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TSC Auto ID Technology Co (3611) Fair Value & Analysis

Technology · TW · Market cap 8.8B TWD

TA TSC Auto ID Technology Co 3611 · TWO
Price189.50 TWD
Fair Value389.50 TWD
Upside+105.5%
Quality66/100
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Healthy Growth
Thin margins · 8.5% net margin
Low debt · generates free cash flow
5.46% dividend yield
Ranks above peers (12/14)
Moderate moat 51/100
Evidence: High Range 280.09 TWD – 535.56 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 20 days ago

Share price −0.6% over the past month.

A solid business, screening 106% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (280.09 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (280.09 TWD to 535.56 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

223.52 TWD 117.61 TWD Fair Value 389.50 TWD Feb 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 117.61 TWD – 223.52 TWD · fair‑value band 280.09 TWD – 535.56 TWD · the 189.50 TWD price screens below the 389.50 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.

Full chart & analysis →

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Analysis

TSC Auto ID Technology Co (3611) currently trades at 189.50 TWD, while our model-based Fair Value estimate is 389.50 TWD, implying the stock looks roughly 105.5% undervalued today. The Quality Score stands at 66/100 (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, TSC Auto ID Technology Co generated revenue of 11.4B TWD at a net margin of 8.5%. Revenue declined 3.2% year over year. It earns a return on equity of 17.8%. Net debt stands at 2.3B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 280.09 TWD (bear case) to 535.56 TWD (bull case); at 189.50 TWD, the current price sits below 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 13% below its 52-week high and 6% 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 106%, 3611 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 301.89 TWD 616.27 TWD 1,098 TWD 80
Residual Income 123.86 TWD 158.01 TWD 417.00 TWD 76
Rev-Margin DCF 239.54 TWD 449.34 TWD 744.68 TWD 74
All 26 models by family
DCF Models
FCF DCF 312.36 TWD 573.59 TWD 1,221 TWD 38
Owner Earnings 305.63 TWD 635.00 TWD 1,251 TWD 31
5Y Revenue Exit 239.54 TWD 457.36 TWD 766.27 TWD 39
5Y EBITDA Exit 307.69 TWD 609.84 TWD 1,012 TWD 41
5Y P/E Exit 277.28 TWD 541.80 TWD 863.93 TWD 38
10Y Revenue Exit 252.83 TWD 474.18 TWD 844.88 TWD 36
10Y EBITDA Exit 306.59 TWD 588.76 TWD 1,063 TWD 37
10Y P/E Exit 286.19 TWD 537.63 TWD 931.53 TWD 35
Earnings-Based
Graham-Dodd 133.56 TWD 800.44 TWD 1,116 TWD 54
Lynch FV 228.09 TWD 325.84 TWD 423.60 TWD 50
PEG = 1.0 228.09 TWD 325.84 TWD 423.60 TWD 46
EPV 139.39 TWD 164.32 TWD 185.82 TWD 59
Dividend Discount
Gordon GGM 87.76 TWD 174.86 TWD 264.79 TWD 70
DDM Multi-Stage 87.76 TWD 151.12 TWD 184.58 TWD 61
Multiples
P/E Multiple 294.61 TWD 392.82 TWD 491.02 TWD 63
P/S Multiple 250.42 TWD 333.90 TWD 417.37 TWD 58
P/B Multiple 250.42 TWD 333.90 TWD 417.37 TWD 55
EV/EBIT 309.75 TWD 419.16 TWD 528.57 TWD 53
EV/EBITDA 322.52 TWD 436.18 TWD 549.85 TWD 54
EV/Revenue 202.77 TWD 297.60 TWD 392.42 TWD 43
Asset-Based
NCAV (Graham) 56.74 TWD 76.04 TWD 113.49 TWD 50
Growth DCF
Growth DCF 301.89 TWD 616.27 TWD 1,098 TWD 80
Rev-Margin DCF 239.54 TWD 449.34 TWD 744.68 TWD 74
Economic Profit
Residual Income 123.86 TWD 158.01 TWD 417.00 TWD 76
ROIC Compounder 156.16 TWD 230.27 TWD 296.50 TWD 72
Growth Earnings
Growth-Adj P/E 324.39 TWD 463.42 TWD 602.45 TWD 68

Widest divergence: DCF Models (541.80 TWD) versus Asset-Based (76.04 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 11.4B TWD
Revenue growth (YoY) -3.2%
Net margin 8.5%
Return on equity 17.8%
Free cash flow 1.1B TWD FY2025
P/E ratio 9.6
More key figures
Operating margin 9.1%
EPS (TTM) 19.47 TWD
Dividend yield 5.5%
EPS growth (YoY) +17.7%
Net debt 2.3B TWD FY2025

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

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 62

Profitability 55
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 82
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

TSC Auto ID Technology Co., Ltd., together with its subsidiaries, engages in the manufacturing and service of automatic identification and data capture system products in China, Asia, the Americas, Europe, and internationally.

