Joinsoon Electronics Manufacturing Valuation

Q: What is the Fair Price of 3322 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

3322 (NT$18.2) is trading above our estimate of [[fair value]] (NT$4.15)

Is 3322 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

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 3322 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3322 (NT$18.2) is trading above our estimate of fair value (NT$4.15)

Significantly Below Fair Value: 3322 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3322?

Key metric: As 3322 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3322. This is calculated by dividing 3322's market cap by their current revenue.
What is 3322's PS Ratio?
PS Ratio	0.8x
Sales	NT$2.75b
Market Cap	NT$2.21b

3322 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1x
Enterprise Value/EBITDA	171.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 3322's PS Ratio compare to its peers?

The above table shows the PS ratio for 3322 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.7x
3607 Coxon Precise Industrial	0.8x	n/a	NT$2.3b
1471 Solytech Enterprise	8.6x	n/a	NT$2.3b
6155 King Core Electronics	4.2x	n/a	NT$2.3b
3236 ABC Taiwan Electronics	1.3x	n/a	NT$2.4b
3322 Joinsoon Electronics Manufacturing	0.8x	n/a	NT$2.2b

Price-To-Sales vs Peers: 3322 is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (3.7x).

Price to Sales Ratio vs Industry

How does 3322's PS Ratio compare vs other companies in the TW Electronic Industry?

15 Companies	Price / Sales	Estimated Growth	Market Cap
3036 WT Microelectronics	0.1x	15.3%	US$3.92b
2347 Synnex Technology International	0.3x	8.3%	US$3.89b
3702 WPG Holdings	0.1x	13.1%	US$3.64b
8112 Supreme Electronics	0.1x	n/a	US$1.03b

15 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 3322 is good value based on its Price-To-Sales Ratio (0.8x) compared to the TW Electronic industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 3322'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.

3322 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.8x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 3322's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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