Hwatsing Technology Co. Ltd. A (688120) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of Hwatsing Technology Co. Ltd. A stock ¥89.27, price ¥204, upside -56.2%, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 23, 2026.
How to read this chart
53‑month range ¥47.20 – ¥344.00 · fair‑value band ¥37.93 – ¥127.13 · the ¥203.97 price screens above the ¥89.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 23, 2026.
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Hwatsing Technology Co., Ltd. engages in the research, development, production, sales, and technical services of semiconductor equipment in China and internationally.
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The company offers chemical mechanical polishers, implanters, grinders, bevel polishers, dicers, wet process and film metrology equipment, wafer regeneration and reclaim services, and consumables and maintenance services.
Its products are mainly used in integrated circuits, advanced packaging, advanced packaging, large silicon wafers, MEMS, micro-LED, and other third-generation semiconductors. The company was founded in 2013 and is headquartered in Tianjin, China.
Stock analysis
Hwatsing Technology Co. Ltd. A (688120) currently trades at ¥203.97, while our model-based Fair Value estimate is ¥89.27, 56.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥106.90 per share, and 0 of the 26 models we run sit above the ¥203.97 price.
Bear case: the Economic Profit group reads lowest at ¥19.94, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥37.93 (bear) to ¥127.13 (bull), the price of ¥203.97 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hwatsing Technology Co. Ltd. A reported revenue of 4.6B CNY in FY2025 versus 805M CNY in FY2021, a compound +55.0%/yr. Reported net income was 1.1B CNY in FY2025, compounding +52.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 107B CNY (≈ $16.0B) Large · P/E ratio 116.6 · P/S ratio 20.0 · EPS (TTM) ¥1.75 · Dividend yield 0.1% · Net margin 21.4% · Return on equity 15.3% · Return on assets (EBIT) 7.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 126% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −5% fair-value upside, at −56%, 688120 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥4.55 to ¥106.90). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear¥37.93Fair Value ¥89.27Bull¥127.13
Price ¥203.97 · Upside -56.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥1.20 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF¥23.48¥35.42¥74.1073
Growth DCF¥22.31¥42.01¥74.7873
EPV¥20.54¥23.49¥26.0971
All 26 models by family
DCF Models
FCF DCF¥23.48¥35.42¥74.1073
Owner Earnings¥21.36¥44.90¥95.7168
5Y Revenue Exit¥25.20¥42.91¥80.1267
5Y EBITDA Exit¥34.63¥61.96¥115.7069
5Y P/E Exit¥42.87¥98.29¥175.0165
10Y Revenue Exit¥24.25¥53.46¥73.4164
10Y EBITDA Exit¥32.16¥74.06¥149.2661
10Y P/E Exit¥38.27¥92.08¥183.3457
Earnings-Based
Graham-Dodd¥14.38¥100.31¥140.7661
Lynch FV¥51.82¥74.03¥96.2459
PEG = 1.0¥51.82¥74.03¥96.2455
EPV¥20.54¥23.49¥26.0971
Dividend Discount
Gordon GGM¥2.56¥5.49¥9.0463
DDM Multi-Stage¥2.56¥4.55¥5.7464
Multiples
P/E Multiple¥44.42¥59.22¥74.0363
P/S Multiple¥26.97¥35.96¥44.9558
P/B Multiple¥56.51¥75.35¥94.1955
EV/EBIT¥39.35¥52.51¥65.6666
EV/EBITDA¥33.56¥44.78¥56.0067
EV/Revenue¥19.84¥28.39¥36.9453
Asset-Based
NCAV (Graham)¥5.58¥8.45¥10.5655
Growth DCF
Growth DCF¥22.31¥42.01¥74.7873
Rev-Margin DCF¥27.58¥48.54¥92.2867
Economic Profit
Residual Income¥14.53¥19.94¥34.0671
ROIC Compounder¥26.83¥38.41¥47.7970
Growth Earnings
Growth-Adj P/E¥74.83¥106.90¥138.9765
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+36.5%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+41.3%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+64.5%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+36.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.4%
Dividend (yield on the price)0.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.27% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+41.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+27.3%
Yearly sales growth analysts expect, extended to five years.
