Niching Industrial (3444) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Niching Industrial TWD 44.48, price TWD 80.30, upside -44.6%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 27.27 TWD – 136.00 TWD · fair‑value band 33.21 TWD – 55.26 TWD · the 80.30 TWD price screens above the 44.48 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Niching Industrial Corporation manufactures, markets and sells semiconductor, flat panel display, LED, green energy, and nanotechnology products.
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Niching Industrial Corporation manufactures, markets and sells semiconductor, flat panel display, LED, green energy, and nanotechnology products. It provides silver pastes products, including customized silver paste, pure and hybrid silver sintering paste, snap cure anisotropic conductive paste, conductive silver paste, and screen-printing silver paste; semiconductor package substrate, such as memory and system IC; and vacuum valves comprising butterfly, pendulum, gate, and anti-fouling angle valve. The company also offers heat sink, lead frame_QFN, capillary; wedge, machine tool, and daisy chain, reclaim, Al coating, and dummy wafer; hub blades, resin blades, and grinding wheels; cutting tools, including hub and resin blades and griding wheels; chip trays, ABS reels, and emboss spacers for the LCD industry. It provides solutions for IC heat-dissipation, silver paste customization, automative, vacuum control, and package and testing. The company was founded in 1982 and is headquartered in Taichung, Taiwan.
Stock analysis
Niching Industrial (3444) currently trades at 80.30 TWD, while our model-based Fair Value estimate is 44.48 TWD, implying the stock looks roughly 80.5% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 53.71 TWD per share, and 0 of the 26 models we run sit above the 80.30 TWD price.
Bear case: the Asset-Based group reads lowest at 16.07 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 33.21 TWD (bear) to 55.26 TWD (bull), the price of 80.30 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 63/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Niching Industrial reported revenue of 1.3B TWD in FY2025 versus 1.2B TWD in FY2021, a compound +1.1%/yr. Reported net income was 96.6M TWD in FY2025, compounding −7.9%/yr from FY2021.
Key figures
Market cap 3.6B TWD (≈ $113M) · P/E ratio 37.5 · P/S ratio 2.84 · EPS (TTM) 2.14 TWD · Dividend yield 2.2% · Net margin 7.6% · Return on equity 7.8% · Return on assets (EBIT) 9.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 61% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at −45%, 3444 screens richer than that median.
Fair Value models
Bear 33.21 TWDFair Value 44.48 TWDBull 55.26 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 (0.2496 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.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+10.5%
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.
+6.3%
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.
+5.7%
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.
+4.4%
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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.
−2.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.3%
Dividend (yield on the price)2.2%
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.13% → 6%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+23.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +21.4% 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.Semiconductor Equipment & Materials · 219 stocks
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). "Niching Industrial Fair Value". https://www.fairvalue-calculator.com/stock/3444
Frequently asked questions
Is Niching Industrial (3444) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 44.48 TWD versus a price of 80.30 TWD, about −45% upside (overvalued).
What is the fair value of 3444?
Our model-based fair value for Niching Industrial is 44.48 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 80.30 TWD.
What is the quality score of 3444?
Niching Industrial has a Quality Score of 63/100. 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 Niching Industrial (3444)?
Our model-based price target is the fair value of 44.48 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 33.21 TWD, optimistic scenario 55.26 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Niching Industrial stock forecast for 2026?
Our models put fair value at 44.48 TWD, about −45% upside versus a price of 80.30 TWD (overvalued). Cautious scenario 33.21 TWD, optimistic scenario 55.26 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Niching Industrial (3444)?
Niching Industrial reported trailing-twelve-month revenue of about 1.3B TWD (latest available figure, as of Sep 24, 2026).
Does Niching Industrial pay a dividend?
Niching Industrial currently shows a dividend yield of about 2.24% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Niching Industrial (3444)?
For today's price to be fair in a discounted-cash-flow model, Niching Industrial would have to grow free cash flow by +23.3 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3444 use?
Our models discount Niching Industrial at 11.9 %: a base by market capitalisation (micro), damped by beta 0.58, 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 Niching Industrial that is +23.3 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Niching Industrial (3444) delivered so far?
Over the past 5 years revenue at Niching Industrial grew +5.7 % a year. The price currently implies +23.3 % per year free-cash-flow growth a 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 Niching Industrial (3444) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Niching Industrial (+23.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Niching Industrial (3444)?
The free-cash-flow yield on the price is 2.89 %: that much free cash flow Niching Industrial produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Niching Industrial (3444)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Niching Industrial it is 44.48 TWD per share (as of Sep 24, 2026), against a price of 80.30 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Niching Industrial stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3444 trades above its calculated fair value: price 80.30 TWD, fair value 44.48 TWD, a gap of about −45% (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 3444?
No. The price is what the market pays today (80.30 TWD); the fair value is what the company's own numbers justify (44.48 TWD). For Niching Industrial the two are 35.82 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Niching Industrial worth?
The market values Niching Industrial at about 3.6B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 80.30 TWD; our models calculate a fair value of 44.48 TWD per share.
What do the bullish and bearish scenarios say about 3444?
Our models span a range for Niching Industrial: cautious scenario 33.21 TWD, base 44.48 TWD, optimistic 55.26 TWD per share (as of Sep 24, 2026, price 80.30 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3444?
Niching Industrial trades at a price-to-earnings ratio of 37.5 (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 44.48 TWD is built from several models across several years. Other multiples: P/B 3.3, P/S 2.8, EV/EBITDA 40.4.
How solid is the balance sheet of Niching Industrial (3444)?
Balance-sheet figures for Niching Industrial (as of Sep 24, 2026): return on equity 7.8%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 3444 from its 52-week high?
Niching Industrial trades at 80.30 TWD, about 32% below its 52-week high of 117.50 TWD and 61% above the low of 49.85 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 44.48 TWD is for.
Which stocks are comparable to Niching Industrial?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA 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 Niching Industrial stock attractive at the current price?
The data as of Sep 24, 2026: price 80.30 TWD, calculated fair value 44.48 TWD (−45%), Quality Score 63/100, from 26 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 3444 calculated?
We run Niching Industrial through 26 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 44.48 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 13.0 % above its aggregate fair value. Niching Industrial 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 Niching Industrial (3444)?
The closing price on Sep 24, 2026 was 80.30 TWD. Our model-based fair value is 44.48 TWD, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Niching Industrial right now?
The price sits above even our optimistic bull case (55.26 TWD). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Niching Industrial
How large is the market capitalisation of Niching Industrial (3444)?
The market capitalisation of Niching Industrial is 3.6B TWD (≈ $113M). 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 Niching Industrial (3444)?
The price-to-sales ratio of Niching Industrial is 2.84 (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 Niching Industrial (3444)?
Earnings per share at Niching Industrial are 2.14 TWD (price ÷ EPS = P/E 37.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Niching Industrial (3444)?
The dividend yield of Niching Industrial is 2.2% (payout 84.1%). 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 Niching Industrial (3444)?
The net margin of Niching Industrial is 7.6% (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 Niching Industrial (3444)?
The return on equity (ROE) of Niching Industrial is 7.8% (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 Niching Industrial (3444)?
On an EBIT basis the return on assets of Niching Industrial is 9.4% (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 Niching Industrial (3444)?
The operating margin of Niching Industrial is 3.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Niching Industrial (3444)?
Revenue at Niching Industrial is growing +4.9% versus a year earlier (3y avg +6.3%). 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 Niching Industrial (3444)?
Earnings per share at Niching Industrial are growing −48.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Niching Industrial (3444) hold?
Niching Industrial holds more cash than debt, 389M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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