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Ingentec Corporation (4768) Fair Value & Analysis

Basic Materials · TW · Market cap 15.2B TWD

IC Ingentec Corporation 4768 · TWO
Price292.00 TWD
Fair Value467.20 TWD
Upside+60.0%
Quality35/100
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Expensive Growth
Loss-making · -0.7% net margin
Moderate debt · negative free cash flow
Trails peers (5/13)
Narrow moat 17/100
Evidence: Medium Range 327.33 TWD – 607.56 TWD Share as image

Fair value as of: Jul 23, 2026

From 14 valuation models · updated 17 days ago

Fair value updated Jul 23, 2026, revised from 302.37 TWD to 467.20 TWD (+54.5%) since Jul 11, 2026. Share price −12.6% over the past month.

Below-average quality, screening 60% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (327.33 TWD). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (327.33 TWD to 607.56 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

538.00 TWD 65.82 TWD Fair Value 467.20 TWD Feb 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 65.82 TWD – 538.00 TWD · fair‑value band 327.33 TWD – 607.56 TWD · the 292.00 TWD price screens below the 467.20 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Ingentec Corporation (4768) currently trades at 292.00 TWD, while our model-based Fair Value estimate is 467.20 TWD, implying the stock looks roughly 60.0% undervalued today. The Quality Score stands at 35/100 (below-average quality), in the Basic Materials 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: medium), always confirm before acting.

Over the trailing twelve months, Ingentec Corporation generated revenue of 1.5B TWD at a net margin of -0.7%. Revenue grew 157.6% year over year. It earns a return on equity of -1.3%. Net debt stands at 1.0B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 327.33 TWD (bear case) to 607.56 TWD (bull case); at 292.00 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 50% below its 52-week high and 226% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -58% fair-value upside, at 60%, 4768 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 BearBaseBull Evidence
Highest evidence
Residual Income 710.05 TWD 673.46 TWD 503.80 TWD 76
Gordon GGM 1,133 TWD 2,355 TWD 3,735 TWD 70
Growth-Adj P/E 213.69 TWD 305.00 TWD 396.63 TWD 68
All 14 models by family
Earnings-Based
Graham-Dodd 86.77 TWD 528.73 TWD 737.57 TWD 54
Lynch FV 151.20 TWD 216.28 TWD 281.04 TWD 50
PEG = 1.0 151.20 TWD 216.28 TWD 281.04 TWD 46
Dividend Discount
Gordon GGM 1,133 TWD 2,355 TWD 3,735 TWD 70
DDM Multi-Stage 1,133 TWD 1,986 TWD 2,471 TWD 61
Multiples
P/E Multiple 191.03 TWD 254.81 TWD 318.60 TWD 63
P/S Multiple 162.54 TWD 216.61 TWD 270.68 TWD 58
P/B Multiple 162.54 TWD 216.61 TWD 270.68 TWD 55
EV/EBIT 16.51 TWD 135.66 TWD 254.49 TWD 53
EV/EBITDA 651.77 TWD 982.35 TWD 1,313 TWD 54
EV/Revenue 3.56 TWD 106.52 TWD 43
Asset-Based
NCAV (Graham) 512.22 TWD 686.41 TWD 1,025 TWD 50
Economic Profit
Residual Income 710.05 TWD 673.46 TWD 503.80 TWD 76
Growth Earnings
Growth-Adj P/E 213.69 TWD 305.00 TWD 396.63 TWD 68

Widest divergence: Dividend Discount (1,986 TWD) versus Earnings-Based (216.28 TWD). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 1.5B TWD
Revenue growth (YoY) +158%
Net margin -0.7%
Return on equity -1.3%
Free cash flow −323M TWD FY2025
P/E ratio 988.5
More key figures
Operating margin -4.1%
EPS (TTM) 0.3900 TWD
EPS growth (YoY) -2.1%
Net debt 1.0B TWD FY2025

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

Quality Score breakdown

Overall quality 35/100

Of which business quality 40 · Market factors (momentum, volatility) 44

Profitability 18
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 18
Disciplined investing over empire-building
Low Volatility 36
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 69
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

Ingentec Corporation, together with its subsidiaries, engages in manufacturing and sales of precision chemicals for various optoelectronic and semiconductor industry.

