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Taiwan Mask Corp (2338) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Taiwan Mask Corp TWD 57.65, price TWD 47.20, upside +22.1%, quality 21 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Technology · TW · ISIN TW0002338001

TM Some data Oct 1, 2026

Taiwan Mask Corp

2338 · TW

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 57.65 TWD · Undervalued (+22.1%)
!Quality 21/100
!Weak Growth (revenue 5y +5.3 %/yr)
!Loss-making · -5.7% net margin (TTM)
✓Moderate debt · generates free cash flow
!Mixed vs. peers (6/13)
!Narrow moat 14/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

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

Price vs Fair Value

103.23 TWD 27.10 TWD Fair Value 57.65 TWD Apr 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.

How to read this chart

60‑month range 27.10 TWD – 103.23 TWD · fair‑value band 38.59 TWD – 79.71 TWD · the 47.20 TWD price screens below the 57.65 TWD 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. Dashed = 300-day average. As of Oct 1, 2026.

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Company profile

Taiwan Mask Corporation engages in the research, development, manufacturing, and sales of photomasks and integrated circuits for the semiconductor industry in Taiwan, rest of Asia, and internationally. The company offers photomask data services, including mask rule check, remote JDV, and CAD design layout services; and online work in progress search.

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Taiwan Mask Corporation engages in the research, development, manufacturing, and sales of photomasks and integrated circuits for the semiconductor industry in Taiwan, rest of Asia, and internationally. The company offers photomask data services, including mask rule check, remote JDV, and CAD design layout services; and online work in progress search. It also provides eBeam and laser technologies and equipment. In addition, the company is involved in the manufacturing of medical equipment, electronic component, precision instruments batch, power generation and power components, and memory products; international trade activities; research, development, and design of testing equipment and related element; provision of energy technology, noble metal coating, 3D printing and plastics, mold design, and IC product design services; laser welding of thick steel plates; manufacturing, retail, and wholesale of ND-type flash memory, memory and solid-state hard, and discs and related products; retail and wholesale of medical equipment; and investment business. Taiwan Mask Corporation was incorporated in 1988 and is based in Hsinchu City, Taiwan.

Stock analysis

Taiwan Mask Corp (2338) currently trades at 47.20 TWD, while our model-based Fair Value estimate is 57.65 TWD, implying the stock looks roughly 18.1% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 41.14 TWD per share, and 0 of the 10 models we run sit above the 47.20 TWD price.

Bear case: the Asset-Based group reads lowest at 8.67 TWD, and 10 of the 10 models stay below the price. Evidence for this calculation is medium.

Scenario range: 38.59 TWD (bear) to 79.71 TWD (bull), the price of 47.20 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 21/100 (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.

Taiwan Mask Corp reported revenue of 6.0B TWD in FY2025 versus 6.1B TWD in FY2021, a compound −0.2%/yr. Reported net income was −1.2B TWD in FY2025.

Key figures

Market cap 15.6B TWD (≈ $489M) · P/S ratio 2.66 · EPS (TTM) −1.16 TWD · Dividend yield 2.1% · Net margin −19.4% · Return on equity −9.8% · Return on assets (EBIT) 2.9% · Operating margin −0.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 18% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −24% fair-value upside, at 22%, 2338 screens cheaper than that median.

Fair Value models

Bear 38.59 TWD Fair Value 57.65 TWD Bull 79.71 TWD
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. 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. 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.
Highest evidence
FCF DCF 26.42 TWD 43.27 TWD 65.88 TWD 77
Growth DCF 26.62 TWD 41.18 TWD 59.48 TWD 76
5Y EBITDA Exit 24.62 TWD 44.31 TWD 67.06 TWD 71
All 10 models by family
DCF Models
FCF DCF 26.42 TWD 43.27 TWD 65.88 TWD 77
5Y Revenue Exit 20.71 TWD 36.97 TWD 57.42 TWD 69
5Y EBITDA Exit 24.62 TWD 44.31 TWD 67.06 TWD 71
10Y Revenue Exit 21.90 TWD 36.48 TWD 55.59 TWD 64
10Y EBITDA Exit 24.93 TWD 41.14 TWD 62.33 TWD 65
Multiples
EV/EBITDA 27.82 TWD 40.61 TWD 53.40 TWD 67
EV/Revenue 18.41 TWD 30.82 TWD 43.22 TWD 52
Asset-Based
NCAV (Graham) 6.47 TWD 8.67 TWD 12.95 TWD 54
Growth DCF
Growth DCF 26.62 TWD 41.18 TWD 59.48 TWD 76
Rev-Margin DCF 20.71 TWD 37.26 TWD 56.49 TWD 69

