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EFUN Technology Co.,Ltd (3523) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of EFUN Technology Co.,Ltd TWD 4.29, price TWD 14.95, upside -71.3%, quality 17 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · TW

ET Thin data Sep 24, 2026

EFUN Technology Co.,Ltd

3523 · TWO

Weakest SetupStrongly overvalued and low quality.

!Fair value 4.29 TWD · Strongly overvalued (−71%)
!Quality 17/100
!Weak Growth (revenue 5y −16.1 %/yr)
!Loss-making · -104.8% net margin (TTM)
!High debt · negative free cash flow
!Trails peers (2/9)
!Narrow moat 5/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

29.25 TWD 9.70 TWD Fair Value 4.29 TWD Apr 2021 Sep 2026

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 9.70 TWD – 29.25 TWD · fair‑value band 3.20 TWD – 6.40 TWD · the 14.95 TWD price screens above the 4.29 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

EFUN Technology Co.,Ltd manufactures and sells various optical products in Taiwan.

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EFUN Technology Co.,Ltd manufactures and sells various optical products in Taiwan. The company's products include quantum-dot films, 2D/3D home projection screens, ITO transparent conductive films, surface structure diffusion membranes, anti-fog films, anti-blue light films, NCVM surface decorative films, water blocking films, anti-reflective films, nano silver antibacterial films, anti-electromagnetic wave films, screen protectors/writing films, and light control films/privacy films, as well as anti-bacterial and anti-splash protective gears. It also offers optical coating and electron optical components; film roll-to-roll precision slitting and cutting OEM services; and engages in solar photovoltaic construction. The company was incorporated in 1998 and is headquartered in Tainan City, Taiwan.

Stock analysis

EFUN Technology Co.,Ltd (3523) currently trades at 14.95 TWD, while our model-based Fair Value estimate is 4.29 TWD, implying the stock looks roughly 248.4% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the evidence level at low.

Scenario range: 3.20 TWD (bear) to 6.40 TWD (bull), the price of 14.95 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 17/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

EFUN Technology Co.,Ltd reported revenue of 107M TWD in FY2025 versus 296M TWD in FY2021, a compound −22.5%/yr. Reported net income was −92.9M TWD in FY2025.

Key figures

Market cap 961M TWD (≈ $30.2M) · P/S ratio 9.98 · EPS (TTM) −1.45 TWD · Net margin −87.1% · Return on equity −21.0% · Return on assets (EBIT) −8.3% · Operating margin −220% · Revenue (TTM) 90.1M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (medium confidence).

What moves the price

The share trades about 36% below its 52-week high and 51% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at −71%, 3523 screens richer than that median.

Fair Value models

Bear 3.20 TWD Fair Value 4.29 TWD Bull 6.40 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. 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.
Highest evidence
NCAV (Graham) 3.31 TWD 4.44 TWD 6.63 TWD 54
All 1 models by family
Asset-Based
NCAV (Graham) 3.31 TWD 4.44 TWD 6.63 TWD 54

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Quality Score breakdown

Overall quality 17/100

Of which business quality 19 · Market factors (momentum, volatility) 35

Profitability 0
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 72
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−42.2%
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.
−11.0%
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.
−16.1%
Start year 2020 (pandemic). Over 10 years: −19.2% a year
Revenue growth 21 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.
−7.4%
Profit margin (trend) ⓘ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.
−32.0% (2020) → −122.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

3523 screens 248% overvalued. Compare with Amphenol Corporation →

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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.Electronic Components · 653 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 19 · Bottom 25%
Fair Value upside −71% · Bottom 25%
Profitability
Return on assets −5% · Bottom 25%
Net margin (TTM) −105% · Bottom 25%
Growth and dividend
Revenue growth −56% · Bottom 25%
Balance sheet
Debt / equity 2.11× · Highest 25%

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/B 0.07× · Cheapest 25%
P/S (TTM) 0.34× · Cheapest 25%

Context: sector, industry, market

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

Similar stocks

10 more Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Amphenol Corporation APH $82.84 $91.12 +10%
Delta Electronics, Inc 2308 1,910 TWD 519.57 TWD −73%
Corning Incorporated GLW $159.69 $34.01 −79%
Hon Hai Precision Industry Co 2317 250.50 TWD 293.80 TWD +17%
Luxshare Precision Industry Co 002475 ¥54.84 ¥18.55 −66%
Samsung Electro-Mechanics Co 009150 1,507,000 KRW 171,572 KRW −89%
Suzhou Dongshan Precision Manufacturing Co 002384 ¥198.12 ¥21.19 −89%
TE Connectivity plc TEL $213.48 $140.75 −34%
Elite Material Co 2383 5,050 TWD 800.51 TWD −84%
Yageo Corporation 2327 580.00 TWD 527.64 TWD −9%

