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AimCore Technology Co (3615) Fair Value & Analysis

Technology · TW · Market cap 2.6B TWD

AT AimCore Technology Co 3615 · TWO
Price36.40 TWD
Fair Value14.01 TWD
Upside-61.5%
Quality64/100
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Mixed Growth
Thin margins · 8.0% net margin
Low debt · generates free cash flow
1.69% dividend yield
Trails peers (5/14)
Narrow moat 30/100
Evidence: Medium Range 11.40 TWD – 17.52 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −24.8% over the past month.

A solid business, but screening 62% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (17.52 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

60.90 TWD 14.65 TWD Fair Value 14.01 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 14.65 TWD – 60.90 TWD · fair‑value band 11.40 TWD – 17.52 TWD · the 36.40 TWD price screens above the 14.01 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

AimCore Technology Co (3615) currently trades at 36.40 TWD, while our model-based Fair Value estimate is 14.01 TWD, implying the stock looks roughly 61.5% overvalued today. The Quality Score stands at 64/100 (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, AimCore Technology Co generated revenue of 882M TWD at a net margin of 8.0%. Revenue declined 18.3% year over year. It earns a return on equity of 4.1%. The balance sheet holds a net cash position of 412M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 11.40 TWD (bear case) to 17.52 TWD (bull case); at 36.40 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 43% below its 52-week high and 75% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at -62%, 3615 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 24.32 TWD 31.17 TWD 42.52 TWD 80
Residual Income 23.09 TWD 22.06 TWD 17.67 TWD 76
Rev-Margin DCF 13.81 TWD 16.27 TWD 19.55 TWD 74
All 24 models by family
DCF Models
FCF DCF 23.50 TWD 30.61 TWD 43.37 TWD 38
Owner Earnings 5.67 TWD 6.26 TWD 7.32 TWD 31
5Y Revenue Exit 13.81 TWD 15.80 TWD 18.65 TWD 39
5Y EBITDA Exit 18.40 TWD 23.74 TWD 30.83 TWD 41
5Y P/E Exit 18.17 TWD 23.35 TWD 29.58 TWD 38
10Y Revenue Exit 17.51 TWD 19.33 TWD 21.04 TWD 36
10Y EBITDA Exit 20.33 TWD 24.12 TWD 28.02 TWD 37
10Y P/E Exit 20.19 TWD 23.89 TWD 27.31 TWD 35
Earnings-Based
Graham-Dodd 5.61 TWD 6.85 TWD 7.71 TWD 54
EPV 5.86 TWD 6.15 TWD 6.40 TWD 59
Dividend Discount
Gordon GGM 2.63 TWD 2.87 TWD 3.23 TWD 70
DDM Multi-Stage 2.63 TWD 3.26 TWD 4.10 TWD 61
Multiples
P/E Multiple 12.37 TWD 16.49 TWD 20.61 TWD 63
P/S Multiple 10.51 TWD 14.01 TWD 17.52 TWD 58
P/B Multiple 10.51 TWD 14.01 TWD 17.52 TWD 55
EV/EBIT 9.43 TWD 11.22 TWD 13.02 TWD 53
EV/EBITDA 16.86 TWD 21.12 TWD 25.39 TWD 54
EV/Revenue 7.68 TWD 9.23 TWD 10.78 TWD 43
Asset-Based
NCAV (Graham) 16.41 TWD 21.98 TWD 32.81 TWD 50
Growth DCF
Growth DCF 24.32 TWD 31.17 TWD 42.52 TWD 80
Rev-Margin DCF 13.81 TWD 16.27 TWD 19.55 TWD 74
Economic Profit
Residual Income 23.09 TWD 22.06 TWD 17.67 TWD 76
ROIC Compounder 5.86 TWD 6.15 TWD 6.40 TWD 72
Growth Earnings
Growth-Adj P/E 8.75 TWD 12.50 TWD 16.25 TWD 68

Widest divergence: DCF Models (23.35 TWD) versus Dividend Discount (2.87 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 882M TWD
Revenue growth (YoY) -18.3%
Net margin 8.0%
Return on equity 4.1%
Free cash flow 144M TWD FY2025
P/E ratio 60.5
More key figures
Operating margin -0.4%
EPS (TTM) 0.8200 TWD
Dividend yield 1.4%
EPS growth (YoY) +641%
Net cash 412M TWD FY2023

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 70

Profitability 22
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 74
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 67
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

AimCore Technology Co., Ltd processes, manufactures, processing, and sales of conductive glass related products in Taiwan and internationally. The company operates through two segments, Optoelectronic Information Products and Silicone Rubber Products.

