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Data-driven stock valuation

Shenzhen Kiwi Instruments Co. Ltd. A (688045) fair value: what the stock is really worth

As of Oct 22, 2026: fair value (intrinsic value) of Shenzhen Kiwi Instruments Co. Ltd. A stock ¥4.79, price ¥46.40, upside -89.7%, quality 57 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · CN · ISIN CNE100005QQ6

SK Shenzhen Kiwi Instruments Co. Ltd. A logo Thin data Oct 23, 2026

Shenzhen Kiwi Instruments Co. Ltd. A

688045 · SHG

Stretched ValuationStrong overvaluation with only moderate quality.

Our calculation puts a fair price 90% below what the stock costs today.

Low debt
Quality 57/100
Expensive Growth (revenue 5y +9.7 %/yr in CNY)
Thin margins · 6.9% net margin (TTM)
0.1% dividend yield · Token dividend
Fair value ¥4.79 · Strongly overvalued (−89.7%)
Negative free cash flow
Trails peers (4/13)
Narrow moat 29/100
Thin data
Structural break⟳ Cyclical

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥88.07 ¥20.99 Fair Value ¥4.79 May 2022 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 23, 2026.

How to read this chart

53‑month range ¥20.99 – ¥88.07 · fair‑value band ¥3.59 – ¥5.99 · the ¥46.40 price screens above the ¥4.79 fair value. Dashed = 300-day average. As of Oct 23, 2026.

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Company profile

Shenzhen Kiwi Instruments Co., Ltd., together with its subsidiaries, engages in the design, research, development, manufacture, and sale of analog and mixed-signal integrated circuits in China and internationally.

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The company offers AC-DC products comprising flyback controllers, non-isolated converters, synchronous rectifiers, PFC converters, LLC controllers, AHB controllers, and power supply filters; DC-DC products consisting of buck, boos, buck-boosts, charge pumps, and LNB power supply; motor drivers, such as brushless and brushed DC motor drivers, stepper and AC motor drivers, and motor control SoC; and MCU and LED driver products.

It also provides protection integrated circuits comprising OVP, USB and type-c, power switches, and x-cap discharges; battery management products consisting of battery protectors, AFE, and chargers; DCDC and LDO integration products; isolation and interface products, including isolated gate drivers, and interfaces, as well as digital isolators and RS-XXX transceivers; and amplifiers, such as general purpose and precision OPAs, instrumentation and isolated amplifiers, and comparators.

In addition, the company offers data converters, such as DACs and ADCs; and current, temperature, and hall-effect sensors. Its products are used in the energy and power systems, smart home and appliances, industrial automation, and IoT and smart connectivity sectors.

Shenzhen Kiwi Instruments Co., Ltd. was founded in 2014 and is based in Shenzhen, China.

Stock analysis

Shenzhen Kiwi Instruments Co. Ltd. A (688045) currently trades at ¥46.40, while our model-based Fair Value estimate is ¥4.79, 89.7% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of ¥14.60 per share, and 1 of the 12 models we run sit above the ¥46.40 price.

Bear case: the Earnings-Based group reads lowest at ¥1.30, and 11 of the 12 models stay below the price. Data coverage for this calculation is low.

Scenario range: ¥3.59 (bear) to ¥5.99 (bull), the price of ¥46.40 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 57/100 (solid quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Shenzhen Kiwi Instruments Co. Ltd. A reported revenue of 683M CNY in FY2025 versus 887M CNY in FY2021, a compound −6.3%/yr. Reported net income was 12.1M CNY in FY2025, compounding −52.6%/yr from FY2021.

Key figures

Market cap 3.3B CNY (≈ $491M) Small · P/E ratio 55.9 · P/S ratio 3.84 · EPS (TTM) ¥0.8300 · Dividend yield 0.1% · Net margin 6.9% · Return on equity 4.0% · Return on assets (EBIT) 7.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 29 out of 100 (medium confidence).

