
Dividend (yield on the price)1.3%
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.4% → 12%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+20.9%
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 +19.0% 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.Computer Hardware · 232 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+0.1% · Above median
Profitability
Return on equity (12 months)12.7% · Above median
Return on assets8.6% · Top 25%
Net margin (12 months)9.1% · Above median
Operating margin (12 months)14.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)37.8% · Above median
Dividend yield (12 months)1.3% · Below median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
P/E (12 months)40.4× · Priciest 25%
P/B5.11× · Priciest 25%
P/S (12 months)3.64× · Priciest 25%
Price / free cash flow (fiscal year)27.5× · Pricier than median
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). "AIC Inc Fair Value". https://www.fairvalue-calculator.com/stock/3693
Frequently asked questions
Is AIC Inc (3693) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of 620.40 TWD versus a price of 620.00 TWD, about +0% upside (fairly valued).
What is the fair value of 3693?
Our model-based fair value for AIC Inc is 620.40 TWD (as of Nov 10, 2026), built from audited fundamentals. The current price: 620.00 TWD.
What is the quality score of 3693?
AIC Inc has a Quality Score of 56/100. 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 AIC Inc (3693)?
Our model-based price target is the fair value of 620.40 TWD (as of Nov 10, 2026) from 26 valuation models. Cautious scenario 441.40 TWD, optimistic scenario 859.59 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the AIC Inc stock forecast for 2026?
Our models put fair value at 620.40 TWD, about +0% upside versus a price of 620.00 TWD (fairly valued). Cautious scenario 441.40 TWD, optimistic scenario 859.59 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of AIC Inc (3693)?
AIC Inc reported trailing-twelve-month revenue of about 7.3B TWD (latest available figure, as of Nov 10, 2026).
Does AIC Inc pay a dividend?
AIC Inc currently shows a dividend yield of 1.29% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of AIC Inc (3693) and when is the ex-dividend date?
AIC Inc pays a dividend of 8.00 TWD per share a year, a dividend yield of 1.3%. The last ex-dividend date was Aug 28, 2026. A dividend has been paid every year since 2021. The payout ratio is 52.1% of earnings. Free cash flow covers the dividend 2.81 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into AIC Inc (3693)?
For today's price to be fair in a discounted-cash-flow model, AIC Inc would have to grow free cash flow by +20.9 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.2 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of 3693 use?
Our models discount AIC Inc at 12.4 %: a base by market capitalisation (small), damped by beta 1.20, 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 AIC Inc that is +20.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has AIC Inc (3693) delivered so far?
Over the past 5 years revenue at AIC Inc grew +20.2 % a year. The price currently implies free-cash-flow growth of +20.9 % 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 AIC Inc (3693) growing?
The median revenue growth in the sector is +11.4 % a year. That is the yardstick for the growth priced into AIC Inc (+20.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AIC Inc (3693)?
The free-cash-flow yield on the price is 3.63 %: that much free cash flow AIC Inc produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AIC Inc (3693)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AIC Inc it is 620.40 TWD per share (as of Nov 10, 2026), against a price of 620.00 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 AIC Inc stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 3693 trades below its calculated fair value: price 620.00 TWD, fair value 620.40 TWD, a gap of about +0% (fairly valued). 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 3693?
No. The price is what the market pays today (620.00 TWD); the fair value is what the company's own numbers justify (620.40 TWD). For AIC Inc the two are 0.4000 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is AIC Inc worth?
The market values AIC Inc at about 26.6B TWD (market capitalisation, as of Nov 10, 2026). Per share that is 620.00 TWD; our models calculate a fair value of 620.40 TWD per share.
What do the bullish and bearish scenarios say about 3693?
Our models span a range for AIC Inc: cautious scenario 441.40 TWD, base 620.40 TWD, optimistic 859.59 TWD per share (as of Nov 10, 2026, price 620.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3693?
AIC Inc trades at a price-to-earnings ratio of 40.4 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 620.40 TWD is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 18.5. Other multiples: P/B 5.1, P/S 3.6, EV/EBITDA 36.7.
How solid is the balance sheet of AIC Inc (3693)?
Balance-sheet figures for AIC Inc (as of Nov 10, 2026): return on equity 12.7%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 3693 from its 52-week high?
AIC Inc trades at 620.00 TWD, about 18% below its 52-week high of 754.00 TWD and 142% above the low of 256.50 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 620.40 TWD is for.
Which stocks are comparable to AIC Inc?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Sandisk Corporation, Seagate Technology Holdings, 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 AIC Inc stock attractive at the current price?
The data as of Nov 10, 2026: price 620.00 TWD, calculated fair value 620.40 TWD (+0%), Quality Score 56/100, 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 3693 calculated?
We run AIC Inc 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 620.40 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 13.7% above its aggregate fair value. AIC Inc 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 AIC Inc (3693)?
The closing price on Nov 10, 2026 was 620.00 TWD. Our model-based fair value is 620.40 TWD, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AIC Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (441.40 TWD to 859.59 TWD) leaves room in how you read the outcome.
Key figures of AIC Inc
How large is the market capitalisation of AIC Inc (3693)?
The market capitalisation of AIC Inc is 26.6B TWD (≈ $811M). 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 AIC Inc (3693)?
The price-to-sales ratio of AIC Inc is 3.64 (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 AIC Inc (3693)?
Earnings per share at AIC Inc are 15.35 TWD (price ÷ EPS = P/E 40.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AIC Inc (3693)?
The dividend yield of AIC Inc is 1.3% (payout 52.1%). 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 AIC Inc (3693)?
The net margin of AIC Inc is 9.1% (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 AIC Inc (3693)?
The return on equity (ROE) of AIC Inc is 12.7% (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 AIC Inc (3693)?
On an EBIT basis the return on assets of AIC Inc is 12.6% (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 AIC Inc (3693)?
The operating margin of AIC Inc is 14.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AIC Inc (3693)?
Revenue at AIC Inc is growing +37.8% versus a year earlier (3y avg +10.9%). 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 AIC Inc (3693)?
Earnings per share at AIC Inc are growing +22.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does AIC Inc (3693) hold?
AIC Inc holds more cash than debt, 197M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 10, 2026