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TrueLight (3234) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of TrueLight stock TWD 78.54, price TWD 139, that is 43.3% below the price, quality 49 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology TW · ISIN TW0003234001

T TrueLight logo Thin data Nov 10, 2026

TrueLight

3234 · TWO
Very expensive, weak quality

Our calculation puts a fair price 43% below what the stock costs today.

Low debt
Revenue last quarter +28% vs. a year ago.
Quality 49/100
Fair value 78.54 TWD · Strongly overvalued
Weak Growth (revenue 5y −14.8 %/yr in TWD)
Loss-making · -22.2% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 16/100
Thin data
⟳ CyclicalEstimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

211.00 TWD 18.95 TWD Fair Value 78.54 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 18.95 TWD – 211.00 TWD · fair‑value band 58.91 TWD – 98.18 TWD · the 138.50 TWD price screens above the 78.54 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

TrueLight Corporation designs, develops, and supplies optical communication components in China, Taiwan, Asia, the United States, and Europe.

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The company offers optical fiber communication, 4G/5G mobile communication base station interconnection, cloud data center, and 3D sensing/near-field sensing/flood illumination products.

It also provides vertical cavity surface emitting lasers, edge- emitting lasers, and photodetector diode, as well as components, sub-modules, light engines/AOC, and other products. TrueLight Corporation was founded in 1997 and is based in Hsinchu City, Taiwan.

Stock analysis

TrueLight (3234) currently trades at 138.50 TWD, while our estimate is 78.54 TWD, 43% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 58.91 TWD (bear) to 98.18 TWD (bull), the price of 138.50 TWD sits above 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 49/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

TrueLight reported revenue of 683M TWD in FY2025 versus 1.3B TWD in FY2021, a compound −15.1%/yr. Reported net income was −156M TWD in FY2025.

Key figures

Market cap 21.2B TWD (≈ $647M) Small · P/S ratio 30.2 · EPS (TTM) −1.35 TWD · Net margin −22.2% · Return on equity −20.3% · Return on assets (EBIT) −14.9% (5-year average) · Operating margin −8.7% · Revenue (TTM) 703M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 34% below its 52-week high and 305% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −10% fair-value upside, at −43%, 3234 screens richer than that median.

Fair Value

Bear 58.91 TWD Fair Value 78.54 TWD Bull 98.18 TWD
Price 138.50 TWD · Downside -43.3%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 49/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 12
How much profit the company makes from its sales and capital
Quality Growth 95
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 90
Debt, balance sheet and risk of trouble
Investment 89
Does it invest with discipline instead of growing at any price?
Low Volatility 11
How calm the share price moves, does not count
Price momentum 90
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 80
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+19.1%
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.
−11.6%
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.
−14.8%
Start year 2020 (pandemic)
Revenue growth 8 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.
−11.6%
Profit margin (trend) ⓘ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.
1.6% (2020) → −22.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

3234 screens overvalued: fair value 43% below the price. Compare with NVIDIA Corporation →

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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.Semiconductors · 399 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −43.3% · Below median
Profitability
Return on assets −14.8% · Bottom 25%
Net margin (12 months) −22.2% · Bottom 25%
Operating margin (12 months) −8.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 28.1% · Above median
Balance sheet
Debt / equity 0.06× · Below median

Valuation Multiplesvs Semiconductors median · lower = cheaper

P/B 28.51× · Priciest 25%
P/S (12 months) 30.23× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)0 · sector 24
HEALTH (low debt)97 · sector 96
DIVIDEND (yield)0 · sector 19

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
SK hynix Inc 000660 1,212,000 KRW 1,501,896 KRW +24% vs 3234
NVIDIA Corporation NVDA $168.89 $196.54 +16% vs 3234
Taiwan Semiconductor Manufacturing Company TSM $396.48 $427.48 +8% vs 3234
Broadcom Inc AVGO $331.98 $300.84 −9% vs 3234
Intel Corporation INTC $58.13 $52.14 −10% vs 3234
Micron Technology, Inc MU $725.11 $619.48 −15% vs 3234
Analog Devices, Inc ADI $393.30 $262.04 −33% vs 3234
Marvell Technology, Inc MRVL $154.39 $87.64 −43% vs 3234
Advanced Micro Devices, Inc AMD $515.21 $148.02 −71% vs 3234
Texas Instruments Incorporated TXN $300.52 $81.25 −73% vs 3234

