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WPG Holdings Ltd (3702) Fair Value & Analysis

Technology · TW · Market cap 179B TWD (≈ $5.6B) · ISIN TW0003702007

What is WPG Holdings Ltd really worth?

WH WPG Holdings Ltd 3702 · TW
Price104.00 TWD
Fair Value148.26 TWD
Upside+42.6%
Quality50/100

A solid business, trading 30% below our fair value of 148.26 TWD.

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Strengths

Healthy Growth (revenue 5y +10.4 %/yr)
Low debt · generates free cash flow
Ranks above peers (9/15)

Risks

!Thin margins · 1.3% net margin
!Narrow moat 37/100

For context

·3.65% dividend yield
Evidence: High Range 91.86 TWD – 204.65 TWD

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from 102.31 TWD to 148.26 TWD (+44.9%) since Jul 20, 2026. Share price −19.4% over the past month.

What runs behind every stock

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

What matters now

  • Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (91.86 TWD to 204.65 TWD) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

130.00 TWD 38.57 TWD Fair Value 148.26 TWD Apr 2021 Sep 2026

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 38.57 TWD – 130.00 TWD · fair‑value band 91.86 TWD – 204.65 TWD · the 104.00 TWD price screens below the 148.26 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

WPG Holdings Ltd (3702) currently trades at 104.00 TWD, while our model-based Fair Value estimate is 148.26 TWD, implying the stock looks roughly 29.9% undervalued today. The Quality Score stands at 50/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of 221.58 TWD per share, and 17 of the 26 models we run sit above the 104.00 TWD price. Bear case: the Asset-Based group reads lowest at 33.06 TWD, and 9 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, WPG Holdings Ltd generated revenue of 1.1T TWD at a net margin of 1.3%. Revenue grew 27.2% year over year. It earns a return on equity of 15.9%. Net debt stands at 130B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 91.86 TWD (bear case) to 204.65 TWD (bull case); at 104.00 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 18% below its 52-week high and 84% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −21% fair-value upside, at 43%, 3702 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 1.22 TWD per share, which is 0.8 % 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 161.69 TWD 301.69 TWD 547.09 TWD 77
Growth DCF 160.20 TWD 288.11 TWD 505.99 TWD 75
EPV 87.91 TWD 103.85 TWD 117.79 TWD 74
All 26 models by family
DCF Models
FCF DCF best evidence 161.69 TWD 301.69 TWD 547.09 TWD 77
Owner Earnings 76.68 TWD 146.43 TWD 268.70 TWD 73
5Y Revenue Exit 119.33 TWD 207.98 TWD 327.31 TWD 71
5Y EBITDA Exit 152.83 TWD 277.43 TWD 433.84 TWD 73
5Y P/E Exit 125.88 TWD 221.58 TWD 330.46 TWD 70
10Y Revenue Exit 128.42 TWD 217.76 TWD 353.06 TWD 65
10Y EBITDA Exit 154.42 TWD 268.81 TWD 442.71 TWD 66
10Y P/E Exit 136.51 TWD 227.76 TWD 355.70 TWD 63
Earnings-Based
Graham-Dodd 40.92 TWD 193.48 TWD 266.08 TWD 64
Lynch FV 51.35 TWD 73.36 TWD 95.37 TWD 61
PEG = 1.0 51.35 TWD 73.36 TWD 95.37 TWD 57
EPV 87.91 TWD 103.85 TWD 117.79 TWD 74
Dividend Discount
Gordon GGM 31.70 TWD 65.91 TWD 104.57 TWD 66
DDM Multi-Stage 31.70 TWD 55.58 TWD 69.18 TWD 66
Multiples
P/E Multiple 126.38 TWD 168.51 TWD 210.64 TWD 63
P/S Multiple 76.73 TWD 102.31 TWD 127.89 TWD 58
P/B Multiple 76.73 TWD 102.31 TWD 127.89 TWD 55
EV/EBIT 206.36 TWD 277.72 TWD 349.08 TWD 66
EV/EBITDA 161.46 TWD 217.85 TWD 274.25 TWD 67
EV/Revenue 100.51 TWD 146.89 TWD 193.28 TWD 53
Asset-Based
NCAV (Graham) 24.67 TWD 33.06 TWD 49.34 TWD 54
Growth DCF
Growth DCF 160.20 TWD 288.11 TWD 505.99 TWD 75
Rev-Margin DCF 119.33 TWD 206.48 TWD 319.87 TWD 71
Economic Profit
Residual Income 46.07 TWD 54.12 TWD 98.44 TWD 73
ROIC Compounder 101.00 TWD 140.66 TWD 193.67 TWD 71
Growth Earnings
Growth-Adj P/E 95.66 TWD 136.66 TWD 177.65 TWD 67

