Aerospace Industrial Development Corporation (2634) Fair Value & Analysis
Industrials · TW · Market cap 58.0B TWD
Fair value as of: Jul 23, 2026
From 14 valuation models · updated 18 days ago
Fair value updated Jul 23, 2026, revised from 14.09 TWD to 22.64 TWD (+60.7%) since Jul 7, 2026. Share price +3.5% over the past month.
Below-average quality, and screening another 63% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (26.58 TWD). The favourable scenario is already priced in.
- Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
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 24.70 TWD – 71.50 TWD · fair‑value band 15.94 TWD – 26.58 TWD · the 61.70 TWD price screens above the 22.64 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Aerospace Industrial Development Corporation (2634) currently trades at 61.70 TWD, while our model-based Fair Value estimate is 22.64 TWD, implying the stock looks roughly 63.3% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Industrials 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: medium).
Over the trailing twelve months, Aerospace Industrial Development Corporation generated revenue of 35.5B TWD at a net margin of 2.1%. Revenue grew 0.6% year over year. It earns a return on equity of 4.1%. Net debt stands at 24.3B TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 15.94 TWD (bear case) to 26.58 TWD (bull case); at 61.70 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 14% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at -63%, 2634 screens richer 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.
All 14 models by family
Widest divergence: DCF Models (15.27 TWD) versus Earnings-Based (8.36 TWD). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 36 · Market factors (momentum, volatility) 71
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
Aerospace Industrial Development Corporation engages in the manufacturing and maintenance of airplanes and its parts and component in Taiwan. It provides military aircrafts and helicopters, commercial aviation, and aero/industrial engines.
Full company description
Aerospace Industrial Development Corporation engages in the manufacturing and maintenance of airplanes and its parts and component in Taiwan. It provides military aircrafts and helicopters, commercial aviation, and aero/industrial engines. It also engages in the manufacturing maintenance and upgradation of drones, military aircrafts, and air fleets; production of military hardware, as well as military aircraft engines; design and OEM production of airframe structure and sub-assembly parts; and design, processing, and OEM production of international commercial aircraft engines and parts and components. In addition, it offers aviation service, research and design application, design, manufacturing, testing, system integration, and after-sales services. Further, the company provides aircraft maintenance services, including flight line operations, intermediate, and depot level maintenance; aircraft instrument and electronics repair; aircraft accessories and harness maintenance; avionics repair/overhaul; avionics manufacturing; and logistic support services. Additionally, it provides flight testing of new aviation platforms, verification of airborne systems, and flight data collection and analysis; live-fire training for air-to-air and surface-to-air weapons, aerial target towing, and remote-controlled target drones; emergency medical and business jet services, atmospheric research and typhoon monitoring, and hangar space for business clients, as well as information services; and engages in railway, space, and energy businesses. It serves military, commercial aviation, and industrial technology service industries. The company was formerly known as Aero Industry Development Center. Aerospace Industrial Development Corporation was founded in 1969 and is headquartered in Taichung, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Aerospace Industrial Development Corporation reported revenue of 35.5B TWD in FY2025 versus 23.7B TWD in FY2021, a compound +10.6%/yr. Reported net income was 733M TWD in FY2025, compounding +7.1%/yr from FY2021.
2634 screens 63% overvalued. Compare with General Electric Company →
Peer Group
Aerospace & Defense · 226 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 Aerospace & Defense 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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $381.22 | $116.71 | -69% |
| RTX Corporation RTX | $195.93 | $88.37 | -55% |
| Airbus SE 1AIR | €213.25 | €86.20 | -60% |
| The Boeing Company BA | $217.11 | $48.20 | -78% |
| China CSSC Holdings 600150 | ¥34.31 | ¥21.90 | -36% |
| HD Hyundai Heavy Industries Co 329180 | 466,000 KRW | 272,966 KRW | -41% |
| Hanwha Aerospace Co 012450 | 967,000 KRW | 573,468 KRW | -41% |
| ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS | 337.50 TRY | 130.70 TRY | -61% |
| Saab AB SAABB | kr 520.40 | kr 212.84 | -59% |
| Kongsberg Gruppen ASA KOG | kr 277.50 | kr 106.93 | -61% |
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Frequently asked questions
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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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