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Topco Technologies Corp (3388) Fair Value & Analysis

Basic Materials · TW · Market cap 5.4B TWD

TT Topco Technologies Corp 3388 · TWO
Price73.10 TWD
Fair Value70.59 TWD
Upside-3.4%
Quality67/100
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Weak Growth
Thin margins · 4.3% net margin
Low debt · generates free cash flow
4.70% dividend yield
Ranks above peers (11/14)
Narrow moat 36/100
Evidence: High Range 52.94 TWD – 88.24 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −10.5% 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 52.94 TWD (bear) to 88.24 TWD (bull), base 70.59 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 67/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

121.00 TWD 60.08 TWD Fair Value 70.59 TWD Mar 2021 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 60.08 TWD – 121.00 TWD · fair‑value band 52.94 TWD – 88.24 TWD · the 73.10 TWD price screens above the 70.59 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Topco Technologies Corp (3388) currently trades at 73.10 TWD, while our model-based Fair Value estimate is 70.59 TWD, implying the stock looks roughly 3.4% fairly valued today. The Quality Score stands at 67/100 (solid quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Topco Technologies Corp generated revenue of 7.6B TWD at a net margin of 4.3%. Revenue grew 12.9% year over year. It earns a return on equity of 7.2%. The stock trades on a trailing P/E of 25.0. Fundamentals as of Jul 23, 2026

Our scenario range runs from 52.94 TWD (bear case) to 88.24 TWD (bull case); at 73.10 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 44% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at -3%, 3388 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 77.78 TWD 94.05 TWD 120.99 TWD 80
Residual Income 49.80 TWD 52.21 TWD 54.14 TWD 76
Rev-Margin DCF 79.05 TWD 104.06 TWD 134.58 TWD 74
All 24 models by family
DCF Models
FCF DCF 75.83 TWD 92.71 TWD 123.01 TWD 38
Owner Earnings 74.97 TWD 91.54 TWD 121.27 TWD 31
5Y Revenue Exit 79.05 TWD 102.94 TWD 137.68 TWD 39
5Y EBITDA Exit 74.81 TWD 95.60 TWD 123.14 TWD 41
5Y P/E Exit 75.33 TWD 96.49 TWD 121.80 TWD 38
10Y Revenue Exit 75.99 TWD 93.35 TWD 112.07 TWD 36
10Y EBITDA Exit 74.88 TWD 88.92 TWD 103.73 TWD 37
10Y P/E Exit 75.19 TWD 89.45 TWD 102.97 TWD 35
Earnings-Based
Graham-Dodd 28.24 TWD 34.51 TWD 38.83 TWD 54
EPV 68.81 TWD 74.99 TWD 80.32 TWD 59
Dividend Discount
Gordon GGM 30.74 TWD 33.50 TWD 37.68 TWD 70
DDM Multi-Stage 30.74 TWD 37.98 TWD 47.87 TWD 61
Multiples
P/E Multiple 52.94 TWD 70.59 TWD 88.24 TWD 63
P/S Multiple 52.94 TWD 70.59 TWD 88.24 TWD 58
P/B Multiple 52.94 TWD 70.59 TWD 88.24 TWD 55
EV/EBIT 94.49 TWD 116.10 TWD 137.71 TWD 53
EV/EBITDA 81.62 TWD 98.93 TWD 116.25 TWD 54
EV/Revenue 85.85 TWD 109.93 TWD 134.01 TWD 43
Asset-Based
NCAV (Graham) 31.12 TWD 41.70 TWD 62.25 TWD 50
Growth DCF
Growth DCF 77.78 TWD 94.05 TWD 120.99 TWD 80
Rev-Margin DCF 79.05 TWD 104.06 TWD 134.58 TWD 74
Economic Profit
Residual Income 49.80 TWD 52.21 TWD 54.14 TWD 76
ROIC Compounder 68.81 TWD 76.30 TWD 84.20 TWD 72
Growth Earnings
Growth-Adj P/E 37.72 TWD 53.88 TWD 70.05 TWD 68

Widest divergence: Growth DCF (94.05 TWD) versus Dividend Discount (33.50 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 7.6B TWD
Revenue growth (YoY) +12.9%
Net margin 4.3%
Return on equity 7.2%
Free cash flow 369M TWD FY2025
P/E ratio 25.0
More key figures
Operating margin 6.2%
EPS (TTM) 3.75 TWD
Dividend yield 4.7%
EPS growth (YoY) +25.1%

