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GEM Services, Inc (6525) Fair Value & Analysis

Technology · TW · Market cap 20.3B TWD

GS GEM Services, Inc 6525 · TW
Price135.50 TWD
Fair Value117.58 TWD
Upside-13.2%
Quality79/100
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Healthy Growth
Solidly profitable · 14.3% net margin
Low debt · generates free cash flow
3.31% dividend yield
Ranks above peers (11/14)
Wide moat 66/100
Evidence: High Range 88.18 TWD – 146.97 TWD Share as image

Fair value as of: Jul 23, 2026

From 26 valuation models · updated 18 days ago

Share price −31.9% over the past month.

A strong business, but screening 13% overvalued on our models.

What matters now

  • Our model range runs from 88.18 TWD (bear) to 146.97 TWD (bull), base 117.58 TWD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 79/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

221.00 TWD 55.80 TWD Fair Value 117.58 TWD Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 23, 2026.

How to read this chart

60‑month range 55.80 TWD – 221.00 TWD · fair‑value band 88.18 TWD – 146.97 TWD · the 135.50 TWD price screens above the 117.58 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

GEM Services, Inc (6525) currently trades at 135.50 TWD, while our model-based Fair Value estimate is 117.58 TWD, implying the stock looks roughly 13.2% overvalued today. The Quality Score stands at 79/100 (high quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, GEM Services, Inc generated revenue of 5.5B TWD at a net margin of 14.3%. Revenue grew 11.8% year over year. It earns a return on equity of 18.2%. The balance sheet holds a net cash position of 1.8B TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 88.18 TWD (bear case) to 146.97 TWD (bull case); at 135.50 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 2% below its 52-week high and 108% 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 -13%, 6525 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 94.60 TWD 135.56 TWD 195.13 TWD 80
Residual Income 38.44 TWD 47.47 TWD 99.94 TWD 76
Rev-Margin DCF 87.09 TWD 131.41 TWD 183.38 TWD 74
All 26 models by family
DCF Models
FCF DCF 93.53 TWD 140.43 TWD 213.48 TWD 38
Owner Earnings 97.44 TWD 146.66 TWD 223.31 TWD 31
5Y Revenue Exit 87.09 TWD 131.45 TWD 188.39 TWD 39
5Y EBITDA Exit 113.93 TWD 182.42 TWD 263.35 TWD 41
5Y P/E Exit 93.43 TWD 143.49 TWD 196.56 TWD 38
10Y Revenue Exit 86.42 TWD 127.77 TWD 184.14 TWD 36
10Y EBITDA Exit 105.87 TWD 163.46 TWD 242.17 TWD 37
10Y P/E Exit 92.72 TWD 136.20 TWD 190.46 TWD 35
Earnings-Based
Graham-Dodd 39.98 TWD 133.70 TWD 179.05 TWD 54
Lynch FV 30.37 TWD 43.39 TWD 56.40 TWD 50
PEG = 1.0 30.37 TWD 43.39 TWD 56.40 TWD 46
EPV 72.47 TWD 82.14 TWD 90.60 TWD 59
Dividend Discount
Gordon GGM 38.56 TWD 80.18 TWD 127.20 TWD 70
DDM Multi-Stage 38.56 TWD 65.92 TWD 84.15 TWD 61
Multiples
P/E Multiple 88.18 TWD 117.58 TWD 146.97 TWD 63
P/S Multiple 74.96 TWD 99.94 TWD 124.93 TWD 58
P/B Multiple 74.96 TWD 99.94 TWD 124.93 TWD 55
EV/EBIT 123.78 TWD 160.21 TWD 196.64 TWD 53
EV/EBITDA 137.58 TWD 178.62 TWD 219.65 TWD 54
EV/Revenue 86.70 TWD 117.66 TWD 148.61 TWD 43
Asset-Based
NCAV (Graham) 18.19 TWD 24.37 TWD 36.38 TWD 50
Growth DCF
Growth DCF 94.60 TWD 135.56 TWD 195.13 TWD 80
Rev-Margin DCF 87.09 TWD 131.41 TWD 183.38 TWD 74
Economic Profit
Residual Income 38.44 TWD 47.47 TWD 99.94 TWD 76
ROIC Compounder 76.87 TWD 93.07 TWD 111.53 TWD 72
Growth Earnings
Growth-Adj P/E 75.23 TWD 107.47 TWD 139.71 TWD 68

