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APEX Wind Power Equipment Manufacturing (7702) Fair Value & Analysis

Industrials · TW · Market cap 1.3B TWD

AW APEX Wind Power Equipment Manufacturing 7702 · TWO
Price20.50 TWD
Fair Value8.86 TWD
Upside-56.8%
Quality58/100
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Mixed Growth
Thin margins · 1.0% net margin
Moderate debt · generates free cash flow
1.51% dividend yield
Trails peers (3/14)
Narrow moat 20/100
Evidence: High Range 6.36 TWD – 9.04 TWD Share as image

Fair value as of: Jul 23, 2026

From 22 valuation models · updated 18 days ago

Fair value updated Jul 23, 2026, revised from 7.20 TWD to 8.86 TWD (+23.0%) since Jul 12, 2026. Share price +4.9% over the past month.

A solid business, but screening 57% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (9.04 TWD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (3 years)

140.92 TWD 16.75 TWD Fair Value 8.86 TWD Jan 2024 Aug 2026

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

How to read this chart

31‑month range 16.75 TWD – 140.92 TWD · fair‑value band 6.36 TWD – 9.04 TWD · the 20.50 TWD price screens above the 8.86 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 23, 2026.

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Analysis

APEX Wind Power Equipment Manufacturing (7702) currently trades at 20.50 TWD, while our model-based Fair Value estimate is 8.86 TWD, implying the stock looks roughly 56.8% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, APEX Wind Power Equipment Manufacturing generated revenue of 1.1B TWD at a net margin of 1.0%. Revenue declined 19.6% year over year. It earns a return on equity of 1.4%. Net debt stands at 514M TWD. Fundamentals as of Jul 23, 2026

Our scenario range runs from 6.36 TWD (bear case) to 9.04 TWD (bull case); at 20.50 TWD, the current price sits above 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 31% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at -57%, 7702 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 24.92 TWD 48.29 TWD 85.01 TWD 80
Residual Income 7.29 TWD 6.83 TWD 4.78 TWD 76
Rev-Margin DCF 7.14 TWD 12.92 TWD 25.40 TWD 74
All 22 models by family
DCF Models
FCF DCF 27.09 TWD 42.83 TWD 89.88 TWD 38
Owner Earnings 7.97 TWD 24.19 TWD 54.29 TWD 31
5Y Revenue Exit 6.10 TWD 10.33 TWD 18.73 TWD 39
5Y EBITDA Exit 13.36 TWD 24.99 TWD 47.63 TWD 41
5Y P/E Exit 5.60 TWD 12.32 TWD 19.96 TWD 38
10Y Revenue Exit 13.15 TWD 24.94 TWD 28.71 TWD 36
10Y EBITDA Exit 18.10 TWD 39.19 TWD 72.93 TWD 37
10Y P/E Exit 12.93 TWD 23.95 TWD 38.70 TWD 35
Earnings-Based
Graham-Dodd 1.10 TWD 7.66 TWD 10.75 TWD 54
Lynch FV 3.96 TWD 5.65 TWD 7.35 TWD 50
PEG = 1.0 3.96 TWD 5.65 TWD 7.35 TWD 46
Dividend Discount
Gordon GGM 3.88 TWD 7.00 TWD 9.64 TWD 70
DDM Multi-Stage 3.88 TWD 6.39 TWD 7.48 TWD 61
Multiples
P/E Multiple 2.54 TWD 3.39 TWD 4.24 TWD 63
P/S Multiple 2.06 TWD 2.75 TWD 3.43 TWD 58
P/B Multiple 2.06 TWD 2.75 TWD 3.43 TWD 55
EV/EBITDA 6.63 TWD 11.22 TWD 15.82 TWD 54
Asset-Based
NCAV (Graham) 5.55 TWD 7.44 TWD 11.11 TWD 50
Growth DCF
Growth DCF 24.92 TWD 48.29 TWD 85.01 TWD 80
Rev-Margin DCF 7.14 TWD 12.92 TWD 25.40 TWD 74
Economic Profit
Residual Income 7.29 TWD 6.83 TWD 4.78 TWD 76
Growth Earnings
Growth-Adj P/E 5.17 TWD 7.39 TWD 9.61 TWD 68

