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Taiwan Surface Mounting Technology Corp (6278) Fair Value & Analysis

Technology · TW · Market cap 48.3B TWD

TS Taiwan Surface Mounting Technology Corp 6278 · TW
Price156.00 TWD
Fair Value178.84 TWD
Upside+14.6%
Quality63/100
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Healthy Growth
Thin margins · 5.1% net margin
Low debt · generates free cash flow
3.49% dividend yield
Ranks above peers (11/15)
Narrow moat 39/100
Evidence: High Range 116.71 TWD – 237.77 TWD Share as image

Fair value as of: Jul 21, 2026

From 26 valuation models · updated 20 days ago

Share price −19.8% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • A fairly wide model range (116.71 TWD to 237.77 TWD) leaves room in how you read the outcome.
  • Our model range runs from 116.71 TWD (bear) to 237.77 TWD (bull), base 178.84 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 63/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

239.64 TWD 57.98 TWD Fair Value 178.84 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 57.98 TWD – 239.64 TWD · fair‑value band 116.71 TWD – 237.77 TWD · the 156.00 TWD price screens below the 178.84 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.

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Analysis

Taiwan Surface Mounting Technology Corp (6278) currently trades at 156.00 TWD, while our model-based Fair Value estimate is 178.84 TWD, implying the stock looks roughly 14.6% undervalued today. The Quality Score stands at 63/100 (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, Taiwan Surface Mounting Technology Corp generated revenue of 50.0B TWD at a net margin of 5.1%. Revenue grew 1.1% year over year. It earns a return on equity of 11.4%. The balance sheet holds a net cash position of 3.6B TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 116.71 TWD (bear case) to 237.77 TWD (bull case); at 156.00 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 39% below its 52-week high and 71% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -67% fair-value upside, at 15%, 6278 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 BearBaseBull Evidence
Highest evidence
Growth DCF 92.82 TWD 125.21 TWD 172.13 TWD 80
Residual Income 73.81 TWD 85.97 TWD 149.74 TWD 76
Rev-Margin DCF 119.59 TWD 182.99 TWD 256.54 TWD 74
All 26 models by family
DCF Models
FCF DCF 91.90 TWD 128.85 TWD 186.09 TWD 38
Owner Earnings 83.45 TWD 115.48 TWD 165.09 TWD 31
5Y Revenue Exit 119.59 TWD 184.03 TWD 267.69 TWD 39
5Y EBITDA Exit 156.21 TWD 253.30 TWD 368.47 TWD 41
5Y P/E Exit 133.88 TWD 211.06 TWD 293.24 TWD 38
10Y Revenue Exit 105.63 TWD 162.33 TWD 240.98 TWD 36
10Y EBITDA Exit 132.48 TWD 210.71 TWD 318.70 TWD 37
10Y P/E Exit 118.18 TWD 181.20 TWD 260.68 TWD 35
Earnings-Based
Graham-Dodd 64.67 TWD 212.21 TWD 283.68 TWD 54
Lynch FV 47.67 TWD 68.10 TWD 88.53 TWD 50
PEG = 1.0 47.67 TWD 68.10 TWD 88.53 TWD 46
EPV 118.90 TWD 133.96 TWD 147.14 TWD 59
Dividend Discount
Gordon GGM 51.10 TWD 106.24 TWD 168.54 TWD 70
DDM Multi-Stage 51.10 TWD 86.56 TWD 111.50 TWD 61
Multiples
P/E Multiple 142.66 TWD 190.22 TWD 237.77 TWD 63
P/S Multiple 121.26 TWD 161.68 TWD 202.10 TWD 58
P/B Multiple 121.26 TWD 161.68 TWD 202.10 TWD 55
EV/EBIT 192.27 TWD 246.84 TWD 301.41 TWD 53
EV/EBITDA 209.39 TWD 269.67 TWD 329.95 TWD 54
EV/Revenue 138.91 TWD 186.20 TWD 233.50 TWD 43
Asset-Based
NCAV (Graham) 39.75 TWD 53.26 TWD 79.49 TWD 50
Growth DCF
Growth DCF 92.82 TWD 125.21 TWD 172.13 TWD 80
Rev-Margin DCF 119.59 TWD 182.99 TWD 256.54 TWD 74
Economic Profit
Residual Income 73.81 TWD 85.97 TWD 149.74 TWD 76
ROIC Compounder 125.86 TWD 152.81 TWD 184.97 TWD 72
Growth Earnings
Growth-Adj P/E 120.85 TWD 172.65 TWD 224.44 TWD 68

Widest divergence: Multiples (186.20 TWD) versus Asset-Based (53.26 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 50.0B TWD
Revenue growth (YoY) +1.1%
Net margin 5.1%
Return on equity 11.4%
Free cash flow 1.6B TWD FY2025
P/E ratio 17.9
More key figures
Operating margin 5.8%
EPS (TTM) 9.32 TWD
Dividend yield 3.5%
EPS growth (YoY) -24.8%
Net cash 3.6B TWD FY2025

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

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 58

Profitability 43
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 78
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 87
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

Taiwan Surface Mounting Technology Corp. engages in the design, processing, manufacturing, and trading of TFT-LCD panels, general electronic information products, and PCB surface mount packaging worldwide.

