Topco Scientific Co Ltd (5434) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Topco Scientific Co Ltd TWD 492, price TWD 542, upside -9.2%, quality 63 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 93.61 TWD – 596.00 TWD · fair‑value band 312.12 TWD – 670.35 TWD · the 542.00 TWD price screens above the 492.08 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Topco Scientific Co.,Ltd. provides precision materials, manufacturing equipment, and components worldwide. The company offers quartz wafer carrier plates, such as synthetic quartz wafer and quartz substrate; furnace quartz, and quartz crucible for single crystal and polycrystalline; and chemicals, such as CMP, photoresist, and specialty gases, and chemicals. It also provides wafers, wafer carriers, and wafer related supplies; photomask and mask carriers; electronic materials, such as protective, packaging, thermal conductive, conductive, and special application materials; SiC and GaN epi wafers and substrates, and Sic reclaim wafers; power device electrical analysis instruments; and IC foundry services. In addition, the company offers turbo compressors and blowers, metal additive manufacturing equipment, atmospheric pressure plasma, horizontal and vertical tube cleaner, high pressure clean system, fire extinguishing systems, and organic solvent dehydration and recycling system, as well as LCD related equipment and services. Further, the company engages in wholesale sale of chemicals; provision of sports training services; wholesale of semiconductor materials, optoelectronic components, and electronic products; wholesale and retail of aquatic products; trading of food; project business development of renewable energy; piping engineering and electrical installation; solar system engineering activities; antifouling treatment agents and light blocking materials; sale of renewable electricity; operation of supermarkets; restaurant management; vacuum pump equipment waste removal maintenance; planning, evaluation of environmental-related projects; international trading; sale and design of integrated circuits; and waste water and clean room environmental engineering activities. It serves semiconductors, package and testing, semiconductor equipment, electronics, LCD, LED, and solar industries. The company was incorporated in 1990 and is headquartered in Taipei, Taiwan.
Stock analysis
Topco Scientific Co Ltd (5434) currently trades at 542.00 TWD, while our model-based Fair Value estimate is 492.08 TWD, implying the stock looks roughly 10.1% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 544.60 TWD per share, and 8 of the 26 models we run sit above the 542.00 TWD price.
Bear case: the Asset-Based group reads lowest at 69.19 TWD, and 18 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 312.12 TWD (bear) to 670.35 TWD (bull), the price of 542.00 TWD sits inside 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 63/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Topco Scientific Co Ltd reported revenue of 67.6B TWD in FY2025 versus 42.7B TWD in FY2021, a compound +12.2%/yr. Reported net income was 4.2B TWD in FY2025, compounding +16.2%/yr from FY2021.
Key figures
Market cap 106B TWD (≈ $3.3B) · P/E ratio 25.3 · P/S ratio 1.57 · EPS (TTM) 21.39 TWD · Dividend yield 2.5% · Net margin 6.2% · Return on equity 25.3% · Return on assets (EBIT) 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 94% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −12% fair-value upside, at −9%, 5434 screens cheaper than that median.
Fair Value models
Bear 312.12 TWDFair Value 492.08 TWDBull 670.35 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (7.19 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.Evidence ⓘEvidence = 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.89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.6%
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.
+8.5%
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.
+13.3%
Start year 2020 (pandemic). Over 10 years: +13.5% a year
Revenue growth 23 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.
+12.7%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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.
+16.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.8%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.14% vs 14%, steady
Profit margin 2020 to 2025 ⓘ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.7% → 7%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +11.7% a year for the price and +13.9% for the forecasts.
Compare Topco Scientific Co Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Electronics & Computer Distribution · 153 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−9% · Below median
Profitability
Return on equity (TTM)25% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)6% · Top 25%
Operating margin (TTM)8% · Top 25%
Growth and dividend
Revenue growth18% · Above median
Dividend yield (TTM)2.5% · Below median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Topco Scientific Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/5434
Frequently asked questions
Is Topco Scientific Co Ltd (5434) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 492.08 TWD versus a price of 542.00 TWD, about −9% upside (fairly valued).
What is the fair value of 5434?
Our model-based fair value for Topco Scientific Co Ltd is 492.08 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 542.00 TWD.
What is the quality score of 5434?
Topco Scientific Co Ltd has a Quality Score of 63/100. 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 Topco Scientific Co Ltd (5434)?
Our model-based price target is the fair value of 492.08 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 312.12 TWD, optimistic scenario 670.35 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Topco Scientific Co Ltd stock forecast for 2026?
Our models put fair value at 492.08 TWD, about −9% upside versus a price of 542.00 TWD (fairly valued). Cautious scenario 312.12 TWD, optimistic scenario 670.35 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Topco Scientific Co Ltd (5434)?
Topco Scientific Co Ltd reported trailing-twelve-month revenue of about 70.4B TWD (latest available figure, as of Sep 24, 2026).
Does Topco Scientific Co Ltd pay a dividend?
