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FineMat Applied Materials Co Ltd (6698) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of FineMat Applied Materials Co Ltd stock TWD 7.50, price TWD 28.75, that is 73.9% below the price, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Technology TW · ISIN TW0006698004

FA FineMat Applied Materials Co Ltd logo Thin data Nov 9, 2026

FineMat Applied Materials Co Ltd

6698 · TW
Very expensive, weak quality

Our calculation puts a fair price 74% below what the stock costs today.

Low debt
Quality 41/100
1.7% dividend yield · Watch coverage
Revenue last quarter 40% below a year ago.
Fair value 7.50 TWD · Strongly overvalued
Weak Growth (revenue 3y −2.6 %/yr in TWD)
Loss-making · -11.7% net margin (TTM)
Negative free cash flow
Trails peers (4/11)
Narrow moat 16/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

58.66 TWD 23.50 TWD Fair Value 7.50 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range 23.50 TWD – 58.66 TWD · fair‑value band 7.48 TWD – 7.51 TWD · the 28.75 TWD price screens above the 7.50 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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Company profile

FineMat Applied Materials Co., Ltd., together with its subsidiaries, develops, manufactures, and sells high precision metal masks and other metal products in Mainland China, Taiwan, and internationally.

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The company offers high-precision metal mask stretching for displays; flexible OLED display metal mask production and stretching; recycle and cleaning services for OLED and semiconductor components; and various precision-etched application products, as well as full-size precision frame manufacturing services.

It also provides design consultation, mask etching, frame preparation, mesh spot welding, and cleaning and regeneration services.

In addition, the company engages in professional investment activities; and the manufacture and sale of microwaves, semiconductor and electronic components, communication equipment and apparatus, and computers and its peripherals.

It serves the optoelectronic, semiconductor, cooling/manifold plate, medical, and encoder disk industries. The company was formerly known as Yiqiang Technology Co., Ltd. and changed its name to FineMat Applied Materials Co., Ltd. in 2012.

FineMat Applied Materials Co., Ltd. was incorporated in 2007 and is headquartered in Tainan City, Taiwan.

Stock analysis

FineMat Applied Materials Co Ltd (6698) currently trades at 28.75 TWD, while our model-based Fair Value estimate is 7.50 TWD, 74% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 31.14 TWD per share, and 1 of the 4 models we run sit above the 28.75 TWD price.

Bear case: the Earnings-Based group reads lowest at 7.50 TWD, and 3 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 7.48 TWD (bear) to 7.51 TWD (bull), the price of 28.75 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 41/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

FineMat Applied Materials Co Ltd reported revenue of 1.2B TWD in FY2025 versus 856M TWD in FY2021, a compound +7.8%/yr. Reported net income was −109M TWD in FY2025.

Key figures

Market cap 2.0B TWD (≈ $62.0M) Micro · P/S ratio 2.07 · EPS (TTM) −1.81 TWD · Dividend yield 1.7% · Net margin −11.7% · Return on equity −6.8% · Return on assets (EBIT) 0.5% (5-year average) · Operating margin −72.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 39% below its 52-week high and 3% 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 −74%, 6698 screens richer than that median.

Fair Value models

Bear 7.48 TWD Fair Value 7.50 TWD Bull 7.51 TWD
Price 28.75 TWD · Downside -73.9%
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. 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.
Best data coverage
EPV 7.48 TWD 7.50 TWD 7.51 TWD 74
ROIC Compounder 7.48 TWD 7.50 TWD 7.51 TWD 72
EV/EBITDA 22.88 TWD 31.14 TWD 39.40 TWD 67
All 4 models by family
Earnings-Based
EPV 7.48 TWD 7.50 TWD 7.51 TWD 74
Multiples
EV/EBITDA 22.88 TWD 31.14 TWD 39.40 TWD 67
Asset-Based
NCAV (Graham) 7.39 TWD 9.91 TWD 14.78 TWD 54
Economic Profit
ROIC Compounder 7.48 TWD 7.50 TWD 7.51 TWD 72

