Thinking Electronic Industrial Co (2428) Fair Value & Analysis

Technology · TW · Market cap 32.9B TWD

A solid business, currently priced close to our fair value.

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• Our model range runs from 166.20 TWD (bear) to 293.89 TWD (bull), base 235.11 TWD. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 72/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

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 100.50 TWD – 343.50 TWD · fair‑value band 166.20 TWD – 293.89 TWD · the 224.50 TWD price screens below the 235.11 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Thinking Electronic Industrial Co (2428) currently trades at 224.50 TWD, while our model-based Fair Value estimate is 235.11 TWD, implying the stock looks roughly 4.7% fairly valued today. The Quality Score stands at 72/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Thinking Electronic Industrial Co generated revenue of 8.2B TWD at a net margin of 17.2%. Revenue grew 8.3% year over year. It earns a return on equity of 12.1%. The balance sheet holds a net cash position of 1.6B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 166.20 TWD (bear case) to 293.89 TWD (bull case); at 224.50 TWD, the current price sits within 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 30% below its 52-week high and 77% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at 5%, 2428 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.

Widest divergence: DCF Models (249.25 TWD) versus Asset-Based (58.44 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thinking Electronic Industrial Co 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.

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Peer Group

Electronic Components · 626 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.

Valuation Multiples vs Electronic Components median · lower = cheaper

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.