Compucase Enterprise Co., Ltd. (3032) AI Stock Analysis

Compucase Enterprise Co., Ltd.

(TWSE:3032)

Select Model

Rating:39Underperform

Price Target:TWD 58.00▼(-12.39% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is weighed down primarily by financial fundamentals: although revenue grew about 51% to a record NT$11.19 billion and operating profit doubled, the company posted a net loss of roughly NT$894 million and funded its expansion almost entirely with debt, lifting leverage to about 4.6x and leaving a very thin equity cushion. Free cash flow remains positive but has fallen sharply and covers only a small fraction of the debt load. Technicals reinforce the caution, with the price trading below all major moving averages and a negative MACD indicating a persistent downtrend, although deeply oversold readings suggest the selling may be stretched. Valuation offers limited support — the P/E is negative due to the loss, and the 4.45% dividend yield, while appealing, carries sustainability risk given the balance-sheet strain. Improvement would require the expanded asset base to convert into sustainable profits and visible de-leveraging.

Positive Factors

Revenue ReboundThe 2025 revenue rebound indicates renewed demand for the company’s computer chassis and related products after the prior period. Sustained top-line recovery would support better utilization of its manufacturing base, reinforce customer relationships, and provide a foundation for rebuilding earnings over the next several quarters.

Negative Factors

Net Loss SwingThe sharp shift from profitability to a substantial net loss weakens earnings quality and reduces the company’s ability to fund growth through retained earnings. Even with positive operating margins, the deterioration below operating profit makes future results less predictable and leaves less room to absorb further cost or financing pressure.

Compucase Enterprise Co., Ltd. (3032) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.54B
Dividend Yield: 4.11%
Average Volume (3M): 407.90K
Price to Earnings (P/E): -21.1
Beta (1Y): 0.95
Revenue Growth: 41.24%
EPS Growth: -89.74%
Country: TW
Employees: 141
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Compucase Enterprise Co., Ltd. Business Overview & Revenue Model

Company Description

Compucase Enterprise Co., Ltd., established in 1979 and headquartered in Tainan City, Taiwan, is a global company that designs and produces a diverse range of hardware. Their manufacturing capabilities extend to PC cases, various power supply units,...

Compucase Enterprise Co., Ltd. Financial Statement Overview

Summary

Despite record revenue of about NT$11.19 billion (+51%) and operating profit doubling to roughly NT$1.02 billion, the company swung to a net loss of about NT$894 million (-8.0% net margin) with gross margin slipping to 20.6%. The balance sheet is the core concern: total debt ballooned more than fivefold to NT$11.42 billion while equity shrank to NT$2.49 billion, pushing leverage to about 4.6x from 0.63x and leaving equity at only ~12% of assets, with ROE at roughly -36%. Cash flow remains positive (operating cash flow NT$732 million, free cash flow NT$517 million), confirming the loss was largely non-operating, but both metrics fell sharply year over year and operating cash flow now covers only about 5% of total debt versus ~28% previously.

Income Statement

38Negative

Balance Sheet

24Negative

Cash Flow

50Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.90B	11.19B	7.40B	8.13B	6.38B	8.29B
Gross Profit	2.48B	2.30B	1.62B	1.87B	1.36B	1.58B
EBITDA	1.73B	1.37B	952.96M	1.21B	948.85M	928.57M
Net Income	-354.13M	-894.32M	517.88M	605.86M	507.34M	296.75M
Balance Sheet
Total Assets	17.44B	20.40B	9.47B	8.29B	7.87B	7.98B
Cash, Cash Equivalents and Short-Term Investments	3.01B	5.53B	3.44B	2.01B	1.75B	1.57B
Total Debt	8.73B	11.42B	2.03B	1.32B	1.71B	1.88B
Total Liabilities	13.55B	16.98B	4.95B	4.08B	4.04B	4.38B
Stockholders Equity	2.92B	2.49B	3.25B	2.99B	2.63B	2.49B
Cash Flow
Free Cash Flow	1.28B	517.24M	1.22B	1.03B	1.16B	-4.79M
Operating Cash Flow	1.59B	731.74M	1.36B	1.10B	1.28B	259.84M
Investing Cash Flow	-5.92B	-5.38B	-1.38B	-199.35M	-415.76M	-328.32M
Financing Cash Flow	3.84B	5.23B	164.11M	-702.97M	-580.24M	-943.39M

Compucase Enterprise Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3032 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3213	76Outperform	TWD 6.87B	11.05	―	5.93%	12.98%	39.71%
TW:2420	70Outperform	TWD 7.68B	10.62	―	5.85%	5.40%	31.54%
TW:3479	59Neutral	TWD 7.72B	14.47	―	4.38%	10.71%	1.91%
TW:6416	56Neutral	TWD 7.66B	20.00	―	2.62%	22.37%	69.38%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8234	43Neutral	TWD 7.22B	81.22	―	0.77%	4.36%	-21.02%
TW:3032	39Underperform	TWD 7.51B	-21.09	―	4.11%	41.24%	-89.74%

* General Sector Average

Performance Comparison

TW:3032 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3032	Compucase Enterprise Co., Ltd.	66.20	-24.30	-26.85%
TW:2420	Zippy Technology Corp	51.30	2.63	5.40%
TW:3213	Mildef Crete Inc.	118.00	20.94	21.57%
TW:3479	Avalue Technology Inc.	105.50	0.91	0.87%
TW:6416	Caswell, Inc.	107.00	29.49	38.04%
TW:8234	Nexcom International Co., Ltd.	51.70	-22.64	-30.46%

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

Compucase Enterprise Co., Ltd. AI Stock Analysis