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ANT Precision Industry Co (3646) Fair Value & Analysis

Technology · TW · Market cap 912M TWD

AP ANT Precision Industry Co 3646 · TWO
Price23.30 TWD
Fair Value11.30 TWD
Upside-51.5%
Quality59/100
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Mixed Growth
Thin margins · 0.9% net margin
Low debt · generates free cash flow
3.88% dividend yield
Mixed vs. peers (7/14)
Narrow moat 25/100
Evidence: High Range 9.75 TWD – 14.12 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Share price −1.3% over the past month.

A solid business, but screening 52% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (14.12 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.
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Price vs Fair Value (5 years)

33.86 TWD 17.63 TWD Fair Value 11.30 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 17.63 TWD – 33.86 TWD · fair‑value band 9.75 TWD – 14.12 TWD · the 23.30 TWD price screens above the 11.30 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

Full chart & analysis →

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Analysis

ANT Precision Industry Co (3646) currently trades at 23.30 TWD, while our model-based Fair Value estimate is 11.30 TWD, implying the stock looks roughly 51.5% 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: high).

Over the trailing twelve months, ANT Precision Industry Co generated revenue of 669M TWD at a net margin of 0.9%. Revenue grew 0.6% year over year. It earns a return on equity of 1.2%. The stock trades on a trailing P/E of 42.7. Fundamentals as of Jul 23, 2026

Our scenario range runs from 9.75 TWD (bear case) to 14.12 TWD (bull case); at 23.30 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 21% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at -52%, 3646 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 16.76 TWD 19.53 TWD 23.81 TWD 80
Residual Income 9.36 TWD 9.30 TWD 8.13 TWD 76
Rev-Margin DCF 14.15 TWD 16.95 TWD 20.46 TWD 74
All 24 models by family
DCF Models
FCF DCF 16.45 TWD 19.37 TWD 24.26 TWD 38
Owner Earnings 21.03 TWD 25.34 TWD 32.57 TWD 31
5Y Revenue Exit 14.15 TWD 16.70 TWD 20.38 TWD 39
5Y EBITDA Exit 23.08 TWD 32.13 TWD 44.11 TWD 41
5Y P/E Exit 15.13 TWD 18.39 TWD 22.29 TWD 38
10Y Revenue Exit 14.98 TWD 16.84 TWD 18.75 TWD 36
10Y EBITDA Exit 20.07 TWD 25.55 TWD 31.46 TWD 37
10Y P/E Exit 15.66 TWD 17.79 TWD 19.78 TWD 35
Earnings-Based
Graham-Dodd 3.84 TWD 4.70 TWD 5.28 TWD 54
EPV 9.48 TWD 9.84 TWD 10.14 TWD 59
Dividend Discount
Gordon GGM 12.82 TWD 13.82 TWD 15.31 TWD 70
DDM Multi-Stage 12.82 TWD 15.26 TWD 18.41 TWD 61
Multiples
P/E Multiple 8.47 TWD 11.30 TWD 14.12 TWD 63
P/S Multiple 7.20 TWD 9.60 TWD 12.01 TWD 58
P/B Multiple 7.20 TWD 9.60 TWD 12.01 TWD 55
EV/EBIT 15.76 TWD 18.73 TWD 21.71 TWD 53
EV/EBITDA 31.84 TWD 40.17 TWD 48.51 TWD 54
EV/Revenue 12.85 TWD 15.43 TWD 18.01 TWD 43
Asset-Based
NCAV (Graham) 6.53 TWD 8.75 TWD 13.06 TWD 50
Growth DCF
Growth DCF 16.76 TWD 19.53 TWD 23.81 TWD 80
Rev-Margin DCF 14.15 TWD 16.95 TWD 20.46 TWD 74
Economic Profit
Residual Income 9.36 TWD 9.30 TWD 8.13 TWD 76
ROIC Compounder 9.48 TWD 9.84 TWD 10.14 TWD 72
Growth Earnings
Growth-Adj P/E 6.00 TWD 8.57 TWD 11.13 TWD 68

Widest divergence: DCF Models (18.39 TWD) versus Earnings-Based (4.70 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 669M TWD
Revenue growth (YoY) +0.6%
Net margin 0.9%
Return on equity 1.2%
Free cash flow 46.5M TWD FY2025
P/E ratio 41.4
More key figures
Operating margin -1.8%
EPS (TTM) 0.5600 TWD
Dividend yield 3.9%
EPS growth (YoY) -80.8%

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

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 45

Profitability 33
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 11
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

ANT Precision Industry Co., Ltd engages in the manufacture and sell of connectors, wire harnesses, and modules in Taiwan and internationally. It offers molds and die precision, and stainless-steel parts; automotive and industrial connectors, and wire harnesses; and modules, such as connectors, cables, PCBAs, housings, and other components.

Full company description

ANT Precision Industry Co., Ltd engages in the manufacture and sell of connectors, wire harnesses, and modules in Taiwan and internationally. It offers molds and die precision, and stainless-steel parts; automotive and industrial connectors, and wire harnesses; and modules, such as connectors, cables, PCBAs, housings, and other components. The company also engages in the precision machining, injection molding, stamping, and assembly and automation services. It serves automotive, industrial, and medical industries. ANT Precision Industry Co., Ltd was founded in 1988 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ANT Precision Industry Co reported revenue of 668M TWD in FY2025 versus 857M TWD in FY2021, a compound −6.1%/yr. Reported net income was 22.2M TWD in FY2025, compounding −28.6%/yr from FY2021.

Growth Quality 52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
668M TWD
Latest YoY
−17.3%
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.
−7.0%
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.
+2.7%
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.
+3.8%
Revenue −6.1%/yr
FY21 857M TWD
FY22 830M TWD
FY23 798M TWD
FY24 808M TWD
FY25 668M TWD
Net income −28.6%/yr
FY21 85.3M TWD
FY22 89.8M TWD
FY23 53.1M TWD
FY24 54.6M TWD
FY25 22.2M TWD

3646 screens 52% overvalued. Compare with Delta Electronics, Inc →

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Cite: Fair Value Calculator (2026). "ANT Precision Industry Co Fair Value". https://www.fairvalue-calculator.com/stock/3646

Peer Group

Electronic Components · 625 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 59 · Above median
Fair Value upside −52% · Below median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) -2% · Bottom 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 3.9% · Top 25%

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 41.4× · Pricier than median
P/B 1.78× · Cheaper than median
P/S (TTM) 1.36× · Cheaper than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 12.0× · Cheaper than median

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 3 · sector 32
PAST 5 · sector 24
HEALTH 100 · sector 95
DIVIDEND 78 · 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 ANT Precision Industry Co (3646) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 11.30 TWD versus a price of 23.30 TWD, about −52% (overvalued).
What is the fair value of 3646?
Our model-based fair value for ANT Precision Industry Co is 11.30 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 23.30 TWD.
What is the quality score of 3646?
ANT Precision Industry Co has a Quality Score of 59/100. 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 ANT Precision Industry Co (3646)?
ANT Precision Industry Co reported trailing-twelve-month revenue of about 669M TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 3646?
The net profit margin of ANT Precision Industry Co is about 0.9%, meaning it keeps roughly 0.9% of revenue as net income. Based on the latest reported figures.
Does ANT Precision Industry Co pay a dividend?
ANT Precision Industry Co currently shows a dividend yield of about 3.82% 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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