AP Memory Technology Corp (6531) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of AP Memory Technology Corp TWD 208, price TWD 993, upside -79.0%, quality 80 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 134.61 TWD – 1,190 TWD · fair‑value band 159.89 TWD – 249.52 TWD · the 993.00 TWD price screens above the 208.25 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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AP Memory Technology Corporation, together with its subsidiaries, designs, develops, licenses, manufactures, and sells customized memory-related integrated circuit (IC) chip products and technologies in China, Singapore, Taiwan, Europe, the United States, and internationally.
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AP Memory Technology Corporation, together with its subsidiaries, designs, develops, licenses, manufactures, and sells customized memory-related integrated circuit (IC) chip products and technologies in China, Singapore, Taiwan, Europe, the United States, and internationally. The company provides pseudo static random-access memory (PSRAM) and low power double data rate (LPDDR) for IoT, wearables, and display devices; and stack silicon capacitors for temperature and voltage stability. It also offers VHMTM series, a DRAM working with SoC through WoW 3D stacking technology, including VHMStack and VHMInterposer; and S-SiCap interposer IP for computing and AI applications, as well as wearable devices and smart homes. In addition, the company provides product design and R&D technical services. AP Memory Technology Corporation was incorporated in 2011 and is headquartered in Zhubei, Taiwan.
Stock analysis
AP Memory Technology Corp (6531) currently trades at 993.00 TWD, while our model-based Fair Value estimate is 208.25 TWD, implying the stock looks roughly 376.9% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 251.39 TWD per share, and 0 of the 26 models we run sit above the 993.00 TWD price.
Bear case: the Asset-Based group reads lowest at 50.37 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 159.89 TWD (bear) to 249.52 TWD (bull), the price of 993.00 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 80/100 (high quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
AP Memory Technology Corp reported revenue of 5.7B TWD in FY2025 versus 6.6B TWD in FY2021, a compound −3.8%/yr. Reported net income was 1.2B TWD in FY2025, compounding −11.5%/yr from FY2021.
Key figures
Market cap 159B TWD (≈ $5.0B) · P/E ratio 129.3 · P/S ratio 28.3 · EPS (TTM) 7.68 TWD · Dividend yield 0.7% · Net margin 21.9% · Return on equity 13.3% · Return on assets (EBIT) 16.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 210% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at −79%, 6531 screens richer than that median.
Fair Value models
Bear 159.89 TWDFair Value 208.25 TWDBull 249.52 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 (0.4974 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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+35.2%
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.
+3.6%
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.
+9.8%
Start year 2020 (pandemic). Over 10 years: +8.1% a year
Revenue growth 12 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.
+6.5%
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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.
−3.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.9%
Dividend (yield on the price)0.7%
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.−4% vs 8%, slowing
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.13% → 25%
Start year 2020 (pandemic)
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).
+35.7%
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 +33.6% a year for the price.
Compare AP Memory Technology Corp with another stock
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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.Semiconductors · 340 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside−79% · Bottom 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets8% · Top 25%
Net margin (TTM)24% · Top 25%
Operating margin (TTM)28% · Top 25%
Growth and dividend
Revenue growth115% · Top 25%
Dividend yield (TTM)0.7% · Below median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (TTM)129.3× · Priciest 25%
P/B12.99× · Priciest 25%
P/S (TTM)23.42× · Priciest 25%
P/FCF1.8× · Cheaper than median
EV/EBITDA81.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 64
PAST (return on equity)53· sector 22
HEALTH (low debt)100· sector 95
DIVIDEND (yield)14· sector 19
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.
Is AP Memory Technology Corp (6531) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 208.25 TWD versus a price of 993.00 TWD, about −79% upside (overvalued).
What is the fair value of 6531?
Our model-based fair value for AP Memory Technology Corp is 208.25 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 993.00 TWD.
What is the quality score of 6531?
AP Memory Technology Corp has a Quality Score of 80/100. 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 AP Memory Technology Corp (6531)?
Our model-based price target is the fair value of 208.25 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 159.89 TWD, optimistic scenario 249.52 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the AP Memory Technology Corp stock forecast for 2026?
Our models put fair value at 208.25 TWD, about −79% upside versus a price of 993.00 TWD (overvalued). Cautious scenario 159.89 TWD, optimistic scenario 249.52 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of AP Memory Technology Corp (6531)?
AP Memory Technology Corp reported trailing-twelve-month revenue of about 6.8B TWD (latest available figure, as of Sep 24, 2026).
Does AP Memory Technology Corp pay a dividend?
AP Memory Technology Corp currently shows a dividend yield of about 0.70% relative to its recent price (as of Sep 24, 2026).
