Raydium Semi-Conductor (3592) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Raydium Semi-Conductor TWD 357, price TWD 225, upside +58.8%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
57‑month range 150.48 TWD – 448.20 TWD · fair‑value band 248.15 TWD – 484.88 TWD · the 224.50 TWD price screens below the 356.52 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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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.
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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.
Stock analysis
Raydium Semi-Conductor (3592) currently trades at 224.50 TWD, while our model-based Fair Value estimate is 356.52 TWD, implying the stock looks roughly 37.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 387.61 TWD per share, and 18 of the 24 models we run sit above the 224.50 TWD price.
Bear case: the Asset-Based group reads lowest at 101.75 TWD, and 6 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 248.15 TWD (bear) to 484.88 TWD (bull), the price of 224.50 TWD sits below 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 65/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Raydium Semi-Conductor 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.
Key figures
Market cap 17.0B TWD (≈ $535M) · P/E ratio 12.5 · P/S ratio 0.77 · EPS (TTM) 17.91 TWD · Dividend yield 6.5% · Net margin 6.2% · Return on equity 11.3% · Return on assets (EBIT) 14.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at 59%, 3592 screens cheaper than that median.
Fair Value models
Bear 248.15 TWDFair Value 356.52 TWDBull 484.88 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (2.42 TWD per share) are deliberately not added.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.
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.68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−8.1%
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.
−0.6%
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.
+9.2%
Start year 2020 (pandemic)
Revenue growth 7 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.
+10.7%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+14.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.5%
Dividend (yield on the price)6.5%
Profit margin 2020 to 2025 ⓘ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.7% → 7%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−4.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −5.9% a year for the price.
Price, fair value, quality and upside side by side.
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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.Semiconductors · 342 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside+59% · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets4% · Above median
Net margin (TTM)6% · Below median
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)6.5% · Top 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Raydium Semi-Conductor Fair Value". https://www.fairvalue-calculator.com/stock/3592
Frequently asked questions
Is Raydium Semi-Conductor (3592) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 356.52 TWD versus a price of 224.50 TWD, about +59% upside (undervalued).
What is the fair value of 3592?
Our model-based fair value for Raydium Semi-Conductor is 356.52 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 224.50 TWD.
What is the quality score of 3592?
Raydium Semi-Conductor 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 price target for Raydium Semi-Conductor (3592)?
Our model-based price target is the fair value of 356.52 TWD (as of Sep 23, 2026) from 24 valuation models. Cautious scenario 248.15 TWD, optimistic scenario 484.88 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Raydium Semi-Conductor stock forecast for 2026?
Our models put fair value at 356.52 TWD, about +59% upside versus a price of 224.50 TWD (undervalued). Cautious scenario 248.15 TWD, optimistic scenario 484.88 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Raydium Semi-Conductor (3592)?
Raydium Semi-Conductor reported trailing-twelve-month revenue of about 22.0B TWD (latest available figure, as of Sep 23, 2026).
Does Raydium Semi-Conductor pay a dividend?
Raydium Semi-Conductor currently shows a dividend yield of about 6.50% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Raydium Semi-Conductor (3592)?
For today's price to be fair in a discounted-cash-flow model, Raydium Semi-Conductor would have to grow free cash flow by -4.4 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 3592 use?
Our models discount Raydium Semi-Conductor at 11.2 %: a base by market capitalisation (small), damped by beta 0.79, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Raydium Semi-Conductor that is -4.4 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Raydium Semi-Conductor (3592) delivered so far?
Over the past 5 years revenue at Raydium Semi-Conductor grew +9.2 % a year. The price currently implies -4.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Raydium Semi-Conductor (3592) growing?
The median revenue growth in the sector is +8.3 % a year. That is the yardstick for the growth priced into Raydium Semi-Conductor (-4.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Raydium Semi-Conductor (3592)?