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EFUN Technology Co.,Ltd · Fair Value
4.29 TWD −248%Fair Value
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Cite: Fair Value Calculator (2026). "EFUN Technology Co.,Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3523

Frequently asked questions

Is EFUN Technology Co.,Ltd (3523) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4.29 TWD versus a price of 14.95 TWD, about −71% upside (overvalued).
What is the fair value of 3523?
Our model-based fair value for EFUN Technology Co.,Ltd is 4.29 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 14.95 TWD.
What is the quality score of 3523?
EFUN Technology Co.,Ltd has a Quality Score of 17/100. 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 EFUN Technology Co.,Ltd (3523)?
Our model-based price target is the fair value of 4.29 TWD (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 3.20 TWD, optimistic scenario 6.40 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the EFUN Technology Co.,Ltd stock forecast for 2026?
Our models put fair value at 4.29 TWD, about −71% upside versus a price of 14.95 TWD (overvalued). Cautious scenario 3.20 TWD, optimistic scenario 6.40 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of EFUN Technology Co.,Ltd (3523)?
EFUN Technology Co.,Ltd reported trailing-twelve-month revenue of about 90.1M TWD (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of EFUN Technology Co.,Ltd (3523)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For EFUN Technology Co.,Ltd it is 4.29 TWD per share (as of Sep 24, 2026), against a price of 14.95 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is EFUN Technology Co.,Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3523 trades above its calculated fair value: price 14.95 TWD, fair value 4.29 TWD, a gap of about −71% (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 3523?
No. The price is what the market pays today (14.95 TWD); the fair value is what the company's own numbers justify (4.29 TWD). For EFUN Technology Co.,Ltd the two are 10.66 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is EFUN Technology Co.,Ltd worth?
The market values EFUN Technology Co.,Ltd at about 961M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 14.95 TWD; our models calculate a fair value of 4.29 TWD per share.
What do the bullish and bearish scenarios say about 3523?
Our models span a range for EFUN Technology Co.,Ltd: cautious scenario 3.20 TWD, base 4.29 TWD, optimistic 6.40 TWD per share (as of Sep 24, 2026, price 14.95 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of EFUN Technology Co.,Ltd (3523)?
Balance-sheet figures for EFUN Technology Co.,Ltd (as of Sep 24, 2026): return on equity −21.0%, debt of 2.11 per unit of equity. They feed the Quality Score of 17/100, which measures business quality independently of the share price.
How far is 3523 from its 52-week high?
EFUN Technology Co.,Ltd trades at 14.95 TWD, about 36% below its 52-week high of 23.25 TWD and 51% above the low of 9.91 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 4.29 TWD is for.
Which stocks are comparable to EFUN Technology Co.,Ltd?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 EFUN Technology Co.,Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 14.95 TWD, calculated fair value 4.29 TWD (−71%), Quality Score 17/100, from 1 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 3523 calculated?
We run EFUN Technology Co.,Ltd through 1 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 4.29 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 13.2 % above its aggregate fair value. EFUN Technology Co.,Ltd 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 EFUN Technology Co.,Ltd (3523)?
The closing price on Sep 24, 2026 was 14.95 TWD. Our model-based fair value is 4.29 TWD, about −71% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with EFUN Technology Co.,Ltd right now?
The price sits above even our optimistic bull case (6.40 TWD). The favourable scenario is already priced in. Weak quality (17/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (3.20 TWD to 6.40 TWD) leaves room in how you read the outcome.

Key figures of EFUN Technology Co.,Ltd

How large is the market capitalisation of EFUN Technology Co.,Ltd (3523)?
The market capitalisation of EFUN Technology Co.,Ltd is 961M TWD (≈ $30.2M). 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 EFUN Technology Co.,Ltd (3523)?
The price-to-sales ratio of EFUN Technology Co.,Ltd is 9.98 (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 EFUN Technology Co.,Ltd (3523)?
Earnings per share at EFUN Technology Co.,Ltd are −1.45 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of EFUN Technology Co.,Ltd (3523)?
The net margin of EFUN Technology Co.,Ltd is −87.1% (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 EFUN Technology Co.,Ltd (3523)?
The return on equity (ROE) of EFUN Technology Co.,Ltd is −21.0% (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 EFUN Technology Co.,Ltd (3523)?
On an EBIT basis the return on assets of EFUN Technology Co.,Ltd is −8.3% (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 EFUN Technology Co.,Ltd (3523)?
The operating margin of EFUN Technology Co.,Ltd is −220% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at EFUN Technology Co.,Ltd (3523)?
Revenue at EFUN Technology Co.,Ltd is growing −55.5% versus a year earlier (3y avg −11.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does EFUN Technology Co.,Ltd (3523) generate?
The free cash flow of EFUN Technology Co.,Ltd is −82.5M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does EFUN Technology Co.,Ltd (3523) carry?
The net debt of EFUN Technology Co.,Ltd is 1.2B TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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