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Tai-Saw Technology Co (3221) Fair Value & Analysis

Technology · TW · Market cap 4.9B TWD

TS Tai-Saw Technology Co 3221 · TWO
Price48.20 TWD
Fair Value51.08 TWD
Upside+6.0%
Quality50/100
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Weak Growth
Thin margins · 1.4% net margin
Low debt · negative free cash flow
0.83% dividend yield
Trails peers (1/13)
Narrow moat 19/100
Evidence: Medium Range 38.15 TWD – 63.69 TWD Share as image

Fair value as of: Jul 21, 2026

From 15 valuation models · updated 20 days ago

Share price −15.7% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 38.15 TWD (bear) to 63.69 TWD (bull), base 51.08 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 50/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

65.98 TWD 15.38 TWD Fair Value 51.08 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 15.38 TWD – 65.98 TWD · fair‑value band 38.15 TWD – 63.69 TWD · the 48.20 TWD price screens below the 51.08 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Tai-Saw Technology Co (3221) currently trades at 48.20 TWD, while our model-based Fair Value estimate is 51.08 TWD, implying the stock looks roughly 6.0% fairly valued today. The Quality Score stands at 50/100 (solid quality), in the Technology 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: medium), always confirm before acting.

Over the trailing twelve months, Tai-Saw Technology Co generated revenue of 2.2B TWD at a net margin of 1.4%. Revenue declined 0.5% year over year. The balance sheet holds a net cash position of 223M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 38.15 TWD (bear case) to 63.69 TWD (bull case); at 48.20 TWD, the current price sits within 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 29% below its 52-week high and 176% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at 6%, 3221 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (0.8700 TWD to 27.92 TWD). Read the values as a conservative anchor, not as a price target.
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
Residual Income 12.89 TWD 11.93 TWD 8.02 TWD 76
ROIC Compounder 7.46 TWD 7.91 TWD 8.30 TWD 72
Gordon GGM 7.82 TWD 9.37 TWD 11.03 TWD 70
All 15 models by family
DCF Models
Owner Earnings 7.67 TWD 8.67 TWD 10.64 TWD 31
Earnings-Based
Graham-Dodd 0.5400 TWD 0.8700 TWD 1.05 TWD 54
EPV 7.46 TWD 7.91 TWD 8.30 TWD 59
Dividend Discount
Gordon GGM 7.82 TWD 9.37 TWD 11.03 TWD 70
DDM Multi-Stage 7.82 TWD 10.24 TWD 13.16 TWD 61
Multiples
P/E Multiple 1.18 TWD 1.58 TWD 1.97 TWD 63
P/S Multiple 1.00 TWD 1.34 TWD 1.67 TWD 58
P/B Multiple 1.00 TWD 1.34 TWD 1.67 TWD 55
EV/EBIT 13.11 TWD 15.96 TWD 18.80 TWD 53
EV/EBITDA 22.08 TWD 27.92 TWD 33.75 TWD 54
EV/Revenue 10.33 TWD 12.80 TWD 15.26 TWD 43
Asset-Based
NCAV (Graham) 9.70 TWD 13.00 TWD 19.40 TWD 50
Economic Profit
Residual Income 12.89 TWD 11.93 TWD 8.02 TWD 76
ROIC Compounder 7.46 TWD 7.91 TWD 8.30 TWD 72
Growth Earnings
Growth-Adj P/E 0.8400 TWD 1.19 TWD 1.55 TWD 68

Widest divergence: Asset-Based (13.00 TWD) versus Earnings-Based (0.8700 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.2B TWD
Revenue growth (YoY) -0.5%
Net margin 1.4%
Return on equity 0.0%
Free cash flow −98.0M TWD FY2025
P/E ratio 755.0
More key figures
Operating margin 2.9%
EPS (TTM) 0.0800 TWD
Dividend yield 0.6%
EPS growth (YoY) +143%
Net cash 223M TWD FY2023

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

Quality Score breakdown

Overall quality 50/100

Of which business quality 50 · Market factors (momentum, volatility) 71

Profitability 26
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 88
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 84
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

Tai-Saw Technology Co.,Ltd. engages in the research and development, design, manufacture, and sale of radio communications components and its system equipment in Taiwan, the Americas, rest of Asia, Europe, and internationally.

Full company description

Tai-Saw Technology Co.,Ltd. engages in the research and development, design, manufacture, and sale of radio communications components and its system equipment in Taiwan, the Americas, rest of Asia, Europe, and internationally. The company offers SAW oscillators, crystal resonators, crystal filter, crystal oscillators, VCTCXO, OCXO, HiQ SAW, HiQ Xtal, temperature sensing crystal, LTCC filter, dielectric ceramic filter, antenna, dual SAW, HiQ BAW, HiQ BAR, RF SAW, IF SAW, SAW Resonators, and SAW Duplexer. It also manufactures semiconductor electric wafer materials and components; trading; wholesale and retail of clinical machine; manufacture and packaging of integrated circuits, as well as computer hardware and peripheral components; and provision of technological consulting services. Tai-Saw Technology Co.,Ltd. was founded in 1997 and is based in Taoyuan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tai-Saw Technology Co reported revenue of 2.2B TWD in FY2025 versus 2.9B TWD in FY2021, a compound −6.6%/yr. Reported net income was 8.3M TWD in FY2025, compounding −64.8%/yr from FY2021.

Growth Quality 27/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.2B TWD
Latest YoY
+2.4%
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.
−12.7%
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.
+0.9%
Avg. growth/yr (8Y) 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.
+2.4%
Revenue −6.6%/yr
FY21 2.9B TWD
FY22 3.4B TWD
FY23 2.1B TWD
FY24 2.2B TWD
FY25 2.2B TWD
Net income −64.8%/yr
FY21 538M TWD
FY22 325M TWD
FY23 −13.6M TWD
FY24 101M TWD
FY25 8.3M TWD

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Cite: Fair Value Calculator (2026). "Tai-Saw Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/3221

Peer Group

Communication Equipment · 286 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 50 · Below median
Fair Value upside +6% · Top 25%
Return on equity (TTM) 0% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -1% · Below median
Dividend yield (TTM) 0.8% · Below median
Debt / equity 0.07× · Higher than median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 581.3× · Pricier than 75% of peers
P/B 2.40× · Pricier than median
P/S (TTM) 2.19× · Pricier than median
EV/EBITDA 31.7× · Pricier 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 41 · sector 0
FUTURE 0 · sector 30
PAST 0 · sector 15
HEALTH 96 · sector 98
DIVIDEND 17 · sector 25

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 Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Tai-Saw Technology Co (3221) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 51.08 TWD versus a price of 48.20 TWD, about +6% (fairly valued).
What is the fair value of 3221?
Our model-based fair value for Tai-Saw Technology Co is 51.08 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 48.20 TWD.
What is the quality score of 3221?
Tai-Saw Technology Co has a Quality Score of 50/100. 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 Tai-Saw Technology Co (3221)?
Tai-Saw Technology Co reported trailing-twelve-month revenue of about 2.2B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 3221?
The net profit margin of Tai-Saw Technology Co is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does Tai-Saw Technology Co pay a dividend?
Tai-Saw Technology Co currently shows a dividend yield of about 0.63% 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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