Ushine Photonics Corporation (3678) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ushine Photonics Corporation stock TWD 50.05, price TWD 40.45, upside +23.7%, quality 70 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 11.06 TWD – 122.22 TWD · fair‑value band 35.42 TWD – 84.60 TWD · the 40.45 TWD price screens below the 50.05 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Ushine Photonics Corporation engages in the production and supply of indium tin oxide (ITO) film products.
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The company offers resistive transparent conductive film, projected capacitive transparent conductive film, low-impedance transparent conductive film, iSDMS smart energy management system, an communication and control system products, such as LoRaWAN gateway module, Industrial-grade LoRaWAN gateway, and LoRaWAN data transmitter.
The company was founded in 2001 and is based in Hsinchu City, Taiwan.
Stock analysis
Ushine Photonics Corporation (3678) currently trades at 40.45 TWD, while our model-based Fair Value estimate is 50.05 TWD, implying the stock looks roughly 19% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 74.23 TWD per share, and 19 of the 26 models we run sit above the 40.45 TWD price.
Bear case: the Asset-Based group reads lowest at 7.79 TWD, and 7 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: 35.42 TWD (bear) to 84.60 TWD (bull), the price of 40.45 TWD sits inside 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 70/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ushine Photonics Corporation reported revenue of 452M TWD in FY2025 versus 306M TWD in FY2021, a compound +10.2%/yr. Reported net income was 73.4M TWD in FY2025, compounding +17.0%/yr from FY2021.
Key figures
Market cap 1.1B TWD (≈ $32.6M) Micro · P/E ratio 10.4 · P/S ratio 2.20 · EPS (TTM) 3.89 TWD · Dividend yield 3.5% · Net margin 21.7% · Return on equity 17.9% · Return on assets (EBIT) 9.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −24% fair-value upside, at 24%, 3678 screens cheaper than that median.
Fair Value models
Bear35.42 TWDFair Value 50.05 TWDBull84.60 TWD
Price 40.45 TWD · Upside +23.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (2.14 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+28.2%
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.
−2.9%
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.
+18.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+10.9%
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What shareholders gained per year (last 3 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 3 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.
+22.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.9%
Dividend (yield on the price)3.5%
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.4% → 24%
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).
+12.1%
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 +10.3% a year for the price.
Compare Ushine Photonics Corporation with another stock
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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.Chemicals · 337 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+23.7% · Top 25%
Profitability
Return on equity (12 months)17.9% · Top 25%
Return on assets8.2% · Top 25%
Net margin (12 months)21.7% · Top 25%
Operating margin (12 months)20.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.6% · Above median
Dividend yield (12 months)3.5% · Top 25%
Balance sheet
Debt / equity0.25× · Above median
Valuation Multiplesvs Chemicals median · lower = cheaper
P/E (12 months)10.4× · Cheapest 25%
P/B1.76× · Pricier than median
P/S (12 months)2.20× · Pricier than median
Price / free cash flow (fiscal year)24.1× · Pricier than median
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Is Ushine Photonics Corporation (3678) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 50.05 TWD versus a price of 40.45 TWD, about +24% upside (undervalued).
What is the fair value of 3678?
Our model-based fair value for Ushine Photonics Corporation is 50.05 TWD (as of Nov 3, 2026), built from audited fundamentals. The current price: 40.45 TWD.
What is the quality score of 3678?
Ushine Photonics Corporation has a Quality Score of 70/100. 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 Ushine Photonics Corporation (3678)?
Our model-based price target is the fair value of 50.05 TWD (as of Nov 3, 2026) from 26 valuation models. Cautious scenario 35.42 TWD, optimistic scenario 84.60 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Ushine Photonics Corporation stock forecast for 2026?
Our models put fair value at 50.05 TWD, about +24% upside versus a price of 40.45 TWD (undervalued). Cautious scenario 35.42 TWD, optimistic scenario 84.60 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Ushine Photonics Corporation (3678)?
Ushine Photonics Corporation reported trailing-twelve-month revenue of about 485M TWD (latest available figure, as of Nov 3, 2026).
Does Ushine Photonics Corporation pay a dividend?
Ushine Photonics Corporation currently shows a dividend yield of 3.46% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Ushine Photonics Corporation (3678) and when is the ex-dividend date?
Ushine Photonics Corporation pays a dividend of 1.40 TWD per share a year, a dividend yield of 3.5%. The last ex-dividend date was Jul 20, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 36.0% of earnings. Free cash flow covers the dividend 1.20 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Ushine Photonics Corporation (3678)?
For today's price to be fair in a discounted-cash-flow model, Ushine Photonics Corporation would have to grow free cash flow by +12.1 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.0 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of 3678 use?
