Twinhead International Corp (2364) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Twinhead International Corp TWD 52.22, price TWD 65.70, upside -20.5%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
Twinhead International Corp (2364) currently trades at 65.70 TWD, while our model-based Fair Value estimate is 52.22 TWD, implying the stock looks roughly 25.8% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 88.13 TWD per share, and 9 of the 22 models we run sit above the 65.70 TWD price.
Bear case: the Asset-Based group reads lowest at 10.74 TWD, and 13 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 39.64 TWD (bear) to 66.36 TWD (bull), the price of 65.70 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 61/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 3.7B TWD (≈ $118M) · P/E ratio 15.8 · P/S ratio 2.30 · EPS (TTM) 4.17 TWD · Net margin 14.6% · Return on equity 29.0% · Return on assets (EBIT) 7.5% · Operating margin 9.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 62% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at −21%, 2364 screens cheaper than that median.
Fair Value models
Bear 39.64 TWDFair Value 52.22 TWDBull 66.36 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (3.06 TWD per share) are deliberately not added.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 ⓘ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.
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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.5%
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.
+17.2%
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.
+11.8%
Start year 2020 (pandemic). Over 10 years: +6.2% 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.
−5.6%
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What shareholders gained per year (last 5 years), in TWD (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+53.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+53.4%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.3% → 13%
2025 sits 57% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 9.0%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+10.3%
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 +8.6% a year for the price.
Compare Twinhead International Corp with another stock
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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.Computer Hardware · 220 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−21% · Above median
Profitability
Return on equity (TTM)29% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)14% · Top 25%
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth−11% · Bottom 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Twinhead International Corp Fair Value". https://www.fairvalue-calculator.com/stock/2364
Frequently asked questions
Is Twinhead International Corp (2364) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 52.22 TWD versus a price of 65.70 TWD, about −21% upside (overvalued).
What is the fair value of 2364?
Our model-based fair value for Twinhead International Corp is 52.22 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 65.70 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 price target for Twinhead International Corp (2364)?
Our model-based price target is the fair value of 52.22 TWD (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 39.64 TWD, optimistic scenario 66.36 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Twinhead International Corp stock forecast for 2026?
Our models put fair value at 52.22 TWD, about −21% upside versus a price of 65.70 TWD (overvalued). Cautious scenario 39.64 TWD, optimistic scenario 66.36 TWD. The calculation is refreshed regularly with new filings.
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 Sep 24, 2026).
What growth is priced into Twinhead International Corp (2364)?
For today's price to be fair in a discounted-cash-flow model, Twinhead International Corp would have to grow free cash flow by +10.3 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2364 use?
Our models discount Twinhead International Corp at 11.8 %: a base by market capitalisation (micro), damped by beta 0.02, 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 Twinhead International Corp that is +10.3 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Twinhead International Corp (2364) delivered so far?
Over the past 5 years revenue at Twinhead International Corp grew +11.8 % a year. The price currently implies +10.3 % 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 Twinhead International Corp (2364) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Twinhead International Corp (+10.3 % 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 Twinhead International Corp (2364)?
The free-cash-flow yield on the price is 5.99 %: that much free cash flow Twinhead International Corp produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Twinhead International Corp (2364)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Twinhead International Corp it is 52.22 TWD per share (as of Sep 24, 2026), against a price of 65.70 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Twinhead International Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2364 trades above its calculated fair value: price 65.70 TWD, fair value 52.22 TWD, a gap of about −21% (overvalued). 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 2364?
No. The price is what the market pays today (65.70 TWD); the fair value is what the company's own numbers justify (52.22 TWD). For Twinhead International Corp the two are 13.48 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Twinhead International Corp worth?
The market values Twinhead International Corp at about 3.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 65.70 TWD; our models calculate a fair value of 52.22 TWD per share.
What do the bullish and bearish scenarios say about 2364?
Our models span a range for Twinhead International Corp: cautious scenario 39.64 TWD, base 52.22 TWD, optimistic 66.36 TWD per share (as of Sep 24, 2026, price 65.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2364?
Twinhead International Corp trades at a price-to-earnings ratio of 15.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 52.22 TWD is built from several models across several years. Other multiples: P/B 4.5, P/S 2.6, EV/EBITDA 15.6.
How solid is the balance sheet of Twinhead International Corp (2364)?
Balance-sheet figures for Twinhead International Corp (as of Sep 24, 2026): return on equity 29.0%, debt of 0.08 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 2364 from its 52-week high?
Twinhead International Corp trades at 65.70 TWD, about 62% below its 52-week high of 172.01 TWD and 25% above the low of 52.54 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 52.22 TWD is for.
Which stocks are comparable to Twinhead International Corp?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Western Digital Corporation, Wiwynn 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 Twinhead International Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 65.70 TWD, calculated fair value 52.22 TWD (−21%), Quality Score 61/100, from 22 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 2364 calculated?
We run Twinhead International Corp through 22 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 52.22 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 13.0 % above its aggregate fair value. Twinhead International Corp itself currently trades above fair value. 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 Twinhead International Corp (2364)?
The closing price on Sep 24, 2026 was 65.70 TWD. Our model-based fair value is 52.22 TWD, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Twinhead International Corp right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Twinhead International Corp
How large is the market capitalisation of Twinhead International Corp (2364)?
The market capitalisation of Twinhead International Corp is 3.7B TWD (≈ $118M). 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 Twinhead International Corp (2364)?
The price-to-sales ratio of Twinhead International Corp is 2.30 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Twinhead International Corp (2364)?
Earnings per share at Twinhead International Corp are 4.17 TWD (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Twinhead International Corp (2364)?
The net margin of Twinhead International Corp is 14.6% (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 Twinhead International Corp (2364)?
The return on equity (ROE) of Twinhead International Corp is 29.0% (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 Twinhead International Corp (2364)?
On an EBIT basis the return on assets of Twinhead International Corp is 7.5% (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 Twinhead International Corp (2364)?
The operating margin of Twinhead International Corp is 9.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Twinhead International Corp (2364)?
Revenue at Twinhead International Corp is growing −10.6% versus a year earlier (3y avg +17.2%). 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 Twinhead International Corp (2364)?
Earnings per share at Twinhead International Corp are growing −25.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Twinhead International Corp (2364) hold?
Twinhead International Corp holds more cash than debt, 129M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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