Wisher Industrial Co., Ltd. (1465) AI Stock Analysis

Wisher Industrial Co., Ltd.

(TWSE:1465)

Select Model

Rating:41Neutral

Price Target:TWD 11.00▼(-1.79% Downside)

Action:initiatedcoverage

Date:11/09/26

Wisher Industrial scores poorly overall, driven primarily by deteriorating fundamentals: a fourth consecutive year of falling revenue, a negative gross margin, a swing back into net loss, and a NT$326m free cash outflow that far exceeds the reported loss. The offsetting strength is an exceptionally conservative balance sheet — essentially debt-free with equity funding about 90% of assets — which gives the company time to weather the downturn without lender pressure. Technicals reinforce the caution, with the price below all key moving averages and negative MACD momentum, while a near-20x P/E on depressed earnings leaves little valuation cushion despite a 2.6% dividend yield. A sustained return to positive gross margins and reversal of the cash burn would be the key signals for any re-rating.

Positive Factors

Conservative Balance SheetVery low leverage reduces solvency risk and gives Wisher greater flexibility during a cyclical downturn. A sizable equity base can help absorb operating volatility and preserve the company’s ability to fund necessary investment without relying heavily on additional borrowing.

Negative Factors

Sharp Profitability ReversalThe move from solid profitability in 2022–2024 to a net loss and negative gross margin signals substantial pressure on pricing, costs, or both. If this persists, it can weaken retained earnings, limit reinvestment capacity, and undermine confidence in the durability of prior earnings.

Wisher Industrial Co., Ltd. (1465) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.17B
Dividend Yield: 2.68%
Average Volume (3M): 170.63K
Price to Earnings (P/E): 19.3
Beta (1Y): 0.11
Revenue Growth: -19.21%
EPS Growth: ―
Country: TW
Employees: 161
Sector: General
Sector Strength: 55
Industry: Manufacturing - Textiles

Wisher Industrial Co., Ltd. Business Overview & Revenue Model

Company Description

Wisher Industrial Co., Ltd. is a Taiwan-based textile manufacturer founded in 1972. The company is principally engaged in the processing, manufacture, and distribution of fabric and filament products. Its offerings include elastic and special polyest...

Wisher Industrial Co., Ltd. Financial Statement Overview

Summary

A fortress balance sheet (Balance Sheet Score 76) is offset by severe operational deterioration. The income statement (Score 24) shows four straight years of revenue decline — from NT$611.7m in 2022 to NT$357.6m — a swing to a NT$33.7m net loss, and a negative gross margin of -4.5%, meaning production costs now exceed what customers pay. Cash flow (Score 18) is the weakest link, with a NT$322.3m operating cash outflow and NT$326.4m free cash outflow versus NT$152.1m of operating cash generated in 2024, implying heavy working capital absorption. The company is effectively debt-free (debt/equity under 0.01) with equity funding ~90% of assets, which provides genuine staying power, but return on equity is negative at -2.1% and both equity and total assets have been shrinking. Until gross margins turn positive and the cash burn reverses, the capital structure is the only real support.

Income Statement

24Negative

Balance Sheet

76Positive

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	368.13M	357.63M	494.88M	582.37M	611.73M	441.52M
Gross Profit	-13.13M	-16.26M	28.89M	71.06M	84.26M	32.75M
EBITDA	4.67M	-36.50M	115.69M	89.24M	126.34M	-70.41M
Net Income	59.89M	-33.73M	67.58M	57.68M	96.75M	-95.90M
Balance Sheet
Total Assets	1.73B	1.75B	1.92B	1.95B	2.00B	1.83B
Cash, Cash Equivalents and Short-Term Investments	613.62M	921.70M	409.08M	418.48M	363.78M	364.92M
Total Debt	1.17M	12.17M	45.07M	97.32M	101.22M	8.11M
Total Liabilities	166.20M	175.85M	251.30M	293.13M	317.96M	207.44M
Stockholders Equity	1.56B	1.57B	1.67B	1.65B	1.68B	1.62B
Cash Flow
Free Cash Flow	39.29M	-326.40M	148.57M	64.96M	38.65M	-315.86M
Operating Cash Flow	39.61M	-322.29M	152.06M	107.48M	96.37M	-194.39M
Investing Cash Flow	229.88M	549.53M	-113.37M	-40.08M	14.57M	283.85M
Financing Cash Flow	-62.36M	-97.36M	-111.86M	-53.79M	28.14M	-31.09M

Wisher Industrial Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1465 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4430	56Neutral	TWD 1.20B	44.88	―	2.17%	6.71%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1474	48Neutral	TWD 1.28B	74.19	―	6.59%	-6.48%	-60.87%
TW:4440	48Neutral	TWD 1.10B	8.50	―	5.97%	6.71%	77.95%
TW:1413	47Neutral	TWD 1.20B	-110.37	―	―	-20.27%	-15.87%
TW:1465	41Neutral	TWD 1.17B	19.31	―	2.68%	-19.21%	―
TW:1445	40Underperform	TWD 1.25B	-14.15	―	5.12%	-23.72%	64.74%

* General Sector Average

Performance Comparison

TW:1465 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1465	Wisher Industrial Co., Ltd.	11.20	-1.25	-10.03%
TW:1413	HUNG CHOU FIBER IND. CO., LTD.	9.15	-0.90	-8.96%
TW:1445	Universal Textile Co., Ltd.	9.76	-4.01	-29.10%
TW:1474	Honmyue Enterprise Co., Ltd.	9.86	-1.55	-13.61%
TW:4430	Yao I Fabric Co., Ltd.	23.00	5.13	28.73%
TW:4440	Yi Shin Textile Industrial Co., Ltd.	16.75	-0.98	-5.52%

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 09, 2026

Wisher Industrial Co., Ltd. AI Stock Analysis