Asix Electronics Co. Ltd. (3169) AI Stock Analysis

Asix Electronics Co. Ltd.

(TPEx:3169)

Select Model

Rating:71Outperform

Price Target:TWD 97.00▲(5.09% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is anchored by strong fundamentals: 50%-plus gross margins, a 25% net margin, an essentially debt-free balance sheet and free cash flow that closely tracks reported earnings. A 3.65% dividend yield adds income appeal at a reasonable 23.6x earnings. The main drag is technical: the stock sits well below all key moving averages with negative MACD and deeply oversold momentum readings, signalling persistent selling pressure. Secondary considerations include profitability and cash flow still tracking well below the 2021–2022 peak, operating-level margin compression, and a mid-teens return on equity, leaving the company financially resilient but still exposed to the semiconductor cycle.

Positive Factors

Strong ProfitabilityASIX maintains strong gross and net margins, indicating effective cost control and pricing power in its semiconductor businesses. This profitability provides internal funding for product development and supports resilience across the next several quarters, even as industry demand cycles fluctuate.

Negative Factors

Cyclical Revenue GrowthThe recovery in revenue remains modest relative to the earlier contraction, demonstrating that ASIX’s demand environment is cyclical rather than steadily expanding. Uneven top-line performance can limit operating leverage and make future earnings growth less predictable over the next several quarters.

Asix Electronics Co. Ltd. (3169) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.86B
Dividend Yield: 3.47%
Average Volume (3M): 245.72K
Price to Earnings (P/E): 23.5
Beta (1Y): 0.93
Revenue Growth: 4.81%
EPS Growth: 4.09%
Country: TW
Employees: 81
Sector: General
Sector Strength: 55
Industry: Semiconductors

Asix Electronics Co. Ltd. Business Overview & Revenue Model

Company Description

ASIX Electronics Corporation, a prominent integrated circuit (IC) design firm, specializes in crafting innovative networking and connectivity solutions for industrial and embedded systems. The company's extensive product portfolio includes a variety...

Asix Electronics Co. Ltd. Financial Statement Overview

Summary

Asix Electronics combines high-quality profitability with an exceptionally conservative balance sheet. TTM revenue of NT$977 million delivers a 53.7% gross margin, 26.7% operating margin and 25.3% net margin, with revenue recovering after the sharp 2023–2024 downturn. The balance sheet is a standout: debt-to-equity of roughly 0.6% on NT$1.84 billion of equity leaves virtually no financial risk. Cash conversion is strong, with operating cash flow of NT$284 million (about 1.3x net income) and free cash flow equal to roughly 93% of earnings on minimal capex. Offsetting these strengths, earnings, cash flow and margins remain well below the 2021–2022 peak, operating costs have not scaled with sales, and a 13.5% return on equity points to an under-utilised, cash-heavy equity base in a cyclical end market.

Income Statement

72Positive

Balance Sheet

90Very Positive

Cash Flow

82Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	976.85M	929.57M	852.62M	887.62M	1.34B	1.32B
Gross Profit	524.37M	494.83M	435.88M	474.48M	764.67M	754.57M
EBITDA	289.86M	291.29M	286.12M	303.89M	530.03M	495.29M
Net Income	246.94M	231.50M	215.44M	230.33M	415.67M	384.12M
Balance Sheet
Total Assets	2.06B	2.01B	1.94B	1.94B	2.11B	2.01B
Cash, Cash Equivalents and Short-Term Investments	1.67B	1.71B	1.65B	1.56B	1.65B	1.56B
Total Debt	11.18M	10.91M	10.88M	12.35M	12.33M	13.82M
Total Liabilities	228.66M	181.45M	169.41M	196.47M	295.65M	355.08M
Stockholders Equity	1.84B	1.83B	1.77B	1.74B	1.82B	1.65B
Cash Flow
Free Cash Flow	263.07M	260.37M	299.05M	252.52M	391.57M	468.83M
Operating Cash Flow	283.94M	294.62M	323.13M	293.38M	422.68M	483.77M
Investing Cash Flow	-42.70M	-39.77M	-224.09M	-36.03M	581.31M	-343.53M
Financing Cash Flow	-203.56M	-190.42M	-221.44M	-346.48M	-313.34M	339.14M

Asix Electronics Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3169 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3169	71Outperform	TWD 5.84B	23.45	―	3.47%	4.81%	4.09%
TW:3694	67Neutral	TWD 6.47B	10.16	―	5.50%	15.44%	18.33%
TW:2397	56Neutral	TWD 6.35B	16.57	―	4.41%	16.92%	-16.99%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3558	45Neutral	TWD 6.20B	50.00	―	2.86%	-3.32%	-69.25%
TW:8040	44Neutral	TWD 6.60B	765.55	―	―	13.49%	―
TW:3062	43Neutral	TWD 6.39B	-9.65	―	―	-1.21%	-212.49%

* General Sector Average

Performance Comparison

TW:3169 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3169	Asix Electronics Co. Ltd.	92.30	4.82	5.51%
TW:2397	DFI Inc.	55.60	-3.86	-6.49%
TW:3062	CyberTAN Technology, Inc.	19.35	-6.85	-26.15%
TW:3558	Senao Networks, Inc.	105.00	-29.33	-21.83%
TW:3694	AzureWave Technologies, Inc.	41.80	-22.12	-34.61%
TW:8040	IC Plus Corp.	68.50	18.40	36.73%

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

Asix Electronics Co. Ltd. AI Stock Analysis