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ThroughTek Co (6565) Fair Value & Analysis

Technology · TW · Market cap 479M TWD

TC ThroughTek Co 6565 · TWO
Price15.65 TWD
Fair Value28.00 TWD
Upside+78.9%
Quality80/100
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Healthy Growth
Thin margins · 7.7% net margin
generates free cash flow
Ranks above peers (11/12)
Moderate moat 57/100
Evidence: High Range 21.00 TWD – 35.00 TWD Share as image

Fair value as of: Jul 21, 2026

From 24 valuation models · updated 20 days ago

Share price −14.5% over the past month.

A strong business, screening 79% undervalued on our models.

What matters 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 (21.00 TWD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (8 months)

33.60 TWD 14.55 TWD Fair Value 28.00 TWD Dec 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Jul 21, 2026.

How to read this chart

8‑month range 14.55 TWD – 33.60 TWD · fair‑value band 21.00 TWD – 35.00 TWD · the 15.65 TWD price screens below the 28.00 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Jul 21, 2026.

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Analysis

ThroughTek Co (6565) currently trades at 15.65 TWD, while our model-based Fair Value estimate is 28.00 TWD, implying the stock looks roughly 78.9% undervalued today. The Quality Score stands at 80/100 (high quality), in the Technology 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, ThroughTek Co generated revenue of 352M TWD at a net margin of 7.7%. Revenue grew 19.6% year over year. It earns a return on equity of 23.3%. The balance sheet holds a net cash position of 110M TWD. Fundamentals as of Jul 21, 2026

Our scenario range runs from 21.00 TWD (bear case) to 35.00 TWD (bull case); at 15.65 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 57% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -50% fair-value upside, at 79%, 6565 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 29.42 TWD 44.71 TWD 72.84 TWD 72
Growth-Adj P/E 27.34 TWD 39.05 TWD 50.77 TWD 68
Rev-Margin DCF 21.91 TWD 33.73 TWD 56.56 TWD 67
All 24 models by family
DCF Models
FCF DCF 30.98 TWD 42.36 TWD 76.36 TWD 38
Owner Earnings 23.05 TWD 41.09 TWD 74.55 TWD 31
5Y Revenue Exit 21.45 TWD 30.25 TWD 48.48 TWD 39
5Y EBITDA Exit 28.34 TWD 44.17 TWD 75.15 TWD 41
5Y P/E Exit 28.69 TWD 54.27 TWD 88.77 TWD 38
10Y Revenue Exit 24.38 TWD 40.49 TWD 49.11 TWD 36
10Y EBITDA Exit 29.35 TWD 54.03 TWD 95.96 TWD 37
10Y P/E Exit 29.58 TWD 54.70 TWD 95.11 TWD 35
Earnings-Based
Graham-Dodd 6.80 TWD 47.42 TWD 66.55 TWD 54
Lynch FV 19.42 TWD 27.74 TWD 36.06 TWD 50
PEG = 1.0 19.42 TWD 27.74 TWD 36.06 TWD 46
EPV 13.78 TWD 14.80 TWD 15.66 TWD 59
Multiples
P/E Multiple 21.00 TWD 28.00 TWD 35.00 TWD 63
P/S Multiple 12.75 TWD 17.00 TWD 21.25 TWD 58
P/B Multiple 12.75 TWD 17.00 TWD 21.25 TWD 55
EV/EBIT 25.67 TWD 32.14 TWD 38.62 TWD 53
EV/EBITDA 26.74 TWD 33.58 TWD 40.41 TWD 54
EV/Revenue 16.06 TWD 20.27 TWD 24.48 TWD 43
Asset-Based
NCAV (Graham) 2.42 TWD 3.24 TWD 4.83 TWD 50
Growth DCF
Growth DCF 29.42 TWD 44.71 TWD 72.84 TWD 72
Rev-Margin DCF 21.91 TWD 33.73 TWD 56.56 TWD 67
Economic Profit
Residual Income 5.68 TWD 7.56 TWD 25.66 TWD 61
ROIC Compounder 13.78 TWD 14.80 TWD 15.66 TWD 67
Growth Earnings
Growth-Adj P/E 27.34 TWD 39.05 TWD 50.77 TWD 68

Widest divergence: DCF Models (42.36 TWD) versus Asset-Based (3.24 TWD). Highest evidence: Growth DCF (72).

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Key figures & financial health

Revenue (TTM) 352M TWD
Revenue growth (YoY) +19.6%
Net margin 7.7%
Return on equity 23.3%
Free cash flow 49.3M TWD FY2025
P/E ratio 20.7
More key figures
Operating margin 6.7%
EPS (TTM) 1.00 TWD
EPS growth (YoY) +126%
Net cash 110M TWD FY2024

Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 80/100

Of which business quality 80 · Market factors (momentum, volatility) 26

Profitability 76
Margins and returns on capital today
Quality Growth 82
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 71
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ThroughTek Co 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.

Growth Quality 91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
352M TWD
Latest YoY
+31.5%
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.
+41.5%
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.
+12.0%
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.
+16.5%
Revenue +23.6%/yr
FY21 151M TWD
FY22 124M TWD
FY23 156M TWD
FY24 268M TWD
FY25 352M TWD
Net income +58.3%/yr
FY21 4.3M TWD
FY22 −33.5M TWD
FY23 −30.5M TWD
FY24 3.6M TWD
FY25 27.1M TWD

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Cite: Fair Value Calculator (2026). "ThroughTek Co Fair Value". https://www.fairvalue-calculator.com/stock/6565

Peer Group

Software - Infrastructure · 370 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 80 · Top 25%
Fair Value upside +79% · Top 25%
Return on equity (TTM) 23% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 20% · Above median

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

P/E (TTM) 17.7× · Cheaper than median
P/B 3.65× · Pricier than median
P/S (TTM) 1.36× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 9.9× · Cheaper than median

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 0
FUTURE 98 · sector 46
PAST 93 · sector 15
HEALTH 0 · sector 98
DIVIDEND 0 · sector 28

Insider activity: 45/100

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).

Stock Price Fair Value vs Fair Value
Microsoft Corporation MSFT $384.00 $274.17 -29%
Oracle Corporation ORAC C$9.08 C$2.94 -68%
Fortinet, Inc FTNT $160.78 $44.96 -72%
Synopsys, Inc 1SNPS €354.50 €93.61 -74%
Block, Inc XYZ A$114.53 A$70.69 -38%
CoreWeave, Inc CRWV $79.94 $44.89 -44%
Range Intelligent Computing Technology Group 300442 ¥71.60 ¥34.00 -53%
Oracle Financial Services Software Limited OFSS ₹11,651 ₹5,821 -50%
360 Security Technology Inc 601360 ¥9.64 ¥5.05 -48%
One97 Communications Limited PAYTM ₹1,342 ₹181.50 -86%

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Frequently asked questions

Is ThroughTek Co (6565) overvalued or undervalued?
As of Jul 21, 2026, our model estimates a fair value of 28.00 TWD versus a price of 15.65 TWD, about +79% (undervalued).
What is the fair value of 6565?
Our model-based fair value for ThroughTek Co is 28.00 TWD (as of Jul 21, 2026), built from audited fundamentals. The current price is 15.65 TWD.
What is the quality score of 6565?
ThroughTek Co 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 revenue of ThroughTek Co (6565)?
ThroughTek Co reported trailing-twelve-month revenue of about 352M TWD (latest available figure, as of Jul 21, 2026).
What is the net profit margin of 6565?
The net profit margin of ThroughTek Co is about 7.7%, meaning it keeps roughly 7.7% 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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