Widest divergence: DCF Models (221.58 TWD) versus Asset-Based (33.06 TWD). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 18.6
P/S ratio 0.19 P/E × margin
EPS (TTM) 5.60 TWD price ÷ EPS = P/E 18.6
Dividend yield 3.7% payout 67.9%
Net margin 1.0% FY2025
Return on equity 15.9% TTM
More key figures
Profitability
Return on assets (EBIT) 4.6% avg 5y
Operating margin 2.7% TTM
Growth
Revenue (TTM) 1.1T TWD TTM
Revenue growth (YoY) +27.2% 3y avg +8.8%
EPS growth (YoY) +188%
Balance sheet & cash flow
Free cash flow 21.9B TWD FY2025
Net debt 130B TWD FY2025 · ≈ 5.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 50 · Market factors (momentum, volatility) 77

Profitability 43
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 78
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 27
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

WPG Holdings Limited, together with its subsidiaries, operates as a semiconductor components distributor in Taiwan, Mainland China, and internationally. It operates through World Peace Industrial Subgroup, Pingjiazi Group Co., Quandingzi Group Co., Yosun Subgroup, Trigold Group Co., and Others segments.

Full company description

WPG Holdings Limited, together with its subsidiaries, operates as a semiconductor components distributor in Taiwan, Mainland China, and internationally. It operates through World Peace Industrial Subgroup, Pingjiazi Group Co., Quandingzi Group Co., Yosun Subgroup, Trigold Group Co., and Others segments. The company distributes electronic components, such as analog and mixed-signal components, discrete and logic components, memory components, passive components, optical components, and electromagnetic and connector components. It also provides procurement, built-to-order, integrated, online, logistics and cross-border, virtual managed inventory systems, and financial support services. In addition, the company engages in the agency and distribution of computer hardware and software, and information products; distribution of electronic products; general investment; general trade; smart warehousing value-added services; import and export trade of electronic materials and components; information services; operation of indoor children's playground; and B2C and O2O e-commerce businesses. Its products are used in automotive, computer, industrial, consumer, communication, and IoT applications. WPG Holdings Limited was founded in 1980 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

WPG Holdings Ltd reported revenue of 999B TWD in FY2025 versus 779B TWD in FY2021, a compound +6.4%/yr. Reported net income was 10.1B TWD in FY2025, compounding −3.2%/yr from FY2021.

Growth Quality 82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
999B TWD
Latest YoY
+13.5%
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.
+8.8%
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.
+10.4%
Avg. revenue growth/yr (20Y) 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.
+22.0%
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.
+6.4% (2.7 + 3.7)
Revenue +6.4%/yr
FY21 779B TWD
FY22 775B TWD
FY23 672B TWD
FY24 881B TWD
FY25 999B TWD
Net income −3.2%/yr
FY21 11.5B TWD
FY22 10.5B TWD
FY23 8.1B TWD
FY24 7.2B TWD
FY25 10.1B TWD
Character of growth · EPS growth decomposed (2014-2025) +4.3 % p.a.
Revenue per share +5.4 %

of which total revenue +6.0 % · buybacks/dilution −0.6 %

EBIT margin +1.0 %
Tax rate −0.1 %
Residual (interest, one-offs) −1.9 %

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). "WPG Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3702

Peer Group

Electronics & Computer Distribution · 153 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 50 · Below median
Fair Value upside +43% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 27% · Above median
Dividend yield (TTM) 3.7% · Above median
Debt / equity 0.43× · Higher than 75% of peers

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 18.6× · Pricier than median
P/B 2.16× · Pricier than median
P/S (TTM) 0.17× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 7.8× · Cheaper than median
PEG 1.09× · Cheaper 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
VALUE90 · sector 29
FUTURE100 · sector 63
PAST64 · sector 36
HEALTH78 · sector 98
DIVIDEND73 · sector 51

Insider activity: 40/100

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 Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Avnet, Inc AVT $97.31 $77.07 −21%
Nanjing Sunlord Electronics Corporation 300975 ¥25.02 ¥12.34 −51%
Shenzhen Huaqiang Industry Co 000062 ¥22.20 ¥7.52 −66%
Insight Enterprises, Inc NSIT $150.63 $118.72 −21%
Shenzhen H&T Intelligent Control Co. 002402 ¥18.95 ¥20.12 +6%
Topco Scientific Co 5434 521.00 TWD 473.70 TWD −9%

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Frequently asked questions

Is WPG Holdings Ltd (3702) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 148.26 TWD versus a price of 104.00 TWD, about +43% upside (undervalued).
What is the fair value of 3702?
Our model-based fair value for WPG Holdings Ltd is 148.26 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price: 104.00 TWD.
What is the quality score of 3702?
WPG Holdings Ltd has a Quality Score of 50/100. 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 WPG Holdings Ltd (3702)?
WPG Holdings Ltd reported trailing-twelve-month revenue of about 1.1T TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 3702?
The net profit margin of WPG Holdings Ltd is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.
Does WPG Holdings Ltd pay a dividend?
WPG Holdings Ltd currently shows a dividend yield of about 3.65% relative to its recent price (as of Aug 13, 2026).
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