We & Win Development Co., Ltd AI Stock Analysis
We & Win Development Co., Ltd (2537) AI Stock Analysis
We & Win Development Co., Ltd
(TWSE:2537)
The score is driven primarily by weak financial performance: a sharp cyclical downturn in revenue and profit, rising leverage at 2.44x debt-to-equity, and persistently negative operating cash flow that leaves the company dependent on refinancing. Technicals reinforce the caution, with the price below most key moving averages and negative MACD momentum. Valuation offers little support, as a 27.2x P/E on depressed earnings comes without any dividend yield. Partial offsets include continued profitability, stable gross margins, a preserved equity base, a growing land and project pipeline that could drive a rebound year, and low share-price volatility.
We & Win Development Co., Ltd (2537) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 3.29B
- Dividend Yield
- ―
- Average Volume (3M)
- 773.09K
- Price to Earnings (P/E)
- 27.2
- Beta (1Y)
- 0.40
- Revenue Growth
- 62.26%
- EPS Growth
- -41.64%
- Country
- TW
- Employees
- 41
- Sector
- General
- Sector Strength
- 55
- Industry
- Real Estate - Development
We & Win Development Co., Ltd Business Overview & Revenue Model
Company Description
WE & WIN Development Co., Ltd. operates in Taiwan, focusing on the construction and rental of residential properties. Established in 1987, the company was formerly recognized as Chun Chi Development Co., Ltd. before officially changing to its present...
We & Win Development Co., Ltd Financial Statement Overview
Summary
Financials are weak across all three statements. Revenue fell roughly 43% and net profit collapsed about 86% in the latest year, with net margin shrinking to just 3.5% as margins compressed at every level. The balance sheet is heavily debt-financed, with total debt climbing to NT$10.83bn and debt-to-equity rising to 2.44x while equity stayed broadly flat, leaving ROE near 1%. Cash flow is the weakest link: operating cash flow has been negative in five of the last six years, with an outflow of about NT$1.04bn in the latest year, keeping the company reliant on continuous borrowing. Offsetting positives are continued profitability, stable gross margins in the 23%-31% band, a preserved equity base, and an expanding asset portfolio that could support future project recognition.
Income Statement
42NeutralBalance Sheet
33NegativeCash Flow
20Very Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.29B | 1.26B | 2.21B | 545.85M | 1.68B | 2.33B |
| Gross Profit | 498.02M | 328.74M | 678.84M | 144.78M | 416.25M | 717.40M |
| EBITDA | 297.60M | 187.42M | 508.69M | 66.93M | 260.56M | 542.36M |
| Net Income | 121.60M | 43.65M | 314.82M | -60.13M | 77.90M | 414.73M |
Balance Sheet | ||||||
| Total Assets | 18.88B | 18.52B | 17.12B | 15.77B | 15.06B | 14.85B |
| Cash, Cash Equivalents and Short-Term Investments | 750.34M | 1.61B | 1.69B | 1.26B | 1.26B | 1.63B |
| Total Debt | 10.23B | 10.83B | 9.77B | 9.42B | 9.21B | 7.51B |
| Total Liabilities | 14.32B | 14.09B | 12.73B | 11.70B | 10.92B | 10.53B |
| Stockholders Equity | 4.56B | 4.43B | 4.39B | 4.08B | 4.14B | 4.33B |
Cash Flow | ||||||
| Free Cash Flow | -22.49M | -1.04B | -113.66M | -354.27M | -1.72B | 32.80M |
| Operating Cash Flow | -22.49M | -1.04B | -113.66M | -351.72M | -1.72B | 32.89M |
| Investing Cash Flow | -9.48M | -237.84M | -10.33M | -33.60M | -13.37M | -294.78M |
| Financing Cash Flow | 295.24M | 1.08B | 382.69M | 179.07M | 1.47B | 444.11M |
We & Win Development Co., Ltd Peers Comparison
Overall Rating
TW:259659Neutral
TW:253848Neutral
TW:551440Underperform
TW:619840Underperform- TW:253736Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:2596 | 59Neutral | TWD 3.19B | 7.10 | ― | 4.63% | 21.22% | 121.65% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2538 | 48Neutral | TWD 3.64B | 13.61 | ― | 6.11% | -36.52% | ― |
| TW:5514 | 40Underperform | TWD 3.02B | 53.63 | ― | ― | -1.23% | -28.46% |
| TW:6198 | 40Underperform | TWD 3.37B | -50.14 | ― | ― | 9.17% | -12.86% |
| TW:2537 | 36Underperform | TWD 3.28B | 27.22 | ― | ― | 62.26% | -41.64% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2537 | We & Win Development Co., Ltd | 10.95 | 0.15 | 1.39% | |
| TW:2538 | Kee Tai Properties Co., Ltd. | 8.18 | -2.13 | -20.64% | |
| TW:2596 | Realy Development & Construction Corp. | 32.40 | 3.86 | 13.51% | |
| TW:5514 | Sunfon Construction Co., Ltd. | 13.30 | -3.70 | -21.76% | |
| TW:6198 | Rich Circle Development Co Ltd | 19.55 | -7.70 | -28.26% | |
| TW:7949 | Yao Kuan Construction Co., Ltd. | 56.20 | 29.15 | 107.76% |
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