Taiwan Mask Corporation (2338) Fair Value & Analysis
Technology · TW · Market cap 14.2B TWD
Fair value as of: Jul 23, 2026
From 10 valuation models · updated today
Share price −19.6% over the past month.
Price vs Fair Value (12 months)
12‑month range 28.20 TWD – 57.90 TWD · fair‑value band 14.76 TWD – 40.30 TWD · the 43.40 TWD price screens above the 14.76 TWD fair value. As of Jul 23, 2026.
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Taiwan Mask Corporation (2338) currently trades at 43.40 TWD, while our model-based Fair Value estimate is 14.76 TWD, implying the stock looks roughly 66.0% overvalued today. We read business quality at 33/100 (below-average quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Taiwan Mask Corporation generated revenue of 5.9B TWD at a net margin of -12.9%. Revenue declined 5.5% year over year. It earns a return on equity of -19.8%. Net debt stands at 10.4B TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 14.76 TWD (bear case) to 40.30 TWD (bull case); at 43.40 TWD, the current price sits above that range. The share trades about 29% below its 52-week high and 61% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at -66%, 2338 screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 23, 2026. TTM = trailing twelve months.
About the company
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; …
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Taiwan Mask Corporation 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.
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Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | C$50.50 | C$21.68 | -57% |
| Applied Materials, Inc AP2 | €386.10 | €91.58 | -76% |
| Lam Research Corporation LRCX | $303.28 | $101.48 | -67% |
| KLA Corporation KLAC | $244.49 | $60.82 | -75% |
| Tokyo Electron Limited TOELF | $443.58 | $117.43 | -74% |
| NAURA Technology Group 002371 | ¥745.00 | ¥152.37 | -80% |
| Advanced Micro-Fabrication Equipment Inc 688012 | ¥289.11 | ¥60.06 | -79% |
| Piotech Inc 688072 | ¥748.01 | ¥147.84 | -80% |
| Hon. Precision, Inc 7769 | 6,810 TWD | 2,841 TWD | -58% |
| Hangzhou Changchuan Technology Co 300604 | ¥268.49 | ¥33.33 | -88% |
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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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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.