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Apex Science & Engineering Corp (3052) Fair Value & Analysis

Industrials · TW · Market cap 2.2B TWD

AS Apex Science & Engineering Corp 3052 · TW
Price10.70 TWD
Fair Value18.68 TWD
Upside+74.6%
Quality58/100
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Mixed Growth
Thin margins · 5.5% net margin
Low debt · generates free cash flow
5.61% dividend yield
Ranks above peers (11/14)
Narrow moat 33/100
Evidence: High Range 14.01 TWD – 23.36 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 20 days ago

Share price −1.8% over the past month.

A solid business, screening 75% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (14.01 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

14.25 TWD 9.51 TWD Fair Value 18.68 TWD Mar 2021 Aug 2026

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 9.51 TWD – 14.25 TWD · fair‑value band 14.01 TWD – 23.36 TWD · the 10.70 TWD price screens below the 18.68 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Apex Science & Engineering Corp (3052) currently trades at 10.70 TWD, while our model-based Fair Value estimate is 18.68 TWD, implying the stock looks roughly 74.6% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Industrials 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, Apex Science & Engineering Corp generated revenue of 3.5B TWD at a net margin of 5.5%. Revenue grew 13.4% year over year. It earns a return on equity of 5.4%. Net debt stands at 2.1B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 14.01 TWD (bear case) to 23.36 TWD (bull case); at 10.70 TWD, the current price sits below 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 25% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 75%, 3052 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.

Model 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
Highest evidence
Growth DCF 99.87 TWD 144.04 TWD 204.84 TWD 80
Residual Income 13.56 TWD 14.06 TWD 14.32 TWD 76
Rev-Margin DCF 44.93 TWD 56.94 TWD 68.81 TWD 74
All 26 models by family
DCF Models
FCF DCF 98.59 TWD 148.90 TWD 222.77 TWD 38
Owner Earnings 15.53 TWD 21.93 TWD 31.33 TWD 31
5Y Revenue Exit 44.93 TWD 55.29 TWD 66.79 TWD 39
5Y EBITDA Exit 45.26 TWD 55.91 TWD 66.98 TWD 41
5Y P/E Exit 47.63 TWD 60.35 TWD 72.81 TWD 38
10Y Revenue Exit 63.82 TWD 77.92 TWD 94.18 TWD 36
10Y EBITDA Exit 64.37 TWD 78.35 TWD 94.32 TWD 37
10Y P/E Exit 65.84 TWD 81.36 TWD 98.68 TWD 35
Earnings-Based
Graham-Dodd 7.47 TWD 23.49 TWD 31.27 TWD 54
Lynch FV 5.14 TWD 7.34 TWD 9.54 TWD 50
PEG = 1.0 5.14 TWD 7.34 TWD 9.54 TWD 46
EPV 12.78 TWD 14.25 TWD 15.53 TWD 59
Dividend Discount
Gordon GGM 4.44 TWD 8.85 TWD 13.41 TWD 70
DDM Multi-Stage 4.44 TWD 7.25 TWD 9.34 TWD 61
Multiples
P/E Multiple 17.31 TWD 23.08 TWD 28.85 TWD 63
P/S Multiple 14.01 TWD 18.68 TWD 23.36 TWD 58
P/B Multiple 14.01 TWD 18.68 TWD 23.36 TWD 55
EV/EBIT 19.85 TWD 25.32 TWD 30.80 TWD 53
EV/EBITDA 16.57 TWD 20.95 TWD 25.33 TWD 54
EV/Revenue 15.14 TWD 20.17 TWD 25.19 TWD 43
Asset-Based
NCAV (Graham) 8.61 TWD 11.54 TWD 17.23 TWD 50
Growth DCF
Growth DCF 99.87 TWD 144.04 TWD 204.84 TWD 80
Rev-Margin DCF 44.93 TWD 56.94 TWD 68.81 TWD 74
Economic Profit
Residual Income 13.56 TWD 14.06 TWD 14.32 TWD 76
ROIC Compounder 12.78 TWD 14.25 TWD 15.53 TWD 72
Growth Earnings
Growth-Adj P/E 14.36 TWD 20.52 TWD 26.67 TWD 68