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Quality Score breakdown

Overall quality 21/100

Of which business quality 25 · Market factors (momentum, volatility) 36

Profitability 4
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 11
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 15
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 35/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−20.1%
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.
−7.9%
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.
+5.3%
Start year 2020 (pandemic). Over 10 years: +15.1% a year
Revenue growth 23 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.
+3.3%
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.
14.2% (2020) → −10.1% (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

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+17.6%
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 +15.8% a year for the price.

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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.Semiconductor Equipment & Materials · 219 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 21 · Bottom 25%
Fair Value upside +22.1% · Top 25%
Profitability
Return on assets −1.2% · Bottom 25%
Net margin (TTM) −5.7% · Bottom 25%
Operating margin (TTM) −0.8% · Bottom 25%
Growth and dividend
Revenue growth −4.8% · Bottom 25%
Dividend yield (TTM) 2.1% · Top 25%
Balance sheet
Debt / equity 1.01× · Highest 25%

Valuation Multiplesvs Semiconductor Equipment & Materials median · lower = cheaper

P/B 0.11× · Cheapest 25%
P/S (TTM) 0.08× · Cheapest 25%
P/FCF 0.5× · Cheapest 25%
EV/EBITDA 3.5× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)63 · sector 0
FUTURE (revenue growth)0 · sector 96
PAST (return on equity)0 · sector 33
HEALTH (low debt)49 · sector 96
DIVIDEND (yield)41 · sector 16

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate.

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ASML Holding ASML €1,523 €1,350 −11%
Lam Research Corporation LRCX $314.47 $250.94 −20%
Applied Materials, Inc AMAT $485.00 $368.52 −24%
KLA Corporation KLAC $187.92 $160.12 −15%
Teradyne, Inc TER $398.38 $65.79 −83%
Advanced Micro-Fabrication Equipment Inc 688012 ¥339.30 ¥110.10 −68%
Hon. Precision, Inc 7769 5,670 TWD 4,864 TWD −14%
Piotech Inc 688072 ¥700.90 ¥320.60 −54%
Qnity Electronics, Inc Q $124.69 $70.44 −44%
Entegris, Inc ENTG $151.89 $92.64 −39%

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Cite: Fair Value Calculator (2026). "Taiwan Mask Corp Fair Value". https://www.fairvalue-calculator.com/stock/2338