The revenue jump in 2026 (+29.6%) comes with 45% more shares (acquisition or merger paid in stock). Per share it is about −10.6%. The comparison above is unreliable in such a year.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +39.0% a year for the price and +25.2% for the forecasts.
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Peer Groupⓘ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.Semiconductor Equipment & Materials · 227 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hwatsing Technology Co. Ltd. A Fair Value". https://www.fairvalue-calculator.com/stock/688120
Frequently asked questions
Is Hwatsing Technology Co. Ltd. A (688120) overvalued or undervalued?
As of Oct 23, 2026, our model estimates a fair value of ¥89.27 versus a price of ¥203.97, about −56% upside (overvalued).
What is the fair value of 688120?
Our model-based fair value for Hwatsing Technology Co. Ltd. A is ¥89.27 (as of Oct 23, 2026), built from audited fundamentals. The current price: ¥203.97.
What is the quality score of 688120?
Hwatsing Technology Co. Ltd. A has a Quality Score of 55/100. 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 price target for Hwatsing Technology Co. Ltd. A (688120)?
Our model-based price target is the fair value of ¥89.27 (as of Oct 23, 2026) from 26 valuation models. Cautious scenario ¥37.93, optimistic scenario ¥127.13. It is a calculation from audited fundamentals, not an analyst target.
What is the Hwatsing Technology Co. Ltd. A stock forecast for 2026?
Our models put fair value at ¥89.27, about −56% upside versus a price of ¥203.97 (overvalued). Cautious scenario ¥37.93, optimistic scenario ¥127.13. The calculation is refreshed regularly with new filings.
What is the revenue of Hwatsing Technology Co. Ltd. A (688120)?
Hwatsing Technology Co. Ltd. A reported trailing-twelve-month revenue of about 5.3B CNY (latest available figure, as of Oct 23, 2026).
Does Hwatsing Technology Co. Ltd. A pay a dividend?
Hwatsing Technology Co. Ltd. A currently shows a dividend yield of 0.14% relative to its recent price (as of Oct 23, 2026).
What growth is priced into Hwatsing Technology Co. Ltd. A (688120)?
For today's price to be fair in a discounted-cash-flow model, Hwatsing Technology Co. Ltd. A would have to grow free cash flow by +41.4 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +64.5 % per year. As of Oct 23, 2026.
What discount rate (WACC) does the fair value of 688120 use?
Our models discount Hwatsing Technology Co. Ltd. A at 8.7 %: a base by market capitalisation (large), damped by beta 0.50, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Hwatsing Technology Co. Ltd. A that is +41.4 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Hwatsing Technology Co. Ltd. A (688120) delivered so far?
Over the past 5 years revenue at Hwatsing Technology Co. Ltd. A grew +64.5 % a year. The price currently implies +41.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Hwatsing Technology Co. Ltd. A (688120) growing?
The median revenue growth in the sector is +10.8 % a year. That is the yardstick for the growth priced into Hwatsing Technology Co. Ltd. A (+41.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hwatsing Technology Co. Ltd. A (688120)?
The free-cash-flow yield on the price is 0.80 %: that much free cash flow Hwatsing Technology Co. Ltd. A produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hwatsing Technology Co. Ltd. A (688120)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hwatsing Technology Co. Ltd. A it is ¥89.27 per share (as of Oct 23, 2026), against a price of ¥203.97. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hwatsing Technology Co. Ltd. A stock overvalued or undervalued in 2026?
As of Oct 23, 2026, 688120 trades above its calculated fair value: price ¥203.97, fair value ¥89.27, a gap of about −56% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 688120?
