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Forcecon Technology Co (3483) Fair Value & Analysis

Technology · TW · Market cap 7.6B TWD

FT Forcecon Technology Co 3483 · TWO
Price74.00 TWD
Fair Value64.09 TWD
Upside-13.4%
Quality50/100
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Healthy Growth
Thin margins · 4.1% net margin
Low debt · generates free cash flow
3.82% dividend yield
Mixed vs. peers (6/14)
Narrow moat 32/100
Evidence: High Range 48.07 TWD – 80.12 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −14.2% over the past month.

A solid business, but screening 13% overvalued on our models.

What matters now

  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 48.07 TWD (bear) to 80.12 TWD (bull), base 64.09 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 50/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

185.68 TWD 33.72 TWD Fair Value 64.09 TWD Feb 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 33.72 TWD – 185.68 TWD · fair‑value band 48.07 TWD – 80.12 TWD · the 74.00 TWD price screens above the 64.09 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Forcecon Technology Co (3483) currently trades at 74.00 TWD, while our model-based Fair Value estimate is 64.09 TWD, implying the stock looks roughly 13.4% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Technology 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, Forcecon Technology Co generated revenue of 9.2B TWD at a net margin of 4.1%. Revenue grew 13.1% year over year. It earns a return on equity of 8.1%. The balance sheet holds a net cash position of 321M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 48.07 TWD (bear case) to 80.12 TWD (bull case); at 74.00 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 38% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -33% fair-value upside, at -13%, 3483 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 39.28 TWD 55.19 TWD 79.63 TWD 80
Residual Income 41.29 TWD 43.84 TWD 47.05 TWD 76
Rev-Margin DCF 39.99 TWD 58.26 TWD 80.65 TWD 74
All 26 models by family
DCF Models
FCF DCF 39.24 TWD 56.07 TWD 82.53 TWD 38
Owner Earnings 56.81 TWD 85.02 TWD 129.39 TWD 31
5Y Revenue Exit 39.99 TWD 58.55 TWD 83.07 TWD 39
5Y EBITDA Exit 72.51 TWD 122.60 TWD 184.11 TWD 41
5Y P/E Exit 55.70 TWD 89.50 TWD 126.89 TWD 38
10Y Revenue Exit 38.59 TWD 55.57 TWD 80.11 TWD 36
10Y EBITDA Exit 60.14 TWD 100.30 TWD 159.26 TWD 37
10Y P/E Exit 49.45 TWD 77.18 TWD 114.44 TWD 35
Earnings-Based
Graham-Dodd 25.64 TWD 100.49 TWD 136.40 TWD 54
Lynch FV 24.76 TWD 35.36 TWD 45.97 TWD 50
PEG = 1.0 24.76 TWD 35.36 TWD 45.97 TWD 46
EPV 31.27 TWD 34.11 TWD 36.56 TWD 59
Dividend Discount
Gordon GGM 27.00 TWD 53.80 TWD 81.47 TWD 70
DDM Multi-Stage 27.00 TWD 46.50 TWD 56.79 TWD 61
Multiples
P/E Multiple 56.55 TWD 75.40 TWD 94.26 TWD 63
P/S Multiple 48.07 TWD 64.09 TWD 80.12 TWD 58
P/B Multiple 48.07 TWD 64.09 TWD 80.12 TWD 55
EV/EBIT 54.78 TWD 68.61 TWD 82.45 TWD 53
EV/EBITDA 98.28 TWD 126.61 TWD 154.94 TWD 54
EV/Revenue 41.26 TWD 53.25 TWD 65.23 TWD 43
Asset-Based
NCAV (Graham) 25.26 TWD 33.84 TWD 50.51 TWD 50
Growth DCF
Growth DCF 39.28 TWD 55.19 TWD 79.63 TWD 80
Rev-Margin DCF 39.99 TWD 58.26 TWD 80.65 TWD 74
Economic Profit
Residual Income 41.29 TWD 43.84 TWD 47.05 TWD 76
ROIC Compounder 31.27 TWD 34.11 TWD 36.56 TWD 72
Growth Earnings
Growth-Adj P/E 42.90 TWD 61.28 TWD 79.67 TWD 68

