TA-I Technology Co Ltd (2478) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of TA-I Technology Co Ltd TWD 62.40, price TWD 120, upside -48.0%, quality 62 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 23, 2026.
How to read this chart
60‑month range 33.25 TWD – 239.33 TWD · fair‑value band 38.85 TWD – 90.57 TWD · the 120.00 TWD price screens above the 62.40 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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TA-I Technology Co., Ltd. manufactures, processes, and trades in chip resistors in Taiwan and internationally.
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TA-I Technology Co., Ltd. manufactures, processes, and trades in chip resistors in Taiwan and internationally. The company provides a range of chip resistors, including current sensing components, thick film, thin film, and anti-surge and anti-sulfurization products; surface mount and assembly; high voltage, array/network, surge, and lead free products; and other electronic parts and components, as well as circuit protection products, such as fuse products. Its products are used in the field of 3C, including motherboards, notebooks, LCD TVs, STBs, scanners, video cards, LAN cards, sound cards, mobile phones, digital cameras, LCDs, etc. The company serves automotive, industrial, alternative energy, computer peripherals, and consumer electronics industries. TA-I Technology Co., Ltd. was founded in 1989 and is based in Taoyuan City, Taiwan.
Stock analysis
TA-I Technology Co Ltd (2478) currently trades at 120.00 TWD, while our model-based Fair Value estimate is 62.40 TWD, implying the stock looks roughly 92.3% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 80.58 TWD per share, and 2 of the 24 models we run sit above the 120.00 TWD price.
Bear case: the Earnings-Based group reads lowest at 18.47 TWD, and 22 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 38.85 TWD (bear) to 90.57 TWD (bull), the price of 120.00 TWD sits above 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 62/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
TA-I Technology Co Ltd reported revenue of 5.4B TWD in FY2025 versus 6.3B TWD in FY2021, a compound −3.7%/yr. Reported net income was 494M TWD in FY2025, compounding −14.9%/yr from FY2021.
Key figures
Market cap 21.4B TWD (≈ $672M) · P/E ratio 35.0 · P/S ratio 3.18 · EPS (TTM) 3.43 TWD · Dividend yield 1.7% · Net margin 9.1% · Return on equity 7.3% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 38% below its 52-week high and 200% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −65% fair-value upside, at −48%, 2478 screens cheaper than that median.
Fair Value models
Bear 38.85 TWDFair Value 62.40 TWDBull 90.57 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 (1.05 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+7.8%
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.
+2.6%
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.
+0.1%
Start year 2020 (pandemic). Over 10 years: +3.2% a year
Revenue growth 22 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.
+6.2%
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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−6.0%
Dividend (yield on the price)1.7%
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.−6% vs 10%, 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.14% → 12%
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).
+44.9%
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 +42.6% a year for the price.
Price, fair value, quality and upside side by side.
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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 · 644 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside−48% · Below median
Profitability
Return on equity (TTM)7% · Above median
Return on assets4% · Above median
Net margin (TTM)10% · Above median
Operating margin (TTM)13% · Top 25%
Growth and dividend
Revenue growth10% · Above median
Dividend yield (TTM)1.7% · Above median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (TTM)35.0× · Cheaper than median
P/B3.05× · Pricier than median
P/S (TTM)3.86× · Pricier than median
P/FCF3.0× · Pricier than median
EV/EBITDA18.0× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)48· sector 40
PAST (return on equity)29· sector 25
HEALTH (low debt)94· sector 95
DIVIDEND (yield)33· sector 24
VALUE 0: the price sits above our fair-value range.
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). "TA-I Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2478
Frequently asked questions
Is TA-I Technology Co Ltd (2478) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 62.40 TWD versus a price of 120.00 TWD, about −48% upside (overvalued).
What is the fair value of 2478?
Our model-based fair value for TA-I Technology Co Ltd is 62.40 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 120.00 TWD.
What is the quality score of 2478?
TA-I Technology Co Ltd has a Quality Score of 62/100. 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 TA-I Technology Co Ltd (2478)?
Our model-based price target is the fair value of 62.40 TWD (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 38.85 TWD, optimistic scenario 90.57 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the TA-I Technology Co Ltd stock forecast for 2026?
Our models put fair value at 62.40 TWD, about −48% upside versus a price of 120.00 TWD (overvalued). Cautious scenario 38.85 TWD, optimistic scenario 90.57 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TA-I Technology Co Ltd (2478)?
TA-I Technology Co Ltd reported trailing-twelve-month revenue of about 5.5B TWD (latest available figure, as of Sep 23, 2026).
Does TA-I Technology Co Ltd pay a dividend?
TA-I Technology Co Ltd currently shows a dividend yield of about 1.67% relative to its recent price (as of Sep 23, 2026).
What growth is priced into TA-I Technology Co Ltd (2478)?
