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Solteam Incorporation (3484) AI Stock Analysis

TW:3484

Solteam Incorporation

(TPEx:3484)

Select Model
Rating:64Neutral
Price Target:TWD 43.00▲(4.12% Upside)
Action:initiatedcoverage
Date:11/09/26

Solteam scores moderately well overall. The strongest support comes from a conservative, deleveraged balance sheet and solid free cash flow conversion, paired with an inexpensive 12.1x P/E and a high 6.17% dividend yield. These positives are held back by weak technicals — the stock trades below all major moving averages with negative MACD momentum and deeply oversold readings — and by fundamentally modest, cyclically sensitive growth: revenue remains well below its 2021 peak, operating margins are thin, and ROE has fallen to around 10%. The result is a stable, income-oriented profile currently facing clear price downtrend risk.

Positive Factors
Stable ProfitabilityConsistent gross and net margins indicate that Solteam has maintained pricing and cost discipline despite uneven growth. This provides a durable earnings base, supports internal funding, and gives the company resilience while it works through demand variability over the coming quarters.
Negative Factors
Revenue DeclineThe recent revenue decline indicates that demand has not yet established a dependable growth trajectory. Persistent top-line variability can limit operating leverage, make planning less predictable, and constrain the company’s ability to expand earnings even when margins remain stable.

Solteam Incorporation (3484) vs. SPDR S&P 500 ETF (SPY)

-15%-10%-5%0%5%10%15%20%TW:3484-11.46%SPY+14.28%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 3.26B
Dividend Yield
6.05%
Average Volume (3M)
174.48K
Price to Earnings (P/E)
12.0
Beta (1Y)
0.80
Revenue Growth
-3.70%
EPS Growth
-19.49%
Country
TW
Employees
1,429
Sector
General
Sector Strength
55
Industry
Electrical Equipment & Parts

Solteam Incorporation Business Overview & Revenue Model

Company Description

Solteam Incorporation specializes in the research and development of a diverse array of electronic components, including switches, power inlets/outlets, and adapters. The company serves markets throughout Taiwan and the broader Asian region. Its comp...

Solteam Incorporation Financial Statement Overview

Summary

A blend of the Income Statement (62), Balance Sheet (77) and Cash Flow (71) scores. The balance sheet is the clear strength: debt cut to NT$579M, debt-to-equity down to 0.18, and equity funding about 64% of assets. Cash generation also improved, with operating cash flow up roughly 45% to NT$380M and free cash flow of NT$337M on light capex, implying strong earnings quality. Offsetting this, revenue at NT$4.63B remains about a third below the 2021 peak with growth slowing to mid-single digits, operating margins are thin, and ROE has compressed to around 10% versus 24.8% in 2021.

Income Statement

62Positive

Balance Sheet

77Positive

Cash Flow

71Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue4.57B4.63B4.35B3.41B5.98B6.91B
Gross Profit1.04B1.16B1.12B719.09M1.17B1.53B
EBITDA427.67M544.14M593.23M360.43M585.97M817.88M
Net Income273.06M335.12M315.65M115.36M353.25M568.79M
Balance Sheet
Total Assets5.33B5.13B5.30B4.93B5.05B5.69B
Cash, Cash Equivalents and Short-Term Investments1.98B1.83B1.91B2.10B1.72B1.36B
Total Debt567.33M579.40M776.28M1.19B1.40B1.18B
Total Liabilities2.04B1.83B2.12B2.21B2.49B3.35B
Stockholders Equity3.25B3.26B3.13B2.69B2.53B2.30B
Cash Flow
Free Cash Flow274.39M337.41M218.17M518.83M411.19M197.41M
Operating Cash Flow322.94M380.13M262.71M581.67M783.89M370.12M
Investing Cash Flow-23.51M-434.66M329.14M-262.48M-392.25M-212.14M
Financing Cash Flow-310.76M-330.93M-603.78M-206.39M-141.91M127.34M

Solteam Incorporation Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:3484 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:3484TW:348464NeutralTWD 3.26B11.97―6.05%-3.70%-19.49%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:1616TW:161653NeutralTWD 3.00B36.36―8.49%1.98%-95.72%
TW:3311TW:331151NeutralTWD 3.70B23.97―1.47%46.08%7.08%
TW:6126TW:612644NeutralTWD 3.40B37.25―2.34%43.73%-23.83%
TW:6220TW:622044NeutralTWD 3.54B19.14―2.91%14.67%64.02%
TW:2483TW:248340UnderperformTWD 3.61B134.76―0.90%8.09%-67.97%

* General Sector Average

Performance Comparison

0%100%200%TW:3484TW:1616TW:2483TW:3311TW:6126TW:6220Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:3484 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:3484Solteam Incorporation41.30-5.35-11.46%
TW:1616Evertop Wire Cable Corporation16.00-13.52-45.80%
TW:2483Excel Cell Electronic Co., Ltd.33.1513.4368.14%
TW:3311Silitech Technology Corporation40.707.6323.07%
TW:6126Singatron Enterprise Co. Ltd.25.60-5.47-17.61%
TW:6220YFC-BonEagle Electric Co., Ltd.24.051.034.45%
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