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Twinhead International Corp (2364) Fair Value & Analysis

Technology · TW · Market cap 3.7B TWD

TI Twinhead International Corp 2364 · TW
Price76.10 TWD
Fair Value56.35 TWD
Upside-26.0%
Quality61/100
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Healthy Growth
Solidly profitable · 14.0% net margin
Low debt · generates free cash flow
Ranks above peers (8/13)
Wide moat 65/100
Evidence: High Range 41.35 TWD – 75.04 TWD Share as image

Fair value as of: Jul 23, 2026

From 22 valuation models · updated 18 days ago

Share price +11.9% over the past month.

A solid business, but screening 26% overvalued on our models.

What matters now

  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (41.35 TWD to 75.04 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

90.77 TWD 7.49 TWD Fair Value 56.35 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 7.49 TWD – 90.77 TWD · fair‑value band 41.35 TWD – 75.04 TWD · the 76.10 TWD price screens above the 56.35 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Twinhead International Corp (2364) currently trades at 76.10 TWD, while our model-based Fair Value estimate is 56.35 TWD, implying the stock looks roughly 26.0% overvalued today. The Quality Score stands at 61/100 (solid 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: high).

Over the trailing twelve months, Twinhead International Corp generated revenue of 1.5B TWD at a net margin of 14.0%. Revenue declined 10.6% year over year. It earns a return on equity of 29.0%. The balance sheet holds a net cash position of 129M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 41.35 TWD (bear case) to 75.04 TWD (bull case); at 76.10 TWD, the current price sits above 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 share trades about 17% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at -26%, 2364 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 47.06 TWD 58.77 TWD 79.88 TWD 80
Residual Income 26.78 TWD 36.38 TWD 197.15 TWD 76
Rev-Margin DCF 42.48 TWD 57.74 TWD 77.20 TWD 74
All 22 models by family
DCF Models
FCF DCF 45.70 TWD 57.72 TWD 81.46 TWD 38
Owner Earnings 53.76 TWD 68.37 TWD 97.23 TWD 31
5Y Revenue Exit 42.48 TWD 56.86 TWD 78.60 TWD 39
5Y EBITDA Exit 46.44 TWD 63.57 TWD 87.15 TWD 41
5Y P/E Exit 56.04 TWD 79.83 TWD 109.27 TWD 38
10Y Revenue Exit 42.56 TWD 55.07 TWD 69.17 TWD 36
10Y EBITDA Exit 45.84 TWD 59.40 TWD 74.56 TWD 37
10Y P/E Exit 51.59 TWD 69.87 TWD 88.52 TWD 35
Earnings-Based
Graham-Dodd 28.56 TWD 46.57 TWD 56.32 TWD 54
EPV 39.54 TWD 44.47 TWD 48.72 TWD 59
Multiples
P/E Multiple 62.99 TWD 83.99 TWD 104.99 TWD 63
P/S Multiple 53.55 TWD 71.39 TWD 89.24 TWD 58
P/B Multiple 36.07 TWD 48.09 TWD 60.12 TWD 55
EV/EBIT 59.83 TWD 76.99 TWD 94.15 TWD 53
EV/EBITDA 53.06 TWD 67.97 TWD 82.88 TWD 54
EV/Revenue 43.04 TWD 57.92 TWD 72.79 TWD 43
Asset-Based
NCAV (Graham) 8.02 TWD 10.74 TWD 16.03 TWD 50
Growth DCF
Growth DCF 47.06 TWD 58.77 TWD 79.88 TWD 80
Rev-Margin DCF 42.48 TWD 57.74 TWD 77.20 TWD 74
Economic Profit
Residual Income 26.78 TWD 36.38 TWD 197.15 TWD 76
ROIC Compounder 39.88 TWD 45.33 TWD 50.80 TWD 72
Growth Earnings
Growth-Adj P/E 44.57 TWD 63.67 TWD 82.77 TWD 68

Widest divergence: Multiples (67.97 TWD) versus Asset-Based (10.74 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.5B TWD
Revenue growth (YoY) -10.6%
Net margin 14.0%
Return on equity 29.0%
Free cash flow 205M TWD FY2025
P/E ratio 17.1
More key figures
Operating margin 9.0%
EPS (TTM) 4.17 TWD
EPS growth (YoY) -25.7%
Net cash 129M TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 63 · Market factors (momentum, volatility) 57

Profitability 76
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 51
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 0
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

Twinhead International Corp., together with its subsidiaries, designs, develops, manufactures, and sells computers, computer components, peripherals, software, ASIC chips, and workstations in Europe, the Americas, Asia, and internationally.

