TSEC Corp (6443) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of TSEC Corp TWD 3.33, price TWD 28.25, upside -88.2%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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TSEC Corporation engages in the research and development, production, and sales of solar cells and modules in Asia, Europe, and internationally. The company operates through Solar Module and Other segments.
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TSEC Corporation engages in the research and development, production, and sales of solar cells and modules in Asia, Europe, and internationally. The company operates through Solar Module and Other segments. It is involved in the sale of solar related products; energy storage system of regulation reserve; rental of solar power generating equipment; sale of self-generated electricity, and provision of energy technology services. In addition, the company provides system integration services for power plant construction and maintenance. The company was incorporated in 2010 and is headquartered in New Taipei City, Taiwan.
Stock analysis
TSEC Corp (6443) currently trades at 28.25 TWD, while our model-based Fair Value estimate is 3.33 TWD, implying the stock looks roughly 748.2% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 4.75 TWD per share, and 0 of the 9 models we run sit above the 28.25 TWD price.
Bear case: the Multiples group reads lowest at 2.91 TWD, and 9 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.12 TWD (bear) to 5.35 TWD (bull), the price of 28.25 TWD sits above 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 38/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
TSEC Corp reported revenue of 1.8B TWD in FY2025 versus 6.2B TWD in FY2021, a compound −26.2%/yr. Reported net income was −3.2B TWD in FY2025.
Key figures
Market cap 14.5B TWD (≈ $455M) · P/S ratio 9.77 · EPS (TTM) −6.24 TWD · Dividend yield 1.5% · Net margin −214% · Return on equity −62.1% · Return on assets (EBIT) −4.8% · Operating margin −18.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 46% below its 52-week high and 136% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −88%, 6443 screens richer than that median.
Fair Value models
Bear 3.12 TWDFair Value 3.33 TWDBull 5.35 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.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.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−59.6%
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.
−41.3%
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.
−17.0%
Start year 2020 (pandemic). Over 10 years: −12.7% a year
Revenue growth 13 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.
−2.0%
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Profit margin (trend) ⓘ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.
−4.6% (2020) → −95.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+36.4%
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 +34.3% 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.Solar · 115 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score38 · Below median
Fair Value upside−88% · Bottom 25%
Profitability
Return on assets−13% · Bottom 25%
Net margin (TTM)−175% · Bottom 25%
Operating margin (TTM)−19% · Bottom 25%
Growth and dividend
Revenue growth−45% · Bottom 25%
Dividend yield (TTM)1.5% · Below median
Balance sheet
Debt / equity0.39× · Below median
Valuation Multiplesvs Solar median · lower = cheaper
P/B0.12× · Cheapest 25%
P/S (TTM)0.30× · Cheaper than median
P/FCF2.6× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 21
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 0
HEALTH (low debt)81· sector 81
DIVIDEND (yield)30· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TSEC Corp Fair Value". https://www.fairvalue-calculator.com/stock/6443
Frequently asked questions
Is TSEC Corp (6443) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 3.33 TWD versus a price of 28.25 TWD, about −88% upside (overvalued).
What is the fair value of 6443?
Our model-based fair value for TSEC Corp is 3.33 TWD (as of Sep 23, 2026), built from audited fundamentals. The current price: 28.25 TWD.
What is the quality score of 6443?
TSEC Corp has a Quality Score of 38/100. 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 TSEC Corp (6443)?
Our model-based price target is the fair value of 3.33 TWD (as of Sep 23, 2026) from 9 valuation models. Cautious scenario 3.12 TWD, optimistic scenario 5.35 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the TSEC Corp stock forecast for 2026?
Our models put fair value at 3.33 TWD, about −88% upside versus a price of 28.25 TWD (overvalued). Cautious scenario 3.12 TWD, optimistic scenario 5.35 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TSEC Corp (6443)?
TSEC Corp reported trailing-twelve-month revenue of about 1.5B TWD (latest available figure, as of Sep 23, 2026).