For today's price to be fair in a discounted-cash-flow model, TA-I Technology Co Ltd would have to grow free cash flow by +44.9 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.1 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 2478 use?
Our models discount TA-I Technology Co Ltd at 13.0 %: a base by market capitalisation (small), damped by beta 1.42, 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 TA-I Technology Co Ltd that is +44.9 % per year a year over ten years, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has TA-I Technology Co Ltd (2478) delivered so far?
Over the past 5 years revenue at TA-I Technology Co Ltd grew +0.1 % a year. The price currently implies +44.9 % 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 TA-I Technology Co Ltd (2478) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into TA-I Technology Co Ltd (+44.9 % 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 TA-I Technology Co Ltd (2478)?
The free-cash-flow yield on the price is 1.27 %: that much free cash flow TA-I Technology Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TA-I Technology Co Ltd (2478)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TA-I Technology Co Ltd it is 62.40 TWD per share (as of Sep 23, 2026), against a price of 120.00 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is TA-I Technology Co Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 2478 trades above its calculated fair value: price 120.00 TWD, fair value 62.40 TWD, a gap of about −48% (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 2478?
No. The price is what the market pays today (120.00 TWD); the fair value is what the company's own numbers justify (62.40 TWD). For TA-I Technology Co Ltd the two are 57.60 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TA-I Technology Co Ltd worth?
The market values TA-I Technology Co Ltd at about 21.4B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 120.00 TWD; our models calculate a fair value of 62.40 TWD per share.
What do the bullish and bearish scenarios say about 2478?
Our models span a range for TA-I Technology Co Ltd: cautious scenario 38.85 TWD, base 62.40 TWD, optimistic 90.57 TWD per share (as of Sep 23, 2026, price 120.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2478?
TA-I Technology Co Ltd trades at a price-to-earnings ratio of 35.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 62.40 TWD is built from several models across several years. Other multiples: P/B 3.1, P/S 3.9, EV/EBITDA 18.0.
How solid is the balance sheet of TA-I Technology Co Ltd (2478)?
Balance-sheet figures for TA-I Technology Co Ltd (as of Sep 23, 2026): return on equity 7.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is 2478 from its 52-week high?
TA-I Technology Co Ltd trades at 120.00 TWD, about 38% below its 52-week high of 194.50 TWD and 200% above the low of 40.04 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 62.40 TWD is for.
Which stocks are comparable to TA-I Technology Co Ltd?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Luxshare 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 TA-I Technology Co Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 120.00 TWD, calculated fair value 62.40 TWD (−48%), Quality Score 62/100, 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 2478 calculated?
We run TA-I Technology 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 62.40 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. TA-I Technology 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 TA-I Technology Co Ltd (2478)?
The closing price on Sep 24, 2026 was 120.00 TWD. Our model-based fair value is 62.40 TWD, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TA-I Technology Co Ltd right now?
The price sits above even our optimistic bull case (90.57 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (38.85 TWD to 90.57 TWD) leaves room in how you read the outcome.
Where does the earnings growth of TA-I Technology Co Ltd (2478) come from?
Earnings per share at TA-I Technology Co Ltd grew +9.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.5 %, EBIT margin +7.3 %, tax rate +0.3 %, residual (interest, one-offs) −2.1 %. 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 TA-I Technology Co Ltd
How large is the market capitalisation of TA-I Technology Co Ltd (2478)?
The market capitalisation of TA-I Technology Co Ltd is 21.4B TWD (≈ $672M). 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 TA-I Technology Co Ltd (2478)?
The price-to-sales ratio of TA-I Technology Co Ltd is 3.18 (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 TA-I Technology Co Ltd (2478)?
Earnings per share at TA-I Technology Co Ltd are 3.43 TWD (price ÷ EPS = P/E 35.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TA-I Technology Co Ltd (2478)?
The dividend yield of TA-I Technology Co Ltd is 1.7% (payout 58.3%). 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 TA-I Technology Co Ltd (2478)?
The net margin of TA-I Technology Co Ltd is 9.1% (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 TA-I Technology Co Ltd (2478)?
The return on equity (ROE) of TA-I Technology Co Ltd is 7.3% (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 TA-I Technology Co Ltd (2478)?
On an EBIT basis the return on assets of TA-I Technology Co Ltd is 7.0% (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 TA-I Technology Co Ltd (2478)?
The operating margin of TA-I Technology Co Ltd is 13.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TA-I Technology Co Ltd (2478)?
Revenue at TA-I Technology Co Ltd is growing +9.6% versus a year earlier (3y avg +2.6%). 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 TA-I Technology Co Ltd (2478)?
Earnings per share at TA-I Technology Co Ltd are growing +29.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does TA-I Technology Co Ltd (2478) hold?
TA-I Technology Co Ltd holds more cash than debt, 437M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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