ThroughTek Co., Ltd. (6565) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of ThroughTek Co., Ltd. TWD 39.05, price TWD 17.05, upside +129.0%, 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. As of Sep 24, 2026.
How to read this chart
10‑month range 14.55 TWD – 33.60 TWD · fair‑value band 27.34 TWD – 50.77 TWD · the 17.05 TWD price screens below the 39.05 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.
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ThroughTek Co., Ltd. provides solutions for Internet of Things (IoT) cloud services platforms. It operates Kalay Platform, which integrates video surveillance and deploy smart consumer products to allow brand name manufacturers, telecommunications providers, system integrators, hardware manufacturers, and other service providers to offer smart solutions.
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ThroughTek Co., Ltd. provides solutions for Internet of Things (IoT) cloud services platforms. It operates Kalay Platform, which integrates video surveillance and deploy smart consumer products to allow brand name manufacturers, telecommunications providers, system integrators, hardware manufacturers, and other service providers to offer smart solutions. The company's Kalay platform offers infrastructure, push notifications, device management, cloud services, and multi-purpose smart home services; air quality, water quality, energy and lighting management, and surveillance solutions; live view and event recording solutions. In addition, it provides IOT services for agricultural businesses. ThroughTek Co., Ltd. was founded in 2008 and is headquartered in Taipei City, Taiwan.
Stock analysis
ThroughTek Co., Ltd. (6565) currently trades at 17.05 TWD, while our model-based Fair Value estimate is 39.05 TWD, implying the stock looks roughly 56.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 50.22 TWD per share, and 18 of the 24 models we run sit above the 17.05 TWD price.
Bear case: the Economic Profit group reads lowest at 8.47 TWD, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 27.34 TWD (bear) to 50.77 TWD (bull), the price of 17.05 TWD sits below 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.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ThroughTek Co., Ltd. reported revenue of 352M TWD in FY2025 versus 151M TWD in FY2021, a compound +23.6%/yr. Reported net income was 27.1M TWD in FY2025, compounding +58.3%/yr from FY2021.
Key figures
Market cap 463M TWD (≈ $14.5M) · P/E ratio 17.1 · P/S ratio 1.31 · EPS (TTM) 1.00 TWD · Net margin 7.7% · Return on equity 23.3% · Return on assets (EBIT) −5.8% · Operating margin 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at 129%, 6565 screens cheaper than that median.
Fair Value models
Bear 27.34 TWDFair Value 39.05 TWDBull 50.77 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 (0.7342 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.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+31.5%
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.
+41.5%
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.
+12.0%
Start year 2020 (pandemic)
Revenue growth 6 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.
+16.5%
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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.
+24.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.8%
Dividend (yield on the price)0.0%
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.7% → 8%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−13.1%
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 −14.4% 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.Software - Infrastructure · 383 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside+126% · Top 25%
Profitability
Return on equity (TTM)23% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth20% · Above median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
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Is ThroughTek Co., Ltd. (6565) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 39.05 TWD versus a price of 17.05 TWD, about +129% upside (undervalued).
What is the fair value of 6565?
Our model-based fair value for ThroughTek Co., Ltd. is 39.05 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 17.05 TWD.
What is the quality score of 6565?
ThroughTek Co., Ltd. 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 ThroughTek Co., Ltd. (6565)?
Our model-based price target is the fair value of 39.05 TWD (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 27.34 TWD, optimistic scenario 50.77 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the ThroughTek Co., Ltd. stock forecast for 2026?
Our models put fair value at 39.05 TWD, about +129% upside versus a price of 17.05 TWD (undervalued). Cautious scenario 27.34 TWD, optimistic scenario 50.77 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of ThroughTek Co., Ltd. (6565)?
ThroughTek Co., Ltd. reported trailing-twelve-month revenue of about 352M TWD (latest available figure, as of Sep 24, 2026).
What growth is priced into ThroughTek Co., Ltd. (6565)?
For today's price to be fair in a discounted-cash-flow model, ThroughTek Co., Ltd. would have to grow free cash flow by -13.1 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6565 use?