What growth is priced into AP Memory Technology Corp (6531)?
For today's price to be fair in a discounted-cash-flow model, AP Memory Technology Corp would have to grow free cash flow by +35.7 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6531 use?
Our models discount AP Memory Technology Corp at 12.4 %: a base by market capitalisation (mid), damped by beta 1.82, 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 AP Memory Technology Corp that is +35.7 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has AP Memory Technology Corp (6531) delivered so far?
Over the past 5 years revenue at AP Memory Technology Corp grew +9.8 % a year. The price currently implies +35.7 % 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 AP Memory Technology Corp (6531) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into AP Memory Technology Corp (+35.7 % 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 AP Memory Technology Corp (6531)?
The free-cash-flow yield on the price is 1.76 %: that much free cash flow AP Memory Technology Corp produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AP Memory Technology Corp (6531)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AP Memory Technology Corp it is 208.25 TWD per share (as of Sep 24, 2026), against a price of 993.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is AP Memory Technology Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6531 trades above its calculated fair value: price 993.00 TWD, fair value 208.25 TWD, a gap of about −79% (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 6531?
No. The price is what the market pays today (993.00 TWD); the fair value is what the company's own numbers justify (208.25 TWD). For AP Memory Technology Corp the two are 784.75 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is AP Memory Technology Corp worth?
The market values AP Memory Technology Corp at about 159B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 993.00 TWD; our models calculate a fair value of 208.25 TWD per share.
What do the bullish and bearish scenarios say about 6531?
Our models span a range for AP Memory Technology Corp: cautious scenario 159.89 TWD, base 208.25 TWD, optimistic 249.52 TWD per share (as of Sep 24, 2026, price 993.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6531?
AP Memory Technology Corp trades at a price-to-earnings ratio of 129.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 208.25 TWD is built from several models across several years. Other multiples: P/B 13.0, P/S 23.4, EV/EBITDA 81.1.
How solid is the balance sheet of AP Memory Technology Corp (6531)?
Balance-sheet figures for AP Memory Technology Corp (as of Sep 24, 2026): return on equity 13.3%. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is 6531 from its 52-week high?
AP Memory Technology Corp trades at 993.00 TWD, about 17% below its 52-week high of 1,190 TWD and 210% above the low of 320.00 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 208.25 TWD is for.
Which stocks are comparable to AP Memory Technology Corp?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, SK hynix Inc, 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 AP Memory Technology Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 993.00 TWD, calculated fair value 208.25 TWD (−79%), Quality Score 80/100, 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 6531 calculated?
We run AP Memory Technology Corp 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 208.25 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. AP Memory Technology 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 AP Memory Technology Corp (6531)?
The closing price on Sep 24, 2026 was 993.00 TWD. Our model-based fair value is 208.25 TWD, about −79% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AP Memory Technology Corp right now?
A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (249.52 TWD). The favourable scenario is already priced in.
Where does the earnings growth of AP Memory Technology Corp (6531) come from?
Earnings per share at AP Memory Technology Corp grew +10.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +1.2 %, tax rate +0.4 %, residual (interest, one-offs) +4.2 %. 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 AP Memory Technology Corp
How large is the market capitalisation of AP Memory Technology Corp (6531)?
The market capitalisation of AP Memory Technology Corp is 159B TWD (≈ $5.0B). 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 AP Memory Technology Corp (6531)?
The price-to-sales ratio of AP Memory Technology Corp is 28.3 (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 AP Memory Technology Corp (6531)?
Earnings per share at AP Memory Technology Corp are 7.68 TWD (price ÷ EPS = P/E 129.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of AP Memory Technology Corp (6531)?
The dividend yield of AP Memory Technology Corp is 0.7% (payout 91.1%). 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 AP Memory Technology Corp (6531)?
The net margin of AP Memory Technology Corp is 21.9% (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 AP Memory Technology Corp (6531)?
The return on equity (ROE) of AP Memory Technology Corp is 13.3% (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 AP Memory Technology Corp (6531)?
On an EBIT basis the return on assets of AP Memory Technology Corp is 16.5% (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 AP Memory Technology Corp (6531)?
The operating margin of AP Memory Technology Corp is 28.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AP Memory Technology Corp (6531)?
Revenue at AP Memory Technology Corp is growing +115% versus a year earlier (3y avg +3.6%). 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 AP Memory Technology Corp (6531)?
Earnings per share at AP Memory Technology Corp are growing +103% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does AP Memory Technology Corp (6531) hold?
AP Memory Technology Corp holds more cash than debt, 7.0B TWD net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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