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Associated Industries China Inc (9912) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Associated Industries China Inc TWD 4.57, price TWD 12.90, upside -64.6%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · TW · ISIN TW0009912006

AI Thin data Sep 24, 2026

Associated Industries China Inc

9912 · TW

Weakest SetupStrongly overvalued and low quality.

!Fair value 4.57 TWD · Strongly overvalued (−65%)
!Quality 41/100
!Weak Growth (revenue 5y −1.2 %/yr)
!Loss-making · -8.6% net margin (TTM)
!negative free cash flow
!Trails peers (2/9)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

15.20 TWD 8.38 TWD Fair Value 4.57 TWD Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 8.38 TWD – 15.20 TWD · fair‑value band 3.41 TWD – 6.82 TWD · the 12.90 TWD price screens above the 4.57 TWD fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Associated Industries China, Inc. engages in the research and development, and sale of LCD monitors and related components in Taiwan and internationally.

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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.

Stock analysis

Associated Industries China Inc (9912) currently trades at 12.90 TWD, while our model-based Fair Value estimate is 4.57 TWD, implying the stock looks roughly 182.2% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 93/100, which puts the evidence level at low.

Scenario range: 3.41 TWD (bear) to 6.82 TWD (bull), the price of 12.90 TWD 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 41/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

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.

Key figures

Market cap 687M TWD (≈ $21.6M) · P/S ratio 1.36 · EPS (TTM) −1.12 TWD · Net margin −11.8% · Return on equity −12.9% · Return on assets (EBIT) −4.7% · Operating margin −10.3% · Revenue (TTM) 503M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 9% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at −65%, 9912 screens cheaper than that median.

Fair Value models

Bear 3.41 TWD Fair Value 4.57 TWD Bull 6.82 TWD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
Highest evidence
NCAV (Graham) 3.58 TWD 4.79 TWD 7.16 TWD 51
All 1 models by family
Asset-Based
NCAV (Graham) 3.58 TWD 4.79 TWD 7.16 TWD 51

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Quality Score breakdown

Overall quality 41/100

Of which business quality 39 · Market factors (momentum, volatility) 61

Profitability 18
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 68
Share count: buybacks or dilution?

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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. 8/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.4%
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.
−5.2%
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.
−1.2%
Start year 2020 (pandemic). Over 10 years: −2.9% a year
Revenue growth 23 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.
−6.7%
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.
−3.1% (2020) → −12.0% (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
not computed

9912 screens 182% overvalued. Compare with Amphenol 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.Electronic Components · 654 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 39 · Bottom 25%
Fair Value upside −65% · Below median
Profitability
Return on assets −3% · Bottom 25%
Net margin (TTM) −9% · Bottom 25%
Operating margin (TTM) −10% · Bottom 25%
Growth and dividend
Revenue growth −3% · Below median

Valuation Multiplesvs Electronic Components median · lower = cheaper

P/B 0.06× · Cheapest 25%
P/S (TTM) 0.04× · Cheapest 25%

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 Electronic Components stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Amphenol Corporation APH $83.08 $84.44 +2%
Delta Electronics, Inc 2308 1,910 TWD 519.57 TWD −73%
Corning Incorporated GLW $154.15 $33.52 −78%
Hon Hai Precision Industry Co 2317 250.50 TWD 293.80 TWD +17%
Samsung Electro-Mechanics Co 009150 1,507,000 KRW 171,572 KRW −89%
Luxshare Precision Industry Co 002475 ¥54.84 ¥18.55 −66%
Suzhou Dongshan Precision Manufacturing Co 002384 ¥198.12 ¥21.19 −89%
TE Connectivity plc TEL $213.48 $140.75 −34%
Elite Material Co 2383 5,050 TWD 800.51 TWD −84%
Yageo Corporation 2327 580.00 TWD 527.64 TWD −9%

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Associated Industries China Inc · Fair Value
4.57 TWD −182%Fair Value
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Cite: Fair Value Calculator (2026). "Associated Industries China Inc Fair Value". https://www.fairvalue-calculator.com/stock/9912

