Piotech Inc. A (688072) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Piotech Inc. A stock ¥321, price ¥503, that is 36.2% below the price, quality 64 out of 100. Rating: strongly overvalued. 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 Oct 31, 2026.
How to read this chart
55‑month range ¥60.30 – ¥849.53 · fair‑value band ¥224.42 – ¥416.78 · the ¥502.84 price screens above the ¥320.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 31, 2026.
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Piotech Inc. engages in the research and development, production, sales, and technical services of semiconductor equipment in China.
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The company offers thin film equipment, such as plasma-enhanced chemical vapor deposition equipment, atomic layer deposition equipment, sub-atmospheric pressure chemical vapor deposition equipment, and high-density plasma-enhanced chemical vapor deposition equipment are used in integrated circuit logic chips, memory chips, and other manufacturing lines.
It also provides hybrid bonding equipment used in the field of wafer-level three-dimensional integration. The company was founded in 2010 and is headquartered in Shenyang, China.
Stock analysis
Piotech Inc. A (688072) currently trades at ¥502.84, while our model-based Fair Value estimate is ¥320.60, 36% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥207.29 per share, and 0 of the 26 models we run sit above the ¥502.84 price.
Bear case: the Multiples group reads lowest at ¥88.81, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥224.42 (bear) to ¥416.78 (bull), the price of ¥502.84 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 64/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Piotech Inc. A reported revenue of 6.5B CNY in FY2025 versus 758M CNY in FY2021, a compound +71.3%/yr. Reported net income was 927M CNY in FY2025, compounding +91.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 141B CNY (≈ $21.2B) Large · P/E ratio 55.4 · P/S ratio 18.8 · EPS (TTM) ¥9.07 · Dividend yield 0.1% · Net margin 37.3% · Return on equity 27.3% · Return on assets (EBIT) 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 75% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −9% fair-value upside, at −36%, 688072 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥9.07 to ¥375.99). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear¥224.42Fair Value ¥320.60Bull¥416.78
Price ¥502.84 · Downside -36.2%
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 (¥7.10 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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+72.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+72.7%
Dividend (yield on the price)0.1%
Per share before 2024divided by the spin-off factor 1.48
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.−5% → 16%
2025 sits 104% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+21.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+50.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +19.6% a year for the price and +47.6% for the forecasts.
AI conclusion: The business benefits from scaling thin-film deposition into volume production and validating hybrid bonding for advanced packaging, yet its main weakness remains the thin public information that limits any robust quality assessment.
Main risk: Heavy concentration with the top five customers generating about 79 percent of 2025 revenue could lead to sharp drops in orders or margin pressure if those memory or logic fabs pause capex.
Bull case: By qualifying more process layers at additional domestic fabs and scaling its ALD and bonding lines Piotech could broaden its customer base and capture more of the localization-driven demand.
Bear case: If key memory fabs delay expansions amid cyclical weakness or if domestic rivals bundle deposition tools with etch and other equipment Piotech could see prolonged order weakness and sustained margin compression.
Piotech is scaling its thin-film deposition platforms into volume production while its latest hybrid bonding equipment passes customer validation. This move broadens the business beyond deposition into advanced packaging and 3D integration. Our models see the shares as overvalued. Will the new bonding products generate enough incremental revenue to outweigh risks from domestic competition and ongoing industry curbs?
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.Semiconductor Equipment & Materials · 233 stocks
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). "Piotech Inc. A Fair Value". https://www.fairvalue-calculator.com/stock/688072
Frequently asked questions
Is Piotech Inc. A (688072) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of ¥320.60 versus a price of ¥502.84, about 36% lower (overvalued).
What is the fair value of 688072?
Our model-based fair value for Piotech Inc. A is ¥320.60 (as of Oct 31, 2026), built from audited fundamentals. The current price: ¥502.84.
What is the quality score of 688072?
Piotech Inc. A 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 price target for Piotech Inc. A (688072)?
Our model-based price target is the fair value of ¥320.60 (as of Oct 31, 2026) from 26 valuation models. Cautious scenario ¥224.42, optimistic scenario ¥416.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Piotech Inc. A stock forecast for 2026?
Our models put fair value at ¥320.60, about 36% lower versus a price of ¥502.84 (overvalued). Cautious scenario ¥224.42, optimistic scenario ¥416.78. The calculation is refreshed regularly with new filings.
What is the revenue of Piotech Inc. A (688072)?
Piotech Inc. A reported trailing-twelve-month revenue of about 7.5B CNY (latest available figure, as of Oct 31, 2026).