Full company description

Taiwan Surface Mounting Technology Corp. engages in the design, processing, manufacturing, and trading of TFT-LCD panels, general electronic information products, and PCB surface mount packaging worldwide. The company provides digital camera and cellular phone LCD panel, notebook and television TFT-LCD panel, LED TV power supply, and LCD TV inverter control boards. It also offers micro projector and touch panel, DVD R/W, TV set, and lighting application control boards, as well as wireless controllers and refrigerator display panels; and digital camera/cellular, automotive dashboard panel, notebook, and PC/LCD television backlight bars. The company was incorporated in 1990 and is headquartered in Taoyuan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Taiwan Surface Mounting Technology Corp reported revenue of 49.9B TWD in FY2025 versus 65.7B TWD in FY2021, a compound −6.7%/yr. Reported net income was 2.7B TWD in FY2025, compounding −7.2%/yr from FY2021.

Growth Quality 62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
49.9B TWD
Latest YoY
+10.1%
Avg. growth/yr (3Y)
−10.0%
Avg. growth/yr (5Y)
+3.8%
Avg. growth/yr (23Y)
+11.9%
Revenue −6.7%/yr
FY21 65.7B TWD
FY22 68.5B TWD
FY23 46.5B TWD
FY24 45.3B TWD
FY25 49.9B TWD
Net income −7.2%/yr
FY21 3.7B TWD
FY22 4.0B TWD
FY23 2.5B TWD
FY24 2.9B TWD
FY25 2.7B TWD

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Cite: Fair Value Calculator (2026). "Taiwan Surface Mounting Technology Corp Fair Value". https://www.fairvalue-calculator.com/stock/6278

Peer Group

Semiconductors · 319 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 63 · Above median
Fair Value upside +15% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 6% · Below median
Revenue growth 1% · Below median
Dividend yield (TTM) 3.5% · Top 25%
Debt / equity 0.10× · Higher than median

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 17.9× · Cheaper than 75% of peers
P/B 2.10× · Cheaper than median
P/S (TTM) 0.97× · Cheaper than 75% of peers
P/FCF 0.9× · Cheaper than median
EV/EBITDA 7.8× · Cheaper than 75% of peers
PEG 0.70× · 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 53 · sector 0
FUTURE 6 · sector 60
PAST 46 · sector 24
HEALTH 95 · sector 97
DIVIDEND 70 · sector 22

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

Stock Price Fair Value vs Fair Value
NVIDIA Corporation NVDA $211.80 $96.91 -54%
Taiwan Semiconductor Manufacturing Company TSM $398.37 $207.49 -48%
Broadcom Inc 1AVGO €367.75 €121.25 -67%
Micron Technology, Inc ZMIC C$52.57 C$7.50 -86%
SK hynix Inc 000660 2,082,000 KRW 1,109,311 KRW -47%
Advanced Micro Devices, Inc 1AMD €425.20 €56.33 -87%
Intel Corporation INTC C$68.40 C$9.82 -86%
Texas Instruments Incorporated TXN $311.46 $59.75 -81%
MediaTek Inc 2454 3,740 TWD 1,163 TWD -69%
SK Square Co 402340 1,212,000 KRW 868,000 KRW -28%

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Frequently asked questions

Is Taiwan Surface Mounting Technology Corp (6278) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 178.84 TWD versus a price of 156.00 TWD, about +15% (undervalued).
What is the fair value of 6278?
Our model-based fair value for Taiwan Surface Mounting Technology Corp is 178.84 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 156.00 TWD.
What is the quality score of 6278?
Taiwan Surface Mounting Technology Corp 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 revenue of Taiwan Surface Mounting Technology Corp (6278)?
Taiwan Surface Mounting Technology Corp reported trailing-twelve-month revenue of about 50.0B TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6278?
The net profit margin of Taiwan Surface Mounting Technology Corp is about 5.1%, meaning it keeps roughly 5.1% of revenue as net income. Based on the latest reported figures.
Does Taiwan Surface Mounting Technology Corp pay a dividend?
Taiwan Surface Mounting Technology Corp currently shows a dividend yield of about 2.86% 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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