Asia Electronic Material Co Ltd (4939) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Asia Electronic Material Co Ltd stock TWD 5.65, price TWD 55.70, that is 89.9% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 13.95 TWD – 93.60 TWD · fair‑value band 3.56 TWD – 5.78 TWD · the 55.70 TWD price screens above the 5.65 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Asia Electronic Material Co., Ltd. manufactures and sells various electronic products and materials in Taiwan, China, and internationally.
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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.
Stock analysis
Asia Electronic Material Co Ltd (4939) currently trades at 55.70 TWD, while our model-based Fair Value estimate is 5.65 TWD, 90% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 5.85 TWD per share, and 0 of the 6 models we run sit above the 55.70 TWD price.
Bear case: the Asset-Based group reads lowest at 2.85 TWD, and 6 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 3.56 TWD (bear) to 5.78 TWD (bull), the price of 55.70 TWD sits above 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 46/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Asia Electronic Material Co Ltd 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.
Key figures
Market cap 5.5B TWD (≈ $166M) Micro · P/E ratio 64.8 · P/S ratio 3.70 · EPS (TTM) 0.8600 TWD · Dividend yield 0.4% · Net margin 5.7% · Return on equity 6.2% · Return on assets (EBIT) 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (medium confidence).
What moves the price
The share trades about 40% below its 52-week high and 148% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −15% fair-value upside, at −90%, 4939 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (1.65 TWD to 15.40 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear3.56 TWDFair Value 5.65 TWDBull5.78 TWD
Price 55.70 TWD · Downside -89.9%
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 (0.5181 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.14/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−8.1%
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.
−4.9%
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.
−4.1%
Start year 2020 (pandemic)
Revenue growth 8 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.
−1.5%
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Profit margin (trend) ⓘ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.
14.2% (2020) → 2.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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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.Electronic Components · 652 stocks
Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−89.9% · Bottom 25%
Profitability
Return on equity (12 months)6.2% · Below median
Return on assets−1.6% · Bottom 25%
Net margin (12 months)5.7% · Below median
Operating margin (12 months)9.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)23.3% · Above median
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity0.11× · Above median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)64.8× · Priciest 25%
P/B4.05× · Priciest 25%
P/S (12 months)3.70× · Pricier than median
EV/EBITDA34.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 69
PAST (return on equity)25· sector 28
HEALTH (low debt)94· sector 95
DIVIDEND (yield)9· sector 27
VALUE 0: the price sits above our fair-value range.
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). "Asia Electronic Material Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/4939
Frequently asked questions
Is Asia Electronic Material Co Ltd (4939) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 5.65 TWD versus a price of 55.70 TWD, about 90% lower (overvalued).
What is the fair value of 4939?
Our model-based fair value for Asia Electronic Material Co Ltd is 5.65 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 55.70 TWD.
What is the quality score of 4939?
Asia Electronic Material Co Ltd has a Quality Score of 46/100. 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 Asia Electronic Material Co Ltd (4939)?
Our model-based price target is the fair value of 5.65 TWD (as of Nov 6, 2026) from 6 valuation models. Cautious scenario 3.56 TWD, optimistic scenario 5.78 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Asia Electronic Material Co Ltd stock forecast for 2026?
Our models put fair value at 5.65 TWD, about 90% lower versus a price of 55.70 TWD (overvalued). Cautious scenario 3.56 TWD, optimistic scenario 5.78 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Asia Electronic Material Co Ltd (4939)?
Asia Electronic Material Co Ltd reported trailing-twelve-month revenue of about 1.5B TWD (latest available figure, as of Nov 6, 2026).
Does Asia Electronic Material Co Ltd pay a dividend?
Asia Electronic Material Co Ltd currently shows a dividend yield of 0.45% relative to its recent price (as of Nov 6, 2026).
What is the intrinsic value of Asia Electronic Material Co Ltd (4939)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asia Electronic Material Co Ltd it is 5.65 TWD per share (as of Nov 6, 2026), against a price of 55.70 TWD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Asia Electronic Material Co Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 4939 trades above its calculated fair value: price 55.70 TWD, fair value 5.65 TWD, a gap of about −90% (overvalued). 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 4939?