Does TSEC Corp pay a dividend?
TSEC Corp currently shows a dividend yield of about 1.48% relative to its recent price (as of Sep 23, 2026).
What growth is priced into TSEC Corp (6443)?
For today's price to be fair in a discounted-cash-flow model, TSEC Corp would have to grow free cash flow by +36.4 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -17.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of 6443 use?
Our models discount TSEC Corp at 8.9 %: a base by market capitalisation (large), damped by beta 0.62, 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 TSEC Corp that is +36.4 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has TSEC Corp (6443) delivered so far?
Over the past 5 years revenue at TSEC Corp grew -17.0 % a year. The price currently implies +36.4 % 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 TSEC Corp (6443) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into TSEC Corp (+36.4 % 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 TSEC Corp (6443)?
The free-cash-flow yield on the price is 1.20 %: that much free cash flow TSEC Corp produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TSEC Corp (6443)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TSEC Corp it is 3.33 TWD per share (as of Sep 23, 2026), against a price of 28.25 TWD. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is TSEC Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 6443 trades above its calculated fair value: price 28.25 TWD, fair value 3.33 TWD, a gap of about −88% (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 6443?
No. The price is what the market pays today (28.25 TWD); the fair value is what the company's own numbers justify (3.33 TWD). For TSEC Corp the two are 24.92 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TSEC Corp worth?
The market values TSEC Corp at about 14.5B TWD (market capitalisation, as of Sep 23, 2026). Per share that is 28.25 TWD; our models calculate a fair value of 3.33 TWD per share.
What do the bullish and bearish scenarios say about 6443?
Our models span a range for TSEC Corp: cautious scenario 3.12 TWD, base 3.33 TWD, optimistic 5.35 TWD per share (as of Sep 23, 2026, price 28.25 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TSEC Corp (6443)?
Balance-sheet figures for TSEC Corp (as of Sep 23, 2026): return on equity −62.1%, debt of 0.39 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 6443 from its 52-week high?
TSEC Corp trades at 28.25 TWD, about 46% below its 52-week high of 52.30 TWD and 136% above the low of 11.95 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3.33 TWD is for.
Which stocks are comparable to TSEC Corp?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies Limited, 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 TSEC Corp stock attractive at the current price?
The data as of Sep 23, 2026: price 28.25 TWD, calculated fair value 3.33 TWD (−88%), Quality Score 38/100, from 9 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 6443 calculated?
We run TSEC Corp through 9 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 3.33 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. TSEC Corp 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 TSEC Corp (6443)?
The closing price on Sep 24, 2026 was 28.25 TWD. Our model-based fair value is 3.33 TWD, about −88% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TSEC Corp right now?
The price sits above even our optimistic bull case (5.35 TWD). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of TSEC Corp
How large is the market capitalisation of TSEC Corp (6443)?
The market capitalisation of TSEC Corp is 14.5B TWD (≈ $455M). 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 TSEC Corp (6443)?
The price-to-sales ratio of TSEC Corp is 9.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TSEC Corp (6443)?
Earnings per share at TSEC Corp are −6.24 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TSEC Corp (6443)?
The dividend yield of TSEC Corp is 1.5%. 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 TSEC Corp (6443)?
The net margin of TSEC Corp is −214% (last twelve months). 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 TSEC Corp (6443)?
The return on equity (ROE) of TSEC Corp is −62.1% (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 TSEC Corp (6443)?
On an EBIT basis the return on assets of TSEC Corp is −4.8% (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 TSEC Corp (6443)?
The operating margin of TSEC Corp is −18.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TSEC Corp (6443)?
Revenue at TSEC Corp is growing −45.2% versus a year earlier (3y avg −41.3%). 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 TSEC Corp (6443)?
Earnings per share at TSEC Corp are growing −84.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TSEC Corp (6443) carry?
The net debt of TSEC Corp is 1.9B TWD (fiscal year 2025, ≈ 10.8 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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