GLOBAL TESTING CORPORATION LTD (AYN) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of GLOBAL TESTING CORPORATION LTD S$3.30, price S$1.10, upside +200.0%, quality 67 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 0.2148 SGD – 1.57 SGD · fair‑value band 2.48 SGD – 4.13 SGD · the 1.10 SGD price screens below the 3.30 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Global Testing Corporation Limited, an investment holding company, provides semiconductor testing services in Taiwan, the Republic of China, Japan, the United States, Singapore, Thailand, and internationally.
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Global Testing Corporation Limited, an investment holding company, provides semiconductor testing services in Taiwan, the Republic of China, Japan, the United States, Singapore, Thailand, and internationally. The company offers testing services, such as wafer sorting and final testing for logic and mixed signal semiconductors used in consumer electronics and communication devices. It provides test program development, conversion, and optimization services; and load board and probe card design services, as well as leases its testers to its customers for trial and pilot testing purposes on an ad-hoc basis. Global Testing Corporation Limited was founded in 1997 and is headquartered in Hsinchu City, Taiwan.
Stock analysis
GLOBAL TESTING CORPORATION LTD (AYN) currently trades at 1.10 SGD, while our model-based Fair Value estimate is 3.30 SGD, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 4.29 SGD per share, and 22 of the 26 models we run sit above the 1.10 SGD price.
Bear case: the Dividend Discount group reads lowest at 0.3400 SGD, and 4 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.48 SGD (bear) to 4.13 SGD (bull), the price of 1.10 SGD 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 67/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
GLOBAL TESTING CORPORATION LTD reported revenue of $46.4M in FY2025 versus $38.7M in FY2021, a compound +4.6%/yr. Reported net income was $3.9M in FY2025, compounding −19.9%/yr from FY2021.
Key figures
Market cap 40.4M SGD (≈ $31.6M) · P/E ratio 7.3 · P/S ratio 0.61 · EPS (TTM) 0.1500 SGD · Dividend yield 1.6% · Net margin 8.3% · Return on equity 7.8% · Return on assets (EBIT) 11.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −28% fair-value upside, at 200%, AYN screens cheaper than that median.
Fair Value models
Bear 2.48 SGDFair Value 3.30 SGDBull 4.13 SGD
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1134 SGD 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.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.
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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+11.7%
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.
+0.0%
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.
+15.2%
Start year 2020 (pandemic). Over 10 years: +3.4% a year
Revenue growth 12 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.
+2.1%
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What shareholders gained per year (last 5 years) ⓘ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.
−1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.5%
Dividend (yield on the price)1.6%
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.3% → 10%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−20.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −22.2% a year for the price.
Compare GLOBAL TESTING CORPORATION 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 · 214 stocks
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Is GLOBAL TESTING CORPORATION LTD (AYN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.30 SGD versus a price of 1.10 SGD, about +200% upside (undervalued).
What is the fair value of AYN?
Our model-based fair value for GLOBAL TESTING CORPORATION LTD is 3.30 SGD (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.10 SGD.
What is the quality score of AYN?
GLOBAL TESTING CORPORATION LTD has a Quality Score of 67/100. 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 GLOBAL TESTING CORPORATION LTD (AYN)?
Our model-based price target is the fair value of 3.30 SGD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 2.48 SGD, optimistic scenario 4.13 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the GLOBAL TESTING CORPORATION LTD stock forecast for 2026?
Our models put fair value at 3.30 SGD, about +200% upside versus a price of 1.10 SGD (undervalued). Cautious scenario 2.48 SGD, optimistic scenario 4.13 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of GLOBAL TESTING CORPORATION LTD (AYN)?
GLOBAL TESTING CORPORATION LTD reported trailing-twelve-month revenue of about $46.4M (latest available figure, as of Sep 24, 2026).
Does GLOBAL TESTING CORPORATION LTD pay a dividend?
GLOBAL TESTING CORPORATION LTD currently shows a dividend yield of about 1.60% relative to its recent price (as of Sep 24, 2026).
What growth is priced into GLOBAL TESTING CORPORATION LTD (AYN)?
For today's price to be fair in a discounted-cash-flow model, GLOBAL TESTING CORPORATION LTD would have to grow free cash flow by -20.4 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of AYN use?
Our models discount GLOBAL TESTING CORPORATION LTD at 8.3 %: a base by market capitalisation (nano), damped by beta 0.35, country premium for Singapore. 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 GLOBAL TESTING CORPORATION LTD that is -20.4 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has GLOBAL TESTING CORPORATION LTD (AYN) delivered so far?
Over the past 5 years revenue at GLOBAL TESTING CORPORATION LTD grew +15.2 % a year. The price currently implies -20.4 % 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 GLOBAL TESTING CORPORATION LTD (AYN) growing?