Topco Scientific Co Ltd currently shows a dividend yield of about 2.49% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Topco Scientific Co Ltd (5434)?
For today's price to be fair in a discounted-cash-flow model, Topco Scientific Co Ltd would have to grow free cash flow by +13.5 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 5434 use?
Our models discount Topco Scientific Co Ltd at 9.4 %: a base by market capitalisation (large), damped by beta 0.82, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Topco Scientific Co Ltd that is +13.5 % per year a year over ten years, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Topco Scientific Co Ltd (5434) delivered so far?
Over the past 5 years revenue at Topco Scientific Co Ltd grew +13.3 % a year. The price currently implies +13.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Topco Scientific Co Ltd (5434) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Topco Scientific Co Ltd (+13.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Topco Scientific Co Ltd (5434)?
The free-cash-flow yield on the price is 3.70 %: that much free cash flow Topco Scientific Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Topco Scientific Co Ltd (5434)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Topco Scientific Co Ltd it is 492.08 TWD per share (as of Sep 24, 2026), against a price of 542.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Topco Scientific Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5434 trades above its calculated fair value: price 542.00 TWD, fair value 492.08 TWD, a gap of about −9% (fairly valued). 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 5434?
No. The price is what the market pays today (542.00 TWD); the fair value is what the company's own numbers justify (492.08 TWD). For Topco Scientific Co Ltd the two are 49.92 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Topco Scientific Co Ltd worth?
The market values Topco Scientific Co Ltd at about 106B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 542.00 TWD; our models calculate a fair value of 492.08 TWD per share.
What do the bullish and bearish scenarios say about 5434?
Our models span a range for Topco Scientific Co Ltd: cautious scenario 312.12 TWD, base 492.08 TWD, optimistic 670.35 TWD per share (as of Sep 24, 2026, price 542.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5434?
Topco Scientific Co Ltd trades at a price-to-earnings ratio of 25.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 492.08 TWD is built from several models across several years. Other multiples: P/B 5.3, P/S 1.5, EV/EBITDA 19.9.
How solid is the balance sheet of Topco Scientific Co Ltd (5434)?
Balance-sheet figures for Topco Scientific Co Ltd (as of Sep 24, 2026): return on equity 25.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 5434 from its 52-week high?
Topco Scientific Co Ltd trades at 542.00 TWD, about 9% below its 52-week high of 596.00 TWD and 94% above the low of 279.59 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 492.08 TWD is for.
Which stocks are comparable to Topco Scientific Co Ltd?
From the same area (Technology) we also value TD SYNNEX Corporation, Unisplendour Corporation, Rexel S.A, Arrow 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 Topco Scientific Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 542.00 TWD, calculated fair value 492.08 TWD (−9%), Quality Score 63/100, from 26 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 5434 calculated?
We run Topco Scientific Co Ltd through 26 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 492.08 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 14.1 % above its aggregate fair value. Topco Scientific 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 Topco Scientific Co Ltd (5434)?
The closing price on Sep 24, 2026 was 542.00 TWD. Our model-based fair value is 492.08 TWD, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Topco Scientific Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (312.12 TWD to 670.35 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Topco Scientific Co Ltd (5434) come from?
Earnings per share at Topco Scientific Co Ltd grew +13.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.9 %, EBIT margin +2.0 %, tax rate −0.6 %, residual (interest, one-offs) +0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Topco Scientific Co Ltd
How large is the market capitalisation of Topco Scientific Co Ltd (5434)?
The market capitalisation of Topco Scientific Co Ltd is 106B TWD (≈ $3.3B). 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 Topco Scientific Co Ltd (5434)?
The price-to-sales ratio of Topco Scientific Co Ltd is 1.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Topco Scientific Co Ltd (5434)?
Earnings per share at Topco Scientific Co Ltd are 21.39 TWD (price ÷ EPS = P/E 25.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Topco Scientific Co Ltd (5434)?
The dividend yield of Topco Scientific Co Ltd is 2.5% (payout 63.1%). 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 Topco Scientific Co Ltd (5434)?
The net margin of Topco Scientific Co Ltd is 6.2% (fiscal year 2025). 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 Topco Scientific Co Ltd (5434)?
The return on equity (ROE) of Topco Scientific Co Ltd is 25.3% (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 Topco Scientific Co Ltd (5434)?
On an EBIT basis the return on assets of Topco Scientific Co Ltd is 11.4% (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 Topco Scientific Co Ltd (5434)?
The operating margin of Topco Scientific Co Ltd is 7.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Topco Scientific Co Ltd (5434)?
Revenue at Topco Scientific Co Ltd is growing +17.6% versus a year earlier (3y avg +8.5%). 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 Topco Scientific Co Ltd (5434)?
Earnings per share at Topco Scientific Co Ltd are growing +24.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Topco Scientific Co Ltd (5434) hold?
Topco Scientific Co Ltd holds more cash than debt, 2.8B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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