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 67 · Market factors (momentum, volatility) 47

Profitability 44
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 35
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

Topco Technologies Corp. engages in the distribution and sales of silicone products in Taiwan and internationally. It provides silicone and modifies silicone oil, foaming and release agent, fiber treatment agent, defoamer, cosmetic raw material, and water-based and paint additive; and anti-fouling additive, paper release agent, flameretardant, silicone PSA …

Full company description

Topco Technologies Corp. engages in the distribution and sales of silicone products in Taiwan and internationally. It provides silicone and modifies silicone oil, foaming and release agent, fiber treatment agent, defoamer, cosmetic raw material, and water-based and paint additive; and anti-fouling additive, paper release agent, flameretardant, silicone PSA and resin, coupling agent, organic silicone powder, antistatic agent, silicate compound, estone, and acrylic adhesive, as well as resins for non-silicone release agent. The company also provides solid and liquid silicone rubber, polymer conductive polymer ink, microsphere, PTFE membrane, silicone production machinery, and view/light path control film products; and touch panel related material, epoxy resin, RTV I, RTV II, LED, grease, MS-RTV, thermal grease, gap pad/thermal pal, and thermal gel/gap filler products. In addition, it offers sealant and other adhesive products. The company was founded in 1981 and is based in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Topco Technologies Corp reported revenue of 7.4B TWD in FY2025 versus 9.4B TWD in FY2021, a compound −6.0%/yr. Reported net income was 308M TWD in FY2025, compounding −15.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
7.4B TWD
Latest YoY
−2.7%
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.
−5.4%
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.
−1.4%
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.
−0.5%
Revenue −6.0%/yr
FY21 9.4B TWD
FY22 8.7B TWD
FY23 7.0B TWD
FY24 7.6B TWD
FY25 7.4B TWD
Net income −15.2%/yr
FY21 595M TWD
FY22 466M TWD
FY23 261M TWD
FY24 303M TWD
FY25 308M TWD

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Cite: Fair Value Calculator (2026). "Topco Technologies Corp Fair Value". https://www.fairvalue-calculator.com/stock/3388

Peer Group

Specialty Chemicals · 673 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 67 · Top 25%
Fair Value upside −3% · Above median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 6% · Below median
Revenue growth 13% · Above median
Dividend yield (TTM) 4.7% · Top 25%
Debt / equity 0.15× · Higher than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 19.6× · Cheaper than median
P/B 1.18× · Cheaper than median
P/S (TTM) 0.72× · Cheaper than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 6.5× · Cheaper than 75% of peers

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 29 · sector 0
FUTURE 65 · sector 19
PAST 29 · sector 23
HEALTH 93 · sector 95
DIVIDEND 94 · 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 Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $489.98 $222.03 -55%
Nan Ya Plastics Corporation 1303 181.50 TWD 255.83 TWD +41%
Wanhua Chemical Group 600309 ¥70.04 ¥68.03 -3%
Novozymes A/S NSISB kr 428.20 kr 179.66 -58%
Asian Paints Limited ASIANPAINT ₹2,689 ₹668.81 -75%
Solar Industries India Limited SOLARINDS ₹18,236 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,560 ₹351.84 -77%
PT Chandra Asri Pacific Tbk TPIA 1,805 IDR 2,888 IDR +60%
Linde India Limited LINDEINDIA ₹7,115 ₹757.93 -89%
Berger Paints India Limited BERGEPAINT ₹493.70 ₹164.29 -67%

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Frequently asked questions

Is Topco Technologies Corp (3388) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 70.59 TWD versus a price of 73.10 TWD, about −3% (fairly valued).
What is the fair value of 3388?
Our model-based fair value for Topco Technologies Corp is 70.59 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 73.10 TWD.
What is the quality score of 3388?
Topco Technologies Corp has a Quality Score of 67/100. 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 Topco Technologies Corp (3388)?
Topco Technologies Corp reported trailing-twelve-month revenue of about 7.6B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 3388?
The net profit margin of Topco Technologies Corp is about 4.3%, meaning it keeps roughly 4.3% of revenue as net income. Based on the latest reported figures.
Does Topco Technologies Corp pay a dividend?
Topco Technologies Corp currently shows a dividend yield of about 3.95% 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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