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Topview Optronics Corporation (6556) Fair Value & Analysis

Industrials · TW · Market cap 1.8B TWD

TO Topview Optronics Corporation 6556 · TWO
Price61.70 TWD
Fair Value95.37 TWD
Upside+54.6%
Quality64/100
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Mixed Growth
Solidly profitable · 13.3% net margin
Low debt · generates free cash flow
5.45% dividend yield
Ranks above peers (12/14)
Moderate moat 60/100
Evidence: High Range 70.82 TWD – 118.77 TWD Share as image

Fair value as of: Jul 23, 2026

From 24 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 104.16 TWD to 95.37 TWD (−8.4%) since Jul 12, 2026. Share price −8.0% over the past month.

A solid business, screening 55% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (70.82 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

154.41 TWD 30.11 TWD Fair Value 95.37 TWD Feb 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 30.11 TWD – 154.41 TWD · fair‑value band 70.82 TWD – 118.77 TWD · the 61.70 TWD price screens below the 95.37 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

Topview Optronics Corporation (6556) currently trades at 61.70 TWD, while our model-based Fair Value estimate is 95.37 TWD, implying the stock looks roughly 54.6% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Industrials 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, Topview Optronics Corporation generated revenue of 1.4B TWD at a net margin of 13.3%. Revenue grew 3.1% year over year. It earns a return on equity of 12.5%. The balance sheet holds a net cash position of 187M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 70.82 TWD (bear case) to 118.77 TWD (bull case); at 61.70 TWD, the current price sits below 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 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 55%, 6556 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 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
Highest evidence
Growth DCF 54.21 TWD 65.52 TWD 83.04 TWD 80
Residual Income 48.87 TWD 54.87 TWD 79.48 TWD 76
Rev-Margin DCF 68.79 TWD 98.62 TWD 134.79 TWD 74
All 24 models by family
DCF Models
FCF DCF 52.94 TWD 64.87 TWD 84.88 TWD 38
Owner Earnings 72.76 TWD 90.70 TWD 120.81 TWD 31
5Y Revenue Exit 68.79 TWD 97.59 TWD 139.49 TWD 39
5Y EBITDA Exit 76.20 TWD 110.40 TWD 155.67 TWD 41
5Y P/E Exit 79.86 TWD 116.73 TWD 160.66 TWD 38
10Y Revenue Exit 59.87 TWD 79.17 TWD 100.11 TWD 36
10Y EBITDA Exit 65.60 TWD 86.40 TWD 108.78 TWD 37
10Y P/E Exit 67.63 TWD 89.98 TWD 111.45 TWD 35
Earnings-Based
Graham-Dodd 46.16 TWD 56.42 TWD 63.47 TWD 54
EPV 64.60 TWD 71.55 TWD 77.34 TWD 59
Dividend Discount
Gordon GGM 32.63 TWD 35.18 TWD 38.96 TWD 70
DDM Multi-Stage 32.63 TWD 38.84 TWD 46.86 TWD 61
Multiples
P/E Multiple 101.82 TWD 135.76 TWD 169.70 TWD 63
P/S Multiple 86.55 TWD 115.40 TWD 144.25 TWD 58
P/B Multiple 86.55 TWD 115.40 TWD 144.25 TWD 55
EV/EBIT 122.77 TWD 159.14 TWD 195.50 TWD 53
EV/EBITDA 107.87 TWD 139.27 TWD 170.67 TWD 54
EV/Revenue 87.21 TWD 118.73 TWD 150.25 TWD 43
Asset-Based
NCAV (Graham) 27.70 TWD 37.12 TWD 55.40 TWD 50
Growth DCF
Growth DCF 54.21 TWD 65.52 TWD 83.04 TWD 80
Rev-Margin DCF 68.79 TWD 98.62 TWD 134.79 TWD 74
Economic Profit
Residual Income 48.87 TWD 54.87 TWD 79.48 TWD 76
ROIC Compounder 64.60 TWD 72.92 TWD 81.17 TWD 72
Growth Earnings
Growth-Adj P/E 72.03 TWD 102.91 TWD 133.78 TWD 68

