Siward Crystal Technology Co., Ltd (2484) AI Stock Analysis

Siward Crystal Technology Co., Ltd

(TWSE:2484)

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Rating:48Neutral

Price Target:TWD 53.00▼(-16.93% Downside)

Action:initiatedcoverage

Date:11/09/26

Siward Crystal Technology scores below average, driven primarily by a multi-year collapse in profitability: gross margin has halved since 2022, operating margin sits at 3.3%, and return on equity has thinned to 2.7%, while free cash flow nearly disappeared after heavy capital spending. The key offset is an exceptionally conservative balance sheet — debt-to-equity of just 0.08 and over 80% equity funding — which minimizes solvency risk and gives management flexibility to ride out the downturn. Technicals compound the caution, with the price below all major moving averages and a deeply negative MACD, though extreme oversold readings leave room for a short-term bounce. Valuation at 40x earnings appears rich against this weak earnings base, with only a 1.31% dividend yield as compensation. Revenue growth of ~10% in 2025 is a genuine positive; a durable margin recovery would be the key catalyst for a higher score.

Positive Factors

Diversified Frequency-Control ProductsA broad application base across consumer, communications, industrial, and automotive electronics gives the company multiple sources of demand. Its specialized quartz timing products are embedded in electronic systems, supporting a durable role in the semiconductor and communications supply chain.

Negative Factors

Structural Margin CompressionThe decline in gross and net margins shows that revenue recovery has not translated proportionately into profits. Margin volatility and the large gap from historical levels weaken earnings quality, reduce reinvestment capacity, and make future results more sensitive to product mix and operating conditions.

Siward Crystal Technology Co., Ltd (2484) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 10.25B
Dividend Yield: 1.10%
Average Volume (3M): 13.87M
Price to Earnings (P/E): 45.9
Beta (1Y): 1.41
Revenue Growth: 4.27%
EPS Growth: 212.95%
Country: TW
Employees: 704
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Siward Crystal Technology Co., Ltd Business Overview & Revenue Model

Company Description

Siward Crystal Technology Co., Ltd specializes in the production and global distribution of crystal and oscillator solutions. The company maintains an international presence, catering to customers in Taiwan, mainland China, Japan, Singapore, the Unit...

Siward Crystal Technology Co., Ltd Financial Statement Overview

Summary

A fortress balance sheet is offset by sharply eroding earnings power. Debt-to-equity of just 0.08 with equity funding over 80% of assets leaves minimal solvency risk (Balance Sheet 78). However, the income statement is weak (38): despite ~10% revenue growth to NT$2.41 billion in 2025, gross margin has fallen from 38% to 16% since 2022, operating margin collapsed to 3.3%, and net income dropped ~35% year-over-year. Cash flow (46) shows resilient operating cash of NT$247.8 million, but free cash flow nearly evaporated to NT$14.9 million as capital spending absorbed almost all of it. Return on equity of 2.7% underscores capital being deployed at low efficiency.

Income Statement

38Negative

Balance Sheet

78Positive

Cash Flow

46Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.38B	2.41B	2.19B	2.36B	3.26B	3.23B
Gross Profit	451.08M	375.46M	428.93M	646.36M	1.25B	923.42M
EBITDA	407.88M	302.66M	403.11M	571.27M	1.21B	733.47M
Net Income	221.19M	103.66M	158.23M	260.99M	768.28M	405.68M
Balance Sheet
Total Assets	5.09B	4.68B	4.47B	5.27B	5.68B	5.90B
Cash, Cash Equivalents and Short-Term Investments	1.40B	648.15M	701.90M	1.02B	1.35B	867.05M
Total Debt	216.70M	291.40M	242.21M	491.91M	860.41M	901.28M
Total Liabilities	979.14M	901.23M	759.87M	1.19B	1.58B	1.89B
Stockholders Equity	4.10B	3.77B	3.71B	4.08B	4.10B	4.00B
Cash Flow
Free Cash Flow	36.60M	14.92M	176.15M	397.35M	788.87M	80.77M
Operating Cash Flow	242.02M	247.81M	242.52M	460.66M	1.03B	502.39M
Investing Cash Flow	617.69M	-208.36M	-65.68M	-60.91M	-153.52M	-112.90M
Financing Cash Flow	-34.08M	-82.55M	-491.60M	-709.56M	-303.93M	-62.32M

Siward Crystal Technology Co., Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2484 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6679	64Neutral	TWD 8.62B	12.25	―	4.18%	2.14%	114.80%
TW:5222	58Neutral	TWD 8.40B	43.35	―	2.71%	-22.61%	-44.77%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6426	55Neutral	TWD 10.24B	53.20	―	0.18%	61.55%	―
TW:6284	54Neutral	TWD 9.52B	22.94	―	2.95%	-4.53%	-44.11%
TW:2484	48Neutral	TWD 9.92B	45.90	―	1.10%	4.27%	212.95%
TW:8349	47Neutral	TWD 8.10B	16.45	―	3.97%	2.27%	5.63%

* General Sector Average

Performance Comparison

TW:2484 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2484	Siward Crystal Technology Co., Ltd	63.80	42.69	202.30%
TW:5222	Transcom, Inc. (Taiwan)	83.80	-35.77	-29.91%
TW:6284	INPAQ Technology Co., Ltd	64.00	-18.90	-22.80%
TW:6426	Apogee Optocom Co., Ltd.	279.50	207.63	288.92%
TW:6679	ZillTek Technology Corp.	155.50	-42.18	-21.34%
TW:8349	QST International Corp.	38.70	-3.30	-7.85%

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

Siward Crystal Technology Co., Ltd AI Stock Analysis