Full company description

Twinhead International Corp., together with its subsidiaries, designs, develops, manufactures, and sells computers, computer components, peripherals, software, ASIC chips, and workstations in Europe, the Americas, Asia, and internationally. The company offers rugged laptops and tablets under the DURABOOK brand; PDAs, calculators and their parts, and computer keyboards; and imports, exports, and trades in computers, electronic components, and digital cameras. It also operates in the telecommunication-related business. In addition, the company provides technical consultant services; design services; manufacturing services, including full industrial grade specification product verification, special features verification, flexible production systems, and supply chain management; partial and full customization; project management; and certification application services. It serves the automobile, government departments, manufacturing, public safety, utilities/oil and natural gas, transportation and logistics, field service, and national defense sectors. Twinhead International Corp. was incorporated in 1984 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Twinhead International Corp reported revenue of 1.5B TWD in FY2025 versus 868M TWD in FY2021, a compound +14.8%/yr. Reported net income was 220M TWD in FY2025, compounding +67.2%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.5B TWD
Latest YoY
+20.5%
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.
+17.2%
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.
+11.8%
Avg. growth/yr (23Y) 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.
−5.6%
Revenue +14.8%/yr
FY21 868M TWD
FY22 934M TWD
FY23 1.1B TWD
FY24 1.2B TWD
FY25 1.5B TWD
Net income +67.2%/yr
FY21 28.2M TWD
FY22 79.6M TWD
FY23 109M TWD
FY24 165M TWD
FY25 220M TWD

2364 screens 26% overvalued. Compare with Compal Electronics, Inc →

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Cite: Fair Value Calculator (2026). "Twinhead International Corp Fair Value". https://www.fairvalue-calculator.com/stock/2364

Peer Group

Computer Hardware · 215 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 61 · Above median
Fair Value upside −26% · Above median
Return on equity (TTM) 29% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth -11% · Bottom 25%
Debt / equity 0.08× · Higher than median

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 17.1× · Cheaper than median
P/B 4.45× · Pricier than 75% of peers
P/S (TTM) 2.55× · Pricier than 75% of peers
P/FCF 0.6× · Cheaper than median
EV/EBITDA 15.6× · Pricier than median

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 0 · sector 0
FUTURE 0 · sector 57
PAST 100 · sector 26
HEALTH 96 · sector 97
DIVIDEND 0 · sector 44

VALUE 0: the price sits above our fair-value range.

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 Computer Hardware stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Compal Electronics, Inc CEIR $0.0310 $0.0276 -11%
Dell Technologies Inc DELL $434.97 $163.87 -62%
Arista Networks, Inc ANET $168.56 $43.74 -74%
Western Digital Corporation WDC $513.84 $74.05 -86%
Wiwynn Corporation 6669 4,685 TWD 1,559 TWD -67%
Hangzhou Hikvision Digital Technology Co 002415 ¥34.12 ¥30.11 -12%
Quanta Computer Inc 2382 373.50 TWD 297.22 TWD -20%
Shenzhen Longsys Electronics Co 301308 ¥587.60 ¥60.86 -90%
Lenovo Group 0992 HK$23.16 HK$3.07 -87%
Dawning Information Industry Co 603019 ¥106.13 ¥28.88 -73%

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Frequently asked questions

Is Twinhead International Corp (2364) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 56.35 TWD versus a price of 76.10 TWD, about −26% (overvalued).
What is the fair value of 2364?
Our model-based fair value for Twinhead International Corp is 56.35 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 76.10 TWD.
What is the quality score of 2364?
Twinhead International Corp has a Quality Score of 61/100. 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 Twinhead International Corp (2364)?
Twinhead International Corp reported trailing-twelve-month revenue of about 1.5B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 2364?
The net profit margin of Twinhead International Corp is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.

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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