Thinking Electronic Industrial Co Ltd (2428) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Thinking Electronic Industrial Co Ltd TWD 237, price TWD 255, upside -6.9%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 Sep 24, 2026.
How to read this chart
60‑month range 100.50 TWD – 343.50 TWD · fair‑value band 161.62 TWD – 328.45 TWD · the 255.00 TWD price screens above the 237.32 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Thinking Electronic Industrial Co., Ltd. manufactures, processes, sells, and trades in electronic components, thermistors, varistors, and wires in Taiwan, Mainland China, Europe, and internationally. It operates through The Company, Thinking Changzhou, Thinking Yichang, Jiang Xi Thinking, Dong Guan Welkin and Zhongshan Welkin, and Others segments.
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Thinking Electronic Industrial Co., Ltd. manufactures, processes, sells, and trades in electronic components, thermistors, varistors, and wires in Taiwan, Mainland China, Europe, and internationally. It operates through The Company, Thinking Changzhou, Thinking Yichang, Jiang Xi Thinking, Dong Guan Welkin and Zhongshan Welkin, and Others segments. The company offers negative temperature coefficient thermistors, zinc oxide varistors (MOV), ceramic positive temperature (PTC) thermistors, polymer positive temperature coefficient thermistors (polymer PTC resettable fuses), temperature and pressure sensors, gas discharge tubes, ESD suppressors and protection diodes, TVS diodes, spark gap protectors, thyristor and IGBT modules, and high voltage rectifiers. Its products are used in automotive applications comprising EV batteries, on-board chargers, automotive PTC heaters, EV traction motors, EV charging inlets, EV liquid cooling systems, and EV charging stations; AI liquid cooling applications, including coolant distribution units; telecom equipment applications consisting of surge protection for 5G and cloud computing; industrial applications, such as industrial temperature sensing and surge protection for industrial equipment; smart home appliances and lighting applications, which include refrigerators, ovens and induction cooktops, kitchen appliances, dishwashers, laundry appliances, boilers and heating systems, thermostats, lighting, and smart toilets; renewable energy applications, such as SPD applications of photovoltaic systems; and power supply, consumer electronics, and medical applications. The company also engages in trading and reinvestment activities, as well as the manufacture and sale of machinery and equipment. The company was formerly known as Thinking Company Ltd and changed its name to Thinking Electronic Industrial Co., Ltd. in June 1989. Thinking Electronic Industrial Co., Ltd. was incorporated in 1979 and is based in Kaohsiung, Taiwan.
Stock analysis
Thinking Electronic Industrial Co Ltd (2428) currently trades at 255.00 TWD, while our model-based Fair Value estimate is 237.32 TWD, implying the stock looks roughly 7.4% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 279.87 TWD per share, and 8 of the 24 models we run sit above the 255.00 TWD price.
Bear case: the Asset-Based group reads lowest at 58.44 TWD, and 16 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 161.62 TWD (bear) to 328.45 TWD (bull), the price of 255.00 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 72/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thinking Electronic Industrial Co Ltd reported revenue of 8.0B TWD in FY2025 versus 7.5B TWD in FY2021, a compound +1.7%/yr. Reported net income was 1.5B TWD in FY2025, compounding −1.1%/yr from FY2021.
Key figures
Market cap 32.3B TWD (≈ $1.0B) · P/E ratio 23.3 · P/S ratio 4.36 · EPS (TTM) 10.96 TWD · Dividend yield 2.3% · Net margin 18.7% · Return on equity 12.1% · Return on assets (EBIT) 13.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 72% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at −7%, 2428 screens cheaper than that median.
Fair Value models
Bear 161.62 TWDFair Value 237.32 TWDBull 328.45 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 (3.70 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.82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.8%
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.
+2.5%
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.
+6.3%
Start year 2020 (pandemic). Over 10 years: +4.6% 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.
+9.4%
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What shareholders gained per year (last 5 years), in TWD ⓘ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. 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.
+4.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.0%
Dividend (yield on the price)2.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.2% vs 8%, slowing
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.32% → 25%
Start year 2020 (pandemic)
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).
+13.2%
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 +11.5% 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.Electronic Components · 654 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside−7% · Above median
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)17% · Top 25%
Operating margin (TTM)20% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)2.3% · Above median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Electronic Components median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Thinking Electronic Industrial Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2428
Frequently asked questions
Is Thinking Electronic Industrial Co Ltd (2428) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 237.32 TWD versus a price of 255.00 TWD, about −7% upside (fairly valued).
What is the fair value of 2428?
Our model-based fair value for Thinking Electronic Industrial Co Ltd is 237.32 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 255.00 TWD.
What is the quality score of 2428?
Thinking Electronic Industrial Co Ltd has a Quality Score of 72/100. 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 Thinking Electronic Industrial Co Ltd (2428)?
Our model-based price target is the fair value of 237.32 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 161.62 TWD, optimistic scenario 328.45 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Thinking Electronic Industrial Co Ltd stock forecast for 2026?
Our models put fair value at 237.32 TWD, about −7% upside versus a price of 255.00 TWD (fairly valued). Cautious scenario 161.62 TWD, optimistic scenario 328.45 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Thinking Electronic Industrial Co Ltd (2428)?
Thinking Electronic Industrial Co Ltd reported trailing-twelve-month revenue of about 8.2B TWD (latest available figure, as of Sep 24, 2026).
Does Thinking Electronic Industrial Co Ltd pay a dividend?
Thinking Electronic Industrial Co Ltd currently shows a dividend yield of about 2.31% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Thinking Electronic Industrial Co Ltd (2428)?