Our models discount Ushine Photonics Corporation at 10.3 %: a base by market capitalisation (nano), 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 Ushine Photonics Corporation that is +12.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Ushine Photonics Corporation (3678) delivered so far?
Over the past 5 years revenue at Ushine Photonics Corporation grew +18.0 % a year. The price currently implies free-cash-flow growth of +12.1 % per 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 Ushine Photonics Corporation (3678) growing?
The median revenue growth in the sector is +11.2 % a year. That is the yardstick for the growth priced into Ushine Photonics Corporation (+12.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ushine Photonics Corporation (3678)?
The free-cash-flow yield on the price is 4.15 %: that much free cash flow Ushine Photonics Corporation produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ushine Photonics Corporation (3678)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ushine Photonics Corporation it is 50.05 TWD per share (as of Nov 3, 2026), against a price of 40.45 TWD. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Ushine Photonics Corporation stock overvalued or undervalued in 2026?
As of Nov 3, 2026, 3678 trades below its calculated fair value: price 40.45 TWD, fair value 50.05 TWD, a gap of about +24% (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 3678?
No. The price is what the market pays today (40.45 TWD); the fair value is what the company's own numbers justify (50.05 TWD). For Ushine Photonics Corporation the two are 9.60 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Ushine Photonics Corporation worth?
The market values Ushine Photonics Corporation at about 1.1B TWD (market capitalisation, as of Nov 3, 2026). Per share that is 40.45 TWD; our models calculate a fair value of 50.05 TWD per share.
What do the bullish and bearish scenarios say about 3678?
Our models span a range for Ushine Photonics Corporation: cautious scenario 35.42 TWD, base 50.05 TWD, optimistic 84.60 TWD per share (as of Nov 3, 2026, price 40.45 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3678?
Ushine Photonics Corporation trades at a price-to-earnings ratio of 10.4 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 50.05 TWD is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 13.9. Other multiples: P/B 1.8, P/S 2.2, EV/EBITDA 6.6.
How solid is the balance sheet of Ushine Photonics Corporation (3678)?
Balance-sheet figures for Ushine Photonics Corporation (as of Nov 3, 2026): return on equity 17.9%, debt of 0.25 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is 3678 from its 52-week high?
Ushine Photonics Corporation trades at 40.45 TWD, about 47% below its 52-week high of 75.62 TWD and 15% above the low of 35.14 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 50.05 TWD is for.
Which stocks are comparable to Ushine Photonics Corporation?
From the same area (Basic Materials) we also value BASF SE, Saudi Basic Industries Corporation, Dow Inc, Ningxia Baofeng Energy Group, 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 Ushine Photonics Corporation stock attractive at the current price?
The data as of Nov 3, 2026: price 40.45 TWD, calculated fair value 50.05 TWD (+24%), Quality Score 70/100, from 26 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 3678 calculated?
We run Ushine Photonics Corporation through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 50.05 TWD builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Ushine Photonics Corporation currently trades 19% 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 Ushine Photonics Corporation (3678)?
The closing price on Nov 6, 2026 was 40.45 TWD. Our model-based fair value is 50.05 TWD, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ushine Photonics Corporation right now?
Solid quality (70/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (35.42 TWD to 84.60 TWD) leaves room in how you read the outcome.
Key figures of Ushine Photonics Corporation
How large is the market capitalisation of Ushine Photonics Corporation (3678)?
The market capitalisation of Ushine Photonics Corporation is 1.1B TWD (≈ $32.6M). 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 Ushine Photonics Corporation (3678)?
The price-to-sales ratio of Ushine Photonics Corporation is 2.20 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ushine Photonics Corporation (3678)?
Earnings per share at Ushine Photonics Corporation are 3.89 TWD (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ushine Photonics Corporation (3678)?
The dividend yield of Ushine Photonics Corporation is 3.5% (payout 36.0%). 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 Ushine Photonics Corporation (3678)?
The net margin of Ushine Photonics Corporation is 21.7% (last twelve months). 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 Ushine Photonics Corporation (3678)?
The return on equity (ROE) of Ushine Photonics Corporation is 17.9% (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 Ushine Photonics Corporation (3678)?
On an EBIT basis the return on assets of Ushine Photonics Corporation is 9.6% (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 Ushine Photonics Corporation (3678)?
The operating margin of Ushine Photonics Corporation is 20.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ushine Photonics Corporation (3678)?
Revenue at Ushine Photonics Corporation is growing +14.6% versus a year earlier (3y avg −2.9%). 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 Ushine Photonics Corporation (3678)?
Earnings per share at Ushine Photonics Corporation are growing +153% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Ushine Photonics Corporation (3678) hold?
Ushine Photonics Corporation holds more cash than debt, 77.5M TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026