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Sunplus Innovation Technology Inc. (5236) Fair Value & Analysis

Technology · TW · Market cap 9.4B TWD (≈ $297M) · ISIN TW0005236004

What is Sunplus Innovation Technology Inc. really worth?

SI Sunplus Innovation Technology Inc. 5236 · TWO
Price from Aug 27, 2026139.00 TWD
Fair Value195.20 TWD
Upside+40.4%
Quality84/100

A strong business, trading 29% below our fair value of 195.20 TWD.

As of Aug 29, 2026, the fair value of Sunplus Innovation Technology Inc. is 195.20 TWD per share against a price of 139.00 TWD, so the fair value sits 40% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 27.5% net margin
generates free cash flow
Ranks above peers (10/13)
Wide moat 87/100

Risks

!Weak Growth (revenue 5y +1.9 %/yr)
Evidence: High Range 133.47 TWD – 251.16 TWD

Fair value as of: Aug 29, 2026

From 24 valuation models · updated 8 days ago

Share price −3.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (84/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (133.47 TWD to 251.16 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

179.50 TWD 46.00 TWD Fair Value 195.20 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range 46.00 TWD – 179.50 TWD · fair‑value band 133.47 TWD – 251.16 TWD · the 139.00 TWD price screens below the 195.20 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Sunplus Innovation Technology Inc. (5236) currently trades at 139.00 TWD, while our model-based Fair Value estimate is 195.20 TWD, implying the stock looks roughly 28.8% undervalued today. The Quality Score stands at 84/100 (high quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 204.99 TWD per share, and 18 of the 24 models we run sit above the 139.00 TWD price. Bear case: the Asset-Based group reads lowest at 29.71 TWD, and 6 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Sunplus Innovation Technology Inc. generated revenue of 2.1B TWD at a net margin of 27.5%. Revenue grew 16.2% year over year. It earns a return on equity of 25.1%. The balance sheet holds a net cash position of 1.9B TWD. Fundamentals as of Aug 29, 2026

Our scenario range runs from 133.47 TWD (bear case) to 251.16 TWD (bull case); at 139.00 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 25% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −59% fair-value upside, at 40%, 5236 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 5.86 TWD per share, which is 3.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence 137.57 TWD 204.99 TWD 311.24 TWD 78
Growth DCF 137.67 TWD 201.36 TWD 299.30 TWD 75
Owner Earnings 136.25 TWD 202.81 TWD 307.71 TWD 73
All 24 models by family
DCF Models
FCF DCF best evidence 137.57 TWD 204.99 TWD 311.24 TWD 78
Owner Earnings 136.25 TWD 202.81 TWD 307.71 TWD 73
5Y Revenue Exit 124.05 TWD 182.23 TWD 258.49 TWD 70
5Y EBITDA Exit 147.89 TWD 229.24 TWD 327.90 TWD 72
5Y P/E Exit 176.62 TWD 285.94 TWD 406.71 TWD 68
10Y Revenue Exit 125.25 TWD 180.18 TWD 258.65 TWD 64
10Y EBITDA Exit 143.08 TWD 213.03 TWD 313.09 TWD 65
10Y P/E Exit 161.37 TWD 252.65 TWD 374.91 TWD 61
Earnings-Based
Graham-Dodd 58.38 TWD 230.19 TWD 312.57 TWD 64
Lynch FV 56.85 TWD 81.22 TWD 105.59 TWD 61
PEG = 1.0 56.85 TWD 81.22 TWD 105.59 TWD 57
EPV 107.70 TWD 119.31 TWD 129.32 TWD 70
Multiples
P/E Multiple 180.30 TWD 240.40 TWD 300.50 TWD 63
P/S Multiple 109.47 TWD 145.96 TWD 182.45 TWD 58
P/B Multiple 109.47 TWD 145.96 TWD 182.45 TWD 55
EV/EBIT 202.96 TWD 259.23 TWD 315.50 TWD 63
EV/EBITDA 165.88 TWD 209.79 TWD 253.70 TWD 64
EV/Revenue 119.50 TWD 156.07 TWD 192.65 TWD 52
Asset-Based
NCAV (Graham) 22.17 TWD 29.71 TWD 44.35 TWD 51
Growth DCF
Growth DCF 137.67 TWD 201.36 TWD 299.30 TWD 75
Rev-Margin DCF 124.05 TWD 181.74 TWD 252.68 TWD 70
Economic Profit
Residual Income 54.20 TWD 71.73 TWD 259.50 TWD 64
ROIC Compounder 111.33 TWD 127.79 TWD 144.97 TWD 70
Growth Earnings
Growth-Adj P/E 120.98 TWD 172.83 TWD 224.68 TWD 67

Widest divergence: DCF Models (204.99 TWD) versus Asset-Based (29.71 TWD). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 16.2
P/S ratio 4.17 P/E × margin
EPS (TTM) 8.58 TWD price ÷ EPS = P/E 16.2
Net margin 25.8% FY2025
Return on equity 25.1% TTM
Return on assets (EBIT) 18.4% avg 5y
More key figures
Profitability
Operating margin 35.0% TTM
Growth
Revenue (TTM) 2.1B TWD TTM
Revenue growth (YoY) +16.2% 3y avg +9.1%
EPS growth (YoY) +46.5%
Balance sheet & cash flow
Free cash flow 537M TWD FY2025
Net cash 1.9B TWD FY2023

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 84/100

Of which business quality 80 · Market factors (momentum, volatility) 43

Profitability 75
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 76
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sunplus Innovation Technology Inc. researches, develops, manufactures, and markets microcontrollers and system-on-chips with embedded software solutions in Taiwan, China, and internationally. It provides wired optical mice, wireless desktops, and MCU for HID and toy devices; and Web, NB, and IOT camera controllers.

