SDI Corporation

TWSE:2351 Stock Report

Market Cap: NT$18.2b

SDI Valuation

Is 2351 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-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 2351 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2351 (NT$99.7) is trading below our estimate of fair value (NT$107.14)

Significantly Below Fair Value: 2351 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2351?

Key metric: As 2351 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2351. This is calculated by dividing 2351's market cap by their current earnings.
What is 2351's PE Ratio?
PE Ratio27.9x
EarningsNT$650.62m
Market CapNT$18.16b

Price to Earnings Ratio vs Peers

How does 2351's PE Ratio compare to its peers?

The above table shows the PE ratio for 2351 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average50.6x
6640 Gallant Micro. Machining
71.6xn/aNT$22.6b
5443 Gallant Precision Machining
57xn/aNT$21.0b
3587 Materials Analysis Technology
24.3x32.4%NT$17.1b
7751 Horng Terng Automation
49.6xn/aNT$10.8b
2351 SDI
27.9x26.2%NT$18.2b

Price-To-Earnings vs Peers: 2351 is good value based on its Price-To-Earnings Ratio (27.9x) compared to the peer average (51.9x).

Price to Earnings Ratio vs Industry

How does 2351'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
2351 27.9xIndustry Avg. 31.2xNo. of Companies31PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2351 is good value based on its Price-To-Earnings Ratio (27.9x) compared to the TW Semiconductor industry average (31.2x).

Price to Earnings Ratio vs Fair Ratio

What is 2351'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.

2351 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27.9x
Fair PE Ratio26.7x

Price-To-Earnings vs Fair Ratio: 2351 is expensive based on its Price-To-Earnings Ratio (27.9x) compared to the estimated Fair Price-To-Earnings Ratio (26.6x).

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 2351 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNT$99.70
NT$131.60
+32.0%
22.9%NT$180.00NT$98.00n/a5
Nov ’25NT$119.50
NT$164.17
+37.4%
6.3%NT$180.00NT$150.00n/a6
Oct ’25NT$142.00
NT$164.17
+15.6%
6.3%NT$180.00NT$150.00n/a6
Sep ’25NT$137.50
NT$157.20
+14.3%
9.2%NT$180.00NT$138.00n/a5
Aug ’25NT$123.50
NT$145.60
+17.9%
12.3%NT$166.00NT$112.00n/a5
Jul ’25NT$130.00
NT$140.50
+8.1%
11.7%NT$150.00NT$112.00n/a4
Jun ’25NT$130.50
NT$128.00
-1.9%
17.5%NT$150.00NT$100.00n/a4
May ’25NT$105.50
NT$116.75
+10.7%
16.8%NT$150.00NT$100.00n/a4
Apr ’25NT$97.50
NT$116.75
+19.7%
16.8%NT$150.00NT$100.00n/a4
Mar ’25NT$103.00
NT$121.50
+18.0%
16.7%NT$150.00NT$100.00n/a4
Feb ’25NT$102.00
NT$118.50
+16.2%
8.4%NT$131.00NT$103.00n/a4
Jan ’25NT$113.50
NT$118.50
+4.4%
8.4%NT$131.00NT$103.00n/a4
Dec ’24NT$117.00
NT$118.50
+1.3%
8.4%NT$131.00NT$103.00n/a4
Nov ’24NT$102.50
NT$110.25
+7.6%
11.4%NT$125.00NT$95.00NT$119.504
Oct ’24NT$106.50
NT$110.25
+3.5%
11.4%NT$125.00NT$95.00NT$142.004
Sep ’24NT$100.00
NT$105.33
+5.3%
10.1%NT$120.00NT$95.00NT$137.503
Aug ’24NT$106.50
NT$103.67
-2.7%
12.0%NT$120.00NT$90.00NT$123.503
Jul ’24NT$130.00
NT$141.50
+8.8%
8.8%NT$150.00NT$120.00NT$130.004
Jun ’24NT$121.50
NT$141.50
+16.5%
8.8%NT$150.00NT$120.00NT$130.504
May ’24NT$120.50
NT$146.50
+21.6%
12.1%NT$170.00NT$120.00NT$105.504
Apr ’24NT$132.00
NT$149.00
+12.9%
9.5%NT$170.00NT$130.00NT$97.504
Mar ’24NT$124.50
NT$136.50
+9.6%
8.8%NT$148.00NT$120.00NT$103.004
Feb ’24NT$122.50
NT$130.00
+6.1%
9.0%NT$149.00NT$120.00NT$102.004
Jan ’24NT$96.40
NT$130.00
+34.9%
9.0%NT$149.00NT$120.00NT$113.504
Dec ’23NT$110.50
NT$130.00
+17.6%
9.0%NT$149.00NT$120.00NT$117.004
Nov ’23NT$95.30
NT$142.25
+49.3%
5.7%NT$150.00NT$130.00NT$102.504

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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