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Asia Electronic Material Co (4939) Fair Value & Analysis

Technology · TW · Market cap 6.8B TWD

AE Asia Electronic Material Co 4939 · TWO
Price61.30 TWD
Fair Value115.27 TWD
Upside+88.0%
Quality47/100
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Weak Growth
Loss-making · -1.7% net margin
Low debt · negative free cash flow
0.35% dividend yield
Trails peers (3/11)
Narrow moat 20/100
Evidence: Medium Range 60.87 TWD – 170.96 TWD Share as image

Fair value as of: Jul 23, 2026

From 8 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 114.27 TWD to 115.27 TWD (+0.9%) since Jul 11, 2026. Share price +8.3% over the past month.

Below-average quality, screening 88% undervalued on our models.

What matters now

  • The model range is unusually wide (60.87 TWD to 170.96 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

72.80 TWD 13.95 TWD Fair Value 115.27 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 13.95 TWD – 72.80 TWD · fair‑value band 60.87 TWD – 170.96 TWD · the 61.30 TWD price screens below the 115.27 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Asia Electronic Material Co (4939) currently trades at 61.30 TWD, while our model-based Fair Value estimate is 115.27 TWD, implying the stock looks roughly 88.0% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Technology 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, Asia Electronic Material Co generated revenue of 1.4B TWD at a net margin of -1.7%. Revenue declined 6.2% year over year. It earns a return on equity of -1.6%. Net debt stands at 325M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 60.87 TWD (bear case) to 170.96 TWD (bull case); at 61.30 TWD, the current price sits within 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 15% below its 52-week high and 229% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at 88%, 4939 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
ROIC Compounder 6.14 TWD 6.49 TWD 6.79 TWD 72
Gordon GGM 4.39 TWD 4.79 TWD 5.38 TWD 70
DDM Multi-Stage 4.39 TWD 5.43 TWD 6.84 TWD 61
All 8 models by family
Earnings-Based
EPV 6.14 TWD 6.49 TWD 6.79 TWD 59
Dividend Discount
Gordon GGM 4.39 TWD 4.79 TWD 5.38 TWD 70
DDM Multi-Stage 4.39 TWD 5.43 TWD 6.84 TWD 61
Multiples
EV/EBIT 9.08 TWD 10.80 TWD 12.52 TWD 53
EV/EBITDA 14.07 TWD 17.45 TWD 20.82 TWD 54
EV/Revenue 7.40 TWD 8.89 TWD 10.38 TWD 43
Asset-Based
NCAV (Graham) 6.88 TWD 9.22 TWD 13.77 TWD 50
Economic Profit
ROIC Compounder 6.14 TWD 6.49 TWD 6.79 TWD 72

Widest divergence: Multiples (10.80 TWD) versus Dividend Discount (4.79 TWD). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 1.4B TWD
Revenue growth (YoY) -6.2%
Net margin -1.7%
Return on equity -1.6%
Free cash flow −26.6M TWD FY2025
Operating margin 4.3%
More key figures
EPS (TTM) -0.4300 TWD
Dividend yield 0.4%
EPS growth (YoY) +317%
Net debt 325M TWD FY2025

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

Quality Score breakdown

Overall quality 47/100

Of which business quality 45 · Market factors (momentum, volatility) 75

Profitability 15
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 29
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 86
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

Asia Electronic Material Co., Ltd. manufactures and sells various electronic products and materials in Taiwan, China, and internationally. The company offers adhesive and non-adhesive flexible copper clad laminates, coverlays, stiffeners, bonding sheets, high frequency modify Pi bonding sheet, and polyimide composite films.

Full company description

Asia Electronic Material Co., Ltd. manufactures and sells various electronic products and materials in Taiwan, China, and internationally. The company offers adhesive and non-adhesive flexible copper clad laminates, coverlays, stiffeners, bonding sheets, high frequency modify Pi bonding sheet, and polyimide composite films. Its products are used in various applications, including battery boards, mobile phones, digital cameras, LCM/LCD, and others. The company was founded in 2003 and is based in Zhubei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Asia Electronic Material Co reported revenue of 1.4B TWD in FY2025 versus 2.0B TWD in FY2021, a compound −7.7%/yr. Reported net income was −42.3M TWD in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.4B TWD
Latest YoY
−8.1%
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.
−4.9%
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.
−4.1%
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.
−1.5%
Revenue −7.7%/yr
FY21 2.0B TWD
FY22 1.6B TWD
FY23 1.5B TWD
FY24 1.5B TWD
FY25 1.4B TWD
Net income
FY21 173M TWD
FY22 34.4M TWD
FY23 36.3M TWD
FY24 19.1M TWD
FY25 −42.3M TWD

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Cite: Fair Value Calculator (2026). "Asia Electronic Material Co Fair Value". https://www.fairvalue-calculator.com/stock/4939

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 47 · Below median
Fair Value upside +88% · Top 25%
Return on assets -0% · Below median
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 4% · Below median
Revenue growth -6% · Bottom 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 0.11× · Higher than median

Valuation Multiples vs Electronic Components median · lower = cheaper

P/B 0.16× · Cheaper than 75% of peers
P/S (TTM) 0.15× · Cheaper than 75% of peers

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 0 · sector 32
PAST 0 · sector 24
HEALTH 94 · sector 95
DIVIDEND 7 · 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 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 Asia Electronic Material Co (4939) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 115.27 TWD versus a price of 61.30 TWD, about +88% (undervalued).
What is the fair value of 4939?
Our model-based fair value for Asia Electronic Material Co is 115.27 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 61.30 TWD.
What is the quality score of 4939?
Asia Electronic Material Co has a Quality Score of 47/100. 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 Asia Electronic Material Co (4939)?
Asia Electronic Material Co reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 4939?
The net profit margin of Asia Electronic Material Co is about -1.7%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Asia Electronic Material Co pay a dividend?
Asia Electronic Material Co currently shows a dividend yield of about 0.42% 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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