Widest divergence: Multiples (118.73 TWD) versus Dividend Discount (35.18 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.4B TWD
Revenue growth (YoY) +3.1%
Net margin 13.3%
Return on equity 12.5%
Free cash flow 139M TWD FY2025
P/E ratio 10.8
More key figures
Operating margin 16.5%
EPS (TTM) 6.73 TWD
Dividend yield 4.9%
EPS growth (YoY) -14.1%
Net cash 187M TWD FY2023

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

Quality Score breakdown

Overall quality 64/100

Of which business quality 62 · Market factors (momentum, volatility) 44

Profitability 51
Margins and returns on capital today
Quality Growth 10
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 83
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

Topview Optronics Corporation manufactures, sells, imports, and exports security surveillance cameras in Taiwan. The company provides video devices with cyber security. It also offers advanced video AIoT solutions through partnerships with third-party providers.

Full company description

Topview Optronics Corporation manufactures, sells, imports, and exports security surveillance cameras in Taiwan. The company provides video devices with cyber security. It also offers advanced video AIoT solutions through partnerships with third-party providers. In addition, the company provides standard dome, bullet, box, wedge, and turret cameras; wideview PTZ, fisheye, and multi-sensor cameras; and specialty corner cameras. Further, the company offers NVR and NVR kit products; and accessories, such as camera brackets, mounts, and networking peripherals. Topview Optronics Corporation was founded in 1994 and is based in Taoyuan City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Topview Optronics Corporation reported revenue of 1.4B TWD in FY2025 versus 2.0B TWD in FY2021, a compound −8.6%/yr. Reported net income was 195M TWD in FY2025, compounding +11.1%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.4B TWD
Latest YoY
−17.6%
Avg. growth/yr (3Y) 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.
−14.8%
Avg. growth/yr (5Y) 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.
−2.4%
Avg. growth/yr (6Y) 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.
+1.2%
Revenue −8.6%/yr
FY21 2.0B TWD
FY22 2.3B TWD
FY23 1.9B TWD
FY24 1.7B TWD
FY25 1.4B TWD
Net income +11.1%/yr
FY21 128M TWD
FY22 285M TWD
FY23 177M TWD
FY24 255M TWD
FY25 195M TWD

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Cite: Fair Value Calculator (2026). "Topview Optronics Corporation Fair Value". https://www.fairvalue-calculator.com/stock/6556

Peer Group

Security & Protection Services · 114 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 64 · Above median
Fair Value upside +55% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth 3% · Below median
Dividend yield (TTM) 5.5% · Top 25%

Valuation Multiples vs Security & Protection Services median · lower = cheaper

P/E (TTM) 9.5× · Cheaper than 75% of peers
P/B 1.16× · Cheaper than median
P/S (TTM) 1.31× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 5.6× · 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 100 · sector 19
FUTURE 16 · sector 39
PAST 50 · sector 20
HEALTH 100 · sector 99
DIVIDEND 100 · sector 49

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 Security & Protection Services stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

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ASSA ABLOY AB ASSAB kr 348.40 kr 269.97 -23%
Verisure plc VSURE €10.26 €12.40 +21%
Allegion plc ALLE $137.24 $127.80 -7%
Securitas AB SECUB kr 162.10 kr 186.34 +15%
Zhejiang Dahua Technology Co 002236 ¥16.57 ¥23.58 +42%
MSA Safety Incorporated MSA $169.00 $118.51 -30%
ADT Inc ADT $7.06 $17.10 +142%
The Brink's Company BCO $104.24 $101.84 -2%
Brady Corporation BRC $90.16 $73.43 -19%
The GEO Group GEO $29.46 $32.36 +10%

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Frequently asked questions

Is Topview Optronics Corporation (6556) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 95.37 TWD versus a price of 61.70 TWD, about +55% (undervalued).
What is the fair value of 6556?
Our model-based fair value for Topview Optronics Corporation is 95.37 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 61.70 TWD.
What is the quality score of 6556?
Topview Optronics Corporation has a Quality Score of 64/100. 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 Topview Optronics Corporation (6556)?
Topview Optronics Corporation reported trailing-twelve-month revenue of about 1.4B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 6556?
The net profit margin of Topview Optronics Corporation is about 13.3%, meaning it keeps roughly 13.3% of revenue as net income. Based on the latest reported figures.
Does Topview Optronics Corporation pay a dividend?
Topview Optronics Corporation currently shows a dividend yield of about 4.87% relative to its recent price (as of Jul 23, 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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