AnaPass Inc (123860) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of AnaPass Inc stock KRW 15,544, price KRW 9,530, upside +63.1%, quality 58 out of 100. Rating: strongly undervalued. 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 9,530 KRW – 30,406 KRW · fair‑value band 10,808 KRW – 19,163 KRW · the 9,530 KRW price screens below the 15,544 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Anapass, Inc. operates as a SoC semiconductor provider in the display market in South Korea.
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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 9,530 KRW, while our model-based Fair Value estimate is 15,544 KRW, implying the stock looks roughly 39% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 23,913 KRW per share, and 15 of the 26 models we run sit above the 9,530 KRW price.
Bear case: the Dividend Discount group reads lowest at 2,109 KRW, and 11 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 10,808 KRW (bear) to 19,163 KRW (bull), the price of 9,530 KRW sits below 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 58/100 (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 116B KRW (≈ $85.4M) Micro · P/E ratio 203.0 · P/S ratio 1.24 · EPS (TTM) 47.88 KRW · Dividend yield 2.6% · Net margin 0.6% · Return on equity 0.8% · Return on assets (EBIT) 7.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and at 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 63%, 123860 screens cheaper than that median.
Fair Value models
Bear10,808 KRWFair Value 15,544 KRWBull19,163 KRW
Price 9,530 KRW · Upside +63.1%
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.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
FCF DCF17,603 KRW22,630 KRW28,617 KRW82
Growth DCF17,647 KRW22,034 KRW26,972 KRW80
Owner Earnings5,046 KRW5,791 KRW6,678 KRW78
All 26 models by family
DCF Models
FCF DCF17,603 KRW22,630 KRW28,617 KRW82
Owner Earnings5,046 KRW5,791 KRW6,678 KRW78
5Y Revenue Exit17,524 KRW24,863 KRW33,993 KRW73
5Y EBITDA Exit22,722 KRW34,407 KRW47,781 KRW75
5Y P/E Exit11,899 KRW14,535 KRW17,108 KRW72
10Y Revenue Exit17,056 KRW22,947 KRW30,442 KRW68
10Y EBITDA Exit20,117 KRW28,399 KRW39,032 KRW69
10Y P/E Exit14,413 KRW17,047 KRW19,921 KRW65
Earnings-Based
Graham-Dodd1,574 KRW4,509 KRW5,945 KRW65
Lynch FV925.33 KRW1,322 KRW1,718 KRW61
PEG = 1.0925.33 KRW1,322 KRW1,718 KRW57
EPV12,843 KRW13,982 KRW14,898 KRW74
Dividend Discount
Gordon GGM1,375 KRW2,244 KRW2,859 KRW69
DDM Multi-Stage1,375 KRW1,973 KRW2,420 KRW67
Multiples
P/E Multiple4,862 KRW6,482 KRW8,103 KRW63
P/S Multiple2,952 KRW3,936 KRW4,920 KRW58
P/B Multiple19,461 KRW25,948 KRW32,434 KRW55
EV/EBIT30,425 KRW40,681 KRW50,937 KRW66
EV/EBITDA27,231 KRW36,422 KRW45,613 KRW67
EV/Revenue15,211 KRW21,878 KRW28,545 KRW53
Asset-Based
NCAV (Graham)3,057 KRW4,633 KRW5,791 KRW54
Growth DCF
Growth DCF17,647 KRW22,034 KRW26,972 KRW80
Rev-Margin DCF17,524 KRW25,023 KRW33,488 KRW73
Economic Profit
Residual Income4,065 KRW4,090 KRW4,241 KRW76
ROIC Compounder13,220 KRW14,828 KRW16,385 KRW72
Growth Earnings
Growth-Adj P/E3,817 KRW5,452 KRW7,088 KRW67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.
−24.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−27.4%
Dividend (yield on the price)2.6%
Profit margin 2019 to 2024 ⓘ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.−39% → 11%
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).
