We & Win Development Co., Ltd (2537) AI Stock Analysis

We & Win Development Co., Ltd

(TWSE:2537)

Select Model

Rating:40Underperform

Price Target:TWD 10.50▼(-4.11% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is severely depressed by the company's precarious financial state. The primary risk is a persistent and worsening negative operating cash flow, which, combined with high debt and collapsing profitability, signals a potential liquidity crisis. Secondary factors include a bearish technical trend and a high P/E ratio that does not reflect the rapid earnings decline.

Positive Factors

Revenue GrowthThe reported revenue-growth figure indicates substantial expansion in the company’s top line. If sustained through its development pipeline, that growth can broaden the revenue base and provide greater operating scale, although the company’s cyclical earnings history means durability still depends on future project execution.

Negative Factors

Elevated LeverageHigh and rising debt relative to equity increases sensitivity to property-cycle swings and refinancing conditions. It can constrain financial flexibility, raise funding requirements, and leave less capacity to absorb weaker project performance, particularly because recent returns have not been strong enough to comfortably support the current leverage level.

We & Win Development Co., Ltd (2537) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.29B
Dividend Yield: ―
Average Volume (3M): 726.93K
Price to Earnings (P/E): 27.2
Beta (1Y): 0.38
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

Financial health is critically weak. The income statement shows a multi-year revenue decline and a net margin collapse to 3.5%. The balance sheet is highly leveraged with a debt-to-equity of 2.44x. Most concerning, operating cash flow is deeply negative at -1.04 billion, indicating poor earnings quality and a persistent cash burn that threatens sustainability.

Income Statement

35Negative

Balance Sheet

30Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.18B	1.26B	2.21B	545.85M	1.68B	2.33B
Gross Profit	475.64M	328.74M	678.84M	144.78M	416.25M	717.40M
EBITDA	279.40M	187.42M	508.69M	66.93M	260.56M	542.36M
Net Income	176.83M	43.65M	314.82M	-60.13M	77.90M	414.73M
Balance Sheet
Total Assets	19.20B	18.52B	17.12B	15.77B	15.06B	14.85B
Cash, Cash Equivalents and Short-Term Investments	467.37M	1.61B	1.69B	1.26B	1.26B	1.63B
Total Debt	11.27B	10.83B	9.77B	9.42B	9.21B	7.51B
Total Liabilities	14.60B	14.09B	12.73B	11.70B	10.92B	10.53B
Stockholders Equity	4.60B	4.43B	4.39B	4.08B	4.14B	4.33B
Cash Flow
Free Cash Flow	-176.99M	-1.04B	-113.66M	-354.27M	-1.72B	32.80M
Operating Cash Flow	-174.00M	-1.04B	-113.66M	-351.72M	-1.72B	32.89M
Investing Cash Flow	-20.11M	-237.84M	-10.33M	-33.60M	-13.37M	-294.78M
Financing Cash Flow	110.34M	1.08B	382.69M	179.07M	1.47B	444.11M

We & Win Development Co., Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2537 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2596	59Neutral	TWD 3.23B	7.19	―	4.64%	21.22%	121.60%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2538	48Neutral	TWD 3.57B	13.34	―	6.23%	39.92%	-159.75%
TW:5514	40Underperform	TWD 2.94B	40.87	―	―	-1.23%	-28.46%
TW:6198	40Underperform	TWD 3.33B	-49.13	―	―	9.17%	-12.86%
TW:2537	40Underperform	TWD 3.29B	27.22	―	―	62.26%	-41.64%

* General Sector Average

Performance Comparison

TW:2537 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2537	We & Win Development Co., Ltd	10.95	0.45	4.29%
TW:2538	Kee Tai Properties Co., Ltd.	8.02	-2.71	-25.29%
TW:2596	Realy Development & Construction Corp.	32.35	3.81	13.34%
TW:5514	Sunfon Construction Co., Ltd.	12.90	-3.95	-23.44%
TW:6198	Rich Circle Development Co Ltd	19.45	-7.30	-27.29%
TW:7949	Yao Kuan Construction Co., Ltd.	58.80	31.75	117.38%

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

We & Win Development Co., Ltd AI Stock Analysis