Does Piotech Inc. A pay a dividend?
Piotech Inc. A currently shows a dividend yield of 0.14% relative to its recent price (as of Oct 31, 2026).
What growth is priced into Piotech Inc. A (688072)?
For today's price to be fair in a discounted-cash-flow model, Piotech Inc. A would have to grow free cash flow by +21.6 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +71.8 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of 688072 use?
Our models discount Piotech Inc. A at 8.7 %: a base by market capitalisation (large), damped by beta 0.16, country premium for China. 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 Piotech Inc. A that is +21.6 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Piotech Inc. A (688072) delivered so far?
Over the past 5 years revenue at Piotech Inc. A grew +71.8 % a year. The price currently implies +21.6 % 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 Piotech Inc. A (688072) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Piotech Inc. A (+21.6 % 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 Piotech Inc. A (688072)?
The free-cash-flow yield on the price is 2.16 %: that much free cash flow Piotech Inc. A produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Piotech Inc. A (688072)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Piotech Inc. A it is ¥320.60 per share (as of Oct 31, 2026), against a price of ¥502.84. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Piotech Inc. A stock overvalued or undervalued in 2026?
As of Oct 31, 2026, 688072 trades above its calculated fair value: price ¥502.84, fair value ¥320.60, a gap of about −36% (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 688072?
No. The price is what the market pays today (¥502.84); the fair value is what the company's own numbers justify (¥320.60). For Piotech Inc. A the two are ¥182.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Piotech Inc. A worth?
The market values Piotech Inc. A at about 141B CNY (market capitalisation, as of Oct 31, 2026). Per share that is ¥502.84; our models calculate a fair value of ¥320.60 per share.
What do the bullish and bearish scenarios say about 688072?
Our models span a range for Piotech Inc. A: cautious scenario ¥224.42, base ¥320.60, optimistic ¥416.78 per share (as of Oct 31, 2026, price ¥502.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688072?
Piotech Inc. A trades at a price-to-earnings ratio of 55.4 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥320.60 is built from several models across several years. Other multiples: P/B 21.4, P/S 18.8, EV/EBITDA 99.6.
How solid is the balance sheet of Piotech Inc. A (688072)?
Balance-sheet figures for Piotech Inc. A (as of Oct 31, 2026): return on equity 27.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is 688072 from its 52-week high?
Piotech Inc. A trades at ¥502.84, about 41% below its 52-week high of ¥849.53 and 75% above the low of ¥287.37 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥320.60 is for.
Which stocks are comparable to Piotech Inc. A?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, 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 Piotech Inc. A stock attractive at the current price?
The data as of Oct 31, 2026: price ¥502.84, calculated fair value ¥320.60 (−36%), Quality Score 64/100, 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 688072 calculated?
We run Piotech Inc. A 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 ¥320.60, 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 15.6% above its aggregate fair value. Piotech Inc. 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 Piotech Inc. A (688072)?
The closing price on Nov 5, 2026 was ¥502.84. Our model-based fair value is ¥320.60, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Piotech Inc. A right now?
The price sits above even our optimistic bull case (¥416.78). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥224.42 to ¥416.78) leaves room in how you read the outcome.
Key figures of Piotech Inc. A
How large is the market capitalisation of Piotech Inc. A (688072)?
The market capitalisation of Piotech Inc. A is 141B CNY (≈ $21.2B). 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 Piotech Inc. A (688072)?
The price-to-sales ratio of Piotech Inc. A is 18.8 (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 Piotech Inc. A (688072)?
Earnings per share at Piotech Inc. A are ¥9.07 (price ÷ EPS = P/E 55.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Piotech Inc. A (688072)?
The dividend yield of Piotech Inc. A is 0.1% (payout 7.5%). 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 Piotech Inc. A (688072)?
The net margin of Piotech Inc. A is 37.3% (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 Piotech Inc. A (688072)?
The return on equity (ROE) of Piotech Inc. A is 27.3% (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 Piotech Inc. A (688072)?
On an EBIT basis the return on assets of Piotech Inc. A is 4.4% (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 Piotech Inc. A (688072)?
The operating margin of Piotech Inc. A is 28.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Piotech Inc. A (688072)?
Revenue at Piotech Inc. A is growing +1.8% versus a year earlier (3y avg +56.4%). 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 Piotech Inc. A (688072)?
Earnings per share at Piotech Inc. A are growing +127% versus a year earlier. How much earnings per share grew versus a year earlier.
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Broad data
Oct 31, 2026