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Cincon Electronics Co (3332) Fair Value & Analysis

Industrials · TW · Market cap 3.2B TWD

CE Cincon Electronics Co 3332 · TWO
Price63.50 TWD
Fair Value70.69 TWD
Upside+11.3%
Quality74/100
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Healthy Growth
Solidly profitable · 11.3% net margin
Low debt · generates free cash flow
3.02% dividend yield
Ranks above peers (14/14)
Moderate moat 49/100
Evidence: High Range 55.63 TWD – 85.03 TWD Share as image

Fair value as of: Jul 23, 2026

From 25 valuation models · updated 18 days ago

Share price −4.2% over the past month.

A solid business, screening 11% undervalued on our models.

What matters now

  • Our model range runs from 55.63 TWD (bear) to 85.03 TWD (bull), base 70.69 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 74/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

79.50 TWD 30.60 TWD Fair Value 70.69 TWD Oct 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 30.60 TWD – 79.50 TWD · fair‑value band 55.63 TWD – 85.03 TWD · the 63.50 TWD price screens below the 70.69 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Cincon Electronics Co (3332) currently trades at 63.50 TWD, while our model-based Fair Value estimate is 70.69 TWD, implying the stock looks roughly 11.3% undervalued today. The Quality Score stands at 74/100 (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, Cincon Electronics Co generated revenue of 1.7B TWD at a net margin of 11.3%. Revenue grew 19.6% year over year. It earns a return on equity of 10.1%. The balance sheet holds a net cash position of 643M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 55.63 TWD (bear case) to 85.03 TWD (bull case); at 63.50 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 22% below its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 11%, 3332 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 54.87 TWD 68.07 TWD 85.13 TWD 80
Residual Income 32.41 TWD 35.34 TWD 46.13 TWD 76
Rev-Margin DCF 49.38 TWD 64.47 TWD 80.47 TWD 74
All 25 models by family
DCF Models
FCF DCF 53.87 TWD 68.01 TWD 87.04 TWD 38
Owner Earnings 57.50 TWD 73.07 TWD 94.02 TWD 31
5Y Revenue Exit 49.38 TWD 63.96 TWD 81.66 TWD 39
5Y EBITDA Exit 56.97 TWD 77.32 TWD 99.77 TWD 41
5Y P/E Exit 61.68 TWD 85.60 TWD 109.15 TWD 38
10Y Revenue Exit 49.97 TWD 63.03 TWD 78.70 TWD 36
10Y EBITDA Exit 55.43 TWD 71.81 TWD 91.48 TWD 37
10Y P/E Exit 58.29 TWD 77.25 TWD 98.09 TWD 35
Earnings-Based
Graham-Dodd 24.02 TWD 52.56 TWD 66.96 TWD 54
PEG = 1.0 8.31 TWD 11.87 TWD 15.43 TWD 46
EPV 40.63 TWD 44.21 TWD 47.30 TWD 59
Dividend Discount
Gordon GGM 9.66 TWD 14.88 TWD 20.38 TWD 70
DDM Multi-Stage 9.66 TWD 13.75 TWD 18.18 TWD 61
Multiples
P/E Multiple 55.63 TWD 74.17 TWD 92.71 TWD 63
P/S Multiple 45.03 TWD 60.04 TWD 75.05 TWD 58
P/B Multiple 45.03 TWD 60.04 TWD 75.05 TWD 55
EV/EBIT 60.96 TWD 75.29 TWD 89.63 TWD 53
EV/EBITDA 64.89 TWD 80.53 TWD 96.18 TWD 54
EV/Revenue 48.65 TWD 61.80 TWD 74.96 TWD 43
Asset-Based
NCAV (Graham) 19.11 TWD 25.60 TWD 38.21 TWD 50
Growth DCF
Growth DCF 54.87 TWD 68.07 TWD 85.13 TWD 80
Rev-Margin DCF 49.38 TWD 64.47 TWD 80.47 TWD 74
Economic Profit
Residual Income 32.41 TWD 35.34 TWD 46.13 TWD 76
ROIC Compounder 40.93 TWD 45.66 TWD 50.81 TWD 72
Growth Earnings
Growth-Adj P/E 41.28 TWD 58.97 TWD 76.66 TWD 68

Widest divergence: DCF Models (71.81 TWD) versus Dividend Discount (13.75 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.7B TWD
Revenue growth (YoY) +19.6%
Net margin 11.3%
Return on equity 10.1%
Free cash flow 173M TWD FY2025
P/E ratio 18.6
More key figures
Operating margin 12.0%
EPS (TTM) 3.53 TWD
Dividend yield 3.1%
EPS growth (YoY) +39.4%
Net cash 643M TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 72 · Market factors (momentum, volatility) 66

Profitability 47
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 82
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

Cincon Electronics Co., Ltd. designs, manufactures, and sells switch mode power conversion products to the communications, computer, industrial, medical, consumer, and lighting markets in Asia, Europe, the Americas, Africa, and Oceania.

