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FocalTech Systems Co (3545) Fair Value & Analysis

Technology · TW · Market cap 10.3B TWD

FS FocalTech Systems Co 3545 · TW
Price51.10 TWD
Fair Value71.32 TWD
Upside+39.6%
Quality53/100
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Weak Growth
Loss-making · -10.1% net margin
Low debt · generates free cash flow
1.65% dividend yield
Mixed vs. peers (5/12)
Narrow moat 17/100
Evidence: Medium Range 50.70 TWD – 79.96 TWD Share as image

Fair value as of: Jul 21, 2026

From 11 valuation models · updated 20 days ago

Fair value updated Jul 21, 2026, revised from 35.89 TWD to 71.32 TWD (+98.7%) since Jul 9, 2026. Share price −11.3% over the past month.

A solid business, screening 40% undervalued on our models.

What matters now

  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 50.70 TWD (bear) to 79.96 TWD (bull), base 71.32 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 53/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

236.54 TWD 42.35 TWD Fair Value 71.32 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 42.35 TWD – 236.54 TWD · fair‑value band 50.70 TWD – 79.96 TWD · the 51.10 TWD price screens below the 71.32 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

FocalTech Systems Co (3545) currently trades at 51.10 TWD, while our model-based Fair Value estimate is 71.32 TWD, implying the stock looks roughly 39.6% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, FocalTech Systems Co generated revenue of 11.4B TWD at a net margin of -10.1%. Revenue declined 17.3% year over year. It earns a return on equity of -12.1%. The balance sheet holds a net cash position of 4.0B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 50.70 TWD (bear case) to 79.96 TWD (bull case); at 51.10 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 30% below its 52-week high and 24% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 40%, 3545 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 24.88 TWD 27.36 TWD 30.84 TWD 80
Gordon GGM 16.07 TWD 33.42 TWD 53.01 TWD 70
DDM Multi-Stage 16.07 TWD 25.45 TWD 35.07 TWD 61
All 11 models by family
DCF Models
FCF DCF 24.76 TWD 27.51 TWD 31.59 TWD 38
5Y Revenue Exit 23.99 TWD 26.45 TWD 29.52 TWD 39
5Y EBITDA Exit 28.69 TWD 35.06 TWD 42.41 TWD 41
10Y Revenue Exit 24.09 TWD 26.38 TWD 29.31 TWD 36
10Y EBITDA Exit 27.19 TWD 32.29 TWD 38.98 TWD 37
Dividend Discount
Gordon GGM 16.07 TWD 33.42 TWD 53.01 TWD 70
DDM Multi-Stage 16.07 TWD 25.45 TWD 35.07 TWD 61
Multiples
EV/EBITDA 32.34 TWD 36.66 TWD 40.98 TWD 54
EV/Revenue 23.80 TWD 25.69 TWD 27.59 TWD 43
Asset-Based
NCAV (Graham) 19.98 TWD 26.77 TWD 39.96 TWD 50
Growth DCF
Growth DCF 24.88 TWD 27.36 TWD 30.84 TWD 80

Widest divergence: DCF Models (27.51 TWD) versus Dividend Discount (25.45 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 11.4B TWD
Revenue growth (YoY) -17.3%
Net margin -10.1%
Return on equity -12.1%
Free cash flow 105M TWD FY2025
Operating margin -5.9%
More key figures
EPS (TTM) -4.64 TWD
Dividend yield 1.5%
EPS growth (YoY) -97.5%
Net cash 4.0B TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 38

Profitability 20
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 83
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

FocalTech Systems Co., Ltd. provides human-machine interface solutions in Taiwan, Mainland China, and internationally. The company integrated driver controller (IDC); TFT-LCD panel driver IC; capacitive touch IC; fingerprint recognition IC and module; AMOLED panel driver IC; automotive and industrial control IC; and NB touch pad.

Full company description

FocalTech Systems Co., Ltd. provides human-machine interface solutions in Taiwan, Mainland China, and internationally. The company integrated driver controller (IDC); TFT-LCD panel driver IC; capacitive touch IC; fingerprint recognition IC and module; AMOLED panel driver IC; automotive and industrial control IC; and NB touch pad. It also provides LCD and AMODLED driver; LCD IDC/TDDI and AMOLED IDC/TDDI; touch controller; and fingerprint sensor products. FocalTech Systems Co., Ltd. was founded in 2005 and is based in Zhubei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FocalTech Systems Co reported revenue of 12.0B TWD in FY2025 versus 22.0B TWD in FY2021, a compound −14.1%/yr. Reported net income was −991M TWD in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
12.0B TWD
Latest YoY
−17.8%
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.
−2.6%
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.
−2.8%
Avg. growth/yr (19Y) 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.
+7.8%
Revenue −14.1%/yr
FY21 22.0B TWD
FY22 12.9B TWD
FY23 13.6B TWD
FY24 14.5B TWD
FY25 12.0B TWD
Net income
FY21 6.1B TWD
FY22 −1.9B TWD
FY23 362M TWD
FY24 574M TWD
FY25 −991M TWD
Character of growth · EPS growth decomposed (2014-2025) +9.1 % p.a.
Revenue per share +0.8 pp

of which total revenue +3.5 pp · buybacks/dilution −2.7 pp

EBIT margin −5.5 pp
Tax rate +1.0 pp
Residual (interest, one-offs) +12.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "FocalTech Systems Co Fair Value". https://www.fairvalue-calculator.com/stock/3545

Peer Group

Semiconductors · 318 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 53 · Below median
Fair Value upside +40% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -10% · Bottom 25%
Operating margin (TTM) -6% · Bottom 25%
Revenue growth -17% · Bottom 25%
Dividend yield (TTM) 1.7% · Above median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/S (TTM) 0.03× · Cheaper than 75% of peers
P/FCF 3.1× · Pricier than median
PEG 0.96× · 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 86 · sector 0
FUTURE 0 · sector 60
PAST 0 · sector 25
HEALTH 100 · sector 97
DIVIDEND 33 · sector 22

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 Semiconductors stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $211.80 $96.91 -54%
Taiwan Semiconductor Manufacturing Company TSM $418.47 $208.16 -50%
Broadcom Inc 1AVGO €367.75 €121.25 -67%
Micron Technology, Inc 1MU €784.90 €185.67 -76%
SK hynix Inc 000660 2,082,000 KRW 1,109,311 KRW -47%
Advanced Micro Devices, Inc 1AMD €425.20 €56.33 -87%
Intel Corporation INTC C$68.40 C$9.82 -86%
Texas Instruments Incorporated TXN $311.46 $59.75 -81%
MediaTek Inc 2454 3,740 TWD 1,163 TWD -69%
SK Square Co 402340 1,212,000 KRW 868,000 KRW -28%

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Frequently asked questions

Is FocalTech Systems Co (3545) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 71.32 TWD versus a price of 51.10 TWD, about +40% (undervalued).
What is the fair value of 3545?
Our model-based fair value for FocalTech Systems Co is 71.32 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 51.10 TWD.
What is the quality score of 3545?
FocalTech Systems Co has a Quality Score of 53/100. 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 FocalTech Systems Co (3545)?
FocalTech Systems Co reported trailing-twelve-month revenue of about 11.4B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 3545?
The net profit margin of FocalTech Systems Co is about -10.1%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does FocalTech Systems Co pay a dividend?
FocalTech Systems Co currently shows a dividend yield of about 1.50% relative to its recent price (as of Jul 21, 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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