Chang Wah Technology Co Ltd (6548) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Chang Wah Technology Co Ltd TWD 41.54, price TWD 72.00, upside -42.3%, quality 61 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 19.27 TWD – 98.10 TWD · fair‑value band 17.45 TWD – 61.28 TWD · the 72.00 TWD price screens above the 41.54 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Chang Wah Technology Co., Ltd. develops, manufactures, and sells LED lead frame and molding compound materials in Taiwan, Asia, and internationally. The company offers industrial plastic products and electronic components; IC-leaded and IC-non-lead lead frames; EMC and pre-mold lead frames; roughen; and oxide surface plating treatment.
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Chang Wah Technology Co., Ltd. develops, manufactures, and sells LED lead frame and molding compound materials in Taiwan, Asia, and internationally. The company offers industrial plastic products and electronic components; IC-leaded and IC-non-lead lead frames; EMC and pre-mold lead frames; roughen; and oxide surface plating treatment. It also sells machinery and tools; lighting materials and equipment; communication devices; semiconductor materials and equipment; and electronic products. In addition, the company engages in investment activities; trades in electronic components and electronics; and acts as an agent for IC packaging materials and equipment. The company was incorporated in 2009 and is headquartered in Kaohsiung, Taiwan.
Stock analysis
Chang Wah Technology Co Ltd (6548) currently trades at 72.00 TWD, while our model-based Fair Value estimate is 41.54 TWD, implying the stock looks roughly 73.3% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 82.31 TWD per share, and 3 of the 26 models we run sit above the 72.00 TWD price.
Bear case: the Asset-Based group reads lowest at 8.00 TWD, and 23 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 17.45 TWD (bear) to 61.28 TWD (bull), the price of 72.00 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 61/100 (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.
Chang Wah Technology Co Ltd reported revenue of 13.4B TWD in FY2025 versus 12.8B TWD in FY2021, a compound +1.2%/yr. Reported net income was 1.5B TWD in FY2025, compounding −3.2%/yr from FY2021.
Key figures
Market cap 66.5B TWD (≈ $2.1B) · P/E ratio 44.4 · P/S ratio 4.98 · EPS (TTM) 1.62 TWD · Dividend yield 2.5% · Net margin 11.2% · Return on equity 13.8% · Return on assets (EBIT) 12.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 113% 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 −42%, 6548 screens richer than that median.
Fair Value models
Bear 17.45 TWDFair Value 41.54 TWDBull 61.28 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+12.0%
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.
−2.4%
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.
+6.8%
Start year 2020 (pandemic). Over 10 years: +42.9% 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.
+41.2%
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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.
+15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.2%
Dividend (yield on the price)2.5%
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.13% vs 32%, 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.10% → 13%
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).
+31.9%
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 +29.9% a year for the price.
Compare Chang Wah Technology Co Ltd with another stock
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.Semiconductors · 335 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−42% · Above median
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets5% · Above median
Net margin (TTM)11% · Above median
Operating margin (TTM)14% · Above median
Growth and dividend
Revenue growth16% · Above median
Dividend yield (TTM)2.5% · Top 25%
Balance sheet
Debt / equity0.49× · Highest 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/E (TTM)44.4× · Cheaper than median
P/B6.03× · Pricier than median
P/S (TTM)4.78× · Pricier than median
P/FCF2.2× · Cheaper than median
EV/EBITDA27.4× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)78· sector 64
PAST (return on equity)55· sector 24
HEALTH (low debt)75· sector 95
DIVIDEND (yield)50· sector 18
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). "Chang Wah Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/6548
Frequently asked questions
Is Chang Wah Technology Co Ltd (6548) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 41.54 TWD versus a price of 72.00 TWD, about −42% upside (overvalued).
What is the fair value of 6548?
Our model-based fair value for Chang Wah Technology Co Ltd is 41.54 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 72.00 TWD.
What is the quality score of 6548?
Chang Wah Technology Co Ltd has a Quality Score of 61/100. 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 Chang Wah Technology Co Ltd (6548)?
Our model-based price target is the fair value of 41.54 TWD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 17.45 TWD, optimistic scenario 61.28 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Chang Wah Technology Co Ltd stock forecast for 2026?
Our models put fair value at 41.54 TWD, about −42% upside versus a price of 72.00 TWD (overvalued). Cautious scenario 17.45 TWD, optimistic scenario 61.28 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Chang Wah Technology Co Ltd (6548)?
Chang Wah Technology Co Ltd reported trailing-twelve-month revenue of about 13.9B TWD (latest available figure, as of Sep 24, 2026).
Does Chang Wah Technology Co Ltd pay a dividend?
Chang Wah Technology Co Ltd currently shows a dividend yield of about 2.50% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Chang Wah Technology Co Ltd (6548)?
For today's price to be fair in a discounted-cash-flow model, Chang Wah Technology Co Ltd would have to grow free cash flow by +31.9 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6548 use?
