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.
- Fair value above price? Yes
- Good quality? No
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Taiwan Mask Corp
2338 · TWSpeculativeUpside exists, but weak quality makes the signal speculative.
What runs behind every stock
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Price vs Fair Value
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
All 10 models by family
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Set up alert →Quality Score breakdown
Of which business quality 25 · Market factors (momentum, volatility) 36
Revenue & earnings trend
Growth Forecast
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Compare Taiwan Mask Corp with another stock
Price, fair value, quality and upside side by side.
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
Valuation Multiplesvs Semiconductor Equipment & Materials median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Information Technology sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Taiwanese Stocks
- Valuation of the Taiwan market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| 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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Key figures of Taiwan Mask Corp
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