AnaPass Inc (123860) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of AnaPass Inc KRW 6,269, price KRW 13,350, upside -53.0%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Anapass, Inc. operates as a SoC semiconductor provider in the display market in South Korea.
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Anapass, Inc. operates as a SoC semiconductor provider in the display market in South Korea. The company offers Timing Controller (TCON) Embedded Driver ICs that operates and controls smartphone display panels by integrating the functions of the panel timing control, memory, source driver, power control, LTPS, and gamma, etc.; TCONs, an IC that delivers the video signal from the application processor to the driver-IC; and semiconductors for other display products, such as automotives, monitors, tablet displays, VR/HMD displays, and Smart PID/DIDs, etc. The company was formerly known as Anachips, Inc. and changed its name to Anapass, Inc. in March 2004. The company was incorporated in 2002 and is headquartered in Seoul, South Korea.
Stock analysis
AnaPass Inc (123860) currently trades at 13,350 KRW, while our model-based Fair Value estimate is 6,269 KRW, implying the stock looks roughly 112.9% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 23,107 KRW per share, and 14 of the 25 models we run sit above the 13,350 KRW price.
Bear case: the Earnings-Based group reads lowest at 1,279 KRW, and 11 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: 4,702 KRW (bear) to 7,837 KRW (bull), the price of 13,350 KRW 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 59/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
AnaPass Inc reported revenue of 108B KRW in FY2025 versus 48.4B KRW in FY2021, a compound +22.3%/yr. Reported net income was 2.7B KRW in FY2025, compounding −31.9%/yr from FY2021.
Key figures
Market cap 162B KRW (≈ $119M) · P/S ratio 1.60 · Dividend yield 1.9% · Net margin 2.5% · Return on equity 3.8% · Return on assets (EBIT) 7.5% · Operating margin 3.2% · Revenue (TTM) 101B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −15% fair-value upside, at −53%, 123860 screens richer than that median.
Fair Value models
Bear 4,702 KRWFair Value 6,269 KRWBull 7,837 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+55.6%
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.
+24.5%
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.
+3.1%
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What shareholders gained per year (last 5 years), in KRW ⓘ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 KRW: 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.
−25.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−27.4%
Dividend (yield on the price)1.9%
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.−22% → 19%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−9.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about −11.6% 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.Semiconductors · 339 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−53% · Below median
Profitability
Return on equity (TTM)4% · Below median
Return on assets−2% · Bottom 25%
Net margin (TTM)3% · Below median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth−32% · Bottom 25%
Dividend yield (TTM)1.9% · Above median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 64
PAST (return on equity)15· sector 22
HEALTH (low debt)100· sector 95
DIVIDEND (yield)37· sector 20
VALUE 0: the price sits above our fair-value range.
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). "AnaPass Inc Fair Value". https://www.fairvalue-calculator.com/stock/123860
Frequently asked questions
Is AnaPass Inc (123860) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6,269 KRW versus a price of 13,350 KRW, about −53% upside (overvalued).
What is the fair value of 123860?
Our model-based fair value for AnaPass Inc is 6,269 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 13,350 KRW.
What is the quality score of 123860?
AnaPass Inc has a Quality Score of 59/100. 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 AnaPass Inc (123860)?
Our model-based price target is the fair value of 6,269 KRW (as of Sep 24, 2026) from 25 valuation models. Cautious scenario 4,702 KRW, optimistic scenario 7,837 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the AnaPass Inc stock forecast for 2026?
Our models put fair value at 6,269 KRW, about −53% upside versus a price of 13,350 KRW (overvalued). Cautious scenario 4,702 KRW, optimistic scenario 7,837 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of AnaPass Inc (123860)?
AnaPass Inc reported trailing-twelve-month revenue of about 101B KRW (latest available figure, as of Sep 24, 2026).
Does AnaPass Inc pay a dividend?
AnaPass Inc currently shows a dividend yield of about 1.87% relative to its recent price (as of Sep 24, 2026).
What growth is priced into AnaPass Inc (123860)?
For today's price to be fair in a discounted-cash-flow model, AnaPass Inc would have to grow free cash flow by -9.7 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 123860 use?
Our models discount AnaPass Inc at 13.1 %: a base by market capitalisation (micro), country premium for South Korea. 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 AnaPass Inc that is -9.7 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has AnaPass Inc (123860) delivered so far?
Over the past 5 years revenue at AnaPass Inc grew +1.4 % a year. The price currently implies -9.7 % per year free-cash-flow growth a 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 AnaPass Inc (123860) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into AnaPass Inc (-9.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of AnaPass Inc (123860)?
The free-cash-flow yield on the price is 13.57 %: that much free cash flow AnaPass Inc produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AnaPass Inc (123860)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AnaPass Inc it is 6,269 KRW per share (as of Sep 24, 2026), against a price of 13,350 KRW. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is AnaPass Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 123860 trades above its calculated fair value: price 13,350 KRW, fair value 6,269 KRW, a gap of about −53% (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 123860?
No. The price is what the market pays today (13,350 KRW); the fair value is what the company's own numbers justify (6,269 KRW). For AnaPass Inc the two are 7,081 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is AnaPass Inc worth?
The market values AnaPass Inc at about 162B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 13,350 KRW; our models calculate a fair value of 6,269 KRW per share.
What do the bullish and bearish scenarios say about 123860?
Our models span a range for AnaPass Inc: cautious scenario 4,702 KRW, base 6,269 KRW, optimistic 7,837 KRW per share (as of Sep 24, 2026, price 13,350 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of AnaPass Inc (123860)?
Balance-sheet figures for AnaPass Inc (as of Sep 24, 2026): return on equity 3.8%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 123860 from its 52-week high?
AnaPass Inc trades at 13,350 KRW, about 41% below its 52-week high of 22,500 KRW and 19% above the low of 11,180 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 6,269 KRW is for.
Which stocks are comparable to AnaPass Inc?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, 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 AnaPass Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 13,350 KRW, calculated fair value 6,269 KRW (−53%), Quality Score 59/100, from 25 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 123860 calculated?
We run AnaPass Inc through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 6,269 KRW, 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 13.0 % above its aggregate fair value. AnaPass 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 AnaPass Inc (123860)?
The closing price on Sep 23, 2026 was 13,350 KRW. Our model-based fair value is 6,269 KRW, about −53% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AnaPass Inc right now?
The price sits above even our optimistic bull case (7,837 KRW). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of AnaPass Inc
How large is the market capitalisation of AnaPass Inc (123860)?
The market capitalisation of AnaPass Inc is 162B KRW (≈ $119M). 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 AnaPass Inc (123860)?
The price-to-sales ratio of AnaPass Inc is 1.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of AnaPass Inc (123860)?
The dividend yield of AnaPass Inc is 1.9%. 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 AnaPass Inc (123860)?
The net margin of AnaPass Inc is 2.5% (fiscal year 2025). 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 AnaPass Inc (123860)?
The return on equity (ROE) of AnaPass Inc is 3.8% (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 AnaPass Inc (123860)?
On an EBIT basis the return on assets of AnaPass Inc is 7.5% (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 AnaPass Inc (123860)?
The operating margin of AnaPass Inc is 3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AnaPass Inc (123860)?
Revenue at AnaPass Inc is growing −31.6% versus a year earlier (3y avg +35.7%). 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 AnaPass Inc (123860)?
Earnings per share at AnaPass Inc are growing +5.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does AnaPass Inc (123860) carry?
The net debt of AnaPass Inc is 4.0B KRW (fiscal year 2022, ≈ 0.2 yrs of FCF). 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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