Our models discount Chang Wah Technology Co Ltd at 9.2 %: a base by market capitalisation (large), damped by beta 0.76, 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 Chang Wah Technology Co Ltd that is +31.9 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Chang Wah Technology Co Ltd (6548) delivered so far?
Over the past 5 years revenue at Chang Wah Technology Co Ltd grew +6.8 % a year. The price currently implies +31.9 % 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 Chang Wah Technology Co Ltd (6548) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Chang Wah Technology Co Ltd (+31.9 % 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 Chang Wah Technology Co Ltd (6548)?
The free-cash-flow yield on the price is 1.41 %: that much free cash flow Chang Wah Technology Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Chang Wah Technology Co Ltd (6548)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Chang Wah Technology Co Ltd it is 41.54 TWD per share (as of Sep 24, 2026), against a price of 72.00 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Chang Wah Technology Co Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6548 trades above its calculated fair value: price 72.00 TWD, fair value 41.54 TWD, a gap of about −42% (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 6548?
No. The price is what the market pays today (72.00 TWD); the fair value is what the company's own numbers justify (41.54 TWD). For Chang Wah Technology Co Ltd the two are 30.46 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Chang Wah Technology Co Ltd worth?
The market values Chang Wah Technology Co Ltd at about 66.5B TWD (market capitalisation, as of Sep 24, 2026). Per share that is 72.00 TWD; our models calculate a fair value of 41.54 TWD per share.
What do the bullish and bearish scenarios say about 6548?
Our models span a range for Chang Wah Technology Co Ltd: cautious scenario 17.45 TWD, base 41.54 TWD, optimistic 61.28 TWD per share (as of Sep 24, 2026, price 72.00 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6548?
Chang Wah Technology Co Ltd trades at a price-to-earnings ratio of 44.4 (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 41.54 TWD is built from several models across several years. Other multiples: P/B 6.0, P/S 4.8, EV/EBITDA 27.4.
How solid is the balance sheet of Chang Wah Technology Co Ltd (6548)?
Balance-sheet figures for Chang Wah Technology Co Ltd (as of Sep 24, 2026): return on equity 13.8%, debt of 0.49 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is 6548 from its 52-week high?
Chang Wah Technology Co Ltd trades at 72.00 TWD, about 27% below its 52-week high of 98.10 TWD and 113% above the low of 33.80 TWD (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 41.54 TWD is for.
Which stocks are comparable to Chang Wah Technology Co Ltd?
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 Chang Wah Technology Co Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 72.00 TWD, calculated fair value 41.54 TWD (−42%), Quality Score 61/100, 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 6548 calculated?
We run Chang Wah Technology Co 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 41.54 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. Chang Wah Technology Co 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 Chang Wah Technology Co Ltd (6548)?
The closing price on Sep 23, 2026 was 72.00 TWD. Our model-based fair value is 41.54 TWD, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Chang Wah Technology Co Ltd right now?
The price sits above even our optimistic bull case (61.28 TWD). The favourable scenario is already priced in. The model range is unusually wide (17.45 TWD to 61.28 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Chang Wah Technology Co Ltd (6548) come from?
Earnings per share at Chang Wah Technology Co Ltd grew +41.9 % a year from 2013 to 2023. Broken into its drivers: revenue per share +36.7 %, EBIT margin +2.3 %, tax rate −0.8 %, residual (interest, one-offs) +2.3 %. 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 Chang Wah Technology Co Ltd
How large is the market capitalisation of Chang Wah Technology Co Ltd (6548)?
The market capitalisation of Chang Wah Technology Co Ltd is 66.5B TWD (≈ $2.1B). 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 Chang Wah Technology Co Ltd (6548)?
The price-to-sales ratio of Chang Wah Technology Co Ltd is 4.98 (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 Chang Wah Technology Co Ltd (6548)?
Earnings per share at Chang Wah Technology Co Ltd are 1.62 TWD (price ÷ EPS = P/E 44.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Chang Wah Technology Co Ltd (6548)?
The dividend yield of Chang Wah Technology Co Ltd is 2.5% (payout 111%). 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 Chang Wah Technology Co Ltd (6548)?
The net margin of Chang Wah Technology Co Ltd is 11.2% (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 Chang Wah Technology Co Ltd (6548)?
The return on equity (ROE) of Chang Wah Technology Co Ltd is 13.8% (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 Chang Wah Technology Co Ltd (6548)?
On an EBIT basis the return on assets of Chang Wah Technology Co Ltd is 12.0% (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 Chang Wah Technology Co Ltd (6548)?
The operating margin of Chang Wah Technology Co Ltd is 13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Chang Wah Technology Co Ltd (6548)?
Revenue at Chang Wah Technology Co Ltd is growing +15.5% versus a year earlier (3y avg −2.4%). 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 Chang Wah Technology Co Ltd (6548)?
Earnings per share at Chang Wah Technology Co Ltd are growing +15.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Chang Wah Technology Co Ltd (6548) carry?
The net debt of Chang Wah Technology Co Ltd is 2.0B TWD (fiscal year 2025, ≈ 2.1 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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