WUS Printed Circuit Co. Ltd. (2316) AI Stock Analysis

WUS Printed Circuit Co. Ltd.

(TWSE:2316)

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Rating:48Neutral

Price Target:TWD 99.00▼(-13.91% Downside)

Action:initiatedcoverage

Date:11/09/26

WUS Printed Circuit scores below average, driven primarily by poor earnings quality and cash generation: gross and operating margins remain negative and operating cash flow covers only a small fraction of reported profit, with free cash flow negative again. Technicals compound the caution, with the price trading far beneath all major moving averages amid deeply negative momentum and a high-beta profile. A low debt-to-equity of 0.22, growing equity and returning revenue growth provide genuine downside support, and the single-digit P/E plus 2% dividend yield offer optical value — but that multiple rests on non-core income that may not repeat. A sustained re-rating would require positive gross margins and real cash conversion.

Positive Factors

PCB Manufacturing BusinessA focused PCB manufacturing model gives the company an established role in the electronics supply chain and exposure to recurring demand for circuit-board fabrication. Serving electronic devices and systems can support durable relevance as customers continue requiring specialized component production.

Negative Factors

Persistent Core Profitability WeaknessThree consecutive years of negative gross profit and negative 2025 EBIT and EBITDA margins point to a fundamental problem in the economics of core operations. Unless pricing pressure or elevated costs improve, the business may struggle to convert revenue into durable operating earnings.

WUS Printed Circuit Co. Ltd. (2316) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 22.95B
Dividend Yield: 1.74%
Average Volume (3M): 2.24M
Price to Earnings (P/E): 8.0
Beta (1Y): 1.65
Revenue Growth: 33.96%
EPS Growth: 31.36%
Country: TW
Employees: 1,633
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

WUS Printed Circuit Co. Ltd. Business Overview & Revenue Model

Company Description

WUS Printed Circuit Co., Ltd., established in 1972 and headquartered in Kaohsiung, Taiwan, is engaged in the manufacturing and global distribution of various printed circuit boards. The company's diverse product portfolio features multilayer and mobi...

WUS Printed Circuit Co. Ltd. Financial Statement Overview

Summary

A conservatively financed balance sheet (debt-to-equity of just 0.22, equity up to NT$12.58bn, 19.3% ROE) is the clear strength, but it is offset by weak underlying operations. Gross profit has been negative for three straight years and operating income remains at roughly -NT$493m, meaning the headline NT$2.43bn net profit stems largely from non-operating or investment gains rather than the core PCB business. Cash flow is the weakest link: operating cash flow of NT$124m converts only about 4% of reported earnings, and free cash flow was negative NT$523m, worsening from the prior year. Modest 5.6% revenue growth in 2025 is encouraging after several years of decline, but earnings quality and cash conversion remain key concerns.

Income Statement

42Neutral

Balance Sheet

73Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.25B	3.74B	3.33B	3.52B	5.13B	5.35B
Gross Profit	56.10M	-46.62M	-158.52M	-274.90M	181.15M	441.80M
EBITDA	808.94M	-89.04M	1.47B	777.64M	1.06B	1.03B
Net Income	2.60B	2.43B	777.27M	835.61M	510.59M	533.55M
Balance Sheet
Total Assets	21.20B	18.43B	15.02B	14.31B	13.11B	13.81B
Cash, Cash Equivalents and Short-Term Investments	4.97B	4.56B	2.77B	3.44B	2.53B	2.39B
Total Debt	3.13B	2.78B	3.04B	3.52B	3.02B	3.62B
Total Liabilities	6.76B	5.85B	5.12B	5.43B	5.07B	6.12B
Stockholders Equity	14.43B	12.58B	9.91B	8.88B	8.04B	7.68B
Cash Flow
Free Cash Flow	-1.06B	-523.30M	-153.88M	-213.98M	157.44M	-970.46M
Operating Cash Flow	-214.88M	124.00M	142.55M	70.43M	840.17M	-488.39M
Investing Cash Flow	-655.23M	43.59M	-387.29M	835.94M	40.74M	-271.15M
Financing Cash Flow	-308.16M	-343.64M	-625.49M	335.20M	-827.49M	416.19M

WUS Printed Circuit Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2316 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3013	67Neutral	TWD 16.21B	12.99	―	0.51%	18.56%	52.98%
TW:2328	61Neutral	TWD 24.34B	1.21	―	1.92%	-13.85%	-78.67%
TW:2329	56Neutral	TWD 24.47B	14.80	―	2.68%	10.61%	51.02%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4977	55Neutral	TWD 17.02B	53.86	―	1.10%	-25.66%	-39.19%
TW:2316	48Neutral	TWD 20.86B	8.04	―	1.74%	33.96%	31.36%
TW:6269	38Underperform	TWD 24.68B	-12.02	―	―	0.61%	3.29%

* General Sector Average

Performance Comparison

TW:2316 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2316	WUS Printed Circuit Co. Ltd.	115.00	16.06	16.23%
TW:2328	Pan-International Industrial Corp.	46.95	-3.01	-6.02%
TW:2329	Orient Semiconductor Electronics, Limited	37.30	-14.60	-28.13%
TW:3013	Chenming Electronic Technology Corporation	76.00	-47.06	-38.24%
TW:4977	PCL Technologies, Inc.	187.00	84.39	82.25%
TW:6269	Flexium Interconnect, Inc.	78.60	24.90	46.37%

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

WUS Printed Circuit Co. Ltd. AI Stock Analysis