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Lemtech Holdings (4912) Fair Value & Analysis

Industrials · TW · Market cap 5.7B TWD

LH Lemtech Holdings 4912 · TW
Price89.80 TWD
Fair Value56.66 TWD
Upside-36.9%
Quality42/100
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Expensive Growth
Thin margins · 2.3% net margin
Low debt · negative free cash flow
1.72% dividend yield
Ranks above peers (8/13)
Narrow moat 29/100
Evidence: High Range 42.49 TWD – 70.82 TWD Share as image

Fair value as of: Jul 23, 2026

From 17 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 38.51 TWD to 56.66 TWD (+47.1%) since Jul 11, 2026. Share price +3.8% over the past month.

Below-average quality, and screening another 37% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (70.82 TWD). The favourable scenario is already priced in.
  • Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

177.42 TWD 62.81 TWD Fair Value 56.66 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 62.81 TWD – 177.42 TWD · fair‑value band 42.49 TWD – 70.82 TWD · the 89.80 TWD price screens above the 56.66 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Lemtech Holdings (4912) currently trades at 89.80 TWD, while our model-based Fair Value estimate is 56.66 TWD, implying the stock looks roughly 36.9% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials 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, Lemtech Holdings generated revenue of 6.5B TWD at a net margin of 2.3%. Revenue grew 13.9% year over year. It earns a return on equity of 5.6%. Net debt stands at 1.2B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 42.49 TWD (bear case) to 70.82 TWD (bull case); at 89.80 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 23% below its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at -37%, 4912 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
Residual Income 42.02 TWD 41.30 TWD 35.43 TWD 76
ROIC Compounder 50.28 TWD 56.91 TWD 69.16 TWD 72
Gordon GGM 11.23 TWD 22.37 TWD 33.87 TWD 70
All 17 models by family
DCF Models
Owner Earnings 24.72 TWD 37.89 TWD 60.26 TWD 31
Earnings-Based
Graham-Dodd 13.09 TWD 63.10 TWD 86.89 TWD 54
Lynch FV 16.86 TWD 24.09 TWD 31.31 TWD 50
PEG = 1.0 16.86 TWD 24.09 TWD 31.31 TWD 46
EPV 50.28 TWD 56.91 TWD 62.64 TWD 59
Dividend Discount
Gordon GGM 11.23 TWD 22.37 TWD 33.87 TWD 70
DDM Multi-Stage 11.23 TWD 19.33 TWD 23.61 TWD 61
Multiples
P/E Multiple 28.88 TWD 38.51 TWD 48.13 TWD 63
P/S Multiple 24.55 TWD 32.73 TWD 40.91 TWD 58
P/B Multiple 24.55 TWD 32.73 TWD 40.91 TWD 55
EV/EBIT 89.52 TWD 116.62 TWD 143.71 TWD 53
EV/EBITDA 135.74 TWD 178.24 TWD 220.74 TWD 54
EV/Revenue 63.03 TWD 86.51 TWD 109.99 TWD 43
Asset-Based
NCAV (Graham) 28.97 TWD 38.82 TWD 57.95 TWD 50
Economic Profit
Residual Income 42.02 TWD 41.30 TWD 35.43 TWD 76
ROIC Compounder 50.28 TWD 56.91 TWD 69.16 TWD 72
Growth Earnings
Growth-Adj P/E 25.62 TWD 36.60 TWD 47.58 TWD 68

Widest divergence: Economic Profit (41.30 TWD) versus Dividend Discount (19.33 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 6.5B TWD
Revenue growth (YoY) +13.9%
Net margin 2.3%
Return on equity 5.6%
Free cash flow −238M TWD FY2025
P/E ratio 43.0
More key figures
Operating margin 5.5%
EPS (TTM) 1.97 TWD
Dividend yield 1.7%
EPS growth (YoY) +24.9%
Net debt 1.2B TWD FY2025

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

Quality Score breakdown

Overall quality 42/100

Of which business quality 42 · Market factors (momentum, volatility) 48

Profitability 29
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 50
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

Lemtech Holdings Co., Limited research, develops, produces, and sells precision metal dies and metal stampings in Asia, the Americas, and Europe.

Full company description

Lemtech Holdings Co., Limited research, develops, produces, and sells precision metal dies and metal stampings in Asia, the Americas, and Europe. The company offers precision metal stamping and weldments, overmolding, precision tooling, heat pipe and vapor chamber heatsinks, thermosiphon, liquid cooling/cold plates, electromechanical sub-assemblies, racks and enclosures, and slide rail kits. It serves automotive, AI cloud computing, connected fitness, 3C, construction, and industrial markets. The company was founded in 2003 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lemtech Holdings reported revenue of 6.3B TWD in FY2025 versus 6.4B TWD in FY2021, a compound −0.4%/yr. Reported net income was 129M TWD in FY2025, compounding −27.5%/yr from FY2021.

Growth Quality 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.3B TWD
Latest YoY
+8.2%
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.
+1.6%
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.
+2.8%
Avg. growth/yr (16Y) 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.
+31.1%
Revenue −0.4%/yr
FY21 6.4B TWD
FY22 6.0B TWD
FY23 4.7B TWD
FY24 5.8B TWD
FY25 6.3B TWD
Net income −27.5%/yr
FY21 466M TWD
FY22 391M TWD
FY23 260M TWD
FY24 402M TWD
FY25 129M TWD
Character of growth · EPS growth decomposed (2014-2025) +3.4 % p.a.
Revenue per share +4.7 pp

of which total revenue +6.9 pp · buybacks/dilution −2.2 pp

EBIT margin −3.5 pp
Tax rate +2.6 pp
Residual (interest, one-offs) −0.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

4912 screens 37% overvalued. Compare with Carpenter Technology Corporation →

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Cite: Fair Value Calculator (2026). "Lemtech Holdings Fair Value". https://www.fairvalue-calculator.com/stock/4912

Peer Group

Metal Fabrication · 244 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 42 · Bottom 25%
Fair Value upside −37% · Below median
Return on equity (TTM) 6% · Above median
Return on assets 3% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth 14% · Above median
Dividend yield (TTM) 1.7% · Above median
Debt / equity 0.22× · Higher than median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 43.0× · Pricier than median
P/B 1.46× · Cheaper than median
P/S (TTM) 0.88× · Cheaper than median
EV/EBITDA 6.6× · 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 70 · sector 36
PAST 22 · sector 21
HEALTH 89 · 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 Metal Fabrication stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

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Frequently asked questions

Is Lemtech Holdings (4912) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 56.66 TWD versus a price of 89.80 TWD, about −37% (overvalued).
What is the fair value of 4912?
Our model-based fair value for Lemtech Holdings is 56.66 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 89.80 TWD.
What is the quality score of 4912?
Lemtech Holdings has a Quality Score of 42/100. 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 Lemtech Holdings (4912)?
Lemtech Holdings reported trailing-twelve-month revenue of about 6.5B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4912?
The net profit margin of Lemtech Holdings is about 2.3%, meaning it keeps roughly 2.3% of revenue as net income. Based on the latest reported figures.
Does Lemtech Holdings pay a dividend?
Lemtech Holdings currently shows a dividend yield of about 1.65% 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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