For today's price to be fair in a discounted-cash-flow model, Thinking Electronic Industrial Co Ltd would have to grow free cash flow by +13.2 % per year for five years (discount rate 12.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 2428 use?
Our models discount Thinking Electronic Industrial Co Ltd at 12.8 %: a base by market capitalisation (small), damped by beta 1.33, 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 Thinking Electronic Industrial Co Ltd that is +13.2 % per year a year over ten years, using the same discount rate (12.8 %) and the same formula as our fair value.
How much growth has Thinking Electronic Industrial Co Ltd (2428) delivered so far?
Over the past 5 years revenue at Thinking Electronic Industrial Co Ltd grew +6.3 % a year. The price currently implies +13.2 % 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 Thinking Electronic Industrial Co Ltd (2428) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Thinking Electronic Industrial Co Ltd (+13.2 % 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 Thinking Electronic Industrial Co Ltd (2428)?
The free-cash-flow yield on the price is 5.19 %: that much free cash flow Thinking Electronic Industrial Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (12.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thinking Electronic Industrial Co Ltd (2428)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thinking Electronic Industrial Co Ltd it is 237.32 TWD per share (as of Sep 24, 2026), against a price of 255.00 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Thinking Electronic Industrial Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 2428 trades above its calculated fair value: price 255.00 TWD, fair value 237.32 TWD, a gap of about −7% (fairly valued). 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 2428?
No. The price is what the market pays today (255.00 TWD); the fair value is what the company's own numbers justify (237.32 TWD). For Thinking Electronic Industrial Co Ltd the two are 17.68 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Thinking Electronic Industrial Co Ltd worth?
The market values Thinking Electronic Industrial Co Ltd at about 32.3B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 255.00 TWD; our models calculate a fair value of 237.32 TWD per share.
What do the bullish and bearish scenarios say about 2428?
Our models span a range for Thinking Electronic Industrial Co Ltd: cautious scenario 161.62 TWD, base 237.32 TWD, optimistic 328.45 TWD per share (as of Sep 24, 2026, price 255.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2428?
Thinking Electronic Industrial Co Ltd trades at a price-to-earnings ratio of 23.3 (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 237.32 TWD is built from several models across several years. Other multiples: P/B 2.9, P/S 3.9, EV/EBITDA 12.3.
How solid is the balance sheet of Thinking Electronic Industrial Co Ltd (2428)?
Balance-sheet figures for Thinking Electronic Industrial Co Ltd (as of Sep 24, 2026): return on equity 12.1%, debt of 0.04 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is 2428 from its 52-week high?
Thinking Electronic Industrial Co Ltd trades at 255.00 TWD, about 26% below its 52-week high of 343.50 TWD and 72% above the low of 148.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 237.32 TWD is for.
Which stocks are comparable to Thinking Electronic Industrial Co Ltd?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 Thinking Electronic Industrial Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 255.00 TWD, calculated fair value 237.32 TWD (−7%), Quality Score 72/100, from 24 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 2428 calculated?
We run Thinking Electronic Industrial Co Ltd through 24 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 237.32 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 14.1 % above its aggregate fair value. Thinking Electronic Industrial Co Ltd 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 Thinking Electronic Industrial Co Ltd (2428)?
The closing price on Sep 24, 2026 was 255.00 TWD. Our model-based fair value is 237.32 TWD, about −7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thinking Electronic Industrial Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (161.62 TWD to 328.45 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Thinking Electronic Industrial Co Ltd (2428) come from?
Earnings per share at Thinking Electronic Industrial Co Ltd grew +7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.7 %, EBIT margin +3.8 %, tax rate +0.0 %, residual (interest, one-offs) −0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thinking Electronic Industrial Co Ltd
How large is the market capitalisation of Thinking Electronic Industrial Co Ltd (2428)?
The market capitalisation of Thinking Electronic Industrial Co Ltd is 32.3B TWD (≈ $1.0B). 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 Thinking Electronic Industrial Co Ltd (2428)?
The price-to-sales ratio of Thinking Electronic Industrial Co Ltd is 4.36 (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 Thinking Electronic Industrial Co Ltd (2428)?
Earnings per share at Thinking Electronic Industrial Co Ltd are 10.96 TWD (price ÷ EPS = P/E 23.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thinking Electronic Industrial Co Ltd (2428)?
The dividend yield of Thinking Electronic Industrial Co Ltd is 2.3% (payout 53.8%). 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 Thinking Electronic Industrial Co Ltd (2428)?
The net margin of Thinking Electronic Industrial Co Ltd is 18.7% (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 Thinking Electronic Industrial Co Ltd (2428)?
The return on equity (ROE) of Thinking Electronic Industrial Co Ltd is 12.1% (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 Thinking Electronic Industrial Co Ltd (2428)?
On an EBIT basis the return on assets of Thinking Electronic Industrial Co Ltd is 13.1% (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 Thinking Electronic Industrial Co Ltd (2428)?
The operating margin of Thinking Electronic Industrial Co Ltd is 19.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thinking Electronic Industrial Co Ltd (2428)?
Revenue at Thinking Electronic Industrial Co Ltd is growing +8.3% versus a year earlier (3y avg +2.5%). 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 Thinking Electronic Industrial Co Ltd (2428)?
Earnings per share at Thinking Electronic Industrial Co Ltd are growing −25.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Thinking Electronic Industrial Co Ltd (2428) hold?
Thinking Electronic Industrial Co Ltd holds more cash than debt, 1.6B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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