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Topco Scientific Co (5434) Fair Value & Analysis

Technology · TW · Market cap 108B TWD

TS Topco Scientific Co 5434 · TW
Price521.00 TWD
Fair Value473.70 TWD
Upside-9.1%
Quality63/100
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Healthy Growth
Thin margins · 6.5% net margin
Low debt · generates free cash flow
2.39% dividend yield
Mixed vs. peers (8/14)
Moderate moat 53/100
Evidence: High Range 309.73 TWD – 588.56 TWD Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 366.97 TWD to 473.70 TWD (+29.1%) since Jul 23, 2026. Share price −4.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (309.73 TWD to 588.56 TWD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

596.00 TWD 91.35 TWD Fair Value 473.70 TWD Mar 2021 Aug 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 91.35 TWD – 596.00 TWD · fair‑value band 309.73 TWD – 588.56 TWD · the 521.00 TWD price screens above the 473.70 TWD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Topco Scientific Co (5434) currently trades at 521.00 TWD, while our model-based Fair Value estimate is 473.70 TWD, implying the stock looks roughly 9.1% fairly valued today. The Quality Score stands at 63/100 (solid 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: high).

Over the trailing twelve months, Topco Scientific Co generated revenue of 70.4B TWD at a net margin of 6.5%. Revenue grew 17.6% year over year. It earns a return on equity of 25.3%. The balance sheet holds a net cash position of 2.8B TWD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 309.73 TWD (bear case) to 588.56 TWD (bull case); at 521.00 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 near its 52-week high and 103% 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 -9%, 5434 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.

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
Growth DCF 290.07 TWD 506.61 TWD 883.70 TWD 80
Residual Income 137.45 TWD 172.93 TWD 553.78 TWD 76
Rev-Margin DCF 251.63 TWD 425.22 TWD 656.37 TWD 74
All 26 models by family
DCF Models
FCF DCF 294.04 TWD 535.99 TWD 972.94 TWD 38
Owner Earnings 265.25 TWD 481.51 TWD 872.07 TWD 31
5Y Revenue Exit 251.63 TWD 430.33 TWD 676.43 TWD 39
5Y EBITDA Exit 328.56 TWD 593.37 TWD 933.49 TWD 41
5Y P/E Exit 398.27 TWD 741.11 TWD 1,145 TWD 38
10Y Revenue Exit 256.12 TWD 433.18 TWD 712.70 TWD 36
10Y EBITDA Exit 315.15 TWD 554.56 TWD 933.78 TWD 37
10Y P/E Exit 361.90 TWD 664.55 TWD 1,116 TWD 35
Earnings-Based
Graham-Dodd 146.79 TWD 746.77 TWD 1,032 TWD 54
Lynch FV 203.09 TWD 290.13 TWD 377.16 TWD 50
PEG = 1.0 203.09 TWD 290.13 TWD 377.16 TWD 46
EPV 179.69 TWD 205.83 TWD 228.70 TWD 59
Dividend Discount
Gordon GGM 108.73 TWD 226.08 TWD 358.65 TWD 70
DDM Multi-Stage 108.73 TWD 190.64 TWD 237.28 TWD 61
Multiples
P/E Multiple 453.32 TWD 604.43 TWD 755.54 TWD 63
P/S Multiple 275.23 TWD 366.97 TWD 458.72 TWD 58
P/B Multiple 275.23 TWD 366.97 TWD 458.72 TWD 55
EV/EBIT 437.43 TWD 575.62 TWD 713.80 TWD 53
EV/EBITDA 367.44 TWD 482.30 TWD 597.15 TWD 54
EV/Revenue 232.45 TWD 322.27 TWD 412.10 TWD 43
Asset-Based
NCAV (Graham) 51.64 TWD 69.19 TWD 103.27 TWD 50
Growth DCF
Growth DCF 290.07 TWD 506.61 TWD 883.70 TWD 80
Rev-Margin DCF 251.63 TWD 425.22 TWD 656.37 TWD 74
Economic Profit
Residual Income 137.45 TWD 172.93 TWD 553.78 TWD 76
ROIC Compounder 204.27 TWD 271.45 TWD 360.40 TWD 72
Growth Earnings
Growth-Adj P/E 360.96 TWD 515.65 TWD 670.35 TWD 68

Widest divergence: DCF Models (535.99 TWD) versus Asset-Based (69.19 TWD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 70.4B TWD
Revenue growth (YoY) +17.6%
Net margin 6.5%
Return on equity 25.3%
Free cash flow 3.9B TWD FY2025
P/E ratio 24.4
More key figures
Operating margin 7.7%
EPS (TTM) 21.39 TWD
Dividend yield 3.0%
EPS growth (YoY) +24.3%
Net cash 2.8B TWD FY2025

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

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 82

Profitability 62
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 96
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 71
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.

About the company

Topco Scientific Co.,Ltd. provides precision materials, manufacturing equipment, and components worldwide. The company offers quartz wafer carrier plates, such as synthetic quartz wafer and quartz substrate; furnace quartz, and quartz crucible for single crystal and polycrystalline; and chemicals, such as CMP, photoresist, and specialty gases, and chemicals.

