Tong Hsing Electronic Industries Ltd (6271) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Tong Hsing Electronic Industries Ltd TWD 164, price TWD 229, upside -28.5%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Tong Hsing Electronic Industries, Ltd. engages in the development and production of thick film substrates and customized semiconductor micro-module packaging.
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Tong Hsing Electronic Industries, Ltd. engages in the development and production of thick film substrates and customized semiconductor micro-module packaging. It offers ceramic metalized substrate, such as direct plated copper, direct bonded copper, active metal brazing, and thick film printed circuit substrates; CMOS imaging products, including wafer probing and testing, wafer reconstruction, and packaging, and image testing. The company also provides high frequency wireless communication modules and power semiconductors module packaging products; and customized module packaging and testing comprising hybrid integrated circuit modules and biomedical products. Its products are used in automotive, handset, aerospace and network, medical, and others. The company was incorporated in 1974 and is based in New Taipei City, Taiwan.
Stock analysis
Tong Hsing Electronic Industries Ltd (6271) currently trades at 229.00 TWD, while our model-based Fair Value estimate is 163.68 TWD, implying the stock looks roughly 39.9% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 181.36 TWD per share, and 2 of the 26 models we run sit above the 229.00 TWD price.
Bear case: the Dividend Discount group reads lowest at 44.29 TWD, and 24 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 104.55 TWD (bear) to 231.15 TWD (bull), the price of 229.00 TWD sits inside 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 63/100 (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.
Tong Hsing Electronic Industries Ltd reported revenue of 11.5B TWD in FY2025 versus 13.9B TWD in FY2021, a compound −4.5%/yr. Reported net income was 1.6B TWD in FY2025, compounding −12.8%/yr from FY2021.
Key figures
Market cap 48.0B TWD (≈ $1.5B) · P/E ratio 34.1 · P/S ratio 4.73 · EPS (TTM) 6.72 TWD · Dividend yield 1.3% · Net margin 13.9% · Return on equity 5.4% · Return on assets (EBIT) 7.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 112% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −34% fair-value upside, at −29%, 6271 screens cheaper than that median.
Fair Value models
Bear 104.55 TWDFair Value 163.68 TWDBull 231.15 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 (3.38 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
−4.5%
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.
−6.4%
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.
+2.5%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 22 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.
+12.5%
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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.
+4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.7%
Dividend (yield on the price)1.3%
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.3% vs −1%, 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.18% → 14%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 2.5%/yr over ~10Y (margins eroding too) ⓘ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
A lot of optimism in the price
The price assumes more 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).
+18.6%
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 +16.7% a year for the price.
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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.Semiconductor Equipment & Materials · 216 stocks
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Is Tong Hsing Electronic Industries Ltd (6271) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 163.68 TWD versus a price of 229.00 TWD, about −29% upside (overvalued).
What is the fair value of 6271?
Our model-based fair value for Tong Hsing Electronic Industries Ltd is 163.68 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 229.00 TWD.
What is the quality score of 6271?
Tong Hsing Electronic Industries Ltd has a Quality Score of 63/100. 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 Tong Hsing Electronic Industries Ltd (6271)?
Our model-based price target is the fair value of 163.68 TWD (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 104.55 TWD, optimistic scenario 231.15 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Tong Hsing Electronic Industries Ltd stock forecast for 2026?
Our models put fair value at 163.68 TWD, about −29% upside versus a price of 229.00 TWD (overvalued). Cautious scenario 104.55 TWD, optimistic scenario 231.15 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Tong Hsing Electronic Industries Ltd (6271)?
Tong Hsing Electronic Industries Ltd reported trailing-twelve-month revenue of about 11.5B TWD (latest available figure, as of Sep 23, 2026).
Does Tong Hsing Electronic Industries Ltd pay a dividend?
Tong Hsing Electronic Industries Ltd currently shows a dividend yield of about 1.31% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Tong Hsing Electronic Industries Ltd (6271)?
For today's price to be fair in a discounted-cash-flow model, Tong Hsing Electronic Industries Ltd would have to grow free cash flow by +18.6 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 6271 use?
Our models discount Tong Hsing Electronic Industries Ltd at 10.3 %: a base by market capitalisation (large), damped by beta 1.23, 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 Tong Hsing Electronic Industries Ltd that is +18.6 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Tong Hsing Electronic Industries Ltd (6271) delivered so far?
Over the past 5 years revenue at Tong Hsing Electronic Industries Ltd grew +2.6 % a year. The price currently implies +18.6 % 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 Tong Hsing Electronic Industries Ltd (6271) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Tong Hsing Electronic Industries Ltd (+18.6 % 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 Tong Hsing Electronic Industries Ltd (6271)?