What moves the price

The share trades about 43% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −10% fair-value upside, at −90%, 688045 screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (¥0.0600 to ¥94.97). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ¥3.59 Fair Value ¥4.79 Bull ¥5.99
Price ¥46.40 · Upside -89.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.6285 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Residual Income ¥11.96 ¥10.37 ¥9.53 76
Gordon GGM ¥0.0400 ¥0.0600 ¥0.0800 68
DDM Multi-Stage ¥0.0400 ¥0.0600 ¥0.0700 67
All 12 models by family
Earnings-Based
Graham-Dodd ¥1.16 ¥3.96 ¥5.31 64
Lynch FV ¥0.9100 ¥1.30 ¥1.69 61
PEG = 1.0 ¥0.9100 ¥1.30 ¥1.69 57
Dividend Discount
Gordon GGM ¥0.0400 ¥0.0600 ¥0.0800 68
DDM Multi-Stage ¥0.0400 ¥0.0600 ¥0.0700 67
Multiples
P/E Multiple ¥3.59 ¥4.79 ¥5.99 63
P/S Multiple ¥2.18 ¥2.91 ¥3.64 57
P/B Multiple ¥71.23 ¥94.97 ¥118.71 55
EV/EBITDA ¥7.78 ¥8.34 ¥8.90 67
Asset-Based
NCAV (Graham) ¥9.64 ¥14.60 ¥18.25 54
Economic Profit
Residual Income ¥11.96 ¥10.37 ¥9.53 76
Growth Earnings
Growth-Adj P/E ¥2.98 ¥4.25 ¥5.53 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 57/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 56
Are margins and returns getting better?
Cashflow 37
Do the profits arrive as real cash?
Financial strength 99
Debt, balance sheet and risk of trouble
Investment 68
Does it invest with discipline instead of growing at any price?
Low Volatility 22
How calm the share price moves, does not count
Momentum 39
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 28
Distance to the 52-week high, does not count
New shares 74
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 42/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.7%
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.
+9.1%
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.
+9.7%
Start year 2020 (pandemic)
What shareholders gained per year (last 5 years) ⓘ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.
−42.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−42.2%
Dividend (yield on the price)0.1%
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.9% → −1%

688045 screens overvalued: fair value 90% below the price. Compare with NVIDIA Corporation →

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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 · 350 stocks

Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside −89.7% · Bottom 25%
Profitability
Return on equity (12 months) 4.0% · Below median
Return on assets 0.7% · Below median
Net margin (12 months) 6.9% · Below median
Operating margin (12 months) 7.5% · Below median
Growth and dividend
Revenue growth (quarter YoY) 55.0% · Top 25%
Dividend yield (12 months) 0.1% · Bottom 25%
Balance sheet
Debt / equity 0.13× · Above median

Valuation Multiplesvs Semiconductors median · lower = cheaper

P/E (12 months) 55.9× · Pricier than median
P/B 2.33× · Cheaper than median
P/S (12 months) 3.84× · Cheaper than median
EV/EBITDA 48.4× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 95
PAST (return on equity)16 · sector 29
HEALTH (low debt)94 · sector 95
DIVIDEND (yield)2 · sector 18

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Semiconductors stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Micron Technology, Inc MU $896.07 $1,770 +98% vs 688045
SK hynix Inc 000660 1,223,000 KRW 1,453,074 KRW +19% vs 688045
Taiwan Semiconductor Manufacturing Company TSM $425.08 $467.59 +10% vs 688045
NVIDIA Corporation NVDA $216.47 $198.56 −8% vs 688045
Broadcom Inc AVGO $334.37 $300.84 −10% vs 688045
Marvell Technology, Inc MRVL $240.42 $101.64 −58% vs 688045
Intel Corporation INTC $91.69 $33.67 −63% vs 688045
Texas Instruments Incorporated TXN $276.15 $81.34 −71% vs 688045
Advanced Micro Devices, Inc AMD $534.74 $148.70 −72% vs 688045
Arm Holdings ARM $228.05 $45.16 −80% vs 688045

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Cite: Fair Value Calculator (2026). "Shenzhen Kiwi Instruments Co. Ltd. A Fair Value". https://www.fairvalue-calculator.com/stock/688045