Our models discount ThroughTek Co., Ltd. at 9.0 %: a base by market capitalisation (nano), damped by beta 0.50, 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 ThroughTek Co., Ltd. that is -13.1 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has ThroughTek Co., Ltd. (6565) delivered so far?
Over the past 5 years revenue at ThroughTek Co., Ltd. grew +12.0 % a year. The price currently implies -13.1 % 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 ThroughTek Co., Ltd. (6565) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into ThroughTek Co., Ltd. (-13.1 % 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 ThroughTek Co., Ltd. (6565)?
The free-cash-flow yield on the price is 10.66 %: that much free cash flow ThroughTek Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ThroughTek Co., Ltd. (6565)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ThroughTek Co., Ltd. it is 39.05 TWD per share (as of Sep 24, 2026), against a price of 17.05 TWD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is ThroughTek Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6565 trades below its calculated fair value: price 17.05 TWD, fair value 39.05 TWD, a gap of about +129% (undervalued). 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 6565?
No. The price is what the market pays today (17.05 TWD); the fair value is what the company's own numbers justify (39.05 TWD). For ThroughTek Co., Ltd. the two are 22.00 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is ThroughTek Co., Ltd. worth?
The market values ThroughTek Co., Ltd. at about 463M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 17.05 TWD; our models calculate a fair value of 39.05 TWD per share.
What do the bullish and bearish scenarios say about 6565?
Our models span a range for ThroughTek Co., Ltd.: cautious scenario 27.34 TWD, base 39.05 TWD, optimistic 50.77 TWD per share (as of Sep 24, 2026, price 17.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6565?
ThroughTek Co., Ltd. trades at a price-to-earnings ratio of 17.1 (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 39.05 TWD is built from several models across several years. Other multiples: P/B 3.6, P/S 1.3, EV/EBITDA 9.6.
How solid is the balance sheet of ThroughTek Co., Ltd. (6565)?
Balance-sheet figures for ThroughTek Co., Ltd. (as of Sep 24, 2026): return on equity 23.3%. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
Which stocks are comparable to ThroughTek Co., Ltd.?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, 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 ThroughTek Co., Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 17.05 TWD, calculated fair value 39.05 TWD (+129%), Quality Score 80/100, from 24 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 6565 calculated?
We run ThroughTek Co., Ltd. through 24 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 39.05 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 13.0 % above its aggregate fair value. ThroughTek Co., Ltd. currently trades 129 % below its own fair value, and the market average says nothing about that. 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 ThroughTek Co., Ltd. (6565)?
The closing price on Sep 24, 2026 was 17.05 TWD. Our model-based fair value is 39.05 TWD, about +129% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ThroughTek Co., Ltd. right now?
The rarer combination: high quality (80/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (27.34 TWD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (27.34 TWD to 50.77 TWD) leaves room in how you read the outcome.
Key figures of ThroughTek Co., Ltd.
How large is the market capitalisation of ThroughTek Co., Ltd. (6565)?
The market capitalisation of ThroughTek Co., Ltd. is 463M TWD (≈ $14.5M). 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 ThroughTek Co., Ltd. (6565)?
The price-to-sales ratio of ThroughTek Co., Ltd. is 1.31 (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 ThroughTek Co., Ltd. (6565)?
Earnings per share at ThroughTek Co., Ltd. are 1.00 TWD (price ÷ EPS = P/E 17.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ThroughTek Co., Ltd. (6565)?
The net margin of ThroughTek Co., Ltd. is 7.7% (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 ThroughTek Co., Ltd. (6565)?
The return on equity (ROE) of ThroughTek Co., Ltd. is 23.3% (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 ThroughTek Co., Ltd. (6565)?
On an EBIT basis the return on assets of ThroughTek Co., Ltd. is −5.8% (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 ThroughTek Co., Ltd. (6565)?
The operating margin of ThroughTek Co., Ltd. is 6.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ThroughTek Co., Ltd. (6565)?
Revenue at ThroughTek Co., Ltd. is growing +19.6% versus a year earlier (3y avg +41.5%). 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 ThroughTek Co., Ltd. (6565)?
Earnings per share at ThroughTek Co., Ltd. are growing +126% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does ThroughTek Co., Ltd. (6565) hold?
ThroughTek Co., Ltd. holds more cash than debt, 110M TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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