No. The price is what the market pays today (¥203.97); the fair value is what the company's own numbers justify (¥89.27). For Hwatsing Technology Co. Ltd. A the two are ¥114.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hwatsing Technology Co. Ltd. A worth?
The market values Hwatsing Technology Co. Ltd. A at about 107B CNY (market capitalisation, as of Oct 23, 2026). Per share that is ¥203.97; our models calculate a fair value of ¥89.27 per share.
What do the bullish and bearish scenarios say about 688120?
Our models span a range for Hwatsing Technology Co. Ltd. A: cautious scenario ¥37.93, base ¥89.27, optimistic ¥127.13 per share (as of Oct 23, 2026, price ¥203.97). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688120?
Hwatsing Technology Co. Ltd. A trades at a price-to-earnings ratio of 116.6 (as of Oct 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥89.27 is built from several models across several years. Other multiples: P/B 14.3, P/S 20.0, EV/EBITDA 85.5.
How solid is the balance sheet of Hwatsing Technology Co. Ltd. A (688120)?
Balance-sheet figures for Hwatsing Technology Co. Ltd. A (as of Oct 23, 2026): return on equity 15.3%, debt of 0.03 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 688120 from its 52-week high?
Hwatsing Technology Co. Ltd. A trades at ¥203.97, about 41% below its 52-week high of ¥344.00 and 126% above the low of ¥90.37 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥89.27 is for.
Which stocks are comparable to Hwatsing Technology Co. Ltd. A?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hwatsing Technology Co. Ltd. A stock attractive at the current price?
The data as of Oct 23, 2026: price ¥203.97, calculated fair value ¥89.27 (−56%), Quality Score 55/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 688120 calculated?
We run Hwatsing Technology Co. Ltd. A through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥89.27, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.3 % above its aggregate fair value. Hwatsing Technology Co. Ltd. A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hwatsing Technology Co. Ltd. A (688120)?
The closing price on Oct 23, 2026 was ¥203.97. Our model-based fair value is ¥89.27, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hwatsing Technology Co. Ltd. A right now?
The price sits above even our optimistic bull case (¥127.13). The favourable scenario is already priced in. The model range is unusually wide (¥37.93 to ¥127.13). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Hwatsing Technology Co. Ltd. A
How large is the market capitalisation of Hwatsing Technology Co. Ltd. A (688120)?
The market capitalisation of Hwatsing Technology Co. Ltd. A is 107B CNY (≈ $16.0B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hwatsing Technology Co. Ltd. A (688120)?
The price-to-sales ratio of Hwatsing Technology Co. Ltd. A is 20.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hwatsing Technology Co. Ltd. A (688120)?
Earnings per share at Hwatsing Technology Co. Ltd. A are ¥1.75 (price ÷ EPS = P/E 116.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hwatsing Technology Co. Ltd. A (688120)?
The dividend yield of Hwatsing Technology Co. Ltd. A is 0.1% (payout 16.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hwatsing Technology Co. Ltd. A (688120)?
The net margin of Hwatsing Technology Co. Ltd. A is 21.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hwatsing Technology Co. Ltd. A (688120)?
The return on equity (ROE) of Hwatsing Technology Co. Ltd. A is 15.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hwatsing Technology Co. Ltd. A (688120)?
On an EBIT basis the return on assets of Hwatsing Technology Co. Ltd. A is 7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hwatsing Technology Co. Ltd. A (688120)?
The operating margin of Hwatsing Technology Co. Ltd. A is 19.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hwatsing Technology Co. Ltd. A (688120)?
Revenue at Hwatsing Technology Co. Ltd. A is growing +39.0% versus a year earlier (3y avg +41.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hwatsing Technology Co. Ltd. A (688120)?
Earnings per share at Hwatsing Technology Co. Ltd. A are growing +16.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hwatsing Technology Co. Ltd. A (688120) carry?
The net debt of Hwatsing Technology Co. Ltd. A is 55.6M CNY (fiscal year 2019, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 23, 2026