Topco Technologies (3388) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Topco Technologies stock TWD 76.00, price TWD 68.10, upside +11.6%, quality 68 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 60.30 TWD – 121.00 TWD · fair‑value band 59.29 TWD – 88.91 TWD · the 68.10 TWD price screens below the 76.00 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Topco Technologies Corp. engages in the distribution and sales of silicone products in Taiwan and internationally.
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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.
Stock analysis
Topco Technologies (3388) currently trades at 68.10 TWD, while our model-based Fair Value estimate is 76.00 TWD, implying the stock looks roughly 10% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 88.99 TWD per share, and 16 of the 24 models we run sit above the 68.10 TWD price.
Bear case: the Dividend Discount group reads lowest at 26.58 TWD, and 8 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: 59.29 TWD (bear) to 88.91 TWD (bull), the price of 68.10 TWD sits inside 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 68/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Topco Technologies 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.
Key figures
Market cap 5.0B TWD (≈ $154M) Micro · P/E ratio 13.4 · P/S ratio 0.63 · EPS (TTM) 5.08 TWD · Dividend yield 5.1% · Net margin 5.2% · Return on equity 9.3% · Return on assets (EBIT) 7.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at 12%, 3388 screens cheaper than that median.
Fair Value models
Bear59.29 TWDFair Value 76.00 TWDBull88.91 TWD
Price 68.10 TWD · Upside +11.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.35 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.7%
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.
−5.4%
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.
−1.4%
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.
−0.5%
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What shareholders gained per year (last 5 years), in TWD ⓘ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 5 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. 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.
+0.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.8%
Dividend (yield on the price)5.1%
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.6% → 6%
⚠ Revenue per share shrinking 2.8%/yr over ~6Y (margins eroding too) ⓘ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.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −2.9% a year for the price.
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 Chemicals · 728 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+11.6% · Above median
Profitability
Return on equity (12 months)9.3% · Above median
Return on assets4.6% · Above median
Net margin (12 months)5.2% · Below median
Operating margin (12 months)9.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)24.0% · Above median
Dividend yield (12 months)5.1% · Top 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)13.4× · Cheaper than median
P/B1.09× · Cheaper than median
P/S (12 months)0.63× · Cheapest 25%
Price / free cash flow (fiscal year)13.7× · Cheaper than median
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). "Topco Technologies Fair Value". https://www.fairvalue-calculator.com/stock/3388
Frequently asked questions
Is Topco Technologies (3388) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 76.00 TWD versus a price of 68.10 TWD, about +12% upside (undervalued).
What is the fair value of 3388?
Our model-based fair value for Topco Technologies is 76.00 TWD (as of Nov 8, 2026), built from audited fundamentals. The current price: 68.10 TWD.
What is the quality score of 3388?
Topco Technologies has a Quality Score of 68/100. 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 Topco Technologies (3388)?
Our model-based price target is the fair value of 76.00 TWD (as of Nov 8, 2026) from 24 valuation models. Cautious scenario 59.29 TWD, optimistic scenario 88.91 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Topco Technologies stock forecast for 2026?
Our models put fair value at 76.00 TWD, about +12% upside versus a price of 68.10 TWD (undervalued). Cautious scenario 59.29 TWD, optimistic scenario 88.91 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Topco Technologies (3388)?
Topco Technologies reported trailing-twelve-month revenue of about 8.1B TWD (latest available figure, as of Nov 8, 2026).
Does Topco Technologies pay a dividend?
Topco Technologies currently shows a dividend yield of 5.14% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Topco Technologies (3388) and when is the ex-dividend date?
Topco Technologies pays a dividend of 3.50 TWD per share a year, a dividend yield of 5.1%. The last ex-dividend date was Jun 23, 2026. A dividend has been paid every year since at least 2008. The payout ratio is 68.9% of earnings. Free cash flow covers the dividend 1.42 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Topco Technologies (3388)?