Full company description

AimCore Technology Co., Ltd processes, manufactures, processing, and sales of conductive glass related products in Taiwan and internationally. The company operates through two segments, Optoelectronic Information Products and Silicone Rubber Products. It offers touch panel ITO, TN/STN LCD ITO, black matrix, and color filter top ITO glass product for applications in LCD, touch, and organic ELD panels. The company also processes, manufactures, and trades in specialty silicon chemicals; and offers optical and electronic materials; conducting glass; e-commerce trading platform. The company was founded in 2000 and is based in Hsinchu City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AimCore Technology Co reported revenue of 928M TWD in FY2025 versus 1.3B TWD in FY2021, a compound −7.5%/yr. Reported net income was 56.4M TWD in FY2025, compounding −12.9%/yr from FY2021.

Growth Quality 58/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
928M TWD
Latest YoY
−9.1%
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.
−6.4%
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.
+3.1%
Avg. growth/yr (8Y) 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.
−0.7%
Revenue −7.5%/yr
FY21 1.3B TWD
FY22 1.1B TWD
FY23 1.1B TWD
FY24 1.0B TWD
FY25 928M TWD
Net income −12.9%/yr
FY21 97.8M TWD
FY22 5.9M TWD
FY23 60.6M TWD
FY24 169K TWD
FY25 56.4M TWD

3615 screens 62% overvalued. Compare with Delta Electronics, Inc →

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Cite: Fair Value Calculator (2026). "AimCore Technology Co Fair Value". https://www.fairvalue-calculator.com/stock/3615

Peer Group

Electronic Components · 627 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 64 · Top 25%
Fair Value upside −62% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 0% · Below median
Net margin (TTM) 8% · Above median
Operating margin (TTM) -0% · Bottom 25%
Revenue growth -18% · Bottom 25%
Dividend yield (TTM) 1.7% · Above median
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 47.2× · Pricier than median
P/B 1.18× · Cheaper than median
P/S (TTM) 3.00× · Pricier than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 34.6× · Pricier 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 0 · sector 0
FUTURE 0 · sector 32
PAST 17 · sector 24
HEALTH 93 · sector 95
DIVIDEND 34 · sector 25

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.

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 Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,880 TWD 515.23 TWD -73%
Hon Hai Precision Industry Co 2317 242.50 TWD 270.47 TWD +12%
Luxshare Precision Industry Co 002475 ¥62.14 ¥38.44 -38%
Samsung Electro-Mechanics Co 009150 1,260,000 KRW 166,421 KRW -87%
Elite Material Co 2383 4,990 TWD 714.36 TWD -86%
Yageo Corporation 2327 699.00 TWD 216.55 TWD -69%
Shengyi Technology Co 600183 ¥132.29 ¥27.45 -79%
Shennan Circuits Co 002916 ¥364.00 ¥93.50 -74%
Victory Giant Technology (HuiZhou) Co 2476 HK$297.00 HK$103.98 -65%
Wus Printed Circuit (Kunshan) Co 002463 ¥127.80 ¥31.95 -75%

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Frequently asked questions

Is AimCore Technology Co (3615) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 14.01 TWD versus a price of 36.40 TWD, about −62% (overvalued).
What is the fair value of 3615?
Our model-based fair value for AimCore Technology Co is 14.01 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 36.40 TWD.
What is the quality score of 3615?
AimCore Technology Co has a Quality Score of 64/100. 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 AimCore Technology Co (3615)?
AimCore Technology Co reported trailing-twelve-month revenue of about 882M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 3615?
The net profit margin of AimCore Technology Co is about 8.0%, meaning it keeps roughly 8.0% of revenue as net income. Based on the latest reported figures.
Does AimCore Technology Co pay a dividend?
AimCore Technology Co currently shows a dividend yield of about 1.39% relative to its recent price (as of Jul 23, 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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