Full company description

Cincon Electronics Co., Ltd. designs, manufactures, and sells switch mode power conversion products to the communications, computer, industrial, medical, consumer, and lighting markets in Asia, Europe, the Americas, Africa, and Oceania. The company's products include single and multiple output DC-DC converters from 1W to 750W, single and multiple output AC-DC adapters from 5W to 220W, AC-DC brick power from 70W to 700W, AC-DC encapsulated power from 4W to 60W, and open frame AC-DC power supplies from 4W to 700W. It also provides modified standard and custom power conversion products. Cincon Electronics Co., Ltd. was founded in 1991 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cincon Electronics Co reported revenue of 1.6B TWD in FY2025 versus 1.2B TWD in FY2021, a compound +7.2%/yr. Reported net income was 170M TWD in FY2025, compounding +12.5%/yr from FY2021.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.6B TWD
Latest YoY
+19.4%
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.
−2.3%
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.
+8.7%
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.
+4.0%
Revenue +7.2%/yr
FY21 1.2B TWD
FY22 1.7B TWD
FY23 1.4B TWD
FY24 1.3B TWD
FY25 1.6B TWD
Net income +12.5%/yr
FY21 106M TWD
FY22 219M TWD
FY23 143M TWD
FY24 105M TWD
FY25 170M TWD

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Cite: Fair Value Calculator (2026). "Cincon Electronics Co Fair Value". https://www.fairvalue-calculator.com/stock/3332

Peer Group

Electrical Equipment & Parts · 526 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 74 · Top 25%
Fair Value upside +11% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 5% · Above median
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 12% · Above median
Revenue growth 20% · Above median
Dividend yield (TTM) 3.0% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 18.6× · Cheaper than 75% of peers
P/B 1.71× · Cheaper than median
P/S (TTM) 1.88× · Cheaper than median
P/FCF 0.6× · Cheaper than 75% of peers
EV/EBITDA 9.8× · 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 48 · sector 0
FUTURE 98 · sector 57
PAST 40 · sector 26
HEALTH 100 · sector 97
DIVIDEND 60 · sector 18

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 Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$675.50 HK$391.44 -42%
ABB Ltd ABBN CHF 83.82 CHF 35.46 -58%
Delta Electronics (Thailand) Public Company TDED 10.16 SGD 1.47 SGD -86%
LG Energy Solution, Ltd 373220 334,000 KRW 201,455 KRW -40%
WEG S.A WEGE3 13,210 ARS 7,948 ARS -40%
Sungrow Power Supply Co 300274 ¥114.79 ¥123.83 +8%
Shenzhen Inovance Technology Co 300124 ¥63.43 ¥33.04 -48%
HD Hyundai Electric Co 267260 823,000 KRW 371,133 KRW -55%
LS ELECTRIC Co 010120 190,000 KRW 31,517 KRW -83%
Sieyuan Electric Co 002028 ¥151.73 ¥71.69 -53%

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Frequently asked questions

Is Cincon Electronics Co (3332) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 70.69 TWD versus a price of 63.50 TWD, about +11% (undervalued).
What is the fair value of 3332?
Our model-based fair value for Cincon Electronics Co is 70.69 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 63.50 TWD.
What is the quality score of 3332?
Cincon Electronics Co has a Quality Score of 74/100. 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 Cincon Electronics Co (3332)?
Cincon Electronics Co reported trailing-twelve-month revenue of about 1.7B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 3332?
The net profit margin of Cincon Electronics Co is about 11.3%, meaning it keeps roughly 11.3% of revenue as net income. Based on the latest reported figures.
Does Cincon Electronics Co pay a dividend?
Cincon Electronics Co currently shows a dividend yield of about 3.13% relative to its recent price (as of Jul 23, 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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