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AAC Technologies Holdings Inc (2018) Fair Value & Analysis

Technology · HK · Market cap HK$46.2B

AT AAC Technologies Holdings Inc 2018 · HK
PriceHK$42.90
Fair ValueHK$57.62
Upside+34.3%
Quality67/100
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Healthy Growth
Thin margins · 7.9% net margin
Low debt · generates free cash flow
0.74% dividend yield
Ranks above peers (12/15)
Narrow moat 40/100
Evidence: High Range HK$42.73 – HK$72.51 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$43.70 to HK$57.62 (+31.9%) since Aug 5, 2026. Share price +11.4% over the past month.

A solid business, screening 34% undervalued on our models.

What matters now

  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from HK$42.73 (bear) to HK$72.51 (bull), base HK$57.62. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 67/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

HK$57.09 HK$10.86 Fair Value HK$57.62 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$10.86 – HK$57.09 · fair‑value band HK$42.73 – HK$72.51 · the HK$42.90 price screens below the HK$57.62 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

AAC Technologies Holdings Inc (2018) currently trades at HK$42.90, while our model-based Fair Value estimate is HK$57.62, implying the stock looks roughly 34.3% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, AAC Technologies Holdings Inc generated revenue of HK$31.8B at a net margin of 7.9%. Revenue grew 15.0% year over year. It earns a return on equity of 10.6%. Net debt stands at HK$2.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$42.73 (bear case) to HK$72.51 (bull case); at HK$42.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 15% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -50% fair-value upside, at 34%, 2018 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF HK$55.85 HK$112.25 HK$201.26 80
Residual Income HK$18.96 HK$21.27 HK$39.31 76
Rev-Margin DCF HK$31.69 HK$52.31 HK$81.01 74
All 26 models by family
DCF Models
FCF DCF HK$57.36 HK$105.89 HK$227.75 38
Owner Earnings HK$36.93 HK$74.20 HK$145.66 31
5Y Revenue Exit HK$31.69 HK$52.60 HK$81.10 39
5Y EBITDA Exit HK$61.07 HK$117.70 HK$192.79 41
5Y P/E Exit HK$48.75 HK$90.41 HK$140.71 38
10Y Revenue Exit HK$38.75 HK$62.61 HK$100.29 36
10Y EBITDA Exit HK$59.56 HK$112.35 HK$200.68 37
10Y P/E Exit HK$51.14 HK$91.50 HK$153.87 35
Earnings-Based
Graham-Dodd HK$15.05 HK$87.62 HK$121.94 54
Lynch FV HK$24.78 HK$35.40 HK$46.02 50
PEG = 1.0 HK$24.78 HK$35.40 HK$46.02 46
EPV HK$18.30 HK$21.20 HK$23.74 59
Dividend Discount
Gordon GGM HK$2.13 HK$4.44 HK$7.04 70
DDM Multi-Stage HK$2.13 HK$3.74 HK$4.65 61
Multiples
P/E Multiple HK$46.46 HK$61.95 HK$77.44 63
P/S Multiple HK$28.21 HK$37.61 HK$47.02 58
P/B Multiple HK$28.21 HK$37.61 HK$47.02 55
EV/EBIT HK$39.30 HK$52.11 HK$64.91 53
EV/EBITDA HK$65.88 HK$87.54 HK$109.20 54
EV/Revenue HK$20.31 HK$28.63 HK$36.96 43
Asset-Based
NCAV (Graham) HK$10.73 HK$14.38 HK$21.46 50
Growth DCF
Growth DCF HK$55.85 HK$112.25 HK$201.26 80
Rev-Margin DCF HK$31.69 HK$52.31 HK$81.01 74
Economic Profit
Residual Income HK$18.96 HK$21.27 HK$39.31 76
ROIC Compounder HK$18.30 HK$21.20 HK$27.39 72
Growth Earnings
Growth-Adj P/E HK$42.23 HK$60.32 HK$78.42 68

Widest divergence: DCF Models (HK$90.41) versus Dividend Discount (HK$3.74). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$31.8B
Revenue growth (YoY) +15.0%
Net margin 7.9%
Return on equity 10.6%
Free cash flow HK$4.5B FY2025
P/E ratio 16.1 as of Jul 2, 2026
More key figures
Operating margin 9.8%
EPS (TTM) HK$0.7600
Dividend yield 0.7%
EPS growth (YoY) +32.9%
Net debt HK$2.2B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 43

Profitability 39
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 97
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

AAC Technologies Holdings Inc., an investment holding company, engages in the sensory experience solutions in Greater China, the United States, Europe, Other Asian countries, and internationally.

