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Chicony Electronics Co Ltd (2385) Fair Value & Analysis

Technology · TW · Market cap 75.2B TWD (≈ $2.4B) · ISIN TW0002385002

What is Chicony Electronics Co Ltd really worth?

CE Chicony Electronics Co Ltd 2385 · TW
Price110.50 TWD
Fair Value191.04 TWD
Upside+72.9%
Quality47/100

Below-average quality, trading 42% below our fair value of 191.04 TWD.

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Strengths

Low debt · generates free cash flow
Ranks above peers (12/15)

Risks

!Weak Growth (revenue 5y +0.1 %/yr)
!Thin margins · 6.8% net margin
!Moderate moat 48/100
!Evidence only medium, so the estimate is less certain

For context

·6.52% dividend yield
Evidence: Medium Range 125.79 TWD – 267.12 TWD

Fair value as of: Aug 19, 2026

From 26 valuation models · updated 16 days ago

Share price +6.3% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (125.79 TWD). The market is more pessimistic than our downside scenario.
  • Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (125.79 TWD to 267.12 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

220.05 TWD 55.97 TWD Fair Value 191.04 TWD Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range 55.97 TWD – 220.05 TWD · fair‑value band 125.79 TWD – 267.12 TWD · the 110.50 TWD price screens below the 191.04 TWD fair value. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Chicony Electronics Co Ltd (2385) currently trades at 110.50 TWD, while our model-based Fair Value estimate is 191.04 TWD, implying the stock looks roughly 42.2% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 209.35 TWD per share, and 22 of the 26 models we run sit above the 110.50 TWD price. Bear case: the Asset-Based group reads lowest at 40.50 TWD, and 4 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Chicony Electronics Co Ltd generated revenue of 95.3B TWD at a net margin of 6.8%. Revenue declined 1.8% year over year. It earns a return on equity of 15.5%. The balance sheet holds a net cash position of 12.3B TWD. Fundamentals as of Aug 19, 2026

Our scenario range runs from 125.79 TWD (bear case) to 267.12 TWD (bull case); at 110.50 TWD, the current price sits below 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 27% below its 52-week high, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −53% fair-value upside, at 73%, 2385 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 1.18 TWD per share, which is 0.6 % 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 110.37 TWD 151.49 TWD 212.38 TWD 81
Growth DCF 112.21 TWD 149.40 TWD 201.55 TWD 79
Owner Earnings 129.94 TWD 180.95 TWD 256.46 TWD 77
All 26 models by family
DCF Models
FCF DCF best evidence 110.37 TWD 151.49 TWD 212.38 TWD 81
Owner Earnings 129.94 TWD 180.95 TWD 256.46 TWD 77
5Y Revenue Exit 118.21 TWD 171.28 TWD 238.10 TWD 73
5Y EBITDA Exit 168.96 TWD 264.10 TWD 373.58 TWD 75
5Y P/E Exit 165.27 TWD 257.34 TWD 352.15 TWD 71
10Y Revenue Exit 111.62 TWD 159.00 TWD 220.64 TWD 67
10Y EBITDA Exit 146.62 TWD 222.68 TWD 321.91 TWD 68
10Y P/E Exit 144.29 TWD 218.04 TWD 305.89 TWD 64
Earnings-Based
Graham-Dodd 61.06 TWD 168.92 TWD 221.85 TWD 65
Lynch FV 33.75 TWD 48.22 TWD 62.68 TWD 61
PEG = 1.0 33.75 TWD 48.22 TWD 62.68 TWD 57
EPV 113.35 TWD 127.43 TWD 139.74 TWD 74
Dividend Discount
Gordon GGM 91.11 TWD 189.43 TWD 300.52 TWD 66
DDM Multi-Stage 91.11 TWD 143.36 TWD 198.66 TWD 66
Multiples
P/E Multiple 188.56 TWD 251.41 TWD 314.26 TWD 63
P/S Multiple 114.48 TWD 152.64 TWD 190.80 TWD 58
P/B Multiple 114.48 TWD 152.64 TWD 190.80 TWD 55
EV/EBIT 224.57 TWD 289.79 TWD 355.01 TWD 66
EV/EBITDA 223.96 TWD 288.98 TWD 353.99 TWD 67
EV/Revenue 127.83 TWD 170.22 TWD 212.61 TWD 54
Asset-Based
NCAV (Graham) 30.23 TWD 40.50 TWD 60.45 TWD 54
Growth DCF
Growth DCF 112.21 TWD 149.40 TWD 201.55 TWD 79
Rev-Margin DCF 118.21 TWD 171.45 TWD 230.67 TWD 73
Economic Profit
Residual Income 60.25 TWD 73.81 TWD 137.84 TWD 73
ROIC Compounder 118.00 TWD 138.94 TWD 161.77 TWD 72
Growth Earnings
Growth-Adj P/E 146.55 TWD 209.35 TWD 272.16 TWD 67

