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Micro-Star International Co Ltd (2377) Fair Value & Analysis

Technology · TW · Market cap 123B TWD (≈ $3.9B) · ISIN TW0002377009

What is Micro-Star International Co Ltd really worth?

MS Micro-Star International Co Ltd 2377 · TW
Price161.50 TWD
Fair Value132.24 TWD
Upside−18.1%
Quality56/100

A solid business, but trading 22% above our fair value of 132.24 TWD.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (10/15)

Risks

!Expensive Growth (revenue 5y +9.5 %/yr)
!Thin margins · 3.5% net margin
!Moderate moat 45/100
!Weak on valuation: 9 out of 100
!Weak on future: 26 out of 100

For context

·2.60% dividend yield
Evidence: High Range 79.93 TWD – 207.45 TWD

Fair value as of: Sep 1, 2026

From 25 valuation models · updated 4 days ago

Share price +7.0% over the past month.

What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (79.93 TWD to 207.45 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

193.77 TWD 82.43 TWD Fair Value 132.24 TWD Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range 82.43 TWD – 193.77 TWD · fair‑value band 79.93 TWD – 207.45 TWD · the 161.50 TWD price screens above the 132.24 TWD fair value. Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

Micro-Star International Co Ltd (2377) currently trades at 161.50 TWD, while our model-based Fair Value estimate is 132.24 TWD, implying the stock looks roughly 22.1% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 170.73 TWD per share, and 7 of the 25 models we run sit above the 161.50 TWD price. Bear case: the Growth DCF group reads lowest at 38.96 TWD, and 18 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Micro-Star International Co Ltd generated revenue of 233B TWD at a net margin of 3.5%. Revenue grew 5.1% year over year. It earns a return on equity of 15.4%. The balance sheet holds a net cash position of 19.4B TWD. Fundamentals as of Sep 1, 2026

Our scenario range runs from 79.93 TWD (bear case) to 207.45 TWD (bull case); at 161.50 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 near its 52-week high and 90% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −53% fair-value upside, at −18%, 2377 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.73 TWD per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence 35.57 TWD 39.41 TWD 45.49 TWD 82
Growth DCF 35.63 TWD 38.96 TWD 43.86 TWD 80
Owner Earnings 79.10 TWD 109.89 TWD 158.52 TWD 77
All 25 models by family
DCF Models
FCF DCF best evidence 35.57 TWD 39.41 TWD 45.49 TWD 82
Owner Earnings 79.10 TWD 109.89 TWD 158.52 TWD 77
5Y Revenue Exit 75.10 TWD 115.48 TWD 169.23 TWD 72
5Y EBITDA Exit 105.01 TWD 172.89 TWD 255.05 TWD 74
5Y P/E Exit 116.02 TWD 194.01 TWD 278.95 TWD 70
10Y Revenue Exit 58.80 TWD 92.46 TWD 141.47 TWD 66
10Y EBITDA Exit 80.23 TWD 132.87 TWD 208.57 TWD 67
10Y P/E Exit 87.32 TWD 147.75 TWD 227.25 TWD 63
Earnings-Based
Graham-Dodd 46.26 TWD 162.18 TWD 218.10 TWD 64
Lynch FV 37.81 TWD 54.02 TWD 70.22 TWD 61
PEG = 1.0 37.81 TWD 54.02 TWD 70.22 TWD 57
EPV 86.97 TWD 96.57 TWD 104.98 TWD 74
Dividend Discount
Gordon GGM 45.91 TWD 95.45 TWD 151.43 TWD 66
DDM Multi-Stage 45.91 TWD 80.29 TWD 100.18 TWD 66
Multiples
P/E Multiple 142.87 TWD 190.49 TWD 238.12 TWD 63
P/S Multiple 86.74 TWD 115.66 TWD 144.57 TWD 58
P/B Multiple 86.74 TWD 115.66 TWD 144.57 TWD 55
EV/EBIT 165.45 TWD 210.82 TWD 256.18 TWD 66
EV/EBITDA 153.61 TWD 195.04 TWD 236.46 TWD 67
EV/Revenue 98.15 TWD 127.64 TWD 157.13 TWD 54
Asset-Based
NCAV (Graham) 32.31 TWD 43.30 TWD 64.63 TWD 54
Growth DCF
Growth DCF 35.63 TWD 38.96 TWD 43.86 TWD 80
Economic Profit
Residual Income 57.99 TWD 64.72 TWD 95.30 TWD 76
ROIC Compounder 91.72 TWD 109.89 TWD 132.15 TWD 72
Growth Earnings
Growth-Adj P/E 119.51 TWD 170.73 TWD 221.94 TWD 67

Widest divergence: Growth Earnings (170.73 TWD) versus Growth DCF (38.96 TWD). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 23.9
P/S ratio 0.60 P/E × margin
EPS (TTM) 6.76 TWD price ÷ EPS = P/E 23.9
Dividend yield 2.6% payout 62.1%
Net margin 2.5% FY2025
Return on equity 15.4% TTM
More key figures
Profitability
Return on assets (EBIT) 11.4% avg 5y
Operating margin 6.9% TTM
Growth
Revenue (TTM) 233B TWD TTM
Revenue growth (YoY) +5.1% 3y avg +8.5%
EPS growth (YoY) +216%
Balance sheet & cash flow
Free cash flow 448M TWD FY2025
Net cash 19.4B TWD FY2025

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 71

Profitability 49
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 74
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 75
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 81
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Micro-Star International Co., Ltd. engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally.