Full company description

Topco Scientific Co.,Ltd. provides precision materials, manufacturing equipment, and components worldwide. The company offers quartz wafer carrier plates, such as synthetic quartz wafer and quartz substrate; furnace quartz, and quartz crucible for single crystal and polycrystalline; and chemicals, such as CMP, photoresist, and specialty gases, and chemicals. It also provides wafers, wafer carriers, and wafer related supplies; photomask and mask carriers; electronic materials, such as protective, packaging, thermal conductive, conductive, and special application materials; SiC and GaN epi wafers and substrates, and Sic reclaim wafers; power device electrical analysis instruments; and IC foundry services. In addition, the company offers turbo compressors and blowers, metal additive manufacturing equipment, atmospheric pressure plasma, horizontal and vertical tube cleaner, high pressure clean system, fire extinguishing systems, and organic solvent dehydration and recycling system, as well as LCD related equipment and services. Further, the company engages in wholesale sale of chemicals; provision of sports training services; wholesale of semiconductor materials, optoelectronic components, and electronic products; wholesale and retail of aquatic products; trading of food; project business development of renewable energy; piping engineering and electrical installation; solar system engineering activities; antifouling treatment agents and light blocking materials; sale of renewable electricity; operation of supermarkets; restaurant management; vacuum pump equipment waste removal maintenance; planning, evaluation of environmental-related projects; international trading; sale and design of integrated circuits; and waste water and clean room environmental engineering activities. It serves semiconductors, package and testing, semiconductor equipment, electronics, LCD, LED, and solar industries. The company was incorporated in 1990 and is headquartered in Taipei, Taiwan.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Topco Scientific Co reported revenue of 67.6B TWD in FY2025 versus 42.7B TWD in FY2021, a compound +12.2%/yr. Reported net income was 4.2B TWD in FY2025, compounding +16.2%/yr from FY2021.

Growth Quality 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
67.6B TWD
Latest YoY
+18.6%
Avg. 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. 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.
+13.3%
Avg. growth/yr (23Y) 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.
+12.7%
Revenue +12.2%/yr
FY21 42.7B TWD
FY22 53.0B TWD
FY23 49.3B TWD
FY24 57.0B TWD
FY25 67.6B TWD
Net income +16.2%/yr
FY21 2.3B TWD
FY22 3.0B TWD
FY23 2.8B TWD
FY24 3.7B TWD
FY25 4.2B TWD
Character of growth · EPS growth decomposed (2014-2025) +13.4 % p.a.
Revenue per share +10.9 pp

of which total revenue +12.6 pp · buybacks/dilution −1.7 pp

EBIT margin +2.0 pp
Tax rate −0.6 pp
Residual (interest, one-offs) +1.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Topco Scientific Co Fair Value". https://www.fairvalue-calculator.com/stock/5434

Peer Group

Electronics & Computer Distribution · 157 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 63 · Top 25%
Fair Value upside −9% · Below median
Return on equity (TTM) 25% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) 8% · Top 25%
Revenue growth 18% · Above median
Dividend yield (TTM) 2.4% · Above median
Debt / equity 0.13× · Higher than median

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

P/E (TTM) 24.4× · Pricier than median
P/B 5.41× · Pricier than 75% of peers
P/S (TTM) 1.54× · Pricier than 75% of peers
P/FCF 0.9× · Cheaper than median
EV/EBITDA 20.4× · Pricier than 75% of peers

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 21 · sector 27
FUTURE 88 · sector 63
PAST 100 · sector 33
HEALTH 93 · sector 98
DIVIDEND 48 · sector 41

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

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

Stock Price Fair Value vs Fair Value
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Unisplendour Corporation 000938 ¥39.60 ¥16.52 -58%
Rexel S.A RXL €37.61 €32.05 -15%
Arrow Electronics, Inc ARW $210.30 $114.08 -46%
Avnet, Inc AVT $97.31 $77.07 -21%
WPG Holdings 3702 123.50 TWD 148.26 TWD +20%
Nanjing Sunlord Electronics Corporation 300975 ¥27.41 ¥12.34 -55%
Shenzhen Huaqiang Industry Co 000062 ¥23.53 ¥7.52 -68%
Shenzhen H&T Intelligent Control Co. 002402 ¥21.59 ¥20.12 -7%
Beijing Tricolor Technology Co 603516 ¥98.79 ¥20.75 -79%

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Frequently asked questions

Is Topco Scientific Co (5434) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 473.70 TWD versus a price of 521.00 TWD, about −9% (fairly valued).
What is the fair value of 5434?
Our model-based fair value for Topco Scientific Co is 473.70 TWD (as of Aug 13, 2026), built from audited fundamentals. The current price is 521.00 TWD.
What is the quality score of 5434?
Topco Scientific Co has a Quality Score of 63/100. 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 Topco Scientific Co (5434)?
Topco Scientific Co reported trailing-twelve-month revenue of about 70.4B TWD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 5434?
The net profit margin of Topco Scientific Co is about 6.5%, meaning it keeps roughly 6.5% of revenue as net income. Based on the latest reported figures.
Does Topco Scientific Co pay a dividend?
Topco Scientific Co currently shows a dividend yield of about 2.98% relative to its recent price (as of Aug 13, 2026).

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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