Widest divergence: Growth Earnings (209.35 TWD) versus Asset-Based (40.50 TWD). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 12.4
P/S ratio 0.85 P/E × margin
EPS (TTM) 8.93 TWD price ÷ EPS = P/E 12.4
Dividend yield 6.5% payout 80.6%
Net margin 6.9% FY2025
Return on equity 15.5% TTM
More key figures
Profitability
Return on assets (EBIT) 10.5% avg 5y
Operating margin 7.6% TTM
Growth
Revenue (TTM) 95.3B TWD TTM
Revenue growth (YoY) −1.8% 3y avg −6.2%
EPS growth (YoY) −8.8%
Balance sheet & cash flow
Free cash flow 5.4B TWD FY2025
Net cash 12.3B TWD FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 49 · Market factors (momentum, volatility) 41

Profitability 49
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 15
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

Chicony Electronics Co., Ltd. engages in the manufacture and sale of electronic parts and components in Taiwan and internationally.

Full company description

Chicony Electronics Co., Ltd. engages in the manufacture and sale of electronic parts and components in Taiwan and internationally. It produces and sells computer peripherals, engages in overseas mergers, acquisition, and management; import and export of power supplies and related products; researches, develops, manufactures and sells communication products; and e-commerce software services. Chicony Electronics Co., Ltd. was incorporated in 1983 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

Chicony Electronics Co Ltd reported revenue of 95.7B TWD in FY2025 versus 107B TWD in FY2021, a compound −2.9%/yr. Reported net income was 6.6B TWD in FY2025, compounding +1.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
95.7B TWD
Latest YoY
−5.7%
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.
−6.2%
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.
+0.1%
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.
+9.4%
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.
+5.2% (−1.3 + 6.5)
Revenue −2.9%/yr
FY21 107B TWD
FY22 116B TWD
FY23 98.3B TWD
FY24 101B TWD
FY25 95.7B TWD
Net income +1.7%/yr
FY21 6.2B TWD
FY22 7.3B TWD
FY23 7.5B TWD
FY24 9.0B TWD
FY25 6.6B TWD
Character of growth · EPS growth decomposed (2014-2025) +6.7 % p.a.
Revenue per share +1.1 %

of which total revenue +2.4 % · buybacks/dilution −1.3 %

EBIT margin +5.0 %
Tax rate −0.2 %
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).

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Cite: Fair Value Calculator (2026). "Chicony Electronics Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2385

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 47 · Below median
Fair Value upside +73% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth −2% · Below median
Dividend yield (TTM) 6.5% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Computer Hardware median · lower = cheaper

P/E (TTM) 12.4× · Cheaper than 75% of peers
P/B 1.70× · Cheaper than median
P/S (TTM) 0.79× · Cheaper than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 5.5× · Cheaper than 75% of peers
PEG 5.66× · Pricier than 75% of peers

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
VALUE100 · sector 0
FUTURE0 · sector 59
PAST62 · sector 24
HEALTH100 · sector 97
DIVIDEND100 · sector 37

Insider activity: 42/100

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 Aug 19, 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 Chicony Electronics Co Ltd (2385) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 191.04 TWD versus a price of 110.50 TWD, about +73% upside (undervalued).
What is the fair value of 2385?
Our model-based fair value for Chicony Electronics Co Ltd is 191.04 TWD (as of Aug 19, 2026), built from audited fundamentals. The current price: 110.50 TWD.
What is the quality score of 2385?
Chicony Electronics Co Ltd has a Quality Score of 47/100. 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 Chicony Electronics Co Ltd (2385)?
Chicony Electronics Co Ltd reported trailing-twelve-month revenue of about 95.3B TWD (latest available figure, as of Aug 19, 2026).
What is the net profit margin of 2385?
The net profit margin of Chicony Electronics Co Ltd is about 6.8%, meaning it keeps roughly 6.8% of revenue as net income. Based on the latest reported figures.
Does Chicony Electronics Co Ltd pay a dividend?
Chicony Electronics Co Ltd currently shows a dividend yield of about 6.52% relative to its recent price (as of Aug 19, 2026).
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