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Taiwan maker of probe cards and test interface hardware used to test chips at the wafer and package level.
Taiwan maker of probe cards and test interface hardware used to test chips at the wafer and package level.
Probe cards are bought per chip design and are consumed with use, so sales come from customers' new chip designs and from replacement. It also sells the load boards that connect chips to the test machine.
In one line: Taiwan's version of FormFactor, the US probe-card leader.
Moat: narrow (process know-how, IP / patents, customer qualification). Vertically integrates probe-head, substrate and PCB design in-house, a rare full-stack capability; qualified per chip design.
Headquarters: Hsinchu, Taiwan · Founded: 2005
Size Chunghwa Precision Test Tech (6510.TWO) is a Taiwan Information Technology company (Semiconductors) with a market value of $2.30B, the 151st largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$2,305 on 6 Nov 2026.
Performance Over six months the shares fell 37.0%, against -28.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 24.4% over the last twelve months (peer median +23.0%); the operating margin is 32.1% (peer median 5.1%).
Valuation It trades at 28.3× forward earnings against a peer median of 38.7× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +22 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 6.0 points above its cost of capital (8.7% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$6.10B | NT$4.81B | NT$3.60B | NT$2.88B | NT$4.39B |
| Revenue growth | — | +33% | +25% | -34% | — |
| Gross profit | NT$3.68B | NT$2.53B | NT$1.76B | NT$1.21B | NT$2.12B |
| EBITDA | n/a | NT$1.61B | NT$942M | NT$405M | NT$1.30B |
| Net income | NT$1.67B | NT$997M | NT$510M | NT$32.6M | NT$771M |
| Free cash flow | n/a | NT$1.46B | NT$497M | NT$68.0M | NT$487M |
| Capital expenditure | n/a | NT$160M | NT$161M | NT$298M | NT$979M |
| Total debt | n/a | NT$25.4M | NT$29.4M | NT$39.7M | NT$40.3M |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chunghwa Precision Test Tech 6510.TWO | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 37.2× | n/a |
| Technoprobe TPRO.MI | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% |
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 | 6510.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.8% | -20.3% | 9th lowest of 21 |
| 6-month return | -37.0% | -28.9% | 9th lowest of 21 |
| Distance from 52-week high | -48.5% | -57.6% | 7th highest of 21 |
| Revenue growth (TTM) | +24.4% | +23.0% | 11th highest of 21 |
| Operating margin | 32.1% | 5.1% | 2nd highest of 21 |
| Forward P/E | 28.3× | 38.7× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 24.4% | 31.8% | 5th least demanding of 12 |
| Growth delivered (Del g) | +2.7% | +14.5% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +21.7 pp | +11.0 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | +6.0 pp | -6.2 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | n/a | 31.8% | +20.8% |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 22.9× | 35.9% | -1.9% |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | n/a | n/a | n/a |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 144.5× | n/a | n/a |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 21.0× | n/a | n/a |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% | +24.3% |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 180.7× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 61.8× | 39.2% | +3.2% |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 59.4× | n/a | n/a |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |