Test Research, Inc (3030) Fair Value & Analysis
Technology · TW · Market cap 66.8B TWD
Fair value as of: Jul 21, 2026
From 26 valuation models · updated 20 days ago
Share price −4.8% over the past month.
A strong business, but screening 38% overvalued on our models.
What matters now
- A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (248.98 TWD). The favourable scenario is already priced in.
- A fairly wide model range (109.67 TWD to 248.98 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 43.97 TWD – 419.50 TWD · fair‑value band 109.67 TWD – 248.98 TWD · the 290.00 TWD price screens above the 180.70 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
Test Research, Inc (3030) currently trades at 290.00 TWD, while our model-based Fair Value estimate is 180.70 TWD, implying the stock looks roughly 37.7% overvalued today. The Quality Score stands at 80/100 (high quality), in the Technology 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: high).
Over the trailing twelve months, Test Research, Inc generated revenue of 9.0B TWD at a net margin of 30.4%. Revenue grew 25.8% year over year. It earns a return on equity of 28.2%. The balance sheet holds a net cash position of 1.2B TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 109.67 TWD (bear case) to 248.98 TWD (bull case); at 290.00 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 37% below its 52-week high and 128% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -45% fair-value upside, at -38%, 3030 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.
All 26 models by family
Widest divergence: Growth Earnings (191.52 TWD) versus Asset-Based (27.24 TWD). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 75 · Market factors (momentum, volatility) 65
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
Test Research, Inc., together with its subsidiaries, engages in the design, assembly, manufacturing, sales, and repair of automated inspection and testing equipment in Asia, the Americas, Europe, and internationally.
Full company description
Test Research, Inc., together with its subsidiaries, engages in the design, assembly, manufacturing, sales, and repair of automated inspection and testing equipment in Asia, the Americas, Europe, and internationally. The company offers optical inspection solutions, including 3D solder paste inspection; automated optical inspection; conformal coating inspection; and automated x-ray inspection. It also provides electrical test, such as manufacturing defects analyzer and in-circuit tester; and optical and x-ray inspection solutions. Test Research, Inc. was founded in 1978 and is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Test Research, Inc reported revenue of 8.5B TWD in FY2025 versus 5.6B TWD in FY2021, a compound +10.9%/yr. Reported net income was 2.5B TWD in FY2025, compounding +20.3%/yr from FY2021.
3030 screens 38% overvalued. Compare with Keysight Technologies, Inc →
Peer Group
Scientific & Technical Instruments · 161 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 Scientific & Technical Instruments 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 Scientific & Technical Instruments stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Keysight Technologies, Inc KEYS | $315.90 | $84.16 | -73% |
| Garmin Ltd GRMN | $241.76 | $146.67 | -39% |
| Teledyne Technologies Incorporated TDY | $635.52 | $367.58 | -42% |
| Chroma ATE Inc 2360 | 1,905 TWD | 286.15 TWD | -85% |
| Hexagon AB HEXAB | kr 80.10 | kr 52.93 | -34% |
| MKS Inc MKSI | $324.69 | $77.46 | -76% |
| AVIC Chengdu Aircraft Company 302132 | ¥52.91 | ¥34.47 | -35% |
| Fortive Corporation FTV | $61.78 | $33.84 | -45% |
| Trimble Inc TRMB | $52.72 | $24.47 | -54% |
| Cognex Corporation CGNX | $64.07 | $13.75 | -79% |
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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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