For today's price to be fair in a discounted-cash-flow model, Topco Technologies would have to grow free cash flow by -1.3 % per year for five years (discount rate 12.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.4 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of 3388 use?
Our models discount Topco Technologies at 12.8 %: a base by market capitalisation (micro), damped by beta 0.84, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Topco Technologies that is -1.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.8 %) and the same formula as our fair value.
How much growth has Topco Technologies (3388) delivered so far?
Over the past 5 years revenue at Topco Technologies grew -1.4 % a year. The price currently implies free-cash-flow growth of -1.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Topco Technologies (3388) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Topco Technologies (-1.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Topco Technologies (3388)?
The free-cash-flow yield on the price is 7.32 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Topco Technologies produces per unit of market value. When it exceeds the discount rate of our models (12.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Topco Technologies (3388)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Topco Technologies it is 76.00 TWD per share (as of Nov 8, 2026), against a price of 68.10 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Topco Technologies stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 3388 trades below its calculated fair value: price 68.10 TWD, fair value 76.00 TWD, a gap of about +12% (undervalued). 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 3388?
No. The price is what the market pays today (68.10 TWD); the fair value is what the company's own numbers justify (76.00 TWD). For Topco Technologies the two are 7.90 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Topco Technologies worth?
The market values Topco Technologies at about 5.0B TWD (market capitalisation, as of Nov 8, 2026). Per share that is 68.10 TWD; our models calculate a fair value of 76.00 TWD per share.
What do the bullish and bearish scenarios say about 3388?
Our models span a range for Topco Technologies: cautious scenario 59.29 TWD, base 76.00 TWD, optimistic 88.91 TWD per share (as of Nov 8, 2026, price 68.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3388?
Topco Technologies trades at a price-to-earnings ratio of 13.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 76.00 TWD is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings: 13.3. Other multiples: P/B 1.1, P/S 0.6, EV/EBITDA 4.6.
How solid is the balance sheet of Topco Technologies (3388)?
Balance-sheet figures for Topco Technologies (as of Nov 8, 2026): return on equity 9.3%, debt of 0.15 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 3388 from its 52-week high?
Topco Technologies trades at 68.10 TWD, about 44% below its 52-week high of 121.00 TWD and 11% above the low of 61.20 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 76.00 TWD is for.
Which stocks are comparable to Topco Technologies?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics 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 Topco Technologies stock attractive at the current price?
The data as of Nov 8, 2026: price 68.10 TWD, calculated fair value 76.00 TWD (+12%), Quality Score 68/100, from 24 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 3388 calculated?
We run Topco Technologies through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 76.00 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Topco Technologies currently trades 10% below its own fair value, and the market average says nothing about that. 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 Topco Technologies (3388)?
The closing price on Nov 6, 2026 was 68.10 TWD. Our model-based fair value is 76.00 TWD, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Topco Technologies right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Topco Technologies
How large is the market capitalisation of Topco Technologies (3388)?
The market capitalisation of Topco Technologies is 5.0B TWD (≈ $154M). 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 Topco Technologies (3388)?
The price-to-sales ratio of Topco Technologies is 0.63 (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 Topco Technologies (3388)?
Earnings per share at Topco Technologies are 5.08 TWD (price ÷ EPS = P/E 13.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Topco Technologies (3388)?
The dividend yield of Topco Technologies is 5.1% (payout 68.9%). 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 Topco Technologies (3388)?
The net margin of Topco Technologies is 5.2% (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 Topco Technologies (3388)?
The return on equity (ROE) of Topco Technologies is 9.3% (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 Topco Technologies (3388)?
On an EBIT basis the return on assets of Topco Technologies is 7.8% (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 Topco Technologies (3388)?
The operating margin of Topco Technologies is 9.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Topco Technologies (3388)?
Revenue at Topco Technologies is growing +24.0% versus a year earlier (3y avg −5.4%). 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 Topco Technologies (3388)?
Earnings per share at Topco Technologies are growing +129% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Nov 8, 2026