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Raydium Semiconductor Corporation (3592) Fair Value & Analysis

Technology · TW · Market cap 17.2B TWD

RS Raydium Semiconductor Corporation 3592 · TW
Price244.50 TWD
Fair Value309.35 TWD
Upside+26.5%
Quality65/100
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Mixed Growth
Thin margins · 5.5% net margin
generates free cash flow
6.29% dividend yield
Ranks above peers (10/13)
Narrow moat 42/100
Evidence: High Range 223.21 TWD – 410.72 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 19 days ago

Share price −10.8% over the past month.

A solid business, screening 27% undervalued on our models.

What matters now

  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (223.21 TWD to 410.72 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

448.20 TWD 150.48 TWD Fair Value 309.35 TWD Jan 2022 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

55‑month range 150.48 TWD – 448.20 TWD · fair‑value band 223.21 TWD – 410.72 TWD · the 244.50 TWD price screens below the 309.35 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Raydium Semiconductor Corporation (3592) currently trades at 244.50 TWD, while our model-based Fair Value estimate is 309.35 TWD, implying the stock looks roughly 26.5% undervalued today. The Quality Score stands at 65/100 (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: high), always confirm before acting.

Over the trailing twelve months, Raydium Semiconductor Corporation generated revenue of 22.0B TWD at a net margin of 5.5%. Revenue declined 6.7% year over year. It earns a return on equity of 11.3%. The balance sheet holds a net cash position of 2.3B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 223.21 TWD (bear case) to 410.72 TWD (bull case); at 244.50 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 33% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 27%, 3592 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 BearBaseBull Evidence
Highest evidence
Residual Income 141.50 TWD 163.32 TWD 261.25 TWD 76
Growth DCF 195.09 TWD 248.70 TWD 330.49 TWD 72
Gordon GGM 203.84 TWD 280.28 TWD 358.04 TWD 70
All 24 models by family
DCF Models
FCF DCF 189.84 TWD 245.69 TWD 336.04 TWD 38
Owner Earnings 259.45 TWD 341.99 TWD 475.51 TWD 31
5Y Revenue Exit 205.09 TWD 286.39 TWD 394.27 TWD 39
5Y EBITDA Exit 237.00 TWD 341.51 TWD 467.10 TWD 41
5Y P/E Exit 247.44 TWD 359.52 TWD 479.89 TWD 38
10Y Revenue Exit 192.91 TWD 263.59 TWD 347.20 TWD 36
10Y EBITDA Exit 217.71 TWD 300.28 TWD 397.37 TWD 37
10Y P/E Exit 224.15 TWD 312.28 TWD 406.18 TWD 35
Earnings-Based
Graham-Dodd 124.01 TWD 236.81 TWD 295.18 TWD 54
EPV 212.53 TWD 240.59 TWD 265.14 TWD 59
Dividend Discount
Gordon GGM 203.84 TWD 280.28 TWD 358.04 TWD 70
DDM Multi-Stage 203.84 TWD 283.12 TWD 376.48 TWD 61
Multiples
P/E Multiple 273.56 TWD 364.74 TWD 455.93 TWD 63
P/S Multiple 232.52 TWD 310.03 TWD 387.54 TWD 58
P/B Multiple 232.52 TWD 310.03 TWD 387.54 TWD 55
EV/EBIT 315.42 TWD 405.82 TWD 496.23 TWD 53
EV/EBITDA 298.62 TWD 383.42 TWD 468.23 TWD 54
EV/Revenue 227.02 TWD 305.37 TWD 383.72 TWD 43
Asset-Based
NCAV (Graham) 75.93 TWD 101.75 TWD 151.87 TWD 50
Growth DCF
Growth DCF 195.09 TWD 248.70 TWD 330.49 TWD 72
Rev-Margin DCF 205.09 TWD 288.41 TWD 382.61 TWD 67
Economic Profit
Residual Income 141.50 TWD 163.32 TWD 261.25 TWD 76
ROIC Compounder 216.59 TWD 252.21 TWD 289.13 TWD 67
Growth Earnings
Growth-Adj P/E 196.42 TWD 280.60 TWD 364.78 TWD 68

