Innolux Corp (3481) Fair Value & Analysis

Technology · TW · Market cap 420B TWD (≈ $13.2B) · ISIN TW0003481008

What is Innolux Corp really worth?

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

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What matters now

• The price is below even our cautious bear case (52.92 TWD). The market is more pessimistic than our downside scenario.
• Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
• A fairly wide model range (52.92 TWD to 100.41 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

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 8.95 TWD – 70.90 TWD · fair‑value band 52.92 TWD – 100.41 TWD · the 48.50 TWD price screens below the 80.33 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Innolux Corp (3481) currently trades at 48.50 TWD, while our model-based Fair Value estimate is 80.33 TWD, implying the stock looks roughly 39.6% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Technology sector. Bull case: the Growth DCF group reads highest at a median of 19.20 TWD per share, and 2 of the 22 models we run sit above the 48.50 TWD price. Bear case: the Dividend Discount group reads lowest at 10.75 TWD, and 20 of the 22 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Innolux Corp generated revenue of 237B TWD at a net margin of 0.4%. Revenue grew 19.2% year over year. It earns a return on equity of 0.6%. Net debt stands at 2.3B TWD. Fundamentals as of Aug 19, 2026

Our scenario range runs from 52.92 TWD (bear case) to 100.41 TWD (bull case); at 48.50 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 20% below its 52-week high and 341% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at 66%, 3481 screens cheaper than that median.

Fair Value models

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.

Widest divergence: Growth DCF (19.20 TWD) versus Earnings-Based (0.1100 TWD). Highest evidence: FCF DCF (81).

Key figures & financial health

Quality Score breakdown

About the company

Innolux Corporation, together with its subsidiaries, engages in the research, design, development, of display panels and related diversified cross-domain applications in Taiwan, Hong Kong, the United States, Europe, Japan, China, and internationally.

Full company description

Innolux Corporation, together with its subsidiaries, engages in the research, design, development, of display panels and related diversified cross-domain applications in Taiwan, Hong Kong, the United States, Europe, Japan, China, and internationally. It provides -LCD TV, monitor, commercial display, smart medical display, notebook, industrial display, mobile phone, tablet, consumer electronics, automotive display, manufacturing solutions, healthcare solutions, and AI solutions. The company also offers display and non-display technologies, as well as quality management and global service. The company was formerly known as Chimei Innolux Corporation and changed its name to Innolux Corporation in December 2012. Innolux Corporation was incorporated in 2003 and is headquartered in Miaoli, Taiwan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Innolux Corp reported revenue of 227B TWD in FY2025 versus 350B TWD in FY2021, a compound −10.3%/yr. Reported net income was 250M TWD in FY2025, compounding −74.3%/yr from FY2021.

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Peer Group

Electronic Components · 638 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 Electronic Components median · lower = cheaper

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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