Frequently asked questions

Is Associated Industries China Inc (9912) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 4.57 TWD versus a price of 12.90 TWD, about −65% upside (overvalued).
What is the fair value of 9912?
Our model-based fair value for Associated Industries China Inc is 4.57 TWD (as of Sep 24, 2026), built from audited fundamentals. The current price: 12.90 TWD.
What is the quality score of 9912?
Associated Industries China Inc has a Quality Score of 41/100. 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 Associated Industries China Inc (9912)?
Our model-based price target is the fair value of 4.57 TWD (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 3.41 TWD, optimistic scenario 6.82 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Associated Industries China Inc stock forecast for 2026?
Our models put fair value at 4.57 TWD, about −65% upside versus a price of 12.90 TWD (overvalued). Cautious scenario 3.41 TWD, optimistic scenario 6.82 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Associated Industries China Inc (9912)?
Associated Industries China Inc reported trailing-twelve-month revenue of about 503M TWD (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Associated Industries China Inc (9912)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Associated Industries China Inc it is 4.57 TWD per share (as of Sep 24, 2026), against a price of 12.90 TWD. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Associated Industries China Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 9912 trades above its calculated fair value: price 12.90 TWD, fair value 4.57 TWD, a gap of about −65% (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 9912?
No. The price is what the market pays today (12.90 TWD); the fair value is what the company's own numbers justify (4.57 TWD). For Associated Industries China Inc the two are 8.33 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Associated Industries China Inc worth?
The market values Associated Industries China Inc at about 687M TWD (market capitalisation, as of Sep 24, 2026). Per share that is 12.90 TWD; our models calculate a fair value of 4.57 TWD per share.
What do the bullish and bearish scenarios say about 9912?
Our models span a range for Associated Industries China Inc: cautious scenario 3.41 TWD, base 4.57 TWD, optimistic 6.82 TWD per share (as of Sep 24, 2026, price 12.90 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Associated Industries China Inc (9912)?
Balance-sheet figures for Associated Industries China Inc (as of Sep 24, 2026): return on equity −12.9%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 9912 from its 52-week high?
Associated Industries China Inc trades at 12.90 TWD, about 9% below its 52-week high of 14.10 TWD and 10% above the low of 11.75 TWD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 4.57 TWD is for.
Which stocks are comparable to Associated Industries China Inc?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 Associated Industries China Inc stock attractive at the current price?
The data as of Sep 24, 2026: price 12.90 TWD, calculated fair value 4.57 TWD (−65%), Quality Score 41/100, from 1 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 9912 calculated?
We run Associated Industries China Inc through 1 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 4.57 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 14.0 % above its aggregate fair value. Associated Industries China Inc 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 Associated Industries China Inc (9912)?
The closing price on Sep 24, 2026 was 12.90 TWD. Our model-based fair value is 4.57 TWD, about −65% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Associated Industries China Inc right now?
The price sits above even our optimistic bull case (6.82 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. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (3.41 TWD to 6.82 TWD) leaves room in how you read the outcome.

Key figures of Associated Industries China Inc

How large is the market capitalisation of Associated Industries China Inc (9912)?
The market capitalisation of Associated Industries China Inc is 687M TWD (≈ $21.6M). 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 Associated Industries China Inc (9912)?
The price-to-sales ratio of Associated Industries China Inc is 1.36 (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 Associated Industries China Inc (9912)?
Earnings per share at Associated Industries China Inc are −1.12 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Associated Industries China Inc (9912)?
The net margin of Associated Industries China Inc is −11.8% (fiscal year 2025). 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 Associated Industries China Inc (9912)?
The return on equity (ROE) of Associated Industries China Inc is −12.9% (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 Associated Industries China Inc (9912)?
On an EBIT basis the return on assets of Associated Industries China Inc is −4.7% (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 Associated Industries China Inc (9912)?
The operating margin of Associated Industries China Inc is −10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Associated Industries China Inc (9912)?
Revenue at Associated Industries China Inc is growing −2.5% versus a year earlier (3y avg −5.2%). 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 Associated Industries China Inc (9912)?
Earnings per share at Associated Industries China Inc are growing +194% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Associated Industries China Inc (9912) generate?
The free cash flow of Associated Industries China Inc is −38.8M 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 Associated Industries China Inc (9912) carry?
The net debt of Associated Industries China Inc is 243M 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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