Full company description

TSC Auto ID Technology Co., Ltd., together with its subsidiaries, engages in the manufacturing and service of automatic identification and data capture system products in China, Asia, the Americas, Europe, and internationally. It operates through three segments: Barcode Printers and Spare Parts; Various Label Paper of Printers and Consumables; and Company Laptops. The company offers desktop, RFID, industrial, enterprise, mobile, color label, linerless, and barcode inspection printers, as well as print engines and modules; mobile computers, RFID solutions, enterprise tablets, payment terminals, interactive kiosks, and vehicle gateways; specialty keyboards; and RFID and inkjet labels, as well as thermal transfer ribbons. It also provides software tools, including TSC console, console web, cloudconnect, standalone creator, and PRTGo, as well as SOTI connect, PrintNet enterprise, labeling software, and ChromeOS support. In addition, the company is involved in label customization design; integration; and provision of computer and technical services. It serves automotive, entertainment and hospitality, food and beverage, healthcare, manufacturing, retail, transportation and logistics, and warehouse and fulfillment sectors. The company was founded in 1991 and is based in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TSC Auto ID Technology Co reported revenue of 11.5B TWD in FY2025 versus 6.8B TWD in FY2021, a compound +13.9%/yr. Reported net income was 933M TWD in FY2025, compounding +4.4%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
11.5B TWD
Latest YoY
+31.0%
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.
+13.1%
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.
+15.2%
Avg. growth/yr (18Y) 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.
+23.3%
Revenue +13.9%/yr
FY21 6.8B TWD
FY22 8.0B TWD
FY23 8.4B TWD
FY24 8.8B TWD
FY25 11.5B TWD
Net income +4.4%/yr
FY21 784M TWD
FY22 965M TWD
FY23 927M TWD
FY24 670M TWD
FY25 933M TWD
Character of growth · EPS growth decomposed (2012-2023) +8.5 % p.a.
Revenue per share +15.1 pp

of which total revenue +15.5 pp · buybacks/dilution −0.3 pp

EBIT margin −5.2 pp
Tax rate −0.3 pp
Residual (interest, one-offs) −1.1 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). "TSC Auto ID Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/3611

Peer Group

Computer Hardware · 215 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 66 · Top 25%
Fair Value upside +106% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 6% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth -3% · Below median
Dividend yield (TTM) 5.5% · Top 25%
Debt / equity 0.45× · Higher than 75% of peers

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 9.6× · Cheaper than 75% of peers
P/B 1.64× · Cheaper than median
P/S (TTM) 0.77× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 6.6× · 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 100 · sector 0
FUTURE 0 · sector 57
PAST 71 · sector 26
HEALTH 78 · sector 97
DIVIDEND 100 · sector 44

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

Stock Price Fair Value vs Fair Value
Compal Electronics, Inc CEIR $0.0310 $0.0276 -11%
Dell Technologies Inc DELL $434.97 $163.87 -62%
Arista Networks, Inc ANET $168.56 $43.74 -74%
Western Digital Corporation WDC $513.84 $74.05 -86%
Wiwynn Corporation 6669 4,685 TWD 1,559 TWD -67%
Hangzhou Hikvision Digital Technology Co 002415 ¥34.12 ¥30.11 -12%
Quanta Computer Inc 2382 373.50 TWD 297.22 TWD -20%
Shenzhen Longsys Electronics Co 301308 ¥587.60 ¥60.86 -90%
Lenovo Group 0992 HK$23.16 HK$3.07 -87%
Dawning Information Industry Co 603019 ¥106.13 ¥28.88 -73%

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Frequently asked questions

Is TSC Auto ID Technology Co (3611) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 389.50 TWD versus a price of 189.50 TWD, about +106% (undervalued).
What is the fair value of 3611?
Our model-based fair value for TSC Auto ID Technology Co is 389.50 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 189.50 TWD.
What is the quality score of 3611?
TSC Auto ID Technology Co has a Quality Score of 66/100. 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 TSC Auto ID Technology Co (3611)?
TSC Auto ID Technology 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 3611?
The net profit margin of TSC Auto ID Technology Co is about 8.5%, meaning it keeps roughly 8.5% of revenue as net income. Based on the latest reported figures.
Does TSC Auto ID Technology Co pay a dividend?
TSC Auto ID Technology Co currently shows a dividend yield of about 5.17% 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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