Aopen Incorporated AI Stock Analysis
Aopen Incorporated (3046) AI Stock Analysis
Aopen Incorporated
(TWSE:3046)
The score is anchored by solid fundamentals: a near debt-free balance sheet, strong free cash flow that exceeds reported earnings, and healthy ~19% return on equity following multi-year revenue expansion. An attractive valuation at roughly 10x earnings with a 6.3% dividend yield adds further support. The score is held back by weak technicals — the stock trades below all key moving averages with negative MACD, though oversold RSI and Stochastic readings suggest downside may be stretched — and by structural concerns around gross margin compression to about 8%, a thin 4.2% net margin, and decelerating growth. Earnings call and corporate event components were excluded due to lack of data, with their weight redistributed proportionally.
Aopen Incorporated (3046) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 3.95B
- Dividend Yield
- 5.96%
- Average Volume (3M)
- 235.48K
- Price to Earnings (P/E)
- 10.2
- Beta (1Y)
- 0.67
- Revenue Growth
- 31.68%
- EPS Growth
- 27.27%
- Country
- TW
- Employees
- 67
- Sector
- General
- Sector Strength
- 55
- Industry
- Computer Hardware
Aopen Incorporated Business Overview & Revenue Model
Company Description
Established in 1996 and based in Taipei, Taiwan, Aopen Inc. is a leading provider of digital signage technologies. The company's extensive product portfolio encompasses a wide array of embedded PCs, such as media players specifically designed for dig...
Aopen Incorporated Financial Statement Overview
Summary
Aopen combines strong revenue growth (more than quadrupling since 2020), a near debt-free balance sheet (debt-to-equity of 0.07), and excellent cash conversion, with free cash flow of NT$479 million exceeding net income of NT$315 million. Return on equity near 19% is attractive. Offsetting this, gross margin has compressed from 18.8% to 8.2%, net margin is thin at 4.2%, growth is decelerating to roughly 8%, and a rapidly expanding asset base funded largely by operating liabilities increases sensitivity to inventory and receivable cycles.
Income Statement
71PositiveBalance Sheet
78PositiveCash Flow
79Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.24B | 7.51B | 6.95B | 5.67B | 3.33B | 2.57B |
| Gross Profit | 701.57M | 618.28M | 506.47M | 412.82M | 308.99M | 361.55M |
| EBITDA | 471.17M | 369.77M | 282.87M | 202.98M | 243.36M | 173.71M |
| Net Income | 380.56M | 314.87M | 300.53M | 232.21M | 199.10M | 130.21M |
Balance Sheet | ||||||
| Total Assets | 4.75B | 3.84B | 2.98B | 2.78B | 1.78B | 1.70B |
| Cash, Cash Equivalents and Short-Term Investments | 1.86B | 1.81B | 1.52B | 1.37B | 604.53M | 625.46M |
| Total Debt | 118.02M | 112.21M | 92.83M | 6.69M | 7.99M | 177.03M |
| Total Liabilities | 3.09B | 2.18B | 1.43B | 1.37B | 944.27M | 1.05B |
| Stockholders Equity | 1.67B | 1.67B | 1.57B | 1.41B | 831.64M | 642.04M |
Cash Flow | ||||||
| Free Cash Flow | 458.66M | 479.48M | 293.63M | 392.72M | 113.81M | 314.51M |
| Operating Cash Flow | 460.01M | 483.34M | 297.58M | 397.13M | 118.58M | 319.30M |
| Investing Cash Flow | 32.60M | -2.49M | 221.34M | -179.76M | 40.02M | 51.64M |
| Financing Cash Flow | -196.78M | -197.97M | -174.57M | 361.01M | -169.59M | -181.38M |
Aopen Incorporated Peers Comparison
Overall Rating
- TW:304671Outperform
TW:656956Neutral
TW:359449Neutral
TW:692847Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:3046 | 71Outperform | TWD 3.92B | 10.16 | ― | 5.96% | 31.68% | 27.27% |
| TW:6569 | 56Neutral | TWD 3.44B | 18.64 | ― | 3.77% | 3.93% | 28.67% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:3594 | 49Neutral | TWD 3.85B | 33.07 | ― | 0.95% | 30.92% | 271.46% |
| TW:6928 | 47Neutral | TWD 3.53B | -33.77 | ― | 1.22% | -18.84% | -271.24% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:3046 | Aopen Incorporated | 50.30 | 3.55 | 7.59% | |
| TW:3594 | ARBOR Technology Corp. | 41.90 | 1.37 | 3.38% | |
| TW:6569 | Onyx Healthcare, Inc. | 79.60 | -30.31 | -27.58% | |
| TW:6928 | Ubiqconn Technology, Inc. | 45.15 | -6.25 | -12.16% | |
| TW:7810 | JTRON Technology Corp. | 184.00 | 54.77 | 42.38% | |
| TW:7821 | Mitac Digital Technology Corporation | 31.45 | -25.82 | -45.09% |
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