Frequently asked questions

Is Shenzhen Kiwi Instruments Co. Ltd. A (688045) overvalued or undervalued?
As of Oct 23, 2026, our model estimates a fair value of ¥4.79 versus a price of ¥46.40, about −90% upside (overvalued).
What is the fair value of 688045?
Our model-based fair value for Shenzhen Kiwi Instruments Co. Ltd. A is ¥4.79 (as of Oct 23, 2026), built from audited fundamentals. The current price: ¥46.40.
What is the quality score of 688045?
Shenzhen Kiwi Instruments Co. Ltd. A has a Quality Score of 57/100. 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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Our model-based price target is the fair value of ¥4.79 (as of Oct 23, 2026) from 12 valuation models. Cautious scenario ¥3.59, optimistic scenario ¥5.99. It is a calculation from audited fundamentals, not an analyst target.
What is the Shenzhen Kiwi Instruments Co. Ltd. A stock forecast for 2026?
Our models put fair value at ¥4.79, about −90% upside versus a price of ¥46.40 (overvalued). Cautious scenario ¥3.59, optimistic scenario ¥5.99. The calculation is refreshed regularly with new filings.
What is the revenue of Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Shenzhen Kiwi Instruments Co. Ltd. A reported trailing-twelve-month revenue of about 853M CNY (latest available figure, as of Oct 23, 2026).
Does Shenzhen Kiwi Instruments Co. Ltd. A pay a dividend?
Shenzhen Kiwi Instruments Co. Ltd. A currently shows a dividend yield of 0.12% relative to its recent price (as of Oct 23, 2026).
What is the intrinsic value of Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Shenzhen Kiwi Instruments Co. Ltd. A it is ¥4.79 per share (as of Oct 23, 2026), against a price of ¥46.40. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Shenzhen Kiwi Instruments Co. Ltd. A stock overvalued or undervalued in 2026?
As of Oct 23, 2026, 688045 trades above its calculated fair value: price ¥46.40, fair value ¥4.79, a gap of about −90% (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 688045?
No. The price is what the market pays today (¥46.40); the fair value is what the company's own numbers justify (¥4.79). For Shenzhen Kiwi Instruments Co. Ltd. A the two are ¥41.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is Shenzhen Kiwi Instruments Co. Ltd. A worth?
The market values Shenzhen Kiwi Instruments Co. Ltd. A at about 3.3B CNY (market capitalisation, as of Oct 23, 2026). Per share that is ¥46.40; our models calculate a fair value of ¥4.79 per share.
What do the bullish and bearish scenarios say about 688045?
Our models span a range for Shenzhen Kiwi Instruments Co. Ltd. A: cautious scenario ¥3.59, base ¥4.79, optimistic ¥5.99 per share (as of Oct 23, 2026, price ¥46.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688045?
Shenzhen Kiwi Instruments Co. Ltd. A trades at a price-to-earnings ratio of 55.9 (as of Oct 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥4.79 is built from several models across several years. Other multiples: P/B 2.3, P/S 3.8, EV/EBITDA 48.4.
How solid is the balance sheet of Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Balance-sheet figures for Shenzhen Kiwi Instruments Co. Ltd. A (as of Oct 23, 2026): return on equity 4.0%, debt of 0.13 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 688045 from its 52-week high?
Shenzhen Kiwi Instruments Co. Ltd. A trades at ¥46.40, about 43% below its 52-week high of ¥80.78 and 28% above the low of ¥36.19 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.79 is for.
Which stocks are comparable to Shenzhen Kiwi Instruments Co. Ltd. A?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, 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 Shenzhen Kiwi Instruments Co. Ltd. A stock attractive at the current price?
The data as of Oct 23, 2026: price ¥46.40, calculated fair value ¥4.79 (−90%), Quality Score 57/100, from 12 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 688045 calculated?
We run Shenzhen Kiwi Instruments Co. Ltd. A through 12 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 ¥4.79, 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 13.2 % above its aggregate fair value. Shenzhen Kiwi Instruments Co. Ltd. A 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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The closing price on Oct 22, 2026 was ¥46.40. Our model-based fair value is ¥4.79, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Shenzhen Kiwi Instruments Co. Ltd. A right now?
The price sits above even our optimistic bull case (¥5.99). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Shenzhen Kiwi Instruments Co. Ltd. A

How large is the market capitalisation of Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The market capitalisation of Shenzhen Kiwi Instruments Co. Ltd. A is 3.3B CNY (≈ $491M). 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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The price-to-sales ratio of Shenzhen Kiwi Instruments Co. Ltd. A is 3.84 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Earnings per share at Shenzhen Kiwi Instruments Co. Ltd. A are ¥0.8300 (price ÷ EPS = P/E 55.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The dividend yield of Shenzhen Kiwi Instruments Co. Ltd. A is 0.1% (payout 6.6%). 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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The net margin of Shenzhen Kiwi Instruments Co. Ltd. A is 6.9% (last twelve months). 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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The return on equity (ROE) of Shenzhen Kiwi Instruments Co. Ltd. A is 4.0% (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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
On an EBIT basis the return on assets of Shenzhen Kiwi Instruments Co. Ltd. A is 7.5% (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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
The operating margin of Shenzhen Kiwi Instruments Co. Ltd. A is 7.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Revenue at Shenzhen Kiwi Instruments Co. Ltd. A is growing +55.0% versus a year earlier (3y avg +9.1%). 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 Shenzhen Kiwi Instruments Co. Ltd. A (688045)?
Earnings per share at Shenzhen Kiwi Instruments Co. Ltd. A are growing +419% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Shenzhen Kiwi Instruments Co. Ltd. A (688045) generate?
The free cash flow of Shenzhen Kiwi Instruments Co. Ltd. A is −22.0M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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