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TrueLight: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "TrueLight Fair Value". https://www.fairvalue-calculator.com/stock/3234

Frequently asked questions

Is TrueLight (3234) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 78.54 TWD versus a price of 138.50 TWD, about 43% lower (overvalued).
What is the fair value of 3234?
Our estimate for TrueLight is 78.54 TWD (as of Nov 10, 2026), built from audited fundamentals. The current price: 138.50 TWD.
What is the quality score of 3234?
TrueLight has a Quality Score of 49/100. 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 TrueLight (3234)?
Our calculated price target is the estimate of 78.54 TWD (as of Nov 10, 2026). Cautious scenario 58.91 TWD, optimistic scenario 98.18 TWD. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the TrueLight stock forecast for 2026?
Our estimate puts fair value at 78.54 TWD, about 43% lower versus a price of 138.50 TWD (overvalued). Cautious scenario 58.91 TWD, optimistic scenario 98.18 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TrueLight (3234)?
TrueLight reported trailing-twelve-month revenue of about 703M TWD (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of TrueLight (3234)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TrueLight it is 78.54 TWD per share (as of Nov 10, 2026), against a price of 138.50 TWD.
Is TrueLight stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 3234 trades above its calculated fair value: price 138.50 TWD, fair value 78.54 TWD, a gap of about −43% (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 3234?
No. The price is what the market pays today (138.50 TWD); the fair value is what the company's own numbers justify (78.54 TWD). For TrueLight the two are 59.96 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TrueLight worth?
The market values TrueLight at about 21.2B TWD (market capitalisation, as of Nov 10, 2026). Per share that is 138.50 TWD; our models calculate a fair value of 78.54 TWD per share.
What do the bullish and bearish scenarios say about 3234?
Our models span a range for TrueLight: cautious scenario 58.91 TWD, base 78.54 TWD, optimistic 98.18 TWD per share (as of Nov 10, 2026, price 138.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TrueLight (3234)?
Balance-sheet figures for TrueLight (as of Nov 10, 2026): return on equity −20.3%, debt of 0.06 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 3234 from its 52-week high?
TrueLight trades at 138.50 TWD, about 34% below its 52-week high of 211.00 TWD and 305% above the low of 34.20 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 78.54 TWD is for.
Which stocks are comparable to TrueLight?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, 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 TrueLight stock attractive at the current price?
The data as of Nov 10, 2026: price 138.50 TWD, calculated fair value 78.54 TWD (−43%), Quality Score 49/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. TrueLight 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 TrueLight (3234)?
The closing price on Nov 10, 2026 was 138.50 TWD. Our estimate is 78.54 TWD, about 43% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TrueLight right now?
The price sits above even our optimistic bull case (98.18 TWD). The favourable scenario is already priced in. Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of TrueLight

How large is the market capitalisation of TrueLight (3234)?
The market capitalisation of TrueLight is 21.2B TWD (≈ $647M). 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 TrueLight (3234)?
The price-to-sales ratio of TrueLight is 30.2 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TrueLight (3234)?
Earnings per share at TrueLight are −1.35 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TrueLight (3234)?
The net margin of TrueLight is −22.2% (last twelve months). 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 TrueLight (3234)?
The return on equity (ROE) of TrueLight is −20.3% (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 TrueLight (3234)?
On an EBIT basis the return on assets of TrueLight is −14.9% (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 TrueLight (3234)?
The operating margin of TrueLight is −8.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TrueLight (3234)?
Revenue at TrueLight is growing +28.1% versus a year earlier (3y avg −11.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does TrueLight (3234) generate?
The free cash flow of TrueLight is −84.0M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does TrueLight (3234) carry?
The net debt of TrueLight is 247M TWD (fiscal year 2023). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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