The median revenue growth in the sector is +10.0 % a year. That is the yardstick for the growth priced into GLOBAL TESTING CORPORATION LTD (-20.4 % 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 GLOBAL TESTING CORPORATION LTD (AYN)?
The free-cash-flow yield on the price is 19.65 %: that much free cash flow GLOBAL TESTING CORPORATION LTD produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of GLOBAL TESTING CORPORATION LTD (AYN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GLOBAL TESTING CORPORATION LTD it is 3.30 SGD per share (as of Sep 24, 2026), against a price of 1.10 SGD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is GLOBAL TESTING CORPORATION LTD stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AYN trades below its calculated fair value: price 1.10 SGD, fair value 3.30 SGD, a gap of about +200% (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 AYN?
No. The price is what the market pays today (1.10 SGD); the fair value is what the company's own numbers justify (3.30 SGD). For GLOBAL TESTING CORPORATION LTD the two are 2.20 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is GLOBAL TESTING CORPORATION LTD worth?
The market values GLOBAL TESTING CORPORATION LTD at about 40.4M SGD (market capitalisation, as of Sep 24, 2026). Per share that is 1.10 SGD; our models calculate a fair value of 3.30 SGD per share.
What do the bullish and bearish scenarios say about AYN?
Our models span a range for GLOBAL TESTING CORPORATION LTD: cautious scenario 2.48 SGD, base 3.30 SGD, optimistic 4.13 SGD per share (as of Sep 24, 2026, price 1.10 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AYN?
GLOBAL TESTING CORPORATION LTD trades at a price-to-earnings ratio of 7.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3.30 SGD is built from several models across several years. Other multiples: P/B 0.6, P/S 0.7, EV/EBITDA 0.7.
How solid is the balance sheet of GLOBAL TESTING CORPORATION LTD (AYN)?
Balance-sheet figures for GLOBAL TESTING CORPORATION LTD (as of Sep 24, 2026): return on equity 7.8%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is AYN from its 52-week high?
GLOBAL TESTING CORPORATION LTD trades at 1.10 SGD, about 30% below its 52-week high of 1.57 SGD and 8% above the low of 1.02 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 3.30 SGD is for.
Which stocks are comparable to GLOBAL TESTING CORPORATION 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 GLOBAL TESTING CORPORATION LTD stock attractive at the current price?
The data as of Sep 24, 2026: price 1.10 SGD, calculated fair value 3.30 SGD (+200%), Quality Score 67/100, 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 AYN calculated?
We run GLOBAL TESTING CORPORATION LTD 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 3.30 SGD, 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 14.5 % above its aggregate fair value. GLOBAL TESTING CORPORATION LTD currently trades 67 % 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 GLOBAL TESTING CORPORATION LTD (AYN)?
The closing price on Oct 2, 2026 was 1.10 SGD. Our model-based fair value is 3.30 SGD, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GLOBAL TESTING CORPORATION LTD right now?
The price is below even our cautious bear case (2.48 SGD). 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 (67/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of GLOBAL TESTING CORPORATION LTD
How large is the market capitalisation of GLOBAL TESTING CORPORATION LTD (AYN)?
The market capitalisation of GLOBAL TESTING CORPORATION LTD is 40.4M SGD (≈ $31.6M). 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 GLOBAL TESTING CORPORATION LTD (AYN)?
The price-to-sales ratio of GLOBAL TESTING CORPORATION LTD is 0.61 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of GLOBAL TESTING CORPORATION LTD (AYN)?
Earnings per share at GLOBAL TESTING CORPORATION LTD are 0.1500 SGD (price ÷ EPS = P/E 7.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of GLOBAL TESTING CORPORATION LTD (AYN)?
The dividend yield of GLOBAL TESTING CORPORATION LTD is 1.6% (payout 11.7%). 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 GLOBAL TESTING CORPORATION LTD (AYN)?
The net margin of GLOBAL TESTING CORPORATION LTD is 8.3% (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 GLOBAL TESTING CORPORATION LTD (AYN)?
The return on equity (ROE) of GLOBAL TESTING CORPORATION LTD is 7.8% (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 GLOBAL TESTING CORPORATION LTD (AYN)?
On an EBIT basis the return on assets of GLOBAL TESTING CORPORATION LTD is 11.7% (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 GLOBAL TESTING CORPORATION LTD (AYN)?
The operating margin of GLOBAL TESTING CORPORATION LTD is 6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GLOBAL TESTING CORPORATION LTD (AYN)?
Revenue at GLOBAL TESTING CORPORATION LTD is growing +3.4% versus a year earlier (3y avg +0.0%). 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 GLOBAL TESTING CORPORATION LTD (AYN)?
Earnings per share at GLOBAL TESTING CORPORATION LTD are growing −82.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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