Widest divergence: DCF Models (140.43 TWD) versus Asset-Based (24.37 TWD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 5.5B TWD
Revenue growth (YoY) +11.8%
Net margin 14.3%
Return on equity 18.2%
Free cash flow 881M TWD FY2025
P/E ratio 27.1
More key figures
Operating margin 19.1%
EPS (TTM) 5.81 TWD
Dividend yield 3.3%
EPS growth (YoY) +13.5%
Net cash 1.8B TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 77 · Market factors (momentum, volatility) 78

Profitability 57
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 97
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
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

GEM Services, Inc. provides services for power management semiconductors. It provides assembly services, including wafer probe, assembly, and test; packaging development; and electrical testing services, such as wafer probe, electrical test, data-log, and characterization testing.

Full company description

GEM Services, Inc. provides services for power management semiconductors. It provides assembly services, including wafer probe, assembly, and test; packaging development; and electrical testing services, such as wafer probe, electrical test, data-log, and characterization testing. The company offers reliability testing services comprising reliability testing capability and failure analysis services; and logistic services consisting of drop shipment services and shipping directly to the end customers. In addition, it is involved in semiconductor packaging and testing foundry; and factory leasing activities. Further, the company engages in the manufacture and sale of electronic parts. The company was incorporated in 1998 and is based in Grand Cayman, Cayman Islands. GEM Services, Inc. is a subsidiary of Elite Advanced Laser Corporation.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

GEM Services, Inc reported revenue of 5.3B TWD in FY2025 versus 4.8B TWD in FY2021, a compound +2.9%/yr. Reported net income was 759M TWD in FY2025, compounding −3.0%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
5.3B TWD
Latest YoY
+14.0%
Avg. growth/yr (3Y)
+0.7%
Avg. growth/yr (5Y)
+7.3%
Avg. growth/yr (13Y)
+6.3%
Revenue +2.9%/yr
FY21 4.8B TWD
FY22 5.2B TWD
FY23 4.4B TWD
FY24 4.7B TWD
FY25 5.3B TWD
Net income −3.0%/yr
FY21 858M TWD
FY22 930M TWD
FY23 566M TWD
FY24 664M TWD
FY25 759M TWD

6525 screens 13% overvalued. Compare with NVIDIA Corporation →

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Cite: Fair Value Calculator (2026). "GEM Services, Inc Fair Value". https://www.fairvalue-calculator.com/stock/6525

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 79 · Top 25%
Fair Value upside −13% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 14% · Above median
Operating margin (TTM) 19% · Top 25%
Revenue growth 12% · Below median
Dividend yield (TTM) 3.3% · Top 25%

Valuation Multiples vs Semiconductors median · lower = cheaper

P/E (TTM) 27.1× · Cheaper than median
P/B 4.33× · Pricier than median
P/S (TTM) 3.72× · Pricier than median
P/FCF 0.7× · Cheaper than median
EV/EBITDA 11.3× · 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 16 · sector 0
FUTURE 59 · sector 60
PAST 73 · sector 24
HEALTH 100 · sector 97
DIVIDEND 66 · 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 23, 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 GEM Services, Inc (6525) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 117.58 TWD versus a price of 135.50 TWD, about −13% (overvalued).
What is the fair value of 6525?
Our model-based fair value for GEM Services, Inc is 117.58 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 135.50 TWD.
What is the quality score of 6525?
GEM Services, Inc has a Quality Score of 79/100. 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 GEM Services, Inc (6525)?
GEM Services, Inc reported trailing-twelve-month revenue of about 5.5B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6525?
The net profit margin of GEM Services, Inc is about 14.3%, meaning it keeps roughly 14.3% of revenue as net income. Based on the latest reported figures.

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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