Full company description

Micro-Star International Co., Ltd. engages in the manufacture and sale of motherboards, interface cards, notebook computers, and other electronic products in Asia, Europe, the United States, and internationally. Its products portfolio includes laptops, handhelds, monitors and desktop computers, graphics cards, routers, motherboards and PC peripherals, gaming peripherals, network equipment, servers, automotive and autonomous mobile robots, and industrial PC and tablets. The company is also involved in the manufacture, sale, support, after-sales service, and logistics of computers and electronic components. In addition, it provides AIoT solutions. Micro-Star International Co., Ltd. was incorporated in 1986 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

Micro-Star International Co Ltd reported revenue of 230B TWD in FY2025 versus 202B TWD in FY2021, a compound +3.3%/yr. Reported net income was 5.7B TWD in FY2025, compounding −23.7%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
230B TWD
Latest YoY
+16.3%
Avg. revenue 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.
+8.5%
Avg. revenue growth/yr (5Y) ⓘ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.
+9.5%
Avg. revenue growth/yr (25Y) ⓘ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.
+9.3%
Value creation/yr (5Y, in TWD) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−3.7% (−6.3 + 2.6)
Revenue +3.3%/yr
FY21 202B TWD
FY22 180B TWD
FY23 183B TWD
FY24 198B TWD
FY25 230B TWD
Net income −23.7%/yr
FY21 16.9B TWD
FY22 10.0B TWD
FY23 7.5B TWD
FY24 6.8B TWD
FY25 5.7B TWD
Character of growth · EPS growth decomposed (2014-2025) +6.3 % p.a.
Revenue per share +9.5 %

of which total revenue +9.4 % · buybacks/dilution +0.1 %

EBIT margin −3.0 %
Tax rate −0.5 %
Residual (interest, one-offs) +0.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

2377 screens 22% overvalued. Compare with Dell Technologies Inc →

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Micro-Star International Co Ltd · Fair Value
132.24 TWD −22%Fair Value
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Cite: Fair Value Calculator (2026). "Micro-Star International Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2377

Peer Group

Computer Hardware · 222 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 56 · Above median
Fair Value upside −18% · Above median
Return on equity (TTM) 15% · Top 25%
Return on assets 5% · Above median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 5% · Below median
Dividend yield (TTM) 2.6% · Above median
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 23.9× · Cheaper than median
P/B 2.24× · Pricier than median
P/S (TTM) 0.53× · Cheaper than median
P/FCF 8.6× · Pricier than median
EV/EBITDA 9.6× · Cheaper than median
PEG 2.36× · Pricier than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE9 · sector 0
FUTURE26 · sector 59
PAST62 · sector 24
HEALTH94 · sector 97
DIVIDEND52 · sector 37

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 Computer Hardware stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
Dell Technologies Inc DELL $456.24 $187.75 −59%
Arista Networks, Inc ANET $201.09 $57.72 −71%
Western Digital Corporation WDC $441.57 $47.49 −89%
Hygon Information Technology Co 688041 ¥246.21 ¥30.66 −88%
Hangzhou Hikvision Digital Technology Co 002415 ¥35.18 ¥40.44 +15%
Shenzhen Longsys Electronics Co 301308 ¥376.88 ¥91.67 −76%
Lenovo Group 0992 HK$30.12 HK$33.70 +12%
Dawning Information Industry Co 603019 ¥83.19 ¥39.38 −53%
HP Inc HPQ $30.52 $48.62 +59%
Inspur Electronic Information Industry Co 000977 ¥73.79 ¥44.02 −40%

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Frequently asked questions

Is Micro-Star International Co Ltd (2377) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of 132.24 TWD versus a price of 161.50 TWD, about −18% upside (overvalued).
What is the fair value of 2377?
Our model-based fair value for Micro-Star International Co Ltd is 132.24 TWD (as of Sep 1, 2026), built from audited fundamentals. The current price: 161.50 TWD.
What is the quality score of 2377?
Micro-Star International Co Ltd has a Quality Score of 56/100. 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 Micro-Star International Co Ltd (2377)?
Micro-Star International Co Ltd reported trailing-twelve-month revenue of about 233B TWD (latest available figure, as of Sep 1, 2026).
What is the net profit margin of 2377?
The net profit margin of Micro-Star International Co Ltd is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.
Does Micro-Star International Co Ltd pay a dividend?
Micro-Star International Co Ltd currently shows a dividend yield of about 2.60% relative to its recent price (as of Sep 1, 2026).
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