Full company description

AAC Technologies Holdings Inc., an investment holding company, engages in the sensory experience solutions in Greater China, the United States, Europe, Other Asian countries, and internationally. It operates through Acoustics Products, Electromagnetic drives and Precision Mechanics, Optics Products, Automotive & Consumer Acoustics Products, Sensor and Semiconductor Products, and Other Products. The company provides acoustics products for smartphones, laptops, earphones, tablets, AR/VR, smartwatches, tv, and intelligent vehicles; and manufactures and sells haptic solutions that are used in gaming, music, video, Ui interaction, VR/MR, intelligent cockpits, social networking, trackpad, stylus, and accessibility. It also offers precision mechanics comprise structures for smart device casing; optical lenses, camera modules, and optical actuators, as well as voice coil motor products; and micro electro-mechanical systems (MEMS) microphones and technology solutions for consumer electronics, automotive, smart wearables, robotics, IoT, and other domains. In addition, the company provides research and development services; manufactures and sells tooling and precision components, electronic components, and related accessories; and provides electroplating services, as well as engages in investment activities. The company was formerly known as AAC Acoustic Technologies Holdings Inc. and changed its name to AAC Technologies Holdings Inc. in May 2011. AAC Technologies Holdings Inc. was founded in 1993 and is headquartered in Shenzhen, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AAC Technologies Holdings Inc reported revenue of HK$31.8B in FY2025 versus HK$17.7B in FY2021, a compound +15.8%/yr. Reported net income was HK$2.5B in FY2025, compounding +17.5%/yr from FY2021.

Growth Quality 88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$31.8B
Latest YoY
+16.4%
Avg. growth/yr (3Y) ⓘ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.
+15.5%
Avg. growth/yr (5Y) ⓘ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.
+13.2%
Avg. growth/yr (21Y) ⓘ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.
+20.6%
Revenue +15.8%/yr
FY21 HK$17.7B
FY22 HK$20.6B
FY23 HK$20.4B
FY24 HK$27.3B
FY25 HK$31.8B
Net income +17.5%/yr
FY21 HK$1.3B
FY22 HK$821M
FY23 HK$740M
FY24 HK$1.8B
FY25 HK$2.5B
Character of growth · EPS growth decomposed (2014-2025) −6.2 % p.a.
Revenue per share +9.7 pp

of which total revenue +9.2 pp · buybacks/dilution +0.6 pp

EBIT margin −16.0 pp
Tax rate −0.4 pp
Residual (interest, one-offs) +0.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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AAC Technologies Holdings Inc · Fair Value
HK$57.62 +34%Fair Value
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Cite: Fair Value Calculator (2026). "AAC Technologies Holdings Inc Fair Value". https://www.fairvalue-calculator.com/stock/2018

Peer Group

Communication Equipment · 302 stocks

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.

Quality Score 67 · Top 25%
Fair Value upside +34% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 3% · Above median
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth 15% · Above median
Dividend yield (TTM) 0.7% · Below median
Debt / equity 0.31× · Higher than 75% of peers

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 16.1× · Cheaper than 75% of peers
P/B 1.89× · Cheaper than median
P/S (TTM) 1.45× · Pricier than median
P/FCF 1.3× · Cheaper than median
EV/EBITDA 8.6× · Cheaper than 75% of peers
PEG 0.72× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 79 · sector 0
FUTURE 75 · sector 34
PAST 42 · sector 15
HEALTH 84 · sector 98
DIVIDEND 15 · sector 24

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Accton Technology Corporation 2345 2,270 TWD 1,135 TWD -50%
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Frequently asked questions

Is AAC Technologies Holdings Inc (2018) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$57.62 versus a price of HK$42.90, about +34% (undervalued).
What is the fair value of 2018?
Our model-based fair value for AAC Technologies Holdings Inc is HK$57.62 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$42.90.
What is the quality score of 2018?
AAC Technologies Holdings Inc has a Quality Score of 67/100. 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 revenue of AAC Technologies Holdings Inc (2018)?
AAC Technologies Holdings Inc reported trailing-twelve-month revenue of about HK$31.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2018?
The net profit margin of AAC Technologies Holdings Inc is about 7.9%, meaning it keeps roughly 7.9% of revenue as net income. Based on the latest reported figures.
Does AAC Technologies Holdings Inc pay a dividend?
AAC Technologies Holdings Inc currently shows a dividend yield of about 0.74% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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