Macronix International Co., Ltd.

TWSE:2337 Stock Report

Market Cap: NT$37.1b

Macronix International Valuation

Is 2337 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2337 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
NT$8.55
Fair Value
133.8% overvalued intrinsic discount
5
Number of Analysts

Below Fair Value: 2337 (NT$20) is trading above our estimate of fair value (NT$8.55)

Significantly Below Fair Value: 2337 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2337?

Key metric: As 2337 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2337. This is calculated by dividing 2337's market cap by their current revenue.
What is 2337's PS Ratio?
PS Ratio1.4x
SalesNT$26.26b
Market CapNT$37.08b

Price to Sales Ratio vs Peers

How does 2337's PS Ratio compare to its peers?

The above table shows the PS ratio for 2337 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.3x
6531 AP Memory Technology
9.4x16.9%NT$39.4b
3105 WIN Semiconductors
2.1x7.1%NT$37.5b
2458 ELAN Microelectronics
3x5.7%NT$37.5b
4966 Parade Technologies
2.5x10.4%NT$42.1b
2337 Macronix International
1.4x11.1%NT$37.1b

Price-To-Sales vs Peers: 2337 is good value based on its Price-To-Sales Ratio (1.4x) compared to the peer average (4.3x).

Price to Sales Ratio vs Industry

How does 2337's PS Ratio compare vs other companies in the TW Semiconductor Industry?

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
8096 CoAsia Electronics
0.3xn/aUS$273.75m
6120 Darwin Precisions
0.4xn/aUS$248.76m
4967 Team Group
0.3xn/aUS$206.28m
3346 Laster Tech
0.4x8.3%US$115.15m
2337 1.4xIndustry Avg. 2.8xNo. of Companies36PS0246810+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2337 is good value based on its Price-To-Sales Ratio (1.4x) compared to the TW Semiconductor industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is 2337's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2337 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.4x
Fair PS Ratio2x

Price-To-Sales vs Fair Ratio: 2337 is good value based on its Price-To-Sales Ratio (1.4x) compared to the estimated Fair Price-To-Sales Ratio (2x).

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 2337 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$20.00
NT$20.90
+4.5%
18.4%NT$25.00NT$16.00n/a5
Apr ’26NT$21.75
NT$20.70
-4.8%
22.1%NT$25.00NT$14.00n/a5
Mar ’26NT$22.00
NT$20.70
-5.9%
22.1%NT$25.00NT$14.00n/a5
Feb ’26n/a
NT$22.90
0%
27.9%NT$30.00NT$14.00n/a5
Jan ’26NT$19.80
NT$27.50
+38.9%
8.8%NT$30.00NT$23.50n/a5
Dec ’25NT$20.95
NT$27.50
+31.3%
8.8%NT$30.00NT$23.50n/a5
Nov ’25NT$22.90
NT$28.75
+25.5%
12.4%NT$35.00NT$23.50n/a6
Oct ’25NT$26.60
NT$29.70
+11.7%
12.3%NT$35.00NT$23.50n/a5
Sep ’25NT$27.70
NT$29.75
+7.4%
11.2%NT$35.00NT$23.50n/a6
Aug ’25NT$29.75
NT$29.75
0%
11.2%NT$35.00NT$23.50n/a6
Jul ’25NT$25.95
NT$27.90
+7.5%
8.8%NT$30.00NT$23.50n/a5
Jun ’25NT$27.15
NT$27.90
+2.8%
8.8%NT$30.00NT$23.50n/a5
May ’25NT$27.60
NT$27.90
+1.1%
8.8%NT$30.00NT$23.50NT$19.855
Apr ’25NT$27.30
NT$28.00
+2.6%
8.1%NT$30.00NT$24.00NT$21.755
Mar ’25NT$28.20
NT$28.00
-0.7%
8.1%NT$30.00NT$24.00NT$22.005
Feb ’25NT$28.90
NT$28.00
-3.1%
8.1%NT$30.00NT$24.00n/a5
Jan ’25NT$31.35
NT$31.67
+1.0%
10.9%NT$36.00NT$26.00NT$19.806
Dec ’24NT$28.70
NT$31.67
+10.3%
10.9%NT$36.00NT$26.00NT$20.956
Nov ’24NT$27.40
NT$31.67
+15.6%
10.9%NT$36.00NT$26.00NT$22.906
Oct ’24NT$31.65
NT$34.39
+8.6%
13.6%NT$42.00NT$26.50NT$26.607
Sep ’24NT$33.20
NT$34.96
+5.3%
16.3%NT$46.00NT$26.50NT$27.707
Aug ’24NT$31.80
NT$34.96
+9.9%
16.3%NT$46.00NT$26.50NT$29.757
Jul ’24NT$32.70
NT$37.75
+15.4%
17.6%NT$46.00NT$27.00NT$25.956
Jun ’24NT$33.65
NT$37.08
+10.2%
16.0%NT$44.50NT$27.00NT$27.156
May ’24NT$32.20
NT$37.75
+17.2%
17.6%NT$46.00NT$27.00NT$27.606
AnalystConsensusTarget
Consensus Narrative from 5 Analysts
NT$20.90
Fair Value
4.3% undervalued intrinsic discount
5
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/03 20:14
End of Day Share Price 2025/05/02 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Macronix International Co., Ltd. is covered by 14 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Dai ShenBofA Global Research
null nullCapital Securities Corporation
Jay DefibaughCLSA