Well Shin Technology Co., Ltd. (3501) AI Stock Analysis

Well Shin Technology Co., Ltd.

(TWSE:3501)

Select Model

Rating:59Neutral

Price Target:TWD 36.00▲(3.30% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily supported by a strong balance sheet and attractive dividend yield, but profitability deterioration, persistently negative free cash flow, and bearish technical momentum weigh materially on the outlook.

Positive Factors

Conservative Balance SheetLow leverage and a substantial equity base provide financial resilience as the company navigates weaker profitability. This balance-sheet capacity can support ongoing operations and selective investment while reducing dependence on external financing and limiting the impact of financial stress.

Negative Factors

Revenue ContractionThe reversal from strong 2024 growth to a 2025 revenue decline signals uneven demand or business performance. Continued top-line weakness would reduce operating leverage, limit the ability to absorb fixed costs, and make a sustained recovery in profitability more difficult.

Well Shin Technology Co., Ltd. (3501) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.22B
Dividend Yield: 5.74%
Average Volume (3M): 136.77K
Price to Earnings (P/E): 20.1
Beta (1Y): 0.47
Revenue Growth: -5.37%
EPS Growth: -59.67%
Country: TW
Employees: 4,790
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Well Shin Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Well Shin Technology Co., Ltd. is a Taiwan-based enterprise that specializes in the development and global distribution of electrical connectivity solutions, with a primary focus on household power cords and related accessories. Their extensive produ...

Well Shin Technology Co., Ltd. Financial Statement Overview

Summary

A strong balance sheet supports the score, but weaker revenue and margins, higher debt, declining return on equity, and negative free cash flow limit financial strength.

Income Statement

55Neutral

Balance Sheet

80Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.23B	5.54B	5.92B	5.33B	6.16B	5.58B
Gross Profit	913.87M	1.11B	1.43B	1.27B	1.41B	1.07B
EBITDA	430.73M	558.54M	1.09B	759.03M	1.15B	652.64M
Net Income	204.88M	354.49M	723.44M	507.51M	759.54M	345.31M
Balance Sheet
Total Assets	9.93B	9.62B	9.18B	8.25B	8.68B	8.33B
Cash, Cash Equivalents and Short-Term Investments	2.09B	2.43B	2.25B	2.46B	2.10B	1.84B
Total Debt	803.17M	930.14M	210.15M	91.53M	480.22M	679.00M
Total Liabilities	2.90B	2.67B	2.08B	1.71B	2.09B	2.38B
Stockholders Equity	7.03B	6.95B	7.11B	6.54B	6.59B	5.95B
Cash Flow
Free Cash Flow	-676.27M	-370.82M	-49.13M	1.44B	592.77M	-495.56M
Operating Cash Flow	-203.63M	803.68M	152.67M	1.50B	701.67M	-416.11M
Investing Cash Flow	-283.30M	-881.04M	-630.85M	-286.91M	-199.52M	203.78M
Financing Cash Flow	-213.92M	225.07M	-225.16M	-875.65M	-438.60M	-32.65M

Well Shin Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3501 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6201	72Outperform	TWD 4.13B	12.20	―	6.72%	-4.99%	-16.25%
TW:6203	70Outperform	TWD 4.14B	7.47	―	8.06%	3.95%	341.92%
TW:6205	59Neutral	TWD 4.61B	22.83	―	2.62%	-3.83%	30.23%
TW:3501	59Neutral	TWD 4.09B	20.14	―	5.74%	-5.37%	-59.67%
TW:1603	58Neutral	TWD 4.65B	10.50	―	6.83%	5.03%	-20.15%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3712	24Underperform	TWD 4.17B	-1.26	―	17.70%	-17.79%	-192.55%

* General Sector Average

Performance Comparison

TW:3501 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3501	Well Shin Technology Co., Ltd.	34.85	-11.55	-24.90%
TW:1603	China Wire & Cable Co., Ltd.	29.30	-7.44	-20.25%
TW:3712	FIT Holding Co., Ltd.	16.90	-16.55	-49.48%
TW:6201	Ya Horng Electronic Co.,Ltd	46.10	-7.02	-13.22%
TW:6203	Sea Sonic Electronics Co., Ltd.	49.60	-24.11	-32.71%
TW:6205	Chant Sincere Co., Ltd.	57.30	18.09	46.15%

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 10, 2026

Well Shin Technology Co., Ltd. AI Stock Analysis