GEM Services (TPE:6525) Cyclically Adjusted PB Ratio: (As of Sep. 22, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:6525 GEM Services Inc TPE:6525
87 GF Score
Price NT$132.50
GF Value NT$87.38
Valuation Significantly Overvalued
! 2 Warning Signs
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What is GEM Services Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


GEM Services  (TPE:6525) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


GEM Services Cyclically Adjusted PB Ratio Related Terms


GEM Services Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for GEM Services's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

GEM Services Cyclically Adjusted PB Ratio Chart

GEM Services Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - 2.48 2.25 2.00 2.16

GEM Services Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.96 2.42 2.29 2.37 4.41

TPE:6525 vs NVDA, AVGO, MU: Cyclically Adjusted PB Ratio Comparison

For the Semiconductors subindustry, GEM Services's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


GEM Services Cyclically Adjusted PB Ratio vs Semiconductors Industry

For the Semiconductors industry and Technology sector, GEM Services's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where GEM Services's Cyclically Adjusted PB Ratio falls into.


TPE:6525
87GF Score
GEM Services Inc TPE:6525
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

GEM Services Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

GEM Services's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, GEM Services's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=36.524/333.9520*333.9520
=36.524

Current CPI (Jun. 2026) = 333.9520.

GEM Services Quarterly Data

Book Value per Share CPI Adj_Book
201609 20.793 241.428 28.762
201612 22.198 241.432 30.705
201703 22.287 243.801 30.528
201706 20.601 244.955 28.086
201709 22.052 246.819 29.837
201712 23.511 246.524 31.849
201803 24.678 249.554 33.024
201806 23.976 251.989 31.775
201809 25.768 252.439 34.089
201812 27.124 251.233 36.055
201903 28.432 254.202 37.352
201906 26.011 256.143 33.912
201909 27.169 256.759 35.337
201912 27.993 256.974 36.378
202003 25.424 258.115 32.894
202006 26.704 257.797 34.593
202009 28.364 260.280 36.392
202012 29.829 260.474 38.244
202103 26.932 264.877 33.955
202106 28.373 271.696 34.874
202109 30.228 274.310 36.800
202112 31.997 278.802 38.326
202203 28.995 287.504 33.679
202206 30.562 296.311 34.444
202209 33.064 296.808 37.202
202212 33.661 296.797 37.875
202303 29.373 301.836 32.498
202306 30.151 305.109 33.001
202309 32.093 307.789 34.821
202312 32.200 306.746 35.056
202403 30.678 312.332 32.802
202406 32.319 314.175 34.353
202409 33.265 315.301 35.233
202412 35.042 315.605 37.079
202503 32.728 319.799 34.176
202506 30.861 322.561 31.951
202509 33.788 324.800 34.740
202512 36.379 324.054 37.490
202603 33.981 330.213 34.366
202606 36.524 333.952 36.524

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is GEM Services (TPE:6525) Overvalued in 2026?

Based on GuruFocus' analysis, GEM Services stock appears to be overvalued. The current stock price of NT$132.50 is trading 51.6% above its estimated GF Value™ of NT$87.38. GuruFocus considers GEM Services to be Significantly Overvalued.

Key valuation signals for TPE:6525:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: NT$87.38 vs. price of NT$132.50 (51.6% above fair value)
  • GF Score™: 87/100 with 2 warning signs

No single metric tells the full story. See the TPE:6525 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


GEM Services Business Description

Address Harbour Place, PO Box 472, 2nd Floor, Grand Cayman, CYM, 1106
GEM Services Inc is a multinational semiconductor assembly and test contractor specializing in small-outline surface-mount packages for power management semiconductors and serving semiconductor manufacturers across communication, computing, industrial, and automotive applications. Its business activities include semiconductor packaging and testing, foundry and plant leasing, with semiconductor products generating the majority of revenue, along with services such as electroplating. The Company provides outsourcing services to IDM and fabless semiconductor companies, including packaging development, wafer processing, assembly, testing, logistics, and reliability services. It operates in Taiwan and Mainland China, with Taiwan generating the majority of revenue.
87GF Score

Get the complete analysis for TPE:6525

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$132.50
Price
NT$87.38
GF Value