GrandTech C.G. Systems (6123) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of GrandTech C.G. Systems TWD 77.89, price TWD 42.85, upside +81.8%, quality 66 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 37.43 TWD – 78.30 TWD · fair‑value band 58.41 TWD – 97.36 TWD · the 42.85 TWD price screens below the 77.89 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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GrandTech C.G. Systems Inc. provides marketing services for graphics, imaging, and multimedia design software in Taiwan. The company distributes 2D and 3D professional software products; digital printing equipment and solutions; and IT software and hardware products for enterprises, as well as IT product integration and cloud services.
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GrandTech C.G. Systems Inc. provides marketing services for graphics, imaging, and multimedia design software in Taiwan. The company distributes 2D and 3D professional software products; digital printing equipment and solutions; and IT software and hardware products for enterprises, as well as IT product integration and cloud services. It also operates in Hong Kong, China, Singapore, Malaysia, Indonesia, and internationally. The company was founded in 1991 and is based in Taipei City, Taiwan.
Stock analysis
GrandTech C.G. Systems (6123) currently trades at 42.85 TWD, while our model-based Fair Value estimate is 77.89 TWD, implying the stock looks roughly 45.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 106.49 TWD per share, and 19 of the 24 models we run sit above the 42.85 TWD price.
Bear case: the Asset-Based group reads lowest at 17.57 TWD, and 5 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 58.41 TWD (bear) to 97.36 TWD (bull), the price of 42.85 TWD sits below 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 66/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
GrandTech C.G. Systems reported revenue of 5.1B TWD in FY2025 versus 4.9B TWD in FY2021, a compound +0.6%/yr. Reported net income was 168M TWD in FY2025, compounding −11.9%/yr from FY2021.
Key figures
Market cap 2.6B TWD (≈ $81.4M) · P/E ratio 12.9 · P/S ratio 0.43 · EPS (TTM) 3.31 TWD · Dividend yield 6.1% · Net margin 3.3% · Return on equity 15.4% · Return on assets (EBIT) 12.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −12% fair-value upside, at 82%, 6123 screens cheaper than that median.
Fair Value models
Bear 58.41 TWDFair Value 77.89 TWDBull 97.36 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 (0.5213 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−8.7%
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.
−1.5%
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.
+0.0%
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.
+2.3%
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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.
−1.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.9%
Dividend (yield on the price)6.1%
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% → 6%
⚠ Revenue per share shrinking 1.3%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−16.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about −17.4% a year for the price.
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 · 154 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+81% · Top 25%
Profitability
Return on equity (TTM)15% · Above median
Return on assets4% · Above median
Net margin (TTM)4% · Top 25%
Operating margin (TTM)5% · Above median
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)6.1% · Top 25%
Valuation Multiplesvs Electronics & Computer Distribution median · lower = cheaper
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Cite: Fair Value Calculator (2026). "GrandTech C.G. Systems Fair Value". https://www.fairvalue-calculator.com/stock/6123
Frequently asked questions
Is GrandTech C.G. Systems (6123) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 77.89 TWD versus a price of 42.85 TWD, about +82% upside (undervalued).
What is the fair value of 6123?
Our model-based fair value for GrandTech C.G. Systems is 77.89 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 42.85 TWD.
What is the quality score of 6123?
GrandTech C.G. Systems has a Quality Score of 66/100. 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 GrandTech C.G. Systems (6123)?
Our model-based price target is the fair value of 77.89 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 58.41 TWD, optimistic scenario 97.36 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the GrandTech C.G. Systems stock forecast for 2026?
Our models put fair value at 77.89 TWD, about +82% upside versus a price of 42.85 TWD (undervalued). Cautious scenario 58.41 TWD, optimistic scenario 97.36 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of GrandTech C.G. Systems (6123)?
GrandTech C.G. Systems reported trailing-twelve-month revenue of about 4.8B TWD (latest available figure, as of Sep 24, 2026).
Does GrandTech C.G. Systems pay a dividend?
GrandTech C.G. Systems currently shows a dividend yield of about 6.07% relative to its recent price (as of Sep 24, 2026).
What growth is priced into GrandTech C.G. Systems (6123)?
For today's price to be fair in a discounted-cash-flow model, GrandTech C.G. Systems would have to grow free cash flow by -16.1 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6123 use?
Our models discount GrandTech C.G. Systems at 11.8 %: a base by market capitalisation (micro), damped by beta 0.08, 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 GrandTech C.G. Systems that is -16.1 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has GrandTech C.G. Systems (6123) delivered so far?
