AIC Inc (3693) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of AIC Inc TWD 796, price TWD 732, upside +8.8%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch AIC Inc for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
AIC Inc. provides OEM/ODM, commercial off-the-shelf, and server and storage solutions in Taiwan and internationally.
Show more
AIC Inc. provides OEM/ODM, commercial off-the-shelf, and server and storage solutions in Taiwan and internationally. The company offers intel and AMD server boards; rackmount, multi-node, GPU, and edge servers; storage servers, just a bunch of disks, JBOX products, high availability servers, and just a bunch of NVMe flash products; industrial PC and server chassis products; accessories, such as canisters and front bezels; designing services with MAX I/O; and AMD EPYC systems. It also provides solutions to cloud/data center, network appliance, media entertainment, video surveillance, VMware ready, and edge AI. The company was formerly known as T-win Systems, Inc. and changed its name to AIC Inc. in June 2011. AIC Inc. was founded in 1996 and is headquartered in Taoyuan City, Taiwan.
Stock analysis
AIC Inc (3693) currently trades at 732.00 TWD, while our model-based Fair Value estimate is 796.02 TWD, implying the stock looks roughly 8.0% fairly valued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 460.25 TWD per share, and 0 of the 26 models we run sit above the 732.00 TWD price.
Bear case: the Asset-Based group reads lowest at 81.21 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 558.42 TWD (bear) to 1,085 TWD (bull), the price of 732.00 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 57/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
AIC Inc reported revenue of 7.5B TWD in FY2025 versus 3.5B TWD in FY2021, a compound +21.4%/yr. Reported net income was 666M TWD in FY2025, compounding +54.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 31.5B TWD (≈ $988M) · P/E ratio 47.7 · P/S ratio 4.23 · EPS (TTM) 15.35 TWD · Dividend yield 1.1% · Net margin 8.9% · Return on equity 6.1% · Return on assets (EBIT) 12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 212% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at 9%, 3693 screens cheaper than that median.
Fair Value models
Bear 558.42 TWDFair Value 796.02 TWDBull 1,085 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 (5.38 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.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−12.0%
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.
+10.9%
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.
+20.2%
Start year 2020 (pandemic). Over 10 years: +4.1% a year
Revenue growth 10 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.
+4.1%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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. Basis: EBIT basis. 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.
+49.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+48.3%
Dividend (yield on the price)1.1%
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% → 12%
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+23.3%
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 +21.4% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Computer Hardware · 220 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+9% · Above median
Profitability
Return on equity (TTM)6% · Below median
Return on assets4% · Above median
Net margin (TTM)6% · Above median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth−37% · Bottom 25%
Dividend yield (TTM)1.1% · Below median
Valuation Multiplesvs Computer Hardware median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "AIC Inc Fair Value". https://www.fairvalue-calculator.com/stock/3693
Frequently asked questions
Is AIC Inc (3693) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 796.02 TWD versus a price of 732.00 TWD, about +9% upside (fairly valued).
What is the fair value of 3693?
Our model-based fair value for AIC Inc is 796.02 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 732.00 TWD.
What is the quality score of 3693?
AIC Inc has a Quality Score of 57/100. 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 AIC Inc (3693)?
Our model-based price target is the fair value of 796.02 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 558.42 TWD, optimistic scenario 1,085 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the AIC Inc stock forecast for 2026?
Our models put fair value at 796.02 TWD, about +9% upside versus a price of 732.00 TWD (fairly valued). Cautious scenario 558.42 TWD, optimistic scenario 1,085 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of AIC Inc (3693)?
AIC Inc reported trailing-twelve-month revenue of about 6.6B TWD (latest available figure, as of Sep 24, 2026).
Does AIC Inc pay a dividend?
AIC Inc currently shows a dividend yield of about 1.09% relative to its recent price (as of Sep 24, 2026).
What growth is priced into AIC Inc (3693)?
For today's price to be fair in a discounted-cash-flow model, AIC Inc would have to grow free cash flow by +23.3 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +20.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3693 use?
Our models discount AIC Inc at 11.9 %: a base by market capitalisation (small), damped by beta 1.04, 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 AIC Inc that is +23.3 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has AIC Inc (3693) delivered so far?
Over the past 5 years revenue at AIC Inc grew +20.2 % a year. The price currently implies +23.3 % 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 AIC Inc (3693) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into AIC Inc (+23.3 % 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 AIC Inc (3693)?
The free-cash-flow yield on the price is 3.08 %: that much free cash flow AIC Inc produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AIC Inc (3693)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AIC Inc it is 796.02 TWD per share (as of Sep 24, 2026), against a price of 732.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is AIC Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3693 trades below its calculated fair value: price 732.00 TWD, fair value 796.02 TWD, a gap of about +9% (fairly valued). 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 3693?
No. The price is what the market pays today (732.00 TWD); the fair value is what the company's own numbers justify (796.02 TWD). For AIC Inc the two are 64.02 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is AIC Inc worth?
The market values AIC Inc at about 31.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 732.00 TWD; our models calculate a fair value of 796.02 TWD per share.
What do the bullish and bearish scenarios say about 3693?
Our models span a range for AIC Inc: cautious scenario 558.42 TWD, base 796.02 TWD, optimistic 1,085 TWD per share (as of Sep 24, 2026, price 732.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 3693?
AIC Inc trades at a price-to-earnings ratio of 47.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 796.02 TWD is built from several models across several years. Other multiples: P/B 6.0, P/S 4.8, EV/EBITDA 50.6.
How solid is the balance sheet of AIC Inc (3693)?
Balance-sheet figures for AIC Inc (as of Sep 24, 2026): return on equity 6.1%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 3693 from its 52-week high?
AIC Inc trades at 732.00 TWD, at its 52-week high of 732.00 TWD and 212% above the low of 234.50 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 796.02 TWD is for.
Which stocks are comparable to AIC Inc?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Western Digital Corporation, Wiwynn Corporation, 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 AIC Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 732.00 TWD, calculated fair value 796.02 TWD (+9%), Quality Score 57/100, 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 3693 calculated?
We run AIC Inc through 26 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 796.02 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. AIC Inc currently trades 9 % 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 AIC Inc (3693)?
The closing price on Sep 23, 2026 was 732.00 TWD. Our model-based fair value is 796.02 TWD, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AIC Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (558.42 TWD to 1,085 TWD) leaves room in how you read the outcome.
Key figures of AIC Inc
How large is the market capitalisation of AIC Inc (3693)?
The market capitalisation of AIC Inc is 31.5B TWD (≈ $988M). 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 AIC Inc (3693)?
The price-to-sales ratio of AIC Inc is 4.23 (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 AIC Inc (3693)?
Earnings per share at AIC Inc are 15.35 TWD (price ÷ EPS = P/E 47.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AIC Inc (3693)?
The dividend yield of AIC Inc is 1.1% (payout 52.1%). 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 AIC Inc (3693)?
The net margin of AIC Inc is 8.9% (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 AIC Inc (3693)?
The return on equity (ROE) of AIC Inc is 6.1% (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 AIC Inc (3693)?
On an EBIT basis the return on assets of AIC Inc is 12.6% (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 AIC Inc (3693)?
The operating margin of AIC Inc is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AIC Inc (3693)?
Revenue at AIC Inc is growing −36.6% versus a year earlier (3y avg +10.9%). 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 AIC Inc (3693)?
Earnings per share at AIC Inc are growing −81.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does AIC Inc (3693) hold?
AIC Inc holds more cash than debt, 197M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch AIC Inc in the live analysis
One click puts AIC Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
