Associated Industries China, Inc (9912) Fair Value & Analysis
Technology · TW · Market cap 685M TWD
Fair value as of: Jul 23, 2026
From 3 valuation models · updated 18 days ago
Share price −2.7% over the past month.
Below-average quality, and screening another 24% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (10.56 TWD). The favourable scenario is already priced in.
- Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
- Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Price vs Fair Value (5 years)
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
60‑month range 8.04 TWD – 15.20 TWD · fair‑value band 8.64 TWD – 10.56 TWD · the 12.40 TWD price screens above the 9.40 TWD fair value. Dashed = 300-day average. As of Jul 23, 2026.
Analysis
Associated Industries China, Inc (9912) currently trades at 12.40 TWD, while our model-based Fair Value estimate is 9.40 TWD, implying the stock looks roughly 24.2% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Technology 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: low).
Over the trailing twelve months, Associated Industries China, Inc generated revenue of 503M TWD at a net margin of -8.6%. Revenue declined 2.5% year over year. It earns a return on equity of -12.9%. Net debt stands at 243M TWD. Fundamentals as of Jul 23, 2026
Our scenario range runs from 8.64 TWD (bear case) to 10.56 TWD (bull case); at 12.40 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 5% below its 52-week high and 11% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -73% fair-value upside, at -24%, 9912 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.
All 3 models by family
Widest divergence: Dividend Discount (8.32 TWD) versus Asset-Based (4.79 TWD). Highest evidence: Gordon GGM (70).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 62
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
Associated Industries China, Inc. engages in the research and development, and sale of LCD monitors and related components in Taiwan and internationally.
Full company description
Associated Industries China, Inc. engages in the research and development, and sale of LCD monitors and related components in Taiwan and internationally. The company provides professional monitoring displays comprising robust, 4 HDMI multi-input, 4K, industrial, SDI, essential BNC, and NDAA compliance displays; dental monitors, clinical review, and healthcare touch screens; and office monitors. It also provides all-in-one signage, pro-grade and standard commercial, open frame, stretched, and digital kiosk displays; video walls; smart boards; touch screens; portable monitors; and software, as well as accessories, including mounts, stands, handles, enclosures, and video extenders. In addition, it is involved in sale of medical equipment and real estate rental business. It serves video surveillance, healthcare, marine, transportation, manufacturing, retail, corporate, and education industries. The company was incorporated in 1978 and is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Associated Industries China, Inc reported revenue of 506M TWD in FY2025 versus 632M TWD in FY2021, a compound −5.4%/yr. Reported net income was −59.7M TWD in FY2025.
9912 screens 24% overvalued. Compare with Delta Electronics, Inc →
Peer Group
Electronic Components · 625 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.
Valuation Multiples vs Electronic Components median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Electronic Components stocks, each showing price versus our Fair Value estimate (as of Jul 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Delta Electronics, Inc 2308 | 1,880 TWD | 515.23 TWD | -73% |
| Hon Hai Precision Industry Co 2317 | 242.50 TWD | 270.47 TWD | +12% |
| Luxshare Precision Industry Co 002475 | ¥62.14 | ¥38.44 | -38% |
| Samsung Electro-Mechanics Co 009150 | 1,260,000 KRW | 166,421 KRW | -87% |
| Elite Material Co 2383 | 4,990 TWD | 714.36 TWD | -86% |
| Yageo Corporation 2327 | 699.00 TWD | 216.55 TWD | -69% |
| Shengyi Technology Co 600183 | ¥132.29 | ¥27.45 | -79% |
| Shennan Circuits Co 002916 | ¥364.00 | ¥93.50 | -74% |
| Victory Giant Technology (HuiZhou) Co 2476 | HK$297.00 | HK$103.98 | -65% |
| Wus Printed Circuit (Kunshan) Co 002463 | ¥127.80 | ¥31.95 | -75% |
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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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