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Sea Sonic Electronics Co (6203) Fair Value & Analysis

Technology · TW · Market cap 5.4B TWD

SS Sea Sonic Electronics Co 6203 · TWO
Price61.00 TWD
Fair Value109.62 TWD
Upside+79.7%
Quality86/100
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Weak Growth
Solidly profitable · 15.8% net margin
Low debt · generates free cash flow
6.17% dividend yield
Ranks above peers (12/14)
Moderate moat 60/100
Evidence: High Range 82.64 TWD – 133.84 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price −9.2% over the past month.

A strong business, screening 80% undervalued on our models.

What matters now

  • The rarer combination: high quality (86/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (82.64 TWD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

112.00 TWD 42.27 TWD Fair Value 109.62 TWD Mar 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 42.27 TWD – 112.00 TWD · fair‑value band 82.64 TWD – 133.84 TWD · the 61.00 TWD price screens below the 109.62 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Sea Sonic Electronics Co (6203) currently trades at 61.00 TWD, while our model-based Fair Value estimate is 109.62 TWD, implying the stock looks roughly 79.7% undervalued today. The Quality Score stands at 86/100 (high quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Sea Sonic Electronics Co generated revenue of 2.6B TWD at a net margin of 15.8%. Revenue declined 21.0% year over year. It earns a return on equity of 13.2%. The balance sheet holds a net cash position of 1.0B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 82.64 TWD (bear case) to 133.84 TWD (bull case); at 61.00 TWD, the current price sits below 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 30% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at 80%, 6203 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
Growth DCF 106.92 TWD 143.09 TWD 191.96 TWD 80
Residual Income 36.78 TWD 46.66 TWD 112.43 TWD 76
Rev-Margin DCF 88.09 TWD 121.80 TWD 159.93 TWD 74
All 24 models by family
DCF Models
FCF DCF 105.45 TWD 145.94 TWD 203.89 TWD 38
Owner Earnings 82.49 TWD 111.80 TWD 153.76 TWD 31
5Y Revenue Exit 88.09 TWD 121.01 TWD 161.95 TWD 39
5Y EBITDA Exit 93.45 TWD 130.87 TWD 173.38 TWD 41
5Y P/E Exit 99.04 TWD 141.15 TWD 184.30 TWD 38
10Y Revenue Exit 92.19 TWD 123.03 TWD 162.41 TWD 36
10Y EBITDA Exit 97.19 TWD 129.66 TWD 170.81 TWD 37
10Y P/E Exit 100.65 TWD 136.57 TWD 178.83 TWD 35
Earnings-Based
Graham-Dodd 37.46 TWD 107.09 TWD 141.17 TWD 54
Lynch FV 21.94 TWD 31.35 TWD 40.75 TWD 50
PEG = 1.0 21.94 TWD 31.35 TWD 40.75 TWD 46
EPV 66.93 TWD 73.98 TWD 80.06 TWD 59
Multiples
P/E Multiple 82.64 TWD 110.19 TWD 137.74 TWD 63
P/S Multiple 63.08 TWD 84.11 TWD 105.14 TWD 58
P/B Multiple 70.25 TWD 93.66 TWD 117.08 TWD 55
EV/EBIT 116.06 TWD 147.32 TWD 178.58 TWD 53
EV/EBITDA 94.95 TWD 119.17 TWD 143.39 TWD 54
EV/Revenue 81.17 TWD 106.40 TWD 131.63 TWD 43
Asset-Based
NCAV (Graham) 18.87 TWD 25.29 TWD 37.74 TWD 50
Growth DCF
Growth DCF 106.92 TWD 143.09 TWD 191.96 TWD 80
Rev-Margin DCF 88.09 TWD 121.80 TWD 159.93 TWD 74
Economic Profit
Residual Income 36.78 TWD 46.66 TWD 112.43 TWD 76
ROIC Compounder 69.30 TWD 79.70 TWD 90.80 TWD 72
Growth Earnings
Growth-Adj P/E 66.72 TWD 95.31 TWD 123.91 TWD 68

Widest divergence: DCF Models (129.66 TWD) versus Asset-Based (25.29 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.6B TWD
Revenue growth (YoY) -21.0%
Net margin 15.8%
Return on equity 13.2%
Free cash flow 648M TWD FY2025
P/E ratio 11.9
More key figures
Operating margin 14.0%
EPS (TTM) 5.49 TWD
Dividend yield 6.2%
EPS growth (YoY) -25.3%
Net cash 1.0B TWD FY2023

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

Quality Score breakdown

Overall quality 86/100

Of which business quality 84 · Market factors (momentum, volatility) 37

Profitability 59
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 90
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

Sea Sonic Electronics Co., Ltd., together with its subsidiaries, researches, develops, produces, and sells power conversion products under the Seasonic brand in Taiwan, Asia, Europe, the United States, and internationally. The company offers power supplies, cooling fans for PCs, and cables.

