Phoenix Pioneer technology Co., Ltd. (6920) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Phoenix Pioneer technology Co., Ltd. stock TWD 156, price TWD 90.80, upside +71.6%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?Yes
Good quality?No
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
45‑month range 13.96 TWD – 131.00 TWD · fair‑value band 115.66 TWD – 196.17 TWD · the 90.80 TWD price screens below the 155.78 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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Phoenix Pioneer technology Co., Ltd. researches and develops, manufactures, and markets IC substrates in Taiwan, China, and internationally. The company offers FCCSP IC substrates and SiP module substrates.
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It also provides xQFN/routable LF/MIS, FCCSP/FC-LGA, FP-COIL, PLP, Cu stud, COIL, EPS, interposer, and ultra-thin substrates. The company was founded in 2013 and is based in Hsinchu City, Taiwan.
Stock analysis
Phoenix Pioneer technology Co., Ltd. (6920) currently trades at 90.80 TWD, while our model-based Fair Value estimate is 155.78 TWD, implying the stock looks roughly 41.7% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at low.
Scenario range: 115.66 TWD (bear) to 196.17 TWD (bull), the price of 90.80 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 48/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Phoenix Pioneer technology Co., Ltd. reported revenue of 1.5B TWD in FY2025 versus 974M TWD in FY2021, a compound +10.6%/yr. Reported net income was −464M TWD in FY2025.
Key figures
Market cap 18.8B TWD (≈ $578M) Small · P/S ratio 12.3 · EPS (TTM) −0.9400 TWD · Net margin −10.1% · Return on equity −10.4% · Return on assets (EBIT) −10.2% · Operating margin 0.8% · Revenue (TTM) 1.7B TWD.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 15 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 222% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −5% fair-value upside, at 72%, 6920 screens cheaper than that median.
Fair Value models
Bear115.66 TWDFair Value 155.78 TWDBull196.17 TWD
Price 90.80 TWD · Upside +71.6%
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.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
EV/EBITDA4.18 TWD5.63 TWD7.09 TWD67
NCAV (Graham)3.81 TWD5.11 TWD7.63 TWD54
All 2 models by family
Multiples
EV/EBITDA4.18 TWD5.63 TWD7.09 TWD67
Asset-Based
NCAV (Graham)3.81 TWD5.11 TWD7.63 TWD54
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+21.1%
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.
−8.6%
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.
+38.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
−192.7% (2020) → −25.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Phoenix Pioneer technology Co., Ltd. with another stock
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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 · 226 stocks
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Is Phoenix Pioneer technology Co., Ltd. (6920) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of 155.78 TWD versus a price of 90.80 TWD, about +72% upside (undervalued).
What is the fair value of 6920?
Our model-based fair value for Phoenix Pioneer technology Co., Ltd. is 155.78 TWD (as of Oct 22, 2026), built from audited fundamentals. The current price: 90.80 TWD.
What is the quality score of 6920?
Phoenix Pioneer technology Co., Ltd. has a Quality Score of 48/100. 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 Phoenix Pioneer technology Co., Ltd. (6920)?
Our model-based price target is the fair value of 155.78 TWD (as of Oct 22, 2026) from 2 valuation models. Cautious scenario 115.66 TWD, optimistic scenario 196.17 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Phoenix Pioneer technology Co., Ltd. stock forecast for 2026?
Our models put fair value at 155.78 TWD, about +72% upside versus a price of 90.80 TWD (undervalued). Cautious scenario 115.66 TWD, optimistic scenario 196.17 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Phoenix Pioneer technology Co., Ltd. (6920)?
Phoenix Pioneer technology Co., Ltd. reported trailing-twelve-month revenue of about 1.7B TWD (latest available figure, as of Oct 22, 2026).
What is the intrinsic value of Phoenix Pioneer technology Co., Ltd. (6920)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Phoenix Pioneer technology Co., Ltd. it is 155.78 TWD per share (as of Oct 22, 2026), against a price of 90.80 TWD. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Phoenix Pioneer technology Co., Ltd. stock overvalued or undervalued in 2026?
