Taiwan Mask Corporation (2338) Fair Value & Analysis
Technology · TW · Market cap 14.2B TWD
Fair value as of: Aug 13, 2026
From 10 valuation models · updated yesterday
Share price −17.6% over the past month.
Below-average quality, and screening another 15% overvalued on our models.
What matters now
- Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (11.58 TWD to 55.48 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 27.10 TWD – 103.23 TWD · fair‑value band 11.58 TWD – 55.48 TWD · the 39.65 TWD price screens above the 33.54 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Taiwan Mask Corporation (2338) currently trades at 39.65 TWD, while our model-based Fair Value estimate is 33.54 TWD, implying the stock looks roughly 15.4% overvalued today. The Quality Score stands at 27/100 (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: medium).
Over the trailing twelve months, Taiwan Mask Corporation generated revenue of 5.9B TWD at a net margin of -12.9%. Revenue declined 5.5% year over year. It earns a return on equity of -19.8%. Net debt stands at 10.4B TWD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 11.58 TWD (bear case) to 55.48 TWD (bull case); at 39.65 TWD, the current price sits within 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 35% below its 52-week high and 47% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -72% fair-value upside, at -15%, 2338 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 10 models by family
Widest divergence: DCF Models (43.45 TWD) versus Asset-Based (8.77 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 29 · Market factors (momentum, volatility) 39
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
Taiwan Mask Corporation engages in the research, development, manufacturing, and sales of photomasks and integrated circuits for the semiconductor industry in Taiwan, rest of Asia, and internationally. The company offers photomask data services, including mask rule check, remote JDV, and CAD design layout services; and online work in progress search.
Full company description
Taiwan Mask Corporation engages in the research, development, manufacturing, and sales of photomasks and integrated circuits for the semiconductor industry in Taiwan, rest of Asia, and internationally. The company offers photomask data services, including mask rule check, remote JDV, and CAD design layout services; and online work in progress search. It also provides eBeam and laser technologies and equipment. In addition, the company is involved in the manufacturing of medical equipment, electronic component, precision instruments batch, power generation and power components, and memory products; international trade activities; research, development, and design of testing equipment and related element; provision of energy technology, noble metal coating, 3D printing and plastics, mold design, and IC product design services; laser welding of thick steel plates; manufacturing, retail, and wholesale of ND-type flash memory, memory and solid-state hard, and discs and related products; retail and wholesale of medical equipment; and investment business. Taiwan Mask Corporation was incorporated in 1988 and is based in Hsinchu City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Taiwan Mask Corporation reported revenue of 6.0B TWD in FY2025 versus 6.1B TWD in FY2021, a compound −0.2%/yr. Reported net income was −1.2B TWD in FY2025.
2338 screens 15% overvalued. Compare with ASML Holding →
Peer Group
Semiconductor Equipment & Materials · 208 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 Semiconductor Equipment & Materials 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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ASML Holding ASML | C$46.39 | C$21.15 | -54% |
| Applied Materials, Inc AMAT | $548.15 | $183.10 | -67% |
| Lam Research Corporation LRCX | $326.11 | $91.80 | -72% |
| KLA Corporation KLAC | $200.47 | $74.58 | -63% |
| NAURA Technology Group 002371 | ¥760.00 | ¥205.30 | -73% |
| Advanced Micro-Fabrication Equipment Inc 688012 | ¥380.95 | ¥55.05 | -86% |
| Hon. Precision, Inc 7769 | 6,480 TWD | 1,804 TWD | -72% |
| MPI Corporation 6223 | 6,495 TWD | 738.64 TWD | -89% |
| HANMI Semiconductor Co 042700 | 217,500 KRW | 47,976 KRW | -78% |
| Wonik IPS Co 240810 | 120,000 KRW | 36,380 KRW | -70% |
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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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