Taiwan Thick-Film Ind (6246) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Taiwan Thick-Film Ind TWD 25.71, price TWD 12.80, upside +100.9%, quality 64 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 11.60 TWD – 29.80 TWD · fair‑value band 18.44 TWD – 33.42 TWD · the 12.80 TWD price screens below the 25.71 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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Taiwan Thick-Film Ind. Corp engages in the manufacturing, processing, and trading of electronic components in Taiwan.
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Taiwan Thick-Film Ind. Corp engages in the manufacturing, processing, and trading of electronic components in Taiwan. The company offers backlight modules, such as desktop monitor and notebook backlight modules; LCD modules; bezels, light guide plates, and LED light bars for consumer electronics, industrial control, medical equipment, military-grade devices, and automotive product applications. It also provides automotive and new energy vehicle electronics; AI virtual customer service for real-time responses and intent recognition; digital human interaction applications; AI professional smart assistants; and reinforced plastic corrugated sheets for roof extensions, carports, covered walkways, industrial factories, logistics warehouses, coastal buildings, livestock barns, agricultural greenhouses, and other roofing applications. The company was founded in 1982 and is based in New Taipei City, Taiwan.
Stock analysis
Taiwan Thick-Film Ind (6246) currently trades at 12.80 TWD, while our model-based Fair Value estimate is 25.71 TWD, implying the stock looks roughly 50.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 40.33 TWD per share, and 20 of the 23 models we run sit above the 12.80 TWD price.
Bear case: the Asset-Based group reads lowest at 7.58 TWD, and 3 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: 18.44 TWD (bear) to 33.42 TWD (bull), the price of 12.80 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 64/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Taiwan Thick-Film Ind reported revenue of 1.6B TWD in FY2025 versus 1.9B TWD in FY2021, a compound −4.4%/yr. Reported net income was 43.3M TWD in FY2025, compounding +7.7%/yr from FY2021.
Key figures
Market cap 484M TWD (≈ $15.2M) · P/E ratio 64.0 · P/S ratio 1.73 · EPS (TTM) 0.2000 TWD · Net margin 2.7% · Return on equity 2.0% · Return on assets (EBIT) 0.9% · Operating margin −1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 29% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at 101%, 6246 screens cheaper than that median.
Fair Value models
Bear 18.44 TWDFair Value 25.71 TWDBull 33.42 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 (0.1468 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 inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.6%
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.
−6.2%
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.
+1.7%
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.
+6.7%
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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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.1%
Dividend (yield on the price)0.0%
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.12% vs −15%, picking up
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.2% → 2%
Start year 2020 (pandemic)
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).
−16.0%
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 −17.3% 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.Electronic Components · 654 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+98% · Top 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets1% · Below median
Net margin (TTM)1% · Below median
Operating margin (TTM)−1% · Bottom 25%
Growth and dividend
Revenue growth−18% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Taiwan Thick-Film Ind Fair Value". https://www.fairvalue-calculator.com/stock/6246
Frequently asked questions
Is Taiwan Thick-Film Ind (6246) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 25.71 TWD versus a price of 12.80 TWD, about +101% upside (undervalued).
What is the fair value of 6246?
Our model-based fair value for Taiwan Thick-Film Ind is 25.71 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 12.80 TWD.
What is the quality score of 6246?
Taiwan Thick-Film Ind has a Quality Score of 64/100. 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 Taiwan Thick-Film Ind (6246)?
Our model-based price target is the fair value of 25.71 TWD (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 18.44 TWD, optimistic scenario 33.42 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Taiwan Thick-Film Ind stock forecast for 2026?
Our models put fair value at 25.71 TWD, about +101% upside versus a price of 12.80 TWD (undervalued). Cautious scenario 18.44 TWD, optimistic scenario 33.42 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Taiwan Thick-Film Ind (6246)?
Taiwan Thick-Film Ind reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into Taiwan Thick-Film Ind (6246)?
For today's price to be fair in a discounted-cash-flow model, Taiwan Thick-Film Ind would have to grow free cash flow by -16.0 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6246 use?
Our models discount Taiwan Thick-Film Ind at 9.0 %: a base by market capitalisation (nano), damped by beta 0.10, 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 Taiwan Thick-Film Ind that is -16.0 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Taiwan Thick-Film Ind (6246) delivered so far?