Full company description

Ingentec Corporation, together with its subsidiaries, engages in manufacturing and sales of precision chemicals for various optoelectronic and semiconductor industry. The company offers fine chemical distillation technology, such as specialty gas; vapor etching and decomposition technology, comprising dry etching foundry services; intrinsic magnetization filmy thermal conductivity technology, which include copper magnetic wafer, top face emitting pixel package, CMuLED, power red chips, and TransVivi Pixel. In addition, it is involved in international trading business of semiconductors, flat panels display, printed circuit board, photovoltaic, and LEP. Additionally, the company provides Wet chemicals; and TVG glass core products. Ingentec Corporation was founded in 2010 and is headquartered in Miaoli, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ingentec Corporation reported revenue of 1.2B TWD in FY2025 versus 700M TWD in FY2021, a compound +15.1%/yr. Reported net income was 18.7M TWD in FY2025, compounding −27.5%/yr from FY2021.

Growth Quality 29/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.2B TWD
Latest YoY
+20.9%
Avg. growth/yr (3Y)
+4.2%
Revenue +15.1%/yr
FY21 700M TWD
FY22 1.1B TWD
FY23 815M TWD
FY24 1.0B TWD
FY25 1.2B TWD
Net income −27.5%/yr
FY21 67.8M TWD
FY22 215M TWD
FY23 108M TWD
FY24 131M TWD
FY25 18.7M TWD

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Cite: Fair Value Calculator (2026). "Ingentec Corporation Fair Value". https://www.fairvalue-calculator.com/stock/4768

Peer Group

Specialty Chemicals · 676 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 35 · Bottom 25%
Fair Value upside +60% · Top 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) -1% · Bottom 25%
Operating margin (TTM) -4% · Bottom 25%
Revenue growth 158% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.70× · Higher than 75% of peers

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 844.7× · Pricier than 75% of peers
P/B 0.32× · Cheaper than 75% of peers
P/S (TTM) 0.32× · Cheaper than 75% of peers
EV/EBITDA 8.3× · 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 100 · sector 0
FUTURE 100 · sector 19
PAST 0 · sector 23
HEALTH 65 · sector 95
DIVIDEND 0 · sector 25

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

Stock Price Fair Value vs Fair Value
Linde plc LIN $489.98 $222.03 -55%
Nan Ya Plastics Corporation 1303 181.50 TWD 255.83 TWD +41%
Wanhua Chemical Group 600309 ¥70.04 ¥68.03 -3%
Novozymes A/S NSISB kr 428.20 kr 179.66 -58%
Asian Paints Limited ASIANPAINT ₹2,689 ₹668.81 -75%
Solar Industries India Limited SOLARINDS ₹18,236 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,560 ₹351.84 -77%
PT Chandra Asri Pacific Tbk TPIA 1,805 IDR 2,888 IDR +60%
Linde India Limited LINDEINDIA ₹7,115 ₹757.93 -89%
Berger Paints India Limited BERGEPAINT ₹493.70 ₹164.29 -67%

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Frequently asked questions

Is Ingentec Corporation (4768) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 467.20 TWD versus a price of 292.00 TWD, about +60% (undervalued).
What is the fair value of 4768?
Our model-based fair value for Ingentec Corporation is 467.20 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 292.00 TWD.
What is the quality score of 4768?
Ingentec Corporation has a Quality Score of 35/100. 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 Ingentec Corporation (4768)?
Ingentec Corporation reported trailing-twelve-month revenue of about 1.5B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4768?
The net profit margin of Ingentec Corporation is about -0.7%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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