Full company description

Sunplus Innovation Technology Inc. researches, develops, manufactures, and markets microcontrollers and system-on-chips with embedded software solutions in Taiwan, China, and internationally. It provides wired optical mice, wireless desktops, and MCU for HID and toy devices; and Web, NB, and IOT camera controllers. The company's products are used in human interface devices, PC external HDD/ODD drives, and PC/NB camera and industry control market segments. The company was founded in 2006 and is based in Hsinchu City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sunplus Innovation Technology Inc. reported revenue of 2.0B TWD in FY2025 versus 2.3B TWD in FY2021, a compound −3.3%/yr. Reported net income was 515M TWD in FY2025, compounding −5.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.0B TWD
Latest YoY
+10.0%
Avg. revenue 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.
+9.1%
Avg. revenue 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.
+1.9%
Avg. revenue growth/yr (7Y) 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.
+12.7%
Value creation/yr (5Y, in TWD) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
−1.1% · in TWD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−1.1%
Dividend yield0.0%
Operating margin (EBIT) 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.31.7% (2020) → 28.1% (2025) · falling
Worst earnings drop45% (2022) · in TWD
Revenue −3.3%/yr
FY21 2.3B TWD
FY22 1.5B TWD
FY23 1.7B TWD
FY24 1.8B TWD
FY25 2.0B TWD
Net income −5.1%/yr
FY21 635M TWD
FY22 373M TWD
FY23 428M TWD
FY24 482M TWD
FY25 515M TWD

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Cite: Fair Value Calculator (2026). "Sunplus Innovation Technology Inc. Fair Value". https://www.fairvalue-calculator.com/stock/5236.TWO

Peer Group

Semiconductors · 325 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 84 · Top 25%
Fair Value upside +40% · Top 25%
Return on equity (TTM) 25% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) 35% · Top 25%
Revenue growth 16% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 16.2× · Cheaper than 75% of peers
P/B 3.53× · Pricier than median
P/S (TTM) 4.51× · Pricier than median
P/FCF 0.6× · Cheaper than 75% of peers
EV/EBITDA 11.5× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE87 · sector 0
FUTURE81 · sector 65
PAST100 · sector 25
HEALTH0 · sector 96
DIVIDEND0 · sector 18

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

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $227.98 $98.98 −57%
Taiwan Semiconductor Manufacturing Company TSM $427.30 $296.10 −31%
Broadcom Inc AVGO $357.90 $118.27 −67%
SK hynix Inc 000660 1,647,000 KRW 1,481,291 KRW −10%
Micron Technology, Inc MU $932.86 $148.38 −84%
Advanced Micro Devices, Inc AMD $477.57 $55.02 −88%
Intel Corporation INTC $95.80 $35.41 −63%
Texas Instruments Incorporated TXN $266.54 $78.54 −71%
QUALCOMM Incorporated QCOM $164.78 $147.20 −11%
MediaTek Inc 2454 3,845 TWD 1,559 TWD −59%

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Frequently asked questions

Is Sunplus Innovation Technology Inc. (5236) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of 195.20 TWD versus the last price from Aug 27, 2026 of 139.00 TWD, about +40% upside (undervalued).
What is the fair value of 5236?
Our model-based fair value for Sunplus Innovation Technology Inc. is 195.20 TWD (as of Aug 29, 2026), built from audited fundamentals. Last price (from Aug 27, 2026): 139.00 TWD.
What is the quality score of 5236?
Sunplus Innovation Technology Inc. has a Quality Score of 84/100. 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 Sunplus Innovation Technology Inc. (5236)?
Our model-based price target is the fair value of 195.20 TWD (as of Aug 29, 2026) from 24 valuation models. Cautious scenario 133.47 TWD, optimistic scenario 251.16 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Sunplus Innovation Technology Inc. stock forecast for 2026?
Our models put fair value at 195.20 TWD, about +40% upside versus the last price from Aug 27, 2026 of 139.00 TWD (undervalued). Cautious scenario 133.47 TWD, optimistic scenario 251.16 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Sunplus Innovation Technology Inc. (5236)?
Sunplus Innovation Technology Inc. reported trailing-twelve-month revenue of about 2.1B TWD (latest available figure, as of Aug 29, 2026).
What is the net profit margin of 5236?
The net profit margin of Sunplus Innovation Technology Inc. is about 27.5%, meaning it keeps roughly 27.5% of revenue as net income. Based on the latest reported figures.
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