Open the full fair value analysis →

Quality Score breakdown

Overall quality 41/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 9
How much profit the company makes from its sales and capital
Quality Growth 48
Are margins and returns getting better?
Cashflow 7
Do the profits arrive as real cash?
Financial strength 45
Debt, balance sheet and risk of trouble
Investment 77
Does it invest with discipline instead of growing at any price?
Low Volatility 47
How calm the share price moves, does not count
Price momentum 28
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 10
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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
+29.9%
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.
−2.6%
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.
+13.3%
Start year 2020 (pandemic). Over 10 years: +20.4% 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.
+20.4%
Profit margin (trend) ⓘ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.
11.1% (2020) → 0.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

6698 screens overvalued: fair value 74% below the price. Compare with Amphenol Corporation →

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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.Electronic Components · 653 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside −73.9% · Bottom 25%
Profitability
Return on assets −3.8% · Bottom 25%
Net margin (12 months) −11.7% · Bottom 25%
Operating margin (12 months) −72.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −39.5% · Bottom 25%
Dividend yield (12 months) 1.7% · Above median
Balance sheet
Debt / equity 0.03× · Below median

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/B 1.88× · Cheaper than median
P/S (12 months) 1.97× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 70
PAST (return on equity)0 · sector 28
HEALTH (low debt)99 · sector 95
DIVIDEND (yield)35 · sector 27

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Hon Hai Precision Industry Co 2317 239.00 TWD 292.29 TWD +22% vs 6698
TE Connectivity plc TEL $207.01 $224.30 +8% vs 6698
Asia Vital Components Co 3017 2,540 TWD 2,737 TWD +8% vs 6698
Shengyi Technology Co 600183 ¥70.49 ¥66.42 −6% vs 6698
Amphenol Corporation APH $74.59 $69.74 −7% vs 6698
Celestica Inc CLS $206.68 $109.91 −47% vs 6698
Delta Electronics, Inc 2308 1,160 TWD 519.57 TWD −55% vs 6698
Luxshare Precision Industry Co 002475 ¥50.05 ¥18.44 −63% vs 6698
Corning Incorporated GLW $106.13 $33.72 −68% vs 6698
Samsung Electro-Mechanics Co 009150 870,000 KRW 171,572 KRW −80% vs 6698

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FineMat Applied Materials Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "FineMat Applied Materials Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6698

