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Size Taiwan Mask (2338.TW) is a Taiwan Information Technology company (Semiconductors) with a market value of $348M, the 587th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$34.85 on 6 Nov 2026.
Performance Over six months the shares fell 31.0%, against -29.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 15.3% over the last twelve months (peer median +10.8%); the operating margin is -6.1% (peer median 6.7%).
Valuation It trades at 2.9× enterprise value to sales against a peer median of 2.7× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.3 points below its cost of capital (6.8% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$5.87B | NT$6.04B | NT$7.56B | NT$7.20B | NT$7.74B |
| Revenue growth | — | -20% | +5% | -7% | — |
| Gross profit | NT$671M | NT$474M | NT$1.42B | NT$1.84B | NT$2.10B |
| EBITDA | NT$1.20B | NT$936M | NT$1.59B | NT$1.73B | NT$1.86B |
| Net income | -NT$333M | -NT$1.17B | -NT$473M | NT$366M | NT$704M |
| Free cash flow | NT$592M | NT$205M | -NT$647M | -NT$2.14B | -NT$1.38B |
| Capital expenditure | NT$666M | NT$1.32B | NT$2.02B | NT$3.22B | NT$2.96B |
| Total debt | NT$9.57B | NT$11.3B | NT$14.6B | NT$13.8B | NT$11.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2338.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.7% | -21.6% | 7th lowest of 21 |
| 6-month return | -31.0% | -29.7% | 11th highest of 21 |
| Distance from 52-week high | -43.2% | -52.2% | 7th highest of 21 |
| Revenue growth (TTM) | -15.3% | +10.8% | 2nd lowest of 21 |
| Operating margin | -6.1% | 6.7% | 3rd lowest of 21 |
| EV / Sales | 2.9× | 2.7× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.5% | 14.6% | 6th least demanding of 16 |
| Growth delivered (Del g) | +5.3% | +7.3% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | +5.2 pp | +8.6 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | -9.3 pp | +2.2 pp | 2nd lowest of 19 |
| EV / EBITDA | 14.1× | 13.9× | 6th most expensive of 12 |
| Net debt / EBITDA | 4.4× | -1.0× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taiwan Mask 2338.TW | Taiwan | $348M | -31% | -15% | -6% | 2.9× | 10.5% | +5.3% |
| Moschip Technologies MOSCHIP.NS | India | $348M | -26% | -1% | -1% | 6.2× | 48.6% | +40.9% |
| Actron Technology 8255.TWO | Taiwan | $347M | -24% | -4% | 5% | 1.5× | 14.6% | +21.4% |
| Goldkey Technology 3135.TW | Taiwan | $345M | -18% | +217% | 18% | 0.9× | n/a | n/a |
| Jiangsu Smartwin Electronics Technology 301106.SZ | China | $345M | -37% | +7% | 2% | 2.0× | n/a | n/a |
| Brillian Network & Automation Integrated System 6788.TWO | Taiwan | $353M | -32% | +21% | 35% | 3.9× | -1.4% | +28.7% |
| APAC Opto Electronics 4908.TWO | Taiwan | $341M | -42% | +4% | 21% | 10.9× | 32.8% | +1.9% |
| Seoul Semiconductor 046890.KS | South Korea | $358M | -48% | 0% | 0% | 0.6× | 28.9% | -2.5% |
| Weebit Nano WBT.AX | Australia | $361M | -57% | +246% | -378% | 23.1× | n/a | n/a |
| Wuxi Hodgen Technology 300279.SZ | China | $335M | -37% | -14% | 5% | 1.3× | 14.6% | +1.7% |
| EGing Photovoltaic Technology 600537.SS | China | $364M | -36% | -62% | -42% | 2.8× | 2.9% | -14.0% |
| Leaguer (Shenzhen) Microelectronics 688589.SS | China | $364M | -27% | -10% | 3% | 6.3× | n/a | n/a |
| Weltrend Semiconductor 2436.TW | Taiwan | $333M | -26% | +19% | 8% | 2.1× | 13.7% | +6.4% |
| Sunplus Technology 2401.TW | Taiwan | $365M | -18% | +6% | 3% | 1.5× | n/a | n/a |
| Eris Technology 3675.TWO | Taiwan | $332M | -8% | +15% | 16% | 3.6× | 20.8% | +11.4% |
| Websol Energy System WEBELSOLAR.NS | India | $330M | -37% | +97% | 31% | 2.1× | 9.2% | +46.9% |
| NVE NVEC | United States | $368M | -16% | +24% | 62% | 11.2× | 12.9% | +4.3% |
| GEM Services 6525.TW | Taiwan | $370M | -8% | +14% | 20% | 1.7× | -7.1% | +7.3% |
| Intelligo Technology 7749.TW | Taiwan | $373M | -49% | +65% | 35% | 4.5× | 4.4% | +50.5% |
| Shenzhen Australis Electronic Technology 300940.SZ | China | $378M | -43% | -9% | 4% | 2.6× | 30.8% | -5.6% |
| TigerElec 219130.KS | South Korea | $379M | +78% | +51% | 13% | 4.8× | 23.3% | +13.1% |