As of Oct 22, 2026, 6920 trades below its calculated fair value: price 90.80 TWD, fair value 155.78 TWD, a gap of about +72% (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 6920?
No. The price is what the market pays today (90.80 TWD); the fair value is what the company's own numbers justify (155.78 TWD). For Phoenix Pioneer technology Co., Ltd. the two are 64.98 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Phoenix Pioneer technology Co., Ltd. worth?
The market values Phoenix Pioneer technology Co., Ltd. at about 18.8B TWD (market capitalisation, as of Oct 22, 2026). Per share that is 90.80 TWD; our models calculate a fair value of 155.78 TWD per share.
What do the bullish and bearish scenarios say about 6920?
Our models span a range for Phoenix Pioneer technology Co., Ltd.: cautious scenario 115.66 TWD, base 155.78 TWD, optimistic 196.17 TWD per share (as of Oct 22, 2026, price 90.80 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Phoenix Pioneer technology Co., Ltd. (6920)?
Balance-sheet figures for Phoenix Pioneer technology Co., Ltd. (as of Oct 22, 2026): return on equity −10.4%, debt of 0.34 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 6920 from its 52-week high?
Phoenix Pioneer technology Co., Ltd. trades at 90.80 TWD, about 31% below its 52-week high of 131.00 TWD and 222% above the low of 28.20 TWD (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of 155.78 TWD is for.
Which stocks are comparable to Phoenix Pioneer technology Co., Ltd.?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, 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 Phoenix Pioneer technology Co., Ltd. stock attractive at the current price?
The data as of Oct 22, 2026: price 90.80 TWD, calculated fair value 155.78 TWD (+72%), Quality Score 48/100, from 2 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 6920 calculated?
We run Phoenix Pioneer technology Co., Ltd. through 2 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 155.78 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 12.5 % above its aggregate fair value. Phoenix Pioneer technology Co., Ltd. currently trades 42 % 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 Phoenix Pioneer technology Co., Ltd. (6920)?
The closing price on Oct 22, 2026 was 90.80 TWD. Our model-based fair value is 155.78 TWD, about +72% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Phoenix Pioneer technology Co., Ltd. right now?
The price is below even our cautious bear case (115.66 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. Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Phoenix Pioneer technology Co., Ltd.
How large is the market capitalisation of Phoenix Pioneer technology Co., Ltd. (6920)?
The market capitalisation of Phoenix Pioneer technology Co., Ltd. is 18.8B TWD (≈ $578M). 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 Phoenix Pioneer technology Co., Ltd. (6920)?
The price-to-sales ratio of Phoenix Pioneer technology Co., Ltd. is 12.3 (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 Phoenix Pioneer technology Co., Ltd. (6920)?
Earnings per share at Phoenix Pioneer technology Co., Ltd. are −0.9400 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Phoenix Pioneer technology Co., Ltd. (6920)?
The net margin of Phoenix Pioneer technology Co., Ltd. is −10.1% (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 Phoenix Pioneer technology Co., Ltd. (6920)?
The return on equity (ROE) of Phoenix Pioneer technology Co., Ltd. is −10.4% (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 Phoenix Pioneer technology Co., Ltd. (6920)?
On an EBIT basis the return on assets of Phoenix Pioneer technology Co., Ltd. is −10.2% (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 Phoenix Pioneer technology Co., Ltd. (6920)?
The operating margin of Phoenix Pioneer technology Co., Ltd. is 0.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Phoenix Pioneer technology Co., Ltd. (6920)?
Revenue at Phoenix Pioneer technology Co., Ltd. is growing +40.0% versus a year earlier (3y avg −8.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Phoenix Pioneer technology Co., Ltd. (6920) generate?
The free cash flow of Phoenix Pioneer technology Co., Ltd. is −30.0M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Phoenix Pioneer technology Co., Ltd. (6920) carry?
The net debt of Phoenix Pioneer technology Co., Ltd. is 38.9M TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 22, 2026