No. The price is what the market pays today (55.70 TWD); the fair value is what the company's own numbers justify (5.65 TWD). For Asia Electronic Material Co Ltd the two are 50.05 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Asia Electronic Material Co Ltd worth?
The market values Asia Electronic Material Co Ltd at about 5.5B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 55.70 TWD; our models calculate a fair value of 5.65 TWD per share.
What do the bullish and bearish scenarios say about 4939?
Our models span a range for Asia Electronic Material Co Ltd: cautious scenario 3.56 TWD, base 5.65 TWD, optimistic 5.78 TWD per share (as of Nov 6, 2026, price 55.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 4939?
Asia Electronic Material Co Ltd trades at a price-to-earnings ratio of 64.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5.65 TWD is built from several models across several years. Other multiples: P/B 4.1, P/S 3.7, EV/EBITDA 34.8.
How solid is the balance sheet of Asia Electronic Material Co Ltd (4939)?
Balance-sheet figures for Asia Electronic Material Co Ltd (as of Nov 6, 2026): return on equity 6.2%, debt of 0.11 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is 4939 from its 52-week high?
Asia Electronic Material Co Ltd trades at 55.70 TWD, about 40% below its 52-week high of 93.60 TWD and 148% above the low of 22.45 TWD (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 5.65 TWD is for.
Which stocks are comparable to Asia Electronic Material Co Ltd?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, 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 Asia Electronic Material Co Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price 55.70 TWD, calculated fair value 5.65 TWD (−90%), Quality Score 46/100, from 6 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 4939 calculated?
We run Asia Electronic Material Co Ltd through 6 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 5.65 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 15.5% above its aggregate fair value. Asia Electronic Material Co Ltd itself currently trades above fair value. 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 Asia Electronic Material Co Ltd (4939)?
The closing price on Nov 5, 2026 was 55.70 TWD. Our model-based fair value is 5.65 TWD, about 90% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asia Electronic Material Co Ltd right now?
The price sits above even our optimistic bull case (5.78 TWD). The favourable scenario is already priced in. Weak quality (46/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Asia Electronic Material Co Ltd
How large is the market capitalisation of Asia Electronic Material Co Ltd (4939)?
The market capitalisation of Asia Electronic Material Co Ltd is 5.5B TWD (≈ $166M). 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 Asia Electronic Material Co Ltd (4939)?
The price-to-sales ratio of Asia Electronic Material Co Ltd is 3.70 (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 Asia Electronic Material Co Ltd (4939)?
Earnings per share at Asia Electronic Material Co Ltd are 0.8600 TWD (price ÷ EPS = P/E 64.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asia Electronic Material Co Ltd (4939)?
The dividend yield of Asia Electronic Material Co Ltd is 0.4% (payout 29.1%). 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 Asia Electronic Material Co Ltd (4939)?
The net margin of Asia Electronic Material Co Ltd is 5.7% (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 Asia Electronic Material Co Ltd (4939)?
The return on equity (ROE) of Asia Electronic Material Co Ltd is 6.2% (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 Asia Electronic Material Co Ltd (4939)?
On an EBIT basis the return on assets of Asia Electronic Material Co Ltd is 3.5% (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 Asia Electronic Material Co Ltd (4939)?
The operating margin of Asia Electronic Material Co Ltd is 9.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asia Electronic Material Co Ltd (4939)?
Revenue at Asia Electronic Material Co Ltd is growing +23.3% versus a year earlier (3y avg −4.9%). 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 Asia Electronic Material Co Ltd (4939)?
Earnings per share at Asia Electronic Material Co Ltd are growing +317% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Asia Electronic Material Co Ltd (4939) generate?
The free cash flow of Asia Electronic Material Co Ltd is −26.6M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Asia Electronic Material Co Ltd (4939) carry?
The net debt of Asia Electronic Material Co Ltd is 325M TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 6, 2026