Key Ware Electronics Co Ltd (5498) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Key Ware Electronics Co Ltd TWD 5.34, price TWD 50.20, upside -89.4%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
!Fair value 5.34 TWD · Strongly overvalued (−89%)
!Quality 54/100
!Expensive Growth(revenue 5y +2.2 %/yr)
!Thin margins · 1.5% net margin (TTM)
!Low debt · negative free cash flow
·0.50% dividend yield
!Trails peers(4/12)
!Narrow moat19/100
!Evidence only low, so the estimate is less certain
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Key Ware Electronics Co., Ltd. designs, manufactures, and processes printed circuit board materials in Taiwan, Mainland China, and Thailand. The company offers electroplating solutions, dry films, drill bits, and copper foil substrates, as well as CCL products.
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Key Ware Electronics Co., Ltd. designs, manufactures, and processes printed circuit board materials in Taiwan, Mainland China, and Thailand. The company offers electroplating solutions, dry films, drill bits, and copper foil substrates, as well as CCL products. It also provides machinery equipment, drilling and hand tools, and drilling subcontracting services, as well as engages in the general investment and wholesale and processing of electronic components. The company was incorporated in 1997 and is based in Taoyuan City, Taiwan.
Stock analysis
Key Ware Electronics Co Ltd (5498) currently trades at 50.20 TWD, while our model-based Fair Value estimate is 5.34 TWD, implying the stock looks roughly 839.8% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 12.88 TWD per share, and 0 of the 7 models we run sit above the 50.20 TWD price.
Bear case: the Multiples group reads lowest at 0.6100 TWD, and 7 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.53 TWD (bear) to 8.14 TWD (bull), the price of 50.20 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 54/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Key Ware Electronics Co Ltd reported revenue of 1.4B TWD in FY2025 versus 1.6B TWD in FY2021, a compound −2.8%/yr. Reported net income was −618K TWD in FY2025.
Key figures
Market cap 9.7B TWD (≈ $305M) · P/S ratio 5.91 · Dividend yield 0.5% · Net margin 0.0% · Return on equity 1.2% · Return on assets (EBIT) −1.7% · Operating margin 3.5% · Revenue (TTM) 1.6B TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 42% below its 52-week high, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −24% fair-value upside, at −89%, 5498 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (0.3500 TWD to 12.88 TWD). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 2.53 TWDFair Value 5.34 TWDBull 8.14 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.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.30/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+21.0%
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.
−1.1%
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.
+2.2%
Start year 2020 (pandemic)
Revenue growth 9 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.
+6.4%
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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.
2.9% (2020) → 0.9% (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
Compare Key Ware Electronics 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.Tools & Accessories · 125 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−89% · Bottom 25%
Profitability
Return on equity (TTM)1% · Bottom 25%
Return on assets1% · Bottom 25%
Net margin (TTM)1% · Bottom 25%
Operating margin (TTM)4% · Bottom 25%
Growth and dividend
Revenue growth49% · Top 25%
Dividend yield (TTM)0.5% · Bottom 25%
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Tools & Accessories median · lower = cheaper
P/B0.14× · Cheapest 25%
P/S (TTM)0.20× · Cheapest 25%
EV/EBITDA2.3× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 2
FUTURE (revenue growth)100· sector 16
PAST (return on equity)5· sector 28
HEALTH (low debt)89· sector 97
DIVIDEND (yield)10· sector 35
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). "Key Ware Electronics Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/5498
Frequently asked questions
Is Key Ware Electronics Co Ltd (5498) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 5.34 TWD versus a price of 50.20 TWD, about −89% upside (overvalued).
What is the fair value of 5498?
Our model-based fair value for Key Ware Electronics Co Ltd is 5.34 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 50.20 TWD.
What is the quality score of 5498?
Key Ware Electronics Co Ltd has a Quality Score of 54/100. 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 Key Ware Electronics Co Ltd (5498)?
Our model-based price target is the fair value of 5.34 TWD (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 2.53 TWD, optimistic scenario 8.14 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Key Ware Electronics Co Ltd stock forecast for 2026?
Our models put fair value at 5.34 TWD, about −89% upside versus a price of 50.20 TWD (overvalued). Cautious scenario 2.53 TWD, optimistic scenario 8.14 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Key Ware Electronics Co Ltd (5498)?
