Top High Image (3284) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Top High Image TWD 9.52, price TWD 19.75, upside -51.8%, quality 35 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Top High Image Corp. engages in the manufacture and sale of pre-sensitized plates for offset printing, and wholesale of aluminum plate materials in Taiwan and internationally.
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Top High Image Corp. engages in the manufacture and sale of pre-sensitized plates for offset printing, and wholesale of aluminum plate materials in Taiwan and internationally. The company offers TOP offset printing plates/chemicals, including T-20 process free, T-UV thermal CTP, X-UV thermal CTP, T-830 positive thermal CTP, and HS-920 positive UV CTP plates. It also engages in the general investment activities; wholesale, trading, and service businesses; advertising business; production, wholesale, and sale of food products; and real estate trading, leasing, and agency and service businesses. The company was formerly known as Top Aluminum Co., Ltd and changed its name to Top High Image Corp. in July 2000. Top High Image Corp. was founded in 1995 and is based in Kaohsiung, Taiwan.
Stock analysis
Top High Image (3284) currently trades at 19.75 TWD, while our model-based Fair Value estimate is 9.52 TWD, implying the stock looks roughly 107.5% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 35.62 TWD per share, and 4 of the 15 models we run sit above the 19.75 TWD price.
Bear case: the Dividend Discount group reads lowest at 5.33 TWD, and 11 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 7.02 TWD (bear) to 13.98 TWD (bull), the price of 19.75 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 35/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Top High Image reported revenue of 869M TWD in FY2025 versus 571M TWD in FY2021, a compound +11.0%/yr. Reported net income was 243M TWD in FY2025.
Key figures
Market cap 2.1B TWD (≈ $67.4M) · P/E ratio 8.2 · P/S ratio 2.29 · EPS (TTM) 2.42 TWD · Dividend yield 2.5% · Net margin 28.0% · Return on equity 15.8% · Return on assets (EBIT) 3.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 35% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at −52%, 3284 screens richer than that median.
Fair Value models
Bear 7.02 TWDFair Value 9.52 TWDBull 13.98 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 (1.41 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.41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−17.8%
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.
+2.9%
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.
+5.0%
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.
+0.4%
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What shareholders gained per year (last 3 years), in TWD (mathematically smoothed) ⓘ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 3 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+84.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+81.6%
Dividend (yield on the price)2.5%
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.−4% → 15%
2025 sits 248% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 10.8%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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.Specialty Industrial Machinery · 827 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score35 · Bottom 25%
Fair Value upside−52% · Below median
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets2% · Below median
Net margin (TTM)31% · Top 25%
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)2.5% · Above median
Balance sheet
Debt / equity0.59× · Highest 25%
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (TTM)8.2× · Cheapest 25%
P/B1.39× · Cheaper than median
P/S (TTM)2.51× · Pricier than median
EV/EBITDA27.2× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 22
PAST (return on equity)63· sector 28
HEALTH (low debt)71· sector 95
DIVIDEND (yield)51· sector 25
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Top High Image Fair Value". https://www.fairvalue-calculator.com/stock/3284
Frequently asked questions
Is Top High Image (3284) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9.52 TWD versus a price of 19.75 TWD, about −52% upside (overvalued).
What is the fair value of 3284?
Our model-based fair value for Top High Image is 9.52 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 19.75 TWD.
What is the quality score of 3284?
Top High Image has a Quality Score of 35/100. 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 Top High Image (3284)?
Our model-based price target is the fair value of 9.52 TWD (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 7.02 TWD, optimistic scenario 13.98 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Top High Image stock forecast for 2026?
Our models put fair value at 9.52 TWD, about −52% upside versus a price of 19.75 TWD (overvalued). Cautious scenario 7.02 TWD, optimistic scenario 13.98 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Top High Image (3284)?
Top High Image reported trailing-twelve-month revenue of about 853M TWD (latest available figure, as of Sep 24, 2026).
Does Top High Image pay a dividend?
Top High Image currently shows a dividend yield of about 2.53% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Top High Image (3284)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Top High Image it is 9.52 TWD per share (as of Sep 24, 2026), against a price of 19.75 TWD. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Top High Image stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3284 trades above its calculated fair value: price 19.75 TWD, fair value 9.52 TWD, a gap of about −52% (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 3284?
No. The price is what the market pays today (19.75 TWD); the fair value is what the company's own numbers justify (9.52 TWD). For Top High Image the two are 10.23 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Top High Image worth?
The market values Top High Image at about 2.1B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 19.75 TWD; our models calculate a fair value of 9.52 TWD per share.
What do the bullish and bearish scenarios say about 3284?
Our models span a range for Top High Image: cautious scenario 7.02 TWD, base 9.52 TWD, optimistic 13.98 TWD per share (as of Sep 24, 2026, price 19.75 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3284?
Top High Image trades at a price-to-earnings ratio of 8.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.52 TWD is built from several models across several years. Other multiples: P/B 1.4, P/S 2.5, EV/EBITDA 27.2.
How solid is the balance sheet of Top High Image (3284)?
Balance-sheet figures for Top High Image (as of Sep 24, 2026): return on equity 15.8%, debt of 0.59 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is 3284 from its 52-week high?
Top High Image trades at 19.75 TWD, about 35% below its 52-week high of 30.32 TWD and 29% above the low of 15.35 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 9.52 TWD is for.
Which stocks are comparable to Top High Image?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, 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 Top High Image stock attractive at the current price?
The data as of Sep 24, 2026: price 19.75 TWD, calculated fair value 9.52 TWD (−52%), Quality Score 35/100, from 15 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 3284 calculated?
We run Top High Image through 15 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 9.52 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 14.0 % above its aggregate fair value. Top High Image 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 Top High Image (3284)?
The closing price on Sep 24, 2026 was 19.75 TWD. Our model-based fair value is 9.52 TWD, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Top High Image right now?
The price sits above even our optimistic bull case (13.98 TWD). The favourable scenario is already priced in. Weak quality (35/100) 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. A fairly wide model range (7.02 TWD to 13.98 TWD) leaves room in how you read the outcome.
Key figures of Top High Image
How large is the market capitalisation of Top High Image (3284)?
The market capitalisation of Top High Image is 2.1B TWD (≈ $67.4M). 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 Top High Image (3284)?
The price-to-sales ratio of Top High Image is 2.29 (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 Top High Image (3284)?
Earnings per share at Top High Image are 2.42 TWD (price ÷ EPS = P/E 8.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Top High Image (3284)?
The dividend yield of Top High Image is 2.5% (payout 20.7%). 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 Top High Image (3284)?
The net margin of Top High Image is 28.0% (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 Top High Image (3284)?
The return on equity (ROE) of Top High Image is 15.8% (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 Top High Image (3284)?
On an EBIT basis the return on assets of Top High Image is 3.1% (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 Top High Image (3284)?
The operating margin of Top High Image is 1.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Top High Image (3284)?
Revenue at Top High Image is growing −3.2% versus a year earlier (3y avg +2.9%). 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 Top High Image (3284)?
Earnings per share at Top High Image are growing +195% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Top High Image (3284) generate?
The free cash flow of Top High Image is −20.3M 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 Top High Image (3284) carry?
The net debt of Top High Image is 612M TWD (fiscal year 2025). 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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