Asia Optical Co Inc (3019) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Asia Optical Co Inc TWD 118, price TWD 135, upside -12.8%, quality 52 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 46.64 TWD – 197.34 TWD · fair‑value band 85.83 TWD – 153.05 TWD · the 135.00 TWD price screens above the 117.73 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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Asia Optical Co., Inc. manufactures, processes, and sells cameras, riflescopes, photocopier lens, scanner lens and optical components in Taiwan and internationally.
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Asia Optical Co., Inc. manufactures, processes, and sells cameras, riflescopes, photocopier lens, scanner lens and optical components in Taiwan and internationally. The company offers optical components, such as injection molded plastic lens, precision glass molding of aspherical lens, precision coating components, glass spherical, and prism/flat glass lens; compact, DSC, projector, and mobile phone lens; AR and MR products; optical communication products; compact lidar module; sports optics, comprising laser range finder and riflescope; and automotive lens. It also provides tooling business division; plastic injection molding; precision stamping division; surface treatment division; pouch case and bags division, as well as crosszone and headphone, non-invasive vascular screening device, DSC, and SMT equipment. In addition, the company offers fiber optics business, imaging products, laser related products, tooling fabrication, IC packaging products, glass materials, plating and surface treatment, and optical products and components. Further, it trades in optical components, image sensors and electronic components, as well as designs, manufactures, and sells mobile consumer electronics products. Additionally, the company offers precision metal and plastic parts for small motors; manufactures and sells DSC, DVD players, DVD pickup heads, and parts; and manufactures, processes, and exports cameras, telescopes, video cameras, copiers, fax machines, optical sights, optical lenses for CD players and related components, and optical lens assemblies. Asia Optical Co., Inc. was founded in 1980 and is headquartered in Taichung, Taiwan.
Stock analysis
Asia Optical Co Inc (3019) currently trades at 135.00 TWD, while our model-based Fair Value estimate is 117.73 TWD, implying the stock looks roughly 14.7% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 150.59 TWD per share, and 9 of the 22 models we run sit above the 135.00 TWD price.
Bear case: the Asset-Based group reads lowest at 35.69 TWD, and 13 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 85.83 TWD (bear) to 153.05 TWD (bull), the price of 135.00 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 52/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Asia Optical Co Inc reported revenue of 26.4B TWD in FY2025 versus 21.0B TWD in FY2021, a compound +6.0%/yr. Reported net income was 1.8B TWD in FY2025, compounding +5.3%/yr from FY2021.
Key figures
Market cap 44.0B TWD (≈ $1.4B) · P/E ratio 22.4 · P/S ratio 1.56 · EPS (TTM) 6.50 TWD · Dividend yield 3.4% · Net margin 7.0% · Return on equity 13.2% · Return on assets (EBIT) 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −65% fair-value upside, at −13%, 3019 screens cheaper than that median.
Fair Value models
Bear 85.83 TWDFair Value 117.73 TWDBull 153.05 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 (1.39 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.83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.7%
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.
+11.5%
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.
+10.9%
Start year 2020 (pandemic). Over 10 years: +3.8% 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.
+3.1%
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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.
+6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.5%
Dividend (yield on the price)3.4%
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.4% vs 22%, 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.6% → 9%
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 and more than analysts expect.
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).
+16.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +14.6% a year for the price and +6.6% for the forecasts.
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 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside−13% · Above median
Profitability
Return on equity (TTM)13% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth15% · Above median
Dividend yield (TTM)3.4% · Top 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Asia Optical Co Inc Fair Value". https://www.fairvalue-calculator.com/stock/3019
Frequently asked questions
Is Asia Optical Co Inc (3019) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 117.73 TWD versus a price of 135.00 TWD, about −13% upside (overvalued).
What is the fair value of 3019?
Our model-based fair value for Asia Optical Co Inc is 117.73 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 135.00 TWD.
What is the quality score of 3019?
Asia Optical Co Inc has a Quality Score of 52/100. 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 Asia Optical Co Inc (3019)?
Our model-based price target is the fair value of 117.73 TWD (as of Sep 23, 2026) from 22 valuation models. Cautious scenario 85.83 TWD, optimistic scenario 153.05 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Asia Optical Co Inc stock forecast for 2026?
Our models put fair value at 117.73 TWD, about −13% upside versus a price of 135.00 TWD (overvalued). Cautious scenario 85.83 TWD, optimistic scenario 153.05 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Asia Optical Co Inc (3019)?
Asia Optical Co Inc reported trailing-twelve-month revenue of about 27.2B TWD (latest available figure, as of Sep 23, 2026).
Does Asia Optical Co Inc pay a dividend?