Widest divergence: Multiples (310.03 TWD) versus Asset-Based (101.75 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 22.0B TWD
Revenue growth (YoY) -6.7%
Net margin 5.5%
Return on equity 11.3%
Free cash flow 1.1B TWD FY2025
P/E ratio 12.6
More key figures
Operating margin 5.3%
EPS (TTM) 17.91 TWD
Dividend yield 6.3%
EPS growth (YoY) -37.0%
Net cash 2.3B TWD FY2025

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

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 41

Profitability 56
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 94
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

Raydium Semiconductor Corporation engages in the design, development, and sale of display drivers, sequential control, and power management integrated circuit (IC) products in China, Hong Kong, Taiwan, and internationally.

Full company description

Raydium Semiconductor Corporation engages in the design, development, and sale of display drivers, sequential control, and power management integrated circuit (IC) products in China, Hong Kong, Taiwan, and internationally. It offers large-sized solutions, such as TCON IC, a component of display panels; driver IC for use in televisions, monitors, and notebook computers; power IC for display applications. The company also provides mobile, source, and wearable driver IC, as well as touch IC; automotive TCON and bridge products; and in-cell touch driver IC solutions. Raydium Semiconductor Corporation was incorporated in 2003 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

Raydium Semiconductor Corporation reported revenue of 22.4B TWD in FY2025 versus 24.8B TWD in FY2021, a compound −2.5%/yr. Reported net income was 1.4B TWD in FY2025, compounding −24.6%/yr from FY2021.

Growth Quality 68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
22.4B TWD
Latest YoY
−8.1%
Avg. growth/yr (3Y)
−0.6%
Avg. growth/yr (5Y)
+9.2%
Avg. growth/yr (7Y)
+10.7%
Revenue −2.5%/yr
FY21 24.8B TWD
FY22 22.8B TWD
FY23 18.3B TWD
FY24 24.4B TWD
FY25 22.4B TWD
Net income −24.6%/yr
FY21 4.3B TWD
FY22 3.9B TWD
FY23 1.4B TWD
FY24 2.1B TWD
FY25 1.4B TWD

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Cite: Fair Value Calculator (2026). "Raydium Semiconductor Corporation Fair Value". https://www.fairvalue-calculator.com/stock/3592

Peer Group

Semiconductors · 319 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 65 · Above median
Fair Value upside +27% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 6% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth -7% · Bottom 25%
Dividend yield (TTM) 6.3% · Top 25%

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than 75% of peers
P/B 1.49× · Cheaper than median
P/S (TTM) 0.78× · Cheaper than 75% of peers
P/FCF 0.5× · Cheaper than 75% of peers
EV/EBITDA 9.4× · Cheaper than 75% of peers

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 69 · sector 0
FUTURE 0 · sector 60
PAST 45 · sector 24
HEALTH 0 · sector 97
DIVIDEND 100 · 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 $398.37 $207.49 -48%
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 Raydium Semiconductor Corporation (3592) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 309.35 TWD versus a price of 244.50 TWD, about +27% (undervalued).
What is the fair value of 3592?
Our model-based fair value for Raydium Semiconductor Corporation is 309.35 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 244.50 TWD.
What is the quality score of 3592?
Raydium Semiconductor Corporation has a Quality Score of 65/100. 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 Raydium Semiconductor Corporation (3592)?
Raydium Semiconductor Corporation reported trailing-twelve-month revenue of about 22.0B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 3592?
The net profit margin of Raydium Semiconductor Corporation is about 5.5%, meaning it keeps roughly 5.5% of revenue as net income. Based on the latest reported figures.
Does Raydium Semiconductor Corporation pay a dividend?
Raydium Semiconductor Corporation currently shows a dividend yield of about 5.69% 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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