Frequently asked questions

Is FineMat Applied Materials Co Ltd (6698) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 7.50 TWD versus a price of 28.75 TWD, about 74% lower (overvalued).
What is the fair value of 6698?
Our model-based fair value for FineMat Applied Materials Co Ltd is 7.50 TWD (as of Nov 9, 2026), built from audited fundamentals. The current price: 28.75 TWD.
What is the quality score of 6698?
FineMat Applied Materials Co Ltd has a Quality Score of 41/100. 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 FineMat Applied Materials Co Ltd (6698)?
Our model-based price target is the fair value of 7.50 TWD (as of Nov 9, 2026) from 4 valuation models. Cautious scenario 7.48 TWD, optimistic scenario 7.51 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the FineMat Applied Materials Co Ltd stock forecast for 2026?
Our models put fair value at 7.50 TWD, about 74% lower versus a price of 28.75 TWD (overvalued). Cautious scenario 7.48 TWD, optimistic scenario 7.51 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of FineMat Applied Materials Co Ltd (6698)?
FineMat Applied Materials Co Ltd reported trailing-twelve-month revenue of about 1.0B TWD (latest available figure, as of Nov 9, 2026).
Does FineMat Applied Materials Co Ltd pay a dividend?
FineMat Applied Materials Co Ltd currently shows a dividend yield of 1.74% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of FineMat Applied Materials Co Ltd (6698) and when is the ex-dividend date?
FineMat Applied Materials Co Ltd pays a dividend of 0.5 TWD per share a year, a dividend yield of 1.7%. The last ex-dividend date was Jul 14, 2026. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of FineMat Applied Materials Co Ltd (6698)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FineMat Applied Materials Co Ltd it is 7.50 TWD per share (as of Nov 9, 2026), against a price of 28.75 TWD. It is the blended result of 4 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is FineMat Applied Materials Co Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 6698 trades above its calculated fair value: price 28.75 TWD, fair value 7.50 TWD, a gap of about −74% (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 6698?
No. The price is what the market pays today (28.75 TWD); the fair value is what the company's own numbers justify (7.50 TWD). For FineMat Applied Materials Co Ltd the two are 21.25 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is FineMat Applied Materials Co Ltd worth?
The market values FineMat Applied Materials Co Ltd at about 2.0B TWD (market capitalisation, as of Nov 9, 2026). Per share that is 28.75 TWD; our models calculate a fair value of 7.50 TWD per share.
What do the bullish and bearish scenarios say about 6698?
Our models span a range for FineMat Applied Materials Co Ltd: cautious scenario 7.48 TWD, base 7.50 TWD, optimistic 7.51 TWD per share (as of Nov 9, 2026, price 28.75 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of FineMat Applied Materials Co Ltd (6698)?
Balance-sheet figures for FineMat Applied Materials Co Ltd (as of Nov 9, 2026): return on equity −6.8%, debt of 0.03 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 6698 from its 52-week high?
FineMat Applied Materials Co Ltd trades at 28.75 TWD, about 39% below its 52-week high of 47.15 TWD and 3% above the low of 27.80 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 7.50 TWD is for.
Which stocks are comparable to FineMat Applied Materials Co Ltd?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, 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 FineMat Applied Materials Co Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price 28.75 TWD, calculated fair value 7.50 TWD (−74%), Quality Score 41/100, from 4 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 6698 calculated?
We run FineMat Applied Materials Co Ltd through 4 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 7.50 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. FineMat Applied Materials 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 FineMat Applied Materials Co Ltd (6698)?
The closing price on Nov 9, 2026 was 28.75 TWD. Our model-based fair value is 7.50 TWD, about 74% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FineMat Applied Materials Co Ltd right now?
The price sits above even our optimistic bull case (7.51 TWD). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. The models converge in a tight band (7.48 TWD to 7.51 TWD), unusually little disagreement for a valuation.

Key figures of FineMat Applied Materials Co Ltd

How large is the market capitalisation of FineMat Applied Materials Co Ltd (6698)?
The market capitalisation of FineMat Applied Materials Co Ltd is 2.0B TWD (≈ $62.0M). 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 FineMat Applied Materials Co Ltd (6698)?
The price-to-sales ratio of FineMat Applied Materials Co Ltd is 2.07 (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 FineMat Applied Materials Co Ltd (6698)?
Earnings per share at FineMat Applied Materials Co Ltd are −1.81 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of FineMat Applied Materials Co Ltd (6698)?
The dividend yield of FineMat Applied Materials Co Ltd is 1.7%. 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 FineMat Applied Materials Co Ltd (6698)?
The net margin of FineMat Applied Materials Co Ltd is −11.7% (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 FineMat Applied Materials Co Ltd (6698)?
The return on equity (ROE) of FineMat Applied Materials Co Ltd is −6.8% (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 FineMat Applied Materials Co Ltd (6698)?
On an EBIT basis the return on assets of FineMat Applied Materials Co Ltd is 0.5% (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 FineMat Applied Materials Co Ltd (6698)?
The operating margin of FineMat Applied Materials Co Ltd is −72.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FineMat Applied Materials Co Ltd (6698)?
Revenue at FineMat Applied Materials Co Ltd is growing −39.5% versus a year earlier (3y avg −2.6%). 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 FineMat Applied Materials Co Ltd (6698)?
Earnings per share at FineMat Applied Materials Co Ltd are growing −75.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does FineMat Applied Materials Co Ltd (6698) generate?
The free cash flow of FineMat Applied Materials Co Ltd is −134M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does FineMat Applied Materials Co Ltd (6698) carry?
The net debt of FineMat Applied Materials Co Ltd is 134M TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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