The free-cash-flow yield on the price is 3.15 %: that much free cash flow Tong Hsing Electronic Industries Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tong Hsing Electronic Industries Ltd (6271)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tong Hsing Electronic Industries Ltd it is 163.68 TWD per share (as of Sep 23, 2026), against a price of 229.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Tong Hsing Electronic Industries Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 6271 trades above its calculated fair value: price 229.00 TWD, fair value 163.68 TWD, a gap of about −29% (overvalued). 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 6271?
No. The price is what the market pays today (229.00 TWD); the fair value is what the company's own numbers justify (163.68 TWD). For Tong Hsing Electronic Industries Ltd the two are 65.32 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Tong Hsing Electronic Industries Ltd worth?
The market values Tong Hsing Electronic Industries Ltd at about 48.0B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 229.00 TWD; our models calculate a fair value of 163.68 TWD per share.
What do the bullish and bearish scenarios say about 6271?
Our models span a range for Tong Hsing Electronic Industries Ltd: cautious scenario 104.55 TWD, base 163.68 TWD, optimistic 231.15 TWD per share (as of Sep 23, 2026, price 229.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6271?
Tong Hsing Electronic Industries Ltd trades at a price-to-earnings ratio of 34.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 163.68 TWD is built from several models across several years. Other multiples: PEG 0.8, P/B 1.8, P/S 4.2, EV/EBITDA 16.4.
What is the PEG ratio of 6271?
The PEG ratio of Tong Hsing Electronic Industries Ltd is 0.82 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Tong Hsing Electronic Industries Ltd (6271)?
Balance-sheet figures for Tong Hsing Electronic Industries Ltd (as of Sep 23, 2026): return on equity 5.4%, debt of 0.12 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is 6271 from its 52-week high?
Tong Hsing Electronic Industries Ltd trades at 229.00 TWD, about 20% below its 52-week high of 287.50 TWD and 112% above the low of 108.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 163.68 TWD is for.
Which stocks are comparable to Tong Hsing Electronic Industries Ltd?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 Tong Hsing Electronic Industries Ltd stock attractive at the current price?
The data as of Sep 23, 2026: price 229.00 TWD, calculated fair value 163.68 TWD (−29%), Quality Score 63/100, from 26 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 6271 calculated?
We run Tong Hsing Electronic Industries Ltd through 26 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 163.68 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 14.1 % above its aggregate fair value. Tong Hsing Electronic Industries Ltd itself currently trades above fair value. 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 Tong Hsing Electronic Industries Ltd (6271)?
The closing price on Sep 24, 2026 was 229.00 TWD. Our model-based fair value is 163.68 TWD, about −29% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tong Hsing Electronic Industries Ltd right now?
Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (104.55 TWD to 231.15 TWD) leaves room in how you read the outcome.
Where does the earnings growth of Tong Hsing Electronic Industries Ltd (6271) come from?
Earnings per share at Tong Hsing Electronic Industries Ltd grew −3.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.1 %, EBIT margin −2.6 %, tax rate +0.5 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tong Hsing Electronic Industries Ltd
How large is the market capitalisation of Tong Hsing Electronic Industries Ltd (6271)?
The market capitalisation of Tong Hsing Electronic Industries Ltd is 48.0B TWD (≈ $1.5B). 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 Tong Hsing Electronic Industries Ltd (6271)?
The price-to-sales ratio of Tong Hsing Electronic Industries Ltd is 4.73 (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 Tong Hsing Electronic Industries Ltd (6271)?
Earnings per share at Tong Hsing Electronic Industries Ltd are 6.72 TWD (price ÷ EPS = P/E 34.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tong Hsing Electronic Industries Ltd (6271)?
The dividend yield of Tong Hsing Electronic Industries Ltd is 1.3% (payout 44.6%). 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 Tong Hsing Electronic Industries Ltd (6271)?
The net margin of Tong Hsing Electronic Industries Ltd is 13.9% (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 Tong Hsing Electronic Industries Ltd (6271)?
The return on equity (ROE) of Tong Hsing Electronic Industries Ltd is 5.4% (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 Tong Hsing Electronic Industries Ltd (6271)?
On an EBIT basis the return on assets of Tong Hsing Electronic Industries Ltd is 7.4% (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 Tong Hsing Electronic Industries Ltd (6271)?
The operating margin of Tong Hsing Electronic Industries Ltd is 14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tong Hsing Electronic Industries Ltd (6271)?
Revenue at Tong Hsing Electronic Industries Ltd is growing −3.1% versus a year earlier (3y avg −6.4%). 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 Tong Hsing Electronic Industries Ltd (6271)?
Earnings per share at Tong Hsing Electronic Industries Ltd are growing −32.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tong Hsing Electronic Industries Ltd (6271) hold?
Tong Hsing Electronic Industries Ltd holds more cash than debt, 140M TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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