Key Ware Electronics Co Ltd reported trailing-twelve-month revenue of about 1.6B TWD (latest available figure, as of Sep 24, 2026).
Does Key Ware Electronics Co Ltd pay a dividend?
Key Ware Electronics Co Ltd currently shows a dividend yield of about 0.50% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Key Ware Electronics Co Ltd (5498)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Key Ware Electronics Co Ltd it is 5.34 TWD per share (as of Sep 24, 2026), against a price of 50.20 TWD. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Key Ware Electronics Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5498 trades above its calculated fair value: price 50.20 TWD, fair value 5.34 TWD, a gap of about −89% (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 5498?
No. The price is what the market pays today (50.20 TWD); the fair value is what the company's own numbers justify (5.34 TWD). For Key Ware Electronics Co Ltd the two are 44.86 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Key Ware Electronics Co Ltd worth?
The market values Key Ware Electronics Co Ltd at about 9.7B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 50.20 TWD; our models calculate a fair value of 5.34 TWD per share.
What do the bullish and bearish scenarios say about 5498?
Our models span a range for Key Ware Electronics Co Ltd: cautious scenario 2.53 TWD, base 5.34 TWD, optimistic 8.14 TWD per share (as of Sep 24, 2026, price 50.20 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Key Ware Electronics Co Ltd (5498)?
Balance-sheet figures for Key Ware Electronics Co Ltd (as of Sep 24, 2026): return on equity 1.2%, debt of 0.21 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 5498 from its 52-week high?
Key Ware Electronics Co Ltd trades at 50.20 TWD, about 42% below its 52-week high of 87.20 TWD and 502% above the low of 8.34 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 5.34 TWD is for.
Which stocks are comparable to Key Ware Electronics Co Ltd?
From the same area (Industrials) we also value Techtronic Industries Company, Snap-on Incorporated, RBC Bearings Incorporated, Lincoln Electric Holdings, 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 Key Ware Electronics Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 50.20 TWD, calculated fair value 5.34 TWD (−89%), Quality Score 54/100, from 7 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 5498 calculated?
We run Key Ware Electronics Co Ltd through 7 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 5.34 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. Key Ware Electronics 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 Key Ware Electronics Co Ltd (5498)?
The closing price on Sep 23, 2026 was 50.20 TWD. Our model-based fair value is 5.34 TWD, about −89% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Key Ware Electronics Co Ltd right now?
The price sits above even our optimistic bull case (8.14 TWD). The favourable scenario is already priced in. The model range is unusually wide (2.53 TWD to 8.14 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Key Ware Electronics Co Ltd
How large is the market capitalisation of Key Ware Electronics Co Ltd (5498)?
The market capitalisation of Key Ware Electronics Co Ltd is 9.7B TWD (≈ $305M). 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 Key Ware Electronics Co Ltd (5498)?
The price-to-sales ratio of Key Ware Electronics Co Ltd is 5.91 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Key Ware Electronics Co Ltd (5498)?
The dividend yield of Key Ware Electronics Co Ltd is 0.5%. 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 Key Ware Electronics Co Ltd (5498)?
The net margin of Key Ware Electronics Co Ltd is 0.0% (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 Key Ware Electronics Co Ltd (5498)?
The return on equity (ROE) of Key Ware Electronics Co Ltd is 1.2% (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 Key Ware Electronics Co Ltd (5498)?
On an EBIT basis the return on assets of Key Ware Electronics Co Ltd is −1.7% (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 Key Ware Electronics Co Ltd (5498)?
The operating margin of Key Ware Electronics Co Ltd is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Key Ware Electronics Co Ltd (5498)?
Revenue at Key Ware Electronics Co Ltd is growing +48.7% versus a year earlier (3y avg −1.1%). 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 Key Ware Electronics Co Ltd (5498)?
Earnings per share at Key Ware Electronics Co Ltd are growing +29.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Key Ware Electronics Co Ltd (5498) generate?
The free cash flow of Key Ware Electronics Co Ltd is −32.3M 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 Key Ware Electronics Co Ltd (5498) carry?
The net debt of Key Ware Electronics Co Ltd is 1.1B 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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