Widest divergence: DCF Models (60.35 TWD) versus Dividend Discount (7.25 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.5B TWD
Revenue growth (YoY) +13.4%
Net margin 5.5%
Return on equity 5.4%
Free cash flow 1.8B TWD FY2025
P/E ratio 9.9
More key figures
Operating margin 5.0%
EPS (TTM) 1.09 TWD
Dividend yield 5.6%
EPS growth (YoY) -44.1%
Net debt 2.1B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 58 · Market factors (momentum, volatility) 48

Profitability 22
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

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

Apex Science & Engineering Corp. operates as an engineering and construction company in Taiwan. The company provides integrated engineering services, such as mechanical, electrical and instrumentation, and environmental engineering services. It also manufactures optoelectronic and electrical products and offers customized LCD displays.

Full company description

Apex Science & Engineering Corp. operates as an engineering and construction company in Taiwan. The company provides integrated engineering services, such as mechanical, electrical and instrumentation, and environmental engineering services. It also manufactures optoelectronic and electrical products and offers customized LCD displays. In addition, the company engages in commissioning construction companies to build residential and commercial buildings and develop professional industrial parks; civil engineering, construction, water conservancy, and other construction businesses; engineering consultants; and buying and selling engineering equipment and high-tech electronic products. The company was formerly known as APEX Engineering Co., Ltd. and changed its name to Apex Science & Engineering Corp. in 2001. Apex Science & Engineering Corp. was founded in 1976 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Apex Science & Engineering Corp reported revenue of 3.4B TWD in FY2025 versus 3.6B TWD in FY2021, a compound −1.4%/yr. Reported net income was 224M TWD in FY2025, compounding +21.5%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.4B TWD
Latest YoY
+28.6%
Avg. growth/yr (3Y) 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.
+5.0%
Avg. growth/yr (5Y) 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.
−8.1%
Avg. growth/yr (23Y) 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.
+0.2%
Revenue −1.4%/yr
FY21 3.6B TWD
FY22 3.0B TWD
FY23 3.5B TWD
FY24 2.7B TWD
FY25 3.4B TWD
Net income +21.5%/yr
FY21 103M TWD
FY22 207M TWD
FY23 205M TWD
FY24 200M TWD
FY25 224M TWD
Character of growth · EPS growth decomposed (2014-2025) +5.9 % p.a.
Revenue per share +0.5 pp

of which total revenue +0.6 pp · buybacks/dilution −0.1 pp

EBIT margin +4.7 pp
Tax rate −1.4 pp
Residual (interest, one-offs) +2.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Apex Science & Engineering Corp Fair Value". https://www.fairvalue-calculator.com/stock/3052

Peer Group

Engineering & Construction · 839 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.

Quality Score 58 · Above median
Fair Value upside +75% · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 1% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth 13% · Above median
Dividend yield (TTM) 5.6% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 0.63× · Cheaper than median
P/S (TTM) 0.63× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 6.5× · Cheaper than median

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 100 · sector 16
FUTURE 67 · sector 17
PAST 22 · sector 26
HEALTH 100 · sector 94
DIVIDEND 100 · sector 33

Values & ESG

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

None of the checked exposures detected

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Apex Science & Engineering Corp (3052) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 18.68 TWD versus a price of 10.70 TWD, about +75% (undervalued).
What is the fair value of 3052?
Our model-based fair value for Apex Science & Engineering Corp is 18.68 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 10.70 TWD.
What is the quality score of 3052?
Apex Science & Engineering Corp has a Quality Score of 58/100. 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 revenue of Apex Science & Engineering Corp (3052)?
Apex Science & Engineering Corp reported trailing-twelve-month revenue of about 3.5B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 3052?
The net profit margin of Apex Science & Engineering Corp is about 5.5%, meaning it keeps roughly 5.5% of revenue as net income. Based on the latest reported figures.
Does Apex Science & Engineering Corp pay a dividend?
Apex Science & Engineering Corp currently shows a dividend yield of about 5.58% relative to its recent price (as of Jul 21, 2026).

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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