−20.7%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −22.3% 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.Semiconductors · 369 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+63.1% · Top 25%
Profitability
Return on equity (12 months)0.8% · Below median
Return on assets2.2% · Below median
Net margin (12 months)0.6% · Below median
Operating margin (12 months)−34.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−29.6% · Bottom 25%
Dividend yield (12 months)2.6% · Top 25%
Valuation Multiplesvs Semiconductors 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). "AnaPass Inc Fair Value". https://www.fairvalue-calculator.com/stock/123860
Frequently asked questions
Is AnaPass Inc (123860) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 15,544 KRW versus a price of 9,530 KRW, about +63% upside (undervalued).
What is the fair value of 123860?
Our model-based fair value for AnaPass Inc is 15,544 KRW (as of Nov 9, 2026), built from audited fundamentals. The current price: 9,530 KRW.
What is the quality score of 123860?
AnaPass Inc has a Quality Score of 58/100. 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 15,544 KRW (as of Nov 9, 2026) from 26 valuation models. Cautious scenario 10,808 KRW, optimistic scenario 19,163 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 15,544 KRW, about +63% upside versus a price of 9,530 KRW (undervalued). Cautious scenario 10,808 KRW, optimistic scenario 19,163 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 93.5B KRW (latest available figure, as of Nov 9, 2026).
Does AnaPass Inc pay a dividend?
AnaPass Inc currently shows a dividend yield of 2.62% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of AnaPass Inc (123860) and when is the ex-dividend date?
AnaPass Inc pays a dividend of 250.00 KRW per share a year, a dividend yield of 2.6%. The last ex-dividend date was Dec 29, 2025. Free cash flow covers the dividend 7.49 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
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 -20.7 % 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 Nov 9, 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 -20.7 % per year for five years, then slowing evenly to 2 % by year ten, 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 free-cash-flow growth of -20.7 % 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 AnaPass Inc (123860) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into AnaPass Inc (-20.7 % per 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 19.01 %: 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 15,544 KRW per share (as of Nov 9, 2026), against a price of 9,530 KRW. 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 AnaPass Inc stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 123860 trades below its calculated fair value: price 9,530 KRW, fair value 15,544 KRW, a gap of about +63% (undervalued). 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 (9,530 KRW); the fair value is what the company's own numbers justify (15,544 KRW). For AnaPass Inc the two are 6,014 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 116B KRW (market capitalisation, as of Nov 9, 2026). Per share that is 9,530 KRW; our models calculate a fair value of 15,544 KRW per share.
What do the bullish and bearish scenarios say about 123860?
Our models span a range for AnaPass Inc: cautious scenario 10,808 KRW, base 15,544 KRW, optimistic 19,163 KRW per share (as of Nov 9, 2026, price 9,530 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 123860?
AnaPass Inc trades at a price-to-earnings ratio of 203.0 (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 15,544 KRW is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2017 to 2025), reported earnings: 77.5. Other multiples: P/B 1.5, P/S 1.2.
How solid is the balance sheet of AnaPass Inc (123860)?
Balance-sheet figures for AnaPass Inc (as of Nov 9, 2026): return on equity 0.8%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is 123860 from its 52-week high?
AnaPass Inc trades at 9,530 KRW, about 58% below its 52-week high of 22,500 KRW and at the low of 9,530 KRW (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 15,544 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 Nov 9, 2026: price 9,530 KRW, calculated fair value 15,544 KRW (+63%), Quality Score 58/100, 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 123860 calculated?
We run AnaPass 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 15,544 KRW 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. AnaPass Inc currently trades 39% below its own fair value, and the market average says nothing about that. 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 Nov 6, 2026 was 9,530 KRW. Our model-based fair value is 15,544 KRW, about +63% upside (undervalued). 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 is below even our cautious bear case (10,808 KRW). The market is more pessimistic than our downside scenario. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of AnaPass Inc
How large is the market capitalisation of AnaPass Inc (123860)?
The market capitalisation of AnaPass Inc is 116B KRW (≈ $85.4M). 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 1.24 (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 AnaPass Inc (123860)?
Earnings per share at AnaPass Inc are 47.88 KRW (price ÷ EPS = P/E 203.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AnaPass Inc (123860)?
The dividend yield of AnaPass Inc is 2.6%. 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 0.6% (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 AnaPass Inc (123860)?
The return on equity (ROE) of AnaPass Inc is 0.8% (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 −34.7% (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 −29.6% 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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Nov 9, 2026