Frequently asked questions

Is Taiwan Mask Corp (2338) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of 57.65 TWD versus a price of 47.20 TWD, about +22% upside (undervalued).
What is the fair value of 2338?
Our model-based fair value for Taiwan Mask Corp is 57.65 TWD (as of Oct 1, 2026), built from audited fundamentals. The current price: 47.20 TWD.
What is the quality score of 2338?
Taiwan Mask Corp has a Quality Score of 21/100. 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 Taiwan Mask Corp (2338)?
Our model-based price target is the fair value of 57.65 TWD (as of Oct 1, 2026) from 10 valuation models. Cautious scenario 38.59 TWD, optimistic scenario 79.71 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Mask Corp stock forecast for 2026?
Our models put fair value at 57.65 TWD, about +22% upside versus a price of 47.20 TWD (undervalued). Cautious scenario 38.59 TWD, optimistic scenario 79.71 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Mask Corp (2338)?
Taiwan Mask Corp reported trailing-twelve-month revenue of about 5.9B TWD (latest available figure, as of Oct 1, 2026).
Does Taiwan Mask Corp pay a dividend?
Taiwan Mask Corp currently shows a dividend yield of about 2.05% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Taiwan Mask Corp (2338)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Mask Corp would have to grow free cash flow by +17.6 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of 2338 use?
Our models discount Taiwan Mask Corp at 13.0 %: a base by market capitalisation (small), damped by beta 1.42, 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 Taiwan Mask Corp that is +17.6 % per year a year over ten years, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has Taiwan Mask Corp (2338) delivered so far?
Over the past 5 years revenue at Taiwan Mask Corp grew +5.3 % a year. The price currently implies +17.6 % 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 Taiwan Mask Corp (2338) growing?
The median revenue growth in the sector is +8.9 % a year. That is the yardstick for the growth priced into Taiwan Mask Corp (+17.6 % 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 Taiwan Mask Corp (2338)?
The free-cash-flow yield on the price is 7.53 %: that much free cash flow Taiwan Mask Corp produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taiwan Mask Corp (2338)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Mask Corp it is 57.65 TWD per share (as of Oct 1, 2026), against a price of 47.20 TWD. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Mask Corp stock overvalued or undervalued in 2026?
As of Oct 1, 2026, 2338 trades below its calculated fair value: price 47.20 TWD, fair value 57.65 TWD, a gap of about +22% (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 2338?
No. The price is what the market pays today (47.20 TWD); the fair value is what the company's own numbers justify (57.65 TWD). For Taiwan Mask Corp the two are 10.45 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Mask Corp worth?
The market values Taiwan Mask Corp at about 15.6B TWD (market capitalisation, as of Oct 1, 2026). Per share that is 47.20 TWD; our models calculate a fair value of 57.65 TWD per share.
What do the bullish and bearish scenarios say about 2338?
Our models span a range for Taiwan Mask Corp: cautious scenario 38.59 TWD, base 57.65 TWD, optimistic 79.71 TWD per share (as of Oct 1, 2026, price 47.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Taiwan Mask Corp (2338)?
Balance-sheet figures for Taiwan Mask Corp (as of Oct 1, 2026): return on equity −9.8%, debt of 1.01 per unit of equity. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is 2338 from its 52-week high?
Taiwan Mask Corp trades at 47.20 TWD, about 18% below its 52-week high of 57.90 TWD and 42% above the low of 33.15 TWD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 57.65 TWD is for.
Which stocks are comparable to Taiwan Mask Corp?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, KLA Corporation, 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 Taiwan Mask Corp stock attractive at the current price?
The data as of Oct 1, 2026: price 47.20 TWD, calculated fair value 57.65 TWD (+22%), Quality Score 21/100, from 10 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 2338 calculated?
We run Taiwan Mask Corp through 10 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 57.65 TWD, 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 14.7 % above its aggregate fair value. Taiwan Mask Corp currently trades 18 % 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 Taiwan Mask Corp (2338)?
The closing price on Oct 1, 2026 was 47.20 TWD. Our model-based fair value is 57.65 TWD, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Mask Corp right now?
A fairly wide model range (38.59 TWD to 79.71 TWD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Taiwan Mask Corp

How large is the market capitalisation of Taiwan Mask Corp (2338)?
The market capitalisation of Taiwan Mask Corp is 15.6B TWD (≈ $489M). 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 Taiwan Mask Corp (2338)?
The price-to-sales ratio of Taiwan Mask Corp is 2.66 (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 Taiwan Mask Corp (2338)?
Earnings per share at Taiwan Mask Corp are −1.16 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Taiwan Mask Corp (2338)?
The dividend yield of Taiwan Mask Corp is 2.1%. 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 Taiwan Mask Corp (2338)?
The net margin of Taiwan Mask Corp is −19.4% (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 Taiwan Mask Corp (2338)?
The return on equity (ROE) of Taiwan Mask Corp is −9.8% (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 Taiwan Mask Corp (2338)?
On an EBIT basis the return on assets of Taiwan Mask Corp is 2.9% (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 Taiwan Mask Corp (2338)?
The operating margin of Taiwan Mask Corp is −0.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Mask Corp (2338)?
Revenue at Taiwan Mask Corp is growing −4.8% versus a year earlier (3y avg −7.9%). 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 Taiwan Mask Corp (2338)?
Earnings per share at Taiwan Mask Corp are growing +217% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taiwan Mask Corp (2338) carry?
The net debt of Taiwan Mask Corp is 10.4B TWD (fiscal year 2025, ≈ 9.9 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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