Asia Optical Co Inc currently shows a dividend yield of about 3.41% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Asia Optical Co Inc (3019)?
For today's price to be fair in a discounted-cash-flow model, Asia Optical Co Inc would have to grow free cash flow by +16.4 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 3019 use?
Our models discount Asia Optical Co Inc at 9.4 %: a base by market capitalisation (large), damped by beta 0.83, 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 Asia Optical Co Inc that is +16.4 % per year a year over ten years, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Asia Optical Co Inc (3019) delivered so far?
Over the past 5 years revenue at Asia Optical Co Inc grew +10.9 % a year. The price currently implies +16.4 % 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 Asia Optical Co Inc (3019) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Asia Optical Co Inc (+16.4 % 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 Asia Optical Co Inc (3019)?
The free-cash-flow yield on the price is 2.36 %: that much free cash flow Asia Optical Co Inc produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Asia Optical Co Inc (3019)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asia Optical Co Inc it is 117.73 TWD per share (as of Sep 23, 2026), against a price of 135.00 TWD. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Asia Optical Co Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 3019 trades above its calculated fair value: price 135.00 TWD, fair value 117.73 TWD, a gap of about −13% (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 3019?
No. The price is what the market pays today (135.00 TWD); the fair value is what the company's own numbers justify (117.73 TWD). For Asia Optical Co Inc the two are 17.27 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Asia Optical Co Inc worth?
The market values Asia Optical Co Inc at about 44.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 135.00 TWD; our models calculate a fair value of 117.73 TWD per share.
What do the bullish and bearish scenarios say about 3019?
Our models span a range for Asia Optical Co Inc: cautious scenario 85.83 TWD, base 117.73 TWD, optimistic 153.05 TWD per share (as of Sep 23, 2026, price 135.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3019?
Asia Optical Co Inc trades at a price-to-earnings ratio of 22.4 (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 117.73 TWD is built from several models across several years. Other multiples: P/B 3.0, P/S 1.6, EV/EBITDA 10.1.
How solid is the balance sheet of Asia Optical Co Inc (3019)?
Balance-sheet figures for Asia Optical Co Inc (as of Sep 23, 2026): return on equity 13.2%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 3019 from its 52-week high?
Asia Optical Co Inc trades at 135.00 TWD, about 15% below its 52-week high of 159.19 TWD and 15% above the low of 116.97 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 117.73 TWD is for.
Which stocks are comparable to Asia Optical Co Inc?
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 Asia Optical Co Inc stock attractive at the current price?
The data as of Sep 23, 2026: price 135.00 TWD, calculated fair value 117.73 TWD (−13%), Quality Score 52/100, 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 3019 calculated?
We run Asia Optical Co Inc 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 117.73 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. Asia Optical Co Inc 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 Asia Optical Co Inc (3019)?
The closing price on Sep 24, 2026 was 135.00 TWD. Our model-based fair value is 117.73 TWD, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asia Optical Co Inc right now?
Solid but not exceptional quality (52/100) 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.
Where does the earnings growth of Asia Optical Co Inc (3019) come from?
Earnings per share at Asia Optical Co Inc grew +23.7 % a year from 2015 to 2025. Broken into its drivers: revenue per share +2.0 %, EBIT margin +7.9 %, tax rate +3.8 %, residual (interest, one-offs) +8.4 %. 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 Asia Optical Co Inc
How large is the market capitalisation of Asia Optical Co Inc (3019)?
The market capitalisation of Asia Optical Co Inc is 44.0B TWD (≈ $1.4B). 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 Asia Optical Co Inc (3019)?
The price-to-sales ratio of Asia Optical Co Inc is 1.56 (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 Asia Optical Co Inc (3019)?
Earnings per share at Asia Optical Co Inc are 6.50 TWD (price ÷ EPS = P/E 22.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asia Optical Co Inc (3019)?
The dividend yield of Asia Optical Co Inc is 3.4% (payout 70.8%). 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 Asia Optical Co Inc (3019)?
The net margin of Asia Optical Co Inc is 7.0% (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 Asia Optical Co Inc (3019)?
The return on equity (ROE) of Asia Optical Co Inc is 13.2% (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 Asia Optical Co Inc (3019)?
On an EBIT basis the return on assets of Asia Optical Co Inc is 7.6% (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 Asia Optical Co Inc (3019)?
The operating margin of Asia Optical Co Inc is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asia Optical Co Inc (3019)?
Revenue at Asia Optical Co Inc is growing +14.8% versus a year earlier (3y avg +11.5%). 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 Asia Optical Co Inc (3019)?
Earnings per share at Asia Optical Co Inc are growing +33.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Asia Optical Co Inc (3019) hold?
Asia Optical Co Inc holds more cash than debt, 12.1B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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