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TUL Corporation (6150) Fair Value & Analysis

Technology · TW · Market cap 2.8B TWD

TC TUL Corporation 6150 · TWO
Price60.60 TWD
Fair Value52.69 TWD
Upside-13.1%
Quality61/100
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Expensive Growth
Thin margins · 2.6% net margin
Low debt · negative free cash flow
1.08% dividend yield
Mixed vs. peers (7/13)
Narrow moat 37/100
Evidence: High Range 38.14 TWD – 65.87 TWD Share as image

Fair value as of: Jul 21, 2026

From 17 valuation models · updated 20 days ago

Share price −0.7% over the past month.

A solid business, but screening 13% overvalued on our models.

What matters now

  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from 38.14 TWD (bear) to 65.87 TWD (bull), base 52.69 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 61/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

201.98 TWD 43.82 TWD Fair Value 52.69 TWD Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.

How to read this chart

60‑month range 43.82 TWD – 201.98 TWD · fair‑value band 38.14 TWD – 65.87 TWD · the 60.60 TWD price screens above the 52.69 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

TUL Corporation (6150) currently trades at 60.60 TWD, while our model-based Fair Value estimate is 52.69 TWD, implying the stock looks roughly 13.1% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, TUL Corporation generated revenue of 7.5B TWD at a net margin of 2.6%. Revenue declined 6.6% year over year. It earns a return on equity of 12.3%. Net debt stands at 678M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 38.14 TWD (bear case) to 65.87 TWD (bull case); at 60.60 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 36% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -33% fair-value upside, at -13%, 6150 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Residual Income 27.31 TWD 29.23 TWD 32.06 TWD 76
ROIC Compounder 43.32 TWD 57.55 TWD 73.65 TWD 72
Gordon GGM 96.61 TWD 192.50 TWD 291.50 TWD 70
All 17 models by family
DCF Models
Owner Earnings 47.58 TWD 85.41 TWD 152.68 TWD 31
Earnings-Based
Graham-Dodd 17.92 TWD 96.14 TWD 133.21 TWD 54
Lynch FV 26.58 TWD 37.96 TWD 49.35 TWD 50
PEG = 1.0 26.58 TWD 37.96 TWD 49.35 TWD 46
EPV 39.84 TWD 45.27 TWD 49.96 TWD 59
Dividend Discount
Gordon GGM 96.61 TWD 192.50 TWD 291.50 TWD 70
DDM Multi-Stage 96.61 TWD 166.36 TWD 203.20 TWD 61
Multiples
P/E Multiple 39.52 TWD 52.69 TWD 65.87 TWD 63
P/S Multiple 33.59 TWD 44.79 TWD 55.99 TWD 58
P/B Multiple 33.59 TWD 44.79 TWD 55.99 TWD 55
EV/EBIT 62.21 TWD 81.14 TWD 100.07 TWD 53
EV/EBITDA 59.37 TWD 77.35 TWD 95.34 TWD 54
EV/Revenue 43.70 TWD 60.11 TWD 76.51 TWD 43
Asset-Based
NCAV (Graham) 16.47 TWD 22.06 TWD 32.93 TWD 50
Economic Profit
Residual Income 27.31 TWD 29.23 TWD 32.06 TWD 76
ROIC Compounder 43.32 TWD 57.55 TWD 73.65 TWD 72
Growth Earnings
Growth-Adj P/E 38.14 TWD 54.49 TWD 70.83 TWD 68

Widest divergence: Dividend Discount (166.36 TWD) versus Asset-Based (22.06 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 7.5B TWD
Revenue growth (YoY) -6.6%
Net margin 2.6%
Return on equity 12.3%
Free cash flow −170M TWD FY2025
P/E ratio 22.7
More key figures
Operating margin 7.0%
EPS (TTM) 2.57 TWD
Dividend yield 1.1%
EPS growth (YoY) +1,008%
Net debt 678M TWD FY2025

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 56 · Market factors (momentum, volatility) 40

Profitability 43
Margins and returns on capital today
Quality Growth 88
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

TUL Corporation engages in the manufacture of computer graphics card worldwide. The company offers gaming graphics cards, customized graphics cards for industrial control, SoC motherboards and systems, thunderbolt devices, and FPGA solutions. It also develops smart buildings, artificial intelligence biotechnology, and medical care.