Widest divergence: DCF Models (77.18 TWD) versus Asset-Based (33.84 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 9.2B TWD
Revenue growth (YoY) +13.1%
Net margin 4.1%
Return on equity 8.1%
Free cash flow 221M TWD FY2025
P/E ratio 21.1
More key figures
Operating margin 1.2%
EPS (TTM) 3.69 TWD
Dividend yield 3.8%
EPS growth (YoY) +241%
Net cash 321M TWD FY2023

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

Quality Score breakdown

Overall quality 50/100

Of which business quality 52 · Market factors (momentum, volatility) 24

Profitability 41
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 56
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

Forcecon Technology Co., Ltd. engages in the research, development, production, and sale of thermal management products in Taiwan and internationally. The company offers axial and blower fans; cold plate liquid cooling products; heat pipes; immersion cooling systems; slim vapor chambers; thermal modules; and vapor chambers.

Full company description

Forcecon Technology Co., Ltd. engages in the research, development, production, and sale of thermal management products in Taiwan and internationally. The company offers axial and blower fans; cold plate liquid cooling products; heat pipes; immersion cooling systems; slim vapor chambers; thermal modules; and vapor chambers. Its products are used in automotive, battery charging and storage, consumer/commercial electronics, datacenter, medical, networking, notebook, semiconductor, server, smartphones, and VGA. The company was founded in 1997 and is based in Zhubei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Forcecon Technology Co reported revenue of 9.0B TWD in FY2025 versus 7.8B TWD in FY2021, a compound +3.6%/yr. Reported net income was 370M TWD in FY2025, compounding −2.0%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
9.0B TWD
Latest YoY
+0.0%
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.
+6.7%
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.
+9.0%
Avg. growth/yr (16Y) 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.
+6.0%
Revenue +3.6%/yr
FY21 7.8B TWD
FY22 7.4B TWD
FY23 8.3B TWD
FY24 9.0B TWD
FY25 9.0B TWD
Net income −2.0%/yr
FY21 400M TWD
FY22 499M TWD
FY23 636M TWD
FY24 697M TWD
FY25 370M TWD

3483 screens 13% overvalued. Compare with TD SYNNEX Corporation →

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Cite: Fair Value Calculator (2026). "Forcecon Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/3483

Peer Group

Electronics & Computer Distribution · 151 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 50 · Below median
Fair Value upside −13% · Above median
Return on equity (TTM) 8% · Below median
Return on assets 2% · Below median
Net margin (TTM) 4% · Top 25%
Operating margin (TTM) 1% · Below median
Revenue growth 13% · Above median
Dividend yield (TTM) 3.8% · Above median
Debt / equity 0.06× · Higher than median

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 21.1× · Pricier than median
P/B 1.54× · Pricier than median
P/S (TTM) 0.83× · Pricier than 75% of peers
P/FCF 1.1× · Cheaper than median
EV/EBITDA 7.3× · 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 15 · sector 14
FUTURE 66 · sector 57
PAST 32 · sector 36
HEALTH 97 · sector 98
DIVIDEND 76 · sector 39

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 Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $251.52 $207.02 -18%
Unisplendour Corporation 000938 ¥38.59 ¥11.79 -69%
Rexel S.A RXL €38.59 €33.31 -14%
Arrow Electronics, Inc ARW $204.10 $115.40 -43%
Avnet, Inc AVT $87.13 $58.57 -33%
WPG Holdings 3702 106.50 TWD 102.31 TWD -4%
Shenzhen Huaqiang Industry Co 000062 ¥22.37 ¥7.52 -66%
Synnex Technology International Corporation 2347 85.30 TWD 86.30 TWD +1%
Nanjing Sunlord Electronics Corporation 300975 ¥37.37 ¥8.60 -77%
Beijing Tricolor Technology Co 603516 ¥106.52 ¥23.39 -78%

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Frequently asked questions

Is Forcecon Technology Co (3483) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 64.09 TWD versus a price of 74.00 TWD, about −13% (overvalued).
What is the fair value of 3483?
Our model-based fair value for Forcecon Technology Co is 64.09 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 74.00 TWD.
What is the quality score of 3483?
Forcecon Technology Co has a Quality Score of 50/100. 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 Forcecon Technology Co (3483)?
Forcecon Technology Co reported trailing-twelve-month revenue of about 9.2B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 3483?
The net profit margin of Forcecon Technology Co is about 4.1%, meaning it keeps roughly 4.1% of revenue as net income. Based on the latest reported figures.
Does Forcecon Technology Co pay a dividend?
Forcecon Technology Co currently shows a dividend yield of about 3.30% 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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