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Top Union Electronics Corp (6266) Fair Value & Analysis

Technology · TW · Market cap 3.9B TWD

TU Top Union Electronics Corp 6266 · TWO
Price24.95 TWD
Fair Value32.92 TWD
Upside+31.9%
Quality55/100
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Healthy Growth
Thin margins · 8.3% net margin
generates free cash flow
7.12% dividend yield
Ranks above peers (9/13)
Moderate moat 45/100
Evidence: High Range 21.39 TWD – 46.07 TWD Share as image

Fair value as of: Jul 21, 2026

From 25 valuation models · updated 20 days ago

Share price −1.4% over the past month.

A solid business, screening 32% undervalued on our models.

What matters now

  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (21.39 TWD to 46.07 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

43.65 TWD 13.27 TWD Fair Value 32.92 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 13.27 TWD – 43.65 TWD · fair‑value band 21.39 TWD – 46.07 TWD · the 24.95 TWD price screens below the 32.92 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Top Union Electronics Corp (6266) currently trades at 24.95 TWD, while our model-based Fair Value estimate is 32.92 TWD, implying the stock looks roughly 31.9% undervalued today. The Quality Score stands at 55/100 (solid 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, Top Union Electronics Corp generated revenue of 3.4B TWD at a net margin of 9.0%. Revenue grew 2.3% year over year. It earns a return on equity of 12.1%. The balance sheet holds a net cash position of 941M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 21.39 TWD (bear case) to 46.07 TWD (bull case); at 24.95 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 22% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -75% fair-value upside, at 32%, 6266 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 15.28 TWD 17.45 TWD 26.68 TWD 76
Growth DCF 15.27 TWD 20.39 TWD 27.11 TWD 72
Gordon GGM 14.77 TWD 25.54 TWD 38.39 TWD 70
All 25 models by family
DCF Models
FCF DCF 14.94 TWD 20.52 TWD 28.18 TWD 38
Owner Earnings 21.58 TWD 29.97 TWD 41.50 TWD 31
5Y Revenue Exit 19.62 TWD 30.18 TWD 43.32 TWD 39
5Y EBITDA Exit 23.83 TWD 37.71 TWD 53.34 TWD 41
5Y P/E Exit 23.13 TWD 36.46 TWD 49.83 TWD 38
10Y Revenue Exit 17.07 TWD 26.03 TWD 37.32 TWD 36
10Y EBITDA Exit 20.26 TWD 31.01 TWD 44.49 TWD 37
10Y P/E Exit 19.83 TWD 30.18 TWD 41.98 TWD 35
Earnings-Based
Graham-Dodd 13.59 TWD 32.79 TWD 42.35 TWD 54
PEG = 1.0 5.79 TWD 8.27 TWD 10.76 TWD 46
EPV 18.39 TWD 21.01 TWD 23.27 TWD 59
Dividend Discount
Gordon GGM 14.77 TWD 25.54 TWD 38.39 TWD 70
DDM Multi-Stage 14.77 TWD 21.72 TWD 29.02 TWD 61
Multiples
P/E Multiple 29.98 TWD 39.97 TWD 49.96 TWD 63
P/S Multiple 25.48 TWD 33.97 TWD 42.47 TWD 58
P/B Multiple 25.48 TWD 33.97 TWD 42.47 TWD 55
EV/EBIT 34.41 TWD 45.28 TWD 56.14 TWD 53
EV/EBITDA 33.06 TWD 43.47 TWD 53.89 TWD 54
EV/Revenue 23.78 TWD 33.20 TWD 42.62 TWD 43
Asset-Based
NCAV (Graham) 8.32 TWD 11.15 TWD 16.64 TWD 50
Growth DCF
Growth DCF 15.27 TWD 20.39 TWD 27.11 TWD 72
Rev-Margin DCF 19.62 TWD 30.22 TWD 41.59 TWD 67
Economic Profit
Residual Income 15.28 TWD 17.45 TWD 26.68 TWD 76
ROIC Compounder 18.66 TWD 22.31 TWD 26.43 TWD 67
Growth Earnings
Growth-Adj P/E 22.94 TWD 32.78 TWD 42.61 TWD 68

