Zen Voce (3581) Fair Value & Analysis

Technology · TW · Market cap 6.0B TWD

A solid business, but screening 85% overvalued on our models.

What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price sits above even our optimistic bull case (17.68 TWD). The favourable scenario is already priced in.
• Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range 17.17 TWD – 278.75 TWD · fair‑value band 14.69 TWD – 17.68 TWD · the 103.50 TWD price screens above the 15.52 TWD fair value. Dashed = 300-day average. As of Aug 20, 2026.

Full chart & analysis →

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Analysis

Zen Voce (3581) currently trades at 103.50 TWD, while our model-based Fair Value estimate is 15.52 TWD, implying the stock looks roughly 85.0% overvalued today. The Quality Score stands at 59/100 (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: medium).

Over the trailing twelve months, Zen Voce generated revenue of 1.6B TWD at a net margin of 4.2%. Revenue grew 13.6% year over year. It earns a return on equity of 10.6%. The balance sheet holds a net cash position of 233M TWD. Fundamentals as of Aug 20, 2026

Our scenario range runs from 14.69 TWD (bear case) to 17.68 TWD (bull case); at 103.50 TWD, the current price sits above 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 65% below its 52-week high and 249% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -59% fair-value upside, at -85%, 3581 screens richer 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.

Widest divergence: DCF Models (26.61 TWD) versus Asset-Based (11.62 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Zen Voce Corporation manufactures, processes, maintains, and sells semiconductor packaging and testing equipment and fixtures in Taiwan, the United States, China, Singapore, and internationally.

Full company description

Zen Voce Corporation manufactures, processes, maintains, and sells semiconductor packaging and testing equipment and fixtures in Taiwan, the United States, China, Singapore, and internationally. The company engages in the design and manufacturing of equipment, including IC packaging machines and bumping products, wafer cutting and cleaning machines, and board cutting and cleaning machines; and test products, such as wafer test probe card PCBs, IC test HIFIX and CHANG kits, SOCKET IC test products, IC handlers, and SOCKET IC burn-in test products. It also offers wafer and packaging dicing equipment, solder ball mounting equipment, consumables and accessories, logical and memory applications, and burn-ins; and optoelectronic assembly testing products. In addition, the company acts as an agent for semiconductor burn-in test connectors, MEMS equipment, solar equipment, and LCD inspection equipment. It exports its products. The company serves semiconductor, optoelectronics, microelectronics, and LCD equipment industries. Zen Voce Corporation was founded in 1999 and is headquartered in Hsinchu City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zen Voce reported revenue of 1.6B TWD in FY2025 versus 1.3B TWD in FY2021, a compound +4.7%/yr. Reported net income was 41.1M TWD in FY2025, compounding −21.4%/yr from FY2021.

3581 screens 85% overvalued. Compare with NVIDIA Corporation →

Peer Group

Semiconductors · 328 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.

Valuation Multiples vs Semiconductors median · lower = cheaper

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 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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Frequently asked questions

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.