Ve Wong Corporation (1203) AI Stock Analysis

Ve Wong Corporation

(TWSE:1203)

Select Model

Rating:70Outperform

Price Target:TWD 48.00▲(8.97% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily supported by a strong balance sheet, low leverage, and healthy cash generation. Declining 2025 operating performance, mixed technical signals, and only moderate valuation support limit the overall score.

Positive Factors

Conservative balance sheetLow leverage and a growing equity base provide financial resilience and preserve flexibility for investment, dividends, or downturn protection. With debt modest relative to equity, the company is less exposed to refinancing pressure and interest burdens than a highly leveraged industrial or food manufacturer.

Negative Factors

Recent revenue contractionRecent top-line contraction is a durable concern because declining revenue can weaken operating leverage, reduce customer scale, and limit the company’s ability to expand earnings. If the downturn persists, it could offset the benefits of improved margins and constrain investment across the next several quarters.

Ve Wong Corporation (1203) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 10.17B
Dividend Yield: 2.27%
Average Volume (3M): 22.32K
Price to Earnings (P/E): 21.1
Beta (1Y): 0.12
Revenue Growth: -13.42%
EPS Growth: 12.83%
Country: TW
Employees: 1,778
Sector: General
Sector Strength: 55
Industry: Packaged Foods

Ve Wong Corporation Business Overview & Revenue Model

Company Description

Ve Wong Corporation operates as a producer and distributor of various food items, beverages, and flavorings across Taiwan, Thailand, and Vietnam. The company's diverse product portfolio features essentials like instant noodles and soups, monosodium g...

Ve Wong Corporation Financial Statement Overview

Summary

Financially stable overall: the strong balance sheet scored 87 and healthy cash generation scored 78, offset by declining revenue, net income, margins, and a 62 income-statement score.

Income Statement

62Positive

Balance Sheet

87Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.33B	5.65B	6.29B	6.40B	6.39B	5.82B
Gross Profit	1.79B	1.96B	2.12B	1.87B	1.83B	1.90B
EBITDA	1.10B	1.16B	1.38B	1.08B	1.28B	1.07B
Net Income	498.63M	430.56M	561.04M	427.70M	625.40M	447.88M
Balance Sheet
Total Assets	10.71B	10.49B	10.28B	10.11B	10.00B	9.58B
Cash, Cash Equivalents and Short-Term Investments	2.70B	2.97B	2.36B	2.29B	2.07B	2.52B
Total Debt	932.75M	1.08B	995.49M	1.10B	1.10B	1.04B
Total Liabilities	3.36B	3.06B	3.07B	3.35B	3.43B	3.33B
Stockholders Equity	6.50B	6.38B	6.18B	5.77B	5.53B	5.27B
Cash Flow
Free Cash Flow	1.01B	1.18B	667.30M	1.02B	-68.74M	853.28M
Operating Cash Flow	1.10B	1.26B	796.60M	1.31B	184.91M	965.07M
Investing Cash Flow	-229.70M	-328.01M	-55.79M	-389.47M	-188.36M	-323.52M
Financing Cash Flow	-521.13M	-535.93M	-700.90M	-587.87M	-440.00M	-426.93M

Ve Wong Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1203 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1707	73Outperform	TWD 11.75B	11.04	―	7.57%	-5.38%	-12.85%
TW:1264	70Outperform	TWD 8.93B	10.91	―	6.22%	3.48%	5.90%
TW:1203	70Outperform	TWD 10.47B	21.08	―	2.27%	-13.42%	12.83%
TW:8436	62Neutral	TWD 10.68B	9.60	―	6.52%	-3.82%	2.23%
TW:6469	56Neutral	TWD 9.20B	16.65	―	5.46%	4.00%	-25.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2908	44Neutral	TWD 10.73B	17.60	―	2.54%	-1.04%	480.86%

* General Sector Average

Performance Comparison

TW:1203 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1203	Ve Wong Corporation	44.05	5.29	13.66%
TW:1264	Tehmag Foods Corp.	241.00	-32.03	-11.73%
TW:1707	Grape King Bio Ltd.	79.30	-42.79	-35.05%
TW:2908	Test Rite International Co., Ltd.	21.65	1.97	9.99%
TW:6469	Great Tree Pharmacy Co., Ltd.	57.80	-36.31	-38.59%
TW:8436	TCI Co., Ltd.	92.20	-23.50	-20.31%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

Ve Wong Corporation AI Stock Analysis