PixArt Imaging Inc.

TPEX:3227 Stock Report

Market Cap: NT$30.8b

PixArt Imaging Valuation

Is 3227 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3227 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3227 (NT$206.5) is trading below our estimate of fair value (NT$536.88)

Significantly Below Fair Value: 3227 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3227?

Key metric: As 3227 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3227. This is calculated by dividing 3227's market cap by their current earnings.
What is 3227's PE Ratio?
PE Ratio20.1x
EarningsNT$1.53b
Market CapNT$30.81b

Price to Earnings Ratio vs Peers

How does 3227's PE Ratio compare to its peers?

The above table shows the PE ratio for 3227 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average41.7x
3450 Elite Advanced Laser
125.3x114.9%NT$32.9b
4961 Fitipower Integrated Technology
14.4x25.0%NT$29.0b
2441 Greatek Electronics
13.7xn/aNT$32.5b
3592 Raydium Semiconductor
13.2x9.4%NT$27.7b
3227 PixArt Imaging
20.1x19.9%NT$30.8b

Price-To-Earnings vs Peers: 3227 is good value based on its Price-To-Earnings Ratio (20.1x) compared to the peer average (41.7x).

Price to Earnings Ratio vs Industry

How does 3227's PE Ratio compare vs other companies in the TW Semiconductor Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
4944 Crystalwise Technology
4xn/aUS$15.69m
No more companies available in this PE range
3227 20.1xIndustry Avg. 31.2xNo. of Companies31PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3227 is good value based on its Price-To-Earnings Ratio (20.1x) compared to the TW Semiconductor industry average (31.2x).

Price to Earnings Ratio vs Fair Ratio

What is 3227's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3227 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.1x
Fair PE Ratio24.8x

Price-To-Earnings vs Fair Ratio: 3227 is good value based on its Price-To-Earnings Ratio (20.1x) compared to the estimated Fair Price-To-Earnings Ratio (24.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 3227 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$206.50
NT$237.00
+14.8%
14.5%NT$285.00NT$206.00n/a3
Nov ’25NT$244.00
NT$213.00
-12.7%
3.3%NT$220.00NT$206.00n/a2
Oct ’25NT$272.00
NT$213.00
-21.7%
3.3%NT$220.00NT$206.00n/a2
Sep ’25NT$207.50
NT$213.00
+2.7%
3.3%NT$220.00NT$206.00n/a2
Aug ’25NT$171.00
NT$175.00
+2.3%
5.7%NT$185.00NT$165.00n/a2
Jul ’25NT$168.00
NT$175.00
+4.2%
5.7%NT$185.00NT$165.00n/a2
Jun ’25NT$163.50
NT$175.00
+7.0%
5.7%NT$185.00NT$165.00n/a2
May ’25NT$158.50
NT$175.00
+10.4%
5.7%NT$185.00NT$165.00n/a2
Apr ’25NT$156.50
NT$175.00
+11.8%
5.7%NT$185.00NT$165.00n/a2
Mar ’25NT$169.00
NT$175.00
+3.6%
5.7%NT$185.00NT$165.00n/a2
Mar ’24NT$110.00
NT$85.00
-22.7%
12.7%NT$100.00NT$75.00NT$169.003
Feb ’24NT$109.50
NT$77.50
-29.2%
3.2%NT$80.00NT$75.00NT$158.502
Jan ’24NT$96.40
NT$77.50
-19.6%
3.2%NT$80.00NT$75.00NT$154.002
Dec ’23NT$97.70
NT$77.50
-20.7%
3.2%NT$80.00NT$75.00NT$161.002
Nov ’23NT$83.00
NT$77.50
-6.6%
3.2%NT$80.00NT$75.00NT$129.502

Analyst Forecast: Target price is less than 20% higher than the current share price.

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