The free-cash-flow yield on the price is 6.31 %: that much free cash flow Raydium Semi-Conductor produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Raydium Semi-Conductor (3592)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Raydium Semi-Conductor it is 356.52 TWD per share (as of Sep 23, 2026), against a price of 224.50 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Raydium Semi-Conductor stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 3592 trades below its calculated fair value: price 224.50 TWD, fair value 356.52 TWD, a gap of about +59% (undervalued). 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 3592?
No. The price is what the market pays today (224.50 TWD); the fair value is what the company's own numbers justify (356.52 TWD). For Raydium Semi-Conductor the two are 132.02 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Raydium Semi-Conductor worth?
The market values Raydium Semi-Conductor at about 17.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 224.50 TWD; our models calculate a fair value of 356.52 TWD per share.
What do the bullish and bearish scenarios say about 3592?
Our models span a range for Raydium Semi-Conductor: cautious scenario 248.15 TWD, base 356.52 TWD, optimistic 484.88 TWD per share (as of Sep 23, 2026, price 224.50 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3592?
Raydium Semi-Conductor trades at a price-to-earnings ratio of 12.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 356.52 TWD is built from several models across several years. Other multiples: P/B 1.5, P/S 0.8, EV/EBITDA 9.3.
How solid is the balance sheet of Raydium Semi-Conductor (3592)?
Balance-sheet figures for Raydium Semi-Conductor (as of Sep 23, 2026): return on equity 11.3%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is 3592 from its 52-week high?
Raydium Semi-Conductor trades at 224.50 TWD, about 20% below its 52-week high of 281.00 TWD and 15% above the low of 195.79 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 356.52 TWD is for.
Which stocks are comparable to Raydium Semi-Conductor?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, SK hynix Inc, 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 Raydium Semi-Conductor stock attractive at the current price?
The data as of Sep 23, 2026: price 224.50 TWD, calculated fair value 356.52 TWD (+59%), Quality Score 65/100, from 24 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 3592 calculated?
We run Raydium Semi-Conductor through 24 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 356.52 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 14.1 % above its aggregate fair value. Raydium Semi-Conductor currently trades 59 % below its own fair value, and the market average says nothing about that. 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 Raydium Semi-Conductor (3592)?
The closing price on Sep 24, 2026 was 224.50 TWD. Our model-based fair value is 356.52 TWD, about +59% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Raydium Semi-Conductor right now?
The price is below even our cautious bear case (248.15 TWD). The market is more pessimistic than our downside scenario. 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 (248.15 TWD to 484.88 TWD) leaves room in how you read the outcome.
Key figures of Raydium Semi-Conductor
How large is the market capitalisation of Raydium Semi-Conductor (3592)?
The market capitalisation of Raydium Semi-Conductor is 17.0B TWD (≈ $535M). 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 Raydium Semi-Conductor (3592)?
The price-to-sales ratio of Raydium Semi-Conductor is 0.77 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Raydium Semi-Conductor (3592)?
Earnings per share at Raydium Semi-Conductor are 17.91 TWD (price ÷ EPS = P/E 12.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Raydium Semi-Conductor (3592)?
The dividend yield of Raydium Semi-Conductor is 6.5% (payout 81.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Raydium Semi-Conductor (3592)?
The net margin of Raydium Semi-Conductor is 6.2% (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 Raydium Semi-Conductor (3592)?
The return on equity (ROE) of Raydium Semi-Conductor is 11.3% (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 Raydium Semi-Conductor (3592)?
On an EBIT basis the return on assets of Raydium Semi-Conductor is 14.6% (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 Raydium Semi-Conductor (3592)?
The operating margin of Raydium Semi-Conductor is 5.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Raydium Semi-Conductor (3592)?
Revenue at Raydium Semi-Conductor is growing −6.7% versus a year earlier (3y avg −0.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Raydium Semi-Conductor (3592)?
Earnings per share at Raydium Semi-Conductor are growing −37.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Raydium Semi-Conductor (3592) hold?
Raydium Semi-Conductor holds more cash than debt, 2.3B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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