Widest divergence: DCF Models (24.19 TWD) versus Multiples (2.75 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.1B TWD
Revenue growth (YoY) -19.6%
Net margin 1.0%
Return on equity 1.4%
Free cash flow 166M TWD FY2025
P/E ratio 125.0
More key figures
Operating margin -14.1%
EPS (TTM) 0.1600 TWD
Dividend yield 1.5%
EPS growth (YoY) +67.3%
Net debt 514M TWD FY2025

Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 26

Profitability 23
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 82
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

APEX Wind Power Equipment Manufacturing manufactures and sells offshore wind power grade steel products in Taiwan. The company offers steel plates, beveled plates, pre-bent plates, cans, sections, and cones. Its products are used in the offshore wind farm, public works, and high-pressure container industrial applications.

Full company description

APEX Wind Power Equipment Manufacturing manufactures and sells offshore wind power grade steel products in Taiwan. The company offers steel plates, beveled plates, pre-bent plates, cans, sections, and cones. Its products are used in the offshore wind farm, public works, and high-pressure container industrial applications. The company was incorporated in 2009 and is headquartered in New Taipei City, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

APEX Wind Power Equipment Manufacturing reported revenue of 1.1B TWD in FY2025 versus 208M TWD in FY2021, a compound +51.5%/yr. Reported net income was 10.7M TWD in FY2025, compounding −43.3%/yr from FY2021.

Growth Quality 82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.1B TWD
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.
+76.9%
Revenue +51.5%/yr
FY21 208M TWD
FY22 198M TWD
FY23 1.1B TWD
FY24 284M TWD
FY25 1.1B TWD
Net income −43.3%/yr
FY21 103M TWD
FY22 16.1M TWD
FY23 123M TWD
FY24 −6.8M TWD
FY25 10.7M TWD

7702 screens 57% overvalued. Compare with Carpenter Technology Corporation →

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Cite: Fair Value Calculator (2026). "APEX Wind Power Equipment Manufacturing Fair Value". https://www.fairvalue-calculator.com/stock/7702

Peer Group

Metal Fabrication · 243 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 58 · Above median
Fair Value upside −57% · Below median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) -14% · Bottom 25%
Revenue growth -20% · Bottom 25%
Dividend yield (TTM) 1.5% · Above median
Debt / equity 0.73× · Higher than 75% of peers

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 124.7× · Pricier than 75% of peers
P/B 1.80× · Pricier than median
P/S (TTM) 1.20× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 22.2× · Pricier 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 0 · sector 0
FUTURE 0 · sector 37
PAST 6 · sector 21
HEALTH 63 · sector 95
DIVIDEND 30 · sector 25

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

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.

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10 more Metal Fabrication stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).

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Frequently asked questions

Is APEX Wind Power Equipment Manufacturing (7702) overvalued or undervalued?
As of Jul 23, 2026, our model estimates a fair value of 8.86 TWD versus a price of 20.50 TWD, about −57% (overvalued).
What is the fair value of 7702?
Our model-based fair value for APEX Wind Power Equipment Manufacturing is 8.86 TWD (as of Jul 23, 2026), built from audited fundamentals. The current price is 20.50 TWD.
What is the quality score of 7702?
APEX Wind Power Equipment Manufacturing has a Quality Score of 58/100. 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 APEX Wind Power Equipment Manufacturing (7702)?
APEX Wind Power Equipment Manufacturing reported trailing-twelve-month revenue of about 1.1B TWD (latest available figure, as of Jul 23, 2026).
What is the net profit margin of 7702?
The net profit margin of APEX Wind Power Equipment Manufacturing is about 1.0%, meaning it keeps roughly 1.0% of revenue as net income. Based on the latest reported figures.
Does APEX Wind Power Equipment Manufacturing pay a dividend?
APEX Wind Power Equipment Manufacturing currently shows a dividend yield of about 1.51% relative to its recent price (as of Jul 23, 2026).

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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