Qisda Corporation (2352) AI Stock Analysis

Qisda Corporation

(TWSE:2352)

Select Model

Rating:44Neutral

Price Target:TWD 26.00▼(-13.04% Downside)

Action:initiatedcoverage

Date:11/09/26

Qisda scores below average, driven primarily by weak financial fundamentals: a roughly 90% drop in net income from 2022, net margins under 1%, and a balance sheet carrying nearly 3x debt-to-equity against four consecutive years of shrinking equity. Recovering gross margins and a return to positive free cash flow provide some support, but not enough to offset the thin earnings cushion. Technicals reinforce caution, with the price below all key moving averages and momentum indicators still negative. Valuation is the most constructive element — the near-12% dividend yield is attractive, though its durability is questionable given the elevated 33.8x P/E on depressed earnings and high leverage. Key signposts for improvement would be sustained operating margin recovery and consistent free cash flow applied to debt reduction.

Positive Factors

Improving Cash GenerationThe recent recovery in operating cash flow and return to positive free cash flow improve Qisda’s ability to fund operations internally. If sustained, stronger cash generation can support investment and reduce reliance on external financing over the next several quarters.

Negative Factors

Higher Financial LeverageThe sharp increase in debt-to-equity, alongside declining equity, reduces financial flexibility and raises the sensitivity of results to weaker earnings. Higher leverage can constrain investment choices and make balance-sheet repair more important over the coming quarters.

Qisda Corporation (2352) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 45.76B
Dividend Yield: 10.69%
Average Volume (3M): 9.44M
Price to Earnings (P/E): 30.2
Beta (1Y): 0.85
Revenue Growth: 1.60%
EPS Growth: 19.60%
Country: TW
Employees: 14,107
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Qisda Corporation Business Overview & Revenue Model

Company Description

Qisda Corporation, a company established in 1984 and headquartered in Taoyuan City, Taiwan, specializes in offering Original Design Manufacturing (ODM) and Original Equipment Manufacturing (OEM) services for a broad spectrum of electronic products. I...

Qisda Corporation Financial Statement Overview

Summary

Financials are the weakest link. Revenue returned to modest growth (NT$207.9bn, +3%) and gross margin reached a multi-year high of 16.8%, but profitability collapsed: operating profit fell to NT$3.3bn (1.6% of sales) from NT$17.9bn in 2022, and net income dropped roughly 90% to NT$1.1bn, leaving a net margin below 1%. The balance sheet is stretched, with debt rising to NT$83.9bn against shrinking equity of NT$28.5bn (debt/equity 2.94x) and ROE down to 4.0% from 27.2%. The one bright spot is cash flow, which rebounded to NT$9.2bn operating and NT$3.7bn free cash flow, aided by a depreciation-heavy cost base — though free cash flow has been negative in three of the past five years and capex absorbs about 60% of operating cash.

Income Statement

38Negative

Balance Sheet

30Negative

Cash Flow

52Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	208.97B	207.90B	201.67B	203.59B	239.84B	225.96B
Gross Profit	34.69B	35.02B	33.18B	33.08B	34.56B	32.56B
EBITDA	8.58B	9.67B	12.23B	13.42B	22.77B	16.87B
Net Income	1.21B	1.14B	2.16B	2.98B	11.08B	8.31B
Balance Sheet
Total Assets	230.55B	205.19B	206.40B	188.42B	193.39B	187.21B
Cash, Cash Equivalents and Short-Term Investments	36.78B	30.68B	29.81B	27.21B	31.26B	22.06B
Total Debt	95.41B	83.87B	79.41B	66.95B	65.40B	54.16B
Total Liabilities	159.33B	144.76B	140.04B	124.33B	125.45B	121.05B
Stockholders Equity	39.79B	28.52B	35.56B	37.06B	40.73B	41.46B
Cash Flow
Free Cash Flow	-644.97M	3.73B	-2.48B	8.28B	-8.20B	-4.60B
Operating Cash Flow	4.22B	9.22B	3.30B	13.61B	-1.19B	2.11B
Investing Cash Flow	-12.72B	-4.86B	-8.79B	-8.77B	8.51B	-5.74B
Financing Cash Flow	6.79B	-3.40B	4.82B	-10.52B	3.34B	-660.81M

Qisda Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2352 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3596	66Neutral	TWD 29.87B	10.47	―	6.57%	4.32%	5.74%
TW:4915	64Neutral	TWD 23.90B	10.12	―	8.94%	13.42%	-25.09%
TW:6176	60Neutral	TWD 26.93B	9.43	―	10.01%	-11.20%	-42.48%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6456	45Neutral	TWD 28.45B	-19.64	―	―	-18.65%	-2167.42%
TW:2352	44Neutral	TWD 47.26B	30.20	―	10.69%	1.60%	19.60%
TW:6116	39Underperform	TWD 34.90B	-65.27	―	―	-0.94%	―

* General Sector Average

Performance Comparison

TW:2352 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2352	Qisda Corporation	29.90	2.00	7.17%
TW:3596	Arcadyan Technology Corporation	137.00	-41.47	-23.24%
TW:4915	Primax Electronics Ltd.	51.10	-32.27	-38.71%
TW:6116	Hannstar Display Corp.	12.65	5.43	75.21%
TW:6176	Radiant Opto-Electronics Corp.	79.90	-80.08	-50.06%
TW:6456	General Interface Solution (GIS) Holding Ltd.	84.20	37.70	81.08%

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

Qisda Corporation AI Stock Analysis