Full company description

Sea Sonic Electronics Co., Ltd., together with its subsidiaries, researches, develops, produces, and sells power conversion products under the Seasonic brand in Taiwan, Asia, Europe, the United States, and internationally. The company offers power supplies, cooling fans for PCs, and cables. It also manufactures and repairs radios, recorders, instruments, and amplifiers; and provides video recorders, automatic controllers, electromechanical and tools, and electro-educational equipment, electronic instruments, computer peripherals, switching and uninterruptible power supplies, electronic ballasts, and electronic testing equipment, etc. In addition, the company trades in electronic parts; and import and export of computer hardware and equipment. Further, it exports its products. Sea Sonic Electronics Co., Ltd. was founded in 1975 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sea Sonic Electronics Co reported revenue of 2.8B TWD in FY2025 versus 5.0B TWD in FY2021, a compound −13.8%/yr. Reported net income was 454M TWD in FY2025, compounding −11.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.8B TWD
Latest YoY
+37.2%
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.
+2.8%
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.
−6.6%
Avg. growth/yr (16Y) 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.
+1.6%
Revenue −13.8%/yr
FY21 5.0B TWD
FY22 2.6B TWD
FY23 3.3B TWD
FY24 2.0B TWD
FY25 2.8B TWD
Net income −11.9%/yr
FY21 753M TWD
FY22 450M TWD
FY23 615M TWD
FY24 289M TWD
FY25 454M TWD
Character of growth · EPS growth decomposed (2012-2023) +7.5 % p.a.
Revenue per share +3.5 pp

of which total revenue +4.3 pp · buybacks/dilution −0.9 pp

EBIT margin +5.2 pp
Tax rate −0.7 pp
Residual (interest, one-offs) −0.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Sea Sonic Electronics Co Fair Value". https://www.fairvalue-calculator.com/stock/6203

Peer Group

Electronic Components · 627 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 86 · Top 25%
Fair Value upside +80% · Top 25%
Return on equity (TTM) 13% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth -21% · Bottom 25%
Dividend yield (TTM) 6.2% · Top 25%

Valuation Multiples vs Electronic Components median · lower = cheaper

P/E (TTM) 11.9× · Cheaper than 75% of peers
P/B 1.74× · Cheaper than median
P/S (TTM) 2.06× · Pricier than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 6.7× · Cheaper than 75% of peers

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 100 · sector 0
FUTURE 0 · sector 32
PAST 53 · sector 24
HEALTH 100 · sector 95
DIVIDEND 100 · sector 25

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 Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Delta Electronics, Inc 2308 1,880 TWD 515.23 TWD -73%
Hon Hai Precision Industry Co 2317 242.50 TWD 270.47 TWD +12%
Luxshare Precision Industry Co 002475 ¥62.14 ¥38.44 -38%
Samsung Electro-Mechanics Co 009150 1,260,000 KRW 166,421 KRW -87%
Elite Material Co 2383 4,990 TWD 714.36 TWD -86%
Yageo Corporation 2327 699.00 TWD 216.55 TWD -69%
Shengyi Technology Co 600183 ¥132.29 ¥27.45 -79%
Shennan Circuits Co 002916 ¥364.00 ¥93.50 -74%
Victory Giant Technology (HuiZhou) Co 2476 HK$297.00 HK$103.98 -65%
Wus Printed Circuit (Kunshan) Co 002463 ¥127.80 ¥31.95 -75%

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Frequently asked questions

Is Sea Sonic Electronics Co (6203) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 109.62 TWD versus a price of 61.00 TWD, about +80% (undervalued).
What is the fair value of 6203?
Our model-based fair value for Sea Sonic Electronics Co is 109.62 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 61.00 TWD.
What is the quality score of 6203?
Sea Sonic Electronics Co has a Quality Score of 86/100. 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 Sea Sonic Electronics Co (6203)?
Sea Sonic Electronics Co reported trailing-twelve-month revenue of about 2.6B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6203?
The net profit margin of Sea Sonic Electronics Co is about 15.8%, meaning it keeps roughly 15.8% of revenue as net income. Based on the latest reported figures.
Does Sea Sonic Electronics Co pay a dividend?
Sea Sonic Electronics Co currently shows a dividend yield of about 5.96% 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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