Full company description

TUL Corporation engages in the manufacture of computer graphics card worldwide. The company offers gaming graphics cards, customized graphics cards for industrial control, SoC motherboards and systems, thunderbolt devices, and FPGA solutions. It also develops smart buildings, artificial intelligence biotechnology, and medical care. The company was formerly known as C.P. Technologies and changed its name to TUL Corporation in March 2004. TUL Corporation was founded in 1997 and is based in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TUL Corporation reported revenue of 7.6B TWD in FY2025 versus 8.8B TWD in FY2021, a compound −3.7%/yr. Reported net income was 127M TWD in FY2025, compounding −41.5%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
7.6B TWD
Latest YoY
+61.2%
Avg. 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.
+15.4%
Avg. 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.
+14.9%
Avg. growth/yr (10Y) 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.
+11.8%
Revenue −3.7%/yr
FY21 8.8B TWD
FY22 4.9B TWD
FY23 5.4B TWD
FY24 4.7B TWD
FY25 7.6B TWD
Net income −41.5%/yr
FY21 1.1B TWD
FY22 −86.3M TWD
FY23 −137M TWD
FY24 −198M TWD
FY25 127M TWD

6150 screens 13% overvalued. Compare with TD SYNNEX Corporation →

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Cite: Fair Value Calculator (2026). "TUL Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6150

Peer Group

Electronics & Computer Distribution · 151 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 61 · Above median
Fair Value upside −13% · Above median
Return on equity (TTM) 12% · Above median
Return on assets 5% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 7% · Top 25%
Revenue growth -7% · Bottom 25%
Dividend yield (TTM) 1.1% · Below median
Debt / equity 0.25× · Higher than 75% of peers

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 22.7× · Pricier than median
P/B 1.77× · Pricier than median
P/S (TTM) 0.38× · Pricier than median
EV/EBITDA 7.3× · Cheaper than median

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.

VALUE 16 · sector 14
FUTURE 0 · sector 57
PAST 49 · sector 36
HEALTH 88 · sector 98
DIVIDEND 22 · sector 39

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $251.52 $207.02 -18%
Unisplendour Corporation 000938 ¥38.59 ¥11.79 -69%
Rexel S.A RXL €38.59 €33.31 -14%
Arrow Electronics, Inc ARW $204.10 $115.40 -43%
Avnet, Inc AVT $87.13 $58.57 -33%
WPG Holdings 3702 106.50 TWD 102.31 TWD -4%
Shenzhen Huaqiang Industry Co 000062 ¥22.37 ¥7.52 -66%
Synnex Technology International Corporation 2347 85.30 TWD 86.30 TWD +1%
Nanjing Sunlord Electronics Corporation 300975 ¥37.37 ¥8.60 -77%
Beijing Tricolor Technology Co 603516 ¥106.52 ¥23.39 -78%

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Frequently asked questions

Is TUL Corporation (6150) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 52.69 TWD versus a price of 60.60 TWD, about −13% (overvalued).
What is the fair value of 6150?
Our model-based fair value for TUL Corporation is 52.69 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 60.60 TWD.
What is the quality score of 6150?
TUL Corporation has a Quality Score of 61/100. 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 revenue of TUL Corporation (6150)?
TUL Corporation reported trailing-twelve-month revenue of about 7.5B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6150?
The net profit margin of TUL Corporation is about 2.6%, meaning it keeps roughly 2.6% of revenue as net income. Based on the latest reported figures.
Does TUL Corporation pay a dividend?
TUL Corporation currently shows a dividend yield of about 1.08% relative to its recent price (as of Jul 21, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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