Over the past 5 years revenue at Taiwan Thick-Film Ind grew +1.7 % a year. The price currently implies -16.0 % 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 Taiwan Thick-Film Ind (6246) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Taiwan Thick-Film Ind (-16.0 % 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 Taiwan Thick-Film Ind (6246)?
The free-cash-flow yield on the price is 16.07 %: that much free cash flow Taiwan Thick-Film Ind produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Taiwan Thick-Film Ind (6246)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Taiwan Thick-Film Ind it is 25.71 TWD per share (as of Sep 24, 2026), against a price of 12.80 TWD. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Taiwan Thick-Film Ind stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6246 trades below its calculated fair value: price 12.80 TWD, fair value 25.71 TWD, a gap of about +101% (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 6246?
No. The price is what the market pays today (12.80 TWD); the fair value is what the company's own numbers justify (25.71 TWD). For Taiwan Thick-Film Ind the two are 12.91 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Taiwan Thick-Film Ind worth?
The market values Taiwan Thick-Film Ind at about 484M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 12.80 TWD; our models calculate a fair value of 25.71 TWD per share.
What do the bullish and bearish scenarios say about 6246?
Our models span a range for Taiwan Thick-Film Ind: cautious scenario 18.44 TWD, base 25.71 TWD, optimistic 33.42 TWD per share (as of Sep 24, 2026, price 12.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6246?
Taiwan Thick-Film Ind trades at a price-to-earnings ratio of 64.0 (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 25.71 TWD is built from several models across several years. Other multiples: P/B 1.2, P/S 0.3, EV/EBITDA 0.7.
How solid is the balance sheet of Taiwan Thick-Film Ind (6246)?
Balance-sheet figures for Taiwan Thick-Film Ind (as of Sep 24, 2026): return on equity 2.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 6246 from its 52-week high?
Taiwan Thick-Film Ind trades at 12.80 TWD, about 29% below its 52-week high of 18.00 TWD and 10% above the low of 11.60 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 25.71 TWD is for.
Which stocks are comparable to Taiwan Thick-Film Ind?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 Taiwan Thick-Film Ind stock attractive at the current price?
The data as of Sep 24, 2026: price 12.80 TWD, calculated fair value 25.71 TWD (+101%), Quality Score 64/100, from 23 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 6246 calculated?
We run Taiwan Thick-Film Ind through 23 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 25.71 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. Taiwan Thick-Film Ind currently trades 101 % 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 Taiwan Thick-Film Ind (6246)?
The closing price on Sep 24, 2026 was 12.80 TWD. Our model-based fair value is 25.71 TWD, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Taiwan Thick-Film Ind right now?
The price is below even our cautious bear case (18.44 TWD). The market is more pessimistic than our downside scenario. 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 quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (18.44 TWD to 33.42 TWD) leaves room in how you read the outcome.
Key figures of Taiwan Thick-Film Ind
How large is the market capitalisation of Taiwan Thick-Film Ind (6246)?
The market capitalisation of Taiwan Thick-Film Ind is 484M TWD (≈ $15.2M). 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 Taiwan Thick-Film Ind (6246)?
The price-to-sales ratio of Taiwan Thick-Film Ind is 1.73 (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 Taiwan Thick-Film Ind (6246)?
Earnings per share at Taiwan Thick-Film Ind are 0.2000 TWD (price ÷ EPS = P/E 64.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Taiwan Thick-Film Ind (6246)?
The net margin of Taiwan Thick-Film Ind is 2.7% (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 Taiwan Thick-Film Ind (6246)?
The return on equity (ROE) of Taiwan Thick-Film Ind is 2.0% (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 Taiwan Thick-Film Ind (6246)?
On an EBIT basis the return on assets of Taiwan Thick-Film Ind is 0.9% (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 Taiwan Thick-Film Ind (6246)?
The operating margin of Taiwan Thick-Film Ind is −1.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Taiwan Thick-Film Ind (6246)?
Revenue at Taiwan Thick-Film Ind is growing −17.7% versus a year earlier (3y avg −6.2%). 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 Taiwan Thick-Film Ind (6246)?
Earnings per share at Taiwan Thick-Film Ind are growing +143% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Taiwan Thick-Film Ind (6246) carry?
The net debt of Taiwan Thick-Film Ind is 12.8M TWD (fiscal year 2024, ≈ 0.2 yrs of FCF). 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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