Globalsat Worldcom Corp. (3499) AI Stock Analysis

Globalsat Worldcom Corp.

(TPEx:3499)

Select Model

Rating:42Neutral

Price Target:TWD 11.00▼(-4.35% Downside)

Action:initiatedcoverage

Date:11/09/26

Globalsat Worldcom scores low primarily due to deteriorating profitability: an 18% revenue decline, margin compression and a NT$71.6 million net loss, continuing a pattern of losses in five of the last six years. Technicals reinforce the caution, with the price below all major moving averages and negative MACD momentum. A negative P/E and absence of a dividend leave little valuation support. The key offsets are a conservatively financed balance sheet — low 0.19 debt-to-equity and equity funding nearly 70% of assets — plus positive operating and free cash flow despite the loss, which gives the company time to pursue a turnaround but not yet evidence of one.

Positive Factors

Deleveraged Balance SheetMeaningful deleveraging has made the capital structure more conservative and should improve financial flexibility over the next several quarters. Lower leverage can reduce balance-sheet pressure and preserve capacity for operating needs, investment, or resilience during periods of weaker profitability.

Negative Factors

Revenue ContractionThe 2025 revenue decline indicates that recent growth has not been consistent and that demand or project timing remains uneven. A weaker top line can reduce operating leverage, constrain investment capacity, and make it harder for the company to rebuild sustainable earnings over the next several quarters.

Globalsat Worldcom Corp. (3499) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 615.67M
Dividend Yield: ―
Average Volume (3M): 63.96K
Price to Earnings (P/E): -9.1
Beta (1Y): 0.42
Revenue Growth: -25.84%
EPS Growth: -68.45%
Country: TW
Employees: 120
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Globalsat Worldcom Corp. Business Overview & Revenue Model

Company Description

GlobalSat WorldCom Corporation is a global developer and supplier of GPS receivers and their essential component modules. Its comprehensive product range encompasses satellite tracking devices, smart lighting control systems, and various tracking sol...

Globalsat Worldcom Corp. Financial Statement Overview

Summary

Financial results are mixed but tilted negative. The income statement is the weak link (score 23): revenue fell roughly 18% to about NT$358 million, gross margin compressed to 22.3% from 26.9%, and the company swung to a NT$71.6 million net loss with an operating loss margin near 15% — losses have now occurred in five of the last six years. The balance sheet is the clear strength (score 66), with equity funding about 69% of assets, debt cut from roughly NT$420 million in 2021 to NT$90 million, and a low 0.19 debt-to-equity ratio, though the shrinking asset base and -15.3% return on equity signal contraction. Cash flow is adequate (score 46), with positive operating cash flow of NT$22.6 million and free cash flow of NT$14.7 million despite the loss, but free cash flow fell about 60% year over year and the multi-year record is inconsistent.

Income Statement

23Negative

Balance Sheet

66Positive

Cash Flow

46Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	322.25M	357.71M	437.69M	360.31M	327.50M	437.50M
Gross Profit	65.03M	79.70M	117.75M	84.48M	82.09M	98.39M
EBITDA	-38.72M	-32.46M	30.61M	-16.64M	19.73M	15.89M
Net Income	-70.20M	-71.56M	1.30M	-33.63M	-4.08M	-10.12M
Balance Sheet
Total Assets	671.76M	673.99M	894.00M	918.77M	1.10B	1.16B
Cash, Cash Equivalents and Short-Term Investments	218.47M	225.37M	310.50M	349.30M	549.98M	590.94M
Total Debt	114.79M	90.37M	184.95M	247.50M	402.28M	419.67M
Total Liabilities	243.78M	206.81M	350.69M	384.92M	524.84M	590.40M
Stockholders Equity	427.98M	467.17M	543.31M	533.85M	572.93M	568.84M
Cash Flow
Free Cash Flow	-21.45M	14.74M	24.26M	-33.76M	-49.56M	154.54M
Operating Cash Flow	-14.65M	22.64M	39.29M	-27.22M	-42.70M	157.62M
Investing Cash Flow	70.88M	28.14M	-14.86M	117.25M	38.72M	-84.42M
Financing Cash Flow	-64.96M	-94.07M	-76.27M	-157.31M	-17.36M	-2.46M

Globalsat Worldcom Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3499 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6294	60Neutral	TWD 696.76M	10.03	―	11.21%	-12.40%	-35.00%
TW:8176	59Neutral	TWD 580.85M	33.71	―	―	-46.30%	-54.49%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3150	51Neutral	TWD 633.25M	-47.75	―	3.50%	-9.79%	-169.85%
TW:3499	42Neutral	TWD 632.16M	-9.05	―	―	-25.84%	-68.45%
TW:6241	40Underperform	TWD 749.03M	35.00	―	―	-6.78%	―
TW:8101	38Underperform	TWD 491.93M	-3.20	―	―	36.78%	22.59%

* General Sector Average

Performance Comparison

TW:3499 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3499	Globalsat Worldcom Corp.	11.50	-2.90	-20.14%
TW:3150	Syncomm Technology Corp.	14.30	-4.66	-24.57%
TW:6241	Amigo Technology, Inc.	16.45	0.69	4.37%
TW:6294	Tekom Technologies, Inc.	26.75	-16.88	-38.69%
TW:8101	Arima Communications Corp.	9.43	-6.77	-41.79%
TW:8176	Z-Com, Inc.	10.30	-2.59	-20.09%

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

Globalsat Worldcom Corp. AI Stock Analysis