Over the past 5 years revenue at GrandTech C.G. Systems grew +0.0 % a year. The price currently implies -16.1 % 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 GrandTech C.G. Systems (6123) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into GrandTech C.G. Systems (-16.1 % 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 GrandTech C.G. Systems (6123)?
The free-cash-flow yield on the price is 19.30 %: that much free cash flow GrandTech C.G. Systems produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GrandTech C.G. Systems (6123)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GrandTech C.G. Systems it is 77.89 TWD per share (as of Sep 24, 2026), against a price of 42.85 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is GrandTech C.G. Systems stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6123 trades below its calculated fair value: price 42.85 TWD, fair value 77.89 TWD, a gap of about +82% (undervalued). 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 6123?
No. The price is what the market pays today (42.85 TWD); the fair value is what the company's own numbers justify (77.89 TWD). For GrandTech C.G. Systems the two are 35.04 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is GrandTech C.G. Systems worth?
The market values GrandTech C.G. Systems at about 2.6B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 42.85 TWD; our models calculate a fair value of 77.89 TWD per share.
What do the bullish and bearish scenarios say about 6123?
Our models span a range for GrandTech C.G. Systems: cautious scenario 58.41 TWD, base 77.89 TWD, optimistic 97.36 TWD per share (as of Sep 24, 2026, price 42.85 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6123?
GrandTech C.G. Systems trades at a price-to-earnings ratio of 12.9 (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 77.89 TWD is built from several models across several years. Other multiples: P/B 1.6, P/S 0.5, EV/EBITDA 1.7.
How solid is the balance sheet of GrandTech C.G. Systems (6123)?
Balance-sheet figures for GrandTech C.G. Systems (as of Sep 24, 2026): return on equity 15.4%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 6123 from its 52-week high?
GrandTech C.G. Systems trades at 42.85 TWD, about 22% below its 52-week high of 54.90 TWD and 4% above the low of 41.20 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 77.89 TWD is for.
Which stocks are comparable to GrandTech C.G. Systems?
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 GrandTech C.G. Systems stock attractive at the current price?
The data as of Sep 24, 2026: price 42.85 TWD, calculated fair value 77.89 TWD (+82%), Quality Score 66/100, from 24 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 6123 calculated?
We run GrandTech C.G. Systems through 24 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 77.89 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 13.0 % above its aggregate fair value. GrandTech C.G. Systems currently trades 82 % below its own fair value, and the market average says nothing about that. 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 GrandTech C.G. Systems (6123)?
The closing price on Sep 24, 2026 was 42.85 TWD. Our model-based fair value is 77.89 TWD, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GrandTech C.G. Systems right now?
The price is below even our cautious bear case (58.41 TWD). The market is more pessimistic than our downside scenario. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of GrandTech C.G. Systems
How large is the market capitalisation of GrandTech C.G. Systems (6123)?
The market capitalisation of GrandTech C.G. Systems is 2.6B TWD (≈ $81.4M). 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 GrandTech C.G. Systems (6123)?
The price-to-sales ratio of GrandTech C.G. Systems is 0.43 (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 GrandTech C.G. Systems (6123)?
Earnings per share at GrandTech C.G. Systems are 3.31 TWD (price ÷ EPS = P/E 12.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of GrandTech C.G. Systems (6123)?
The dividend yield of GrandTech C.G. Systems is 6.1% (payout 78.5%). 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 GrandTech C.G. Systems (6123)?
The net margin of GrandTech C.G. Systems is 3.3% (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 GrandTech C.G. Systems (6123)?
The return on equity (ROE) of GrandTech C.G. Systems is 15.4% (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 GrandTech C.G. Systems (6123)?
On an EBIT basis the return on assets of GrandTech C.G. Systems is 12.1% (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 GrandTech C.G. Systems (6123)?
The operating margin of GrandTech C.G. Systems is 5.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GrandTech C.G. Systems (6123)?
Revenue at GrandTech C.G. Systems is growing −6.9% versus a year earlier (3y avg −1.5%). 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 GrandTech C.G. Systems (6123)?
Earnings per share at GrandTech C.G. Systems are growing +68.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does GrandTech C.G. Systems (6123) hold?
GrandTech C.G. Systems holds more cash than debt, 638M TWD net (fiscal year 2023). The company holds more cash than debt, a safety cushion.
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