Widest divergence: Multiples (33.97 TWD) versus Asset-Based (11.15 TWD). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.4B TWD
Revenue growth (YoY) -4.8%
Net margin 8.3%
Return on equity 11.8%
Free cash flow 198M TWD FY2025
P/E ratio 12.6
More key figures
Operating margin 9.2%
EPS (TTM) 1.99 TWD
Dividend yield 7.1%
EPS growth (YoY) -33.3%
Net cash 941M TWD FY2023

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

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 41

Profitability 50
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 41
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

Top Union Electronics Corp. engages in design, manufacture, and technical support of electronic products and communication equipment in Taiwan, the United States, and China. The company offers surface mount technology processing, DIP, testing, assembly, and reliability consulting services; and electronic product assembly processing and testing services.

Full company description

Top Union Electronics Corp. engages in design, manufacture, and technical support of electronic products and communication equipment in Taiwan, the United States, and China. The company offers surface mount technology processing, DIP, testing, assembly, and reliability consulting services; and electronic product assembly processing and testing services. It also involved in investment activities; and processing and international trade business. Top Union Electronics Corp. was founded in 1990 and is based in Hsinchu City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Top Union Electronics Corp reported revenue of 3.4B TWD in FY2025 versus 2.5B TWD in FY2021, a compound +7.5%/yr. Reported net income was 307M TWD in FY2025, compounding +17.3%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.4B TWD
Latest YoY
+4.0%
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.
+1.1%
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.
+9.0%
Avg. growth/yr (8Y) 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.
+4.7%
Revenue +7.5%/yr
FY21 2.5B TWD
FY22 3.3B TWD
FY23 3.7B TWD
FY24 3.3B TWD
FY25 3.4B TWD
Net income +17.3%/yr
FY21 163M TWD
FY22 329M TWD
FY23 297M TWD
FY24 381M TWD
FY25 307M TWD

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Cite: Fair Value Calculator (2026). "Top Union Electronics Corp Fair Value". https://www.fairvalue-calculator.com/stock/6266

Peer Group

Semiconductor Equipment & Materials · 212 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 55 · Below median
Fair Value upside +32% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 6% · Above median
Net margin (TTM) 8% · Below median
Operating margin (TTM) 9% · Below median
Revenue growth -5% · Bottom 25%
Dividend yield (TTM) 7.1% · Top 25%

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than 75% of peers
P/B 1.51× · Cheaper than median
P/S (TTM) 1.15× · Cheaper than 75% of peers
P/FCF 0.6× · Cheaper than median
EV/EBITDA 8.3× · 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 76 · sector 0
FUTURE 0 · sector 58
PAST 47 · sector 30
HEALTH 0 · sector 96
DIVIDEND 100 · sector 16

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 Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML C$50.50 C$15.57 -69%
Applied Materials, Inc AMAT $579.43 $143.08 -75%
Lam Research Corporation LRCX $346.10 $67.57 -80%
KLA Corporation KLAC $212.75 $53.01 -75%
NAURA Technology Group 002371 ¥774.20 ¥151.43 -80%
Advanced Micro-Fabrication Equipment Inc 688012 ¥350.69 ¥41.79 -88%
Piotech Inc 688072 ¥832.00 ¥431.44 -48%
Hon. Precision, Inc 7769 6,005 TWD 1,804 TWD -70%
Hangzhou Changchuan Technology Co 300604 ¥325.24 ¥33.33 -90%
MPI Corporation 6223 5,600 TWD 609.44 TWD -89%

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Frequently asked questions

Is Top Union Electronics Corp (6266) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 32.92 TWD versus a price of 24.95 TWD, about +32% (undervalued).
What is the fair value of 6266?
Our model-based fair value for Top Union Electronics Corp is 32.92 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 24.95 TWD.
What is the quality score of 6266?
Top Union Electronics Corp has a Quality Score of 55/100. 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 Top Union Electronics Corp (6266)?
Top Union Electronics Corp reported trailing-twelve-month revenue of about 3.4B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6266?
The net profit margin of Top Union Electronics Corp is about 9.0%, meaning it keeps roughly 9.0% of revenue as net income. Based on the latest reported figures.
Does Top Union Electronics Corp pay a dividend?
Top Union Electronics Corp currently shows a dividend yield of about 7.02% 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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