Ways Technical Corp., Ltd (3508) AI Stock Analysis

Ways Technical Corp., Ltd

(TPEx:3508)

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Rating:26Underperform

Price Target:TWD 17.50▼(-12.28% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is driven primarily by weak fundamentals: persistent operating and net losses, a gross margin too thin to cover operating expenses, equity that has halved since 2020, leverage that has risen to 1.66x debt-to-equity, and cash burn in five of the past six years. Technicals add further pressure, with the price below all key moving averages and a negative MACD, though RSI and Stochastic readings suggest the selling is becoming stretched. Valuation provides no cushion, as the P/E is negative on loss-making earnings and no dividend is paid. The main positives — a ~28% revenue rebound, three straight years of gross margin improvement and a stabilising cash burn — are early-stage and not yet sufficient to offset the structural risks, leaving this a speculative, turnaround-dependent situation.

Positive Factors

Revenue RecoveryThe sharp year-over-year revenue increase indicates renewed demand or project activity after weaker performance in 2024. If maintained, a larger revenue base could improve operating leverage and provide a foundation for restoring profitability over the next several quarters.

Negative Factors

Persistent LossesRepeated annual losses show that the business has not yet established a durable profit model. Continued negative earnings can erode equity, restrict reinvestment capacity, and make the company more dependent on financing or operational improvement to create shareholder value.

Ways Technical Corp., Ltd (3508) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.09B
Dividend Yield: ―
Average Volume (3M): 349.92K
Price to Earnings (P/E): -19.2
Beta (1Y): 0.33
Revenue Growth: 8.99%
EPS Growth: 23.77%
Country: TW
Employees: 1,535
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Ways Technical Corp., Ltd Business Overview & Revenue Model

Company Description

Ways Technical Corp., Ltd., established in 2001 and headquartered in Taoyuan City, Taiwan, is a diversified manufacturing and service company. The company specializes in the production and processing of plastic consumer goods, alongside providing sur...

Ways Technical Corp., Ltd Financial Statement Overview

Summary

All three statements point to a high-risk, turnaround-dependent profile. The company has been loss-making every year of the reported period, with an operating loss of NT$188 million and a net loss of NT$156 million (net margin near -19%) on revenue of roughly NT$828 million. Gross margin of just 5.8% is far too thin to cover operating costs, making the losses structural. Equity has more than halved since 2020 to NT$502 million while debt remains around NT$835 million, pushing debt-to-equity to 1.66 and ROE to about -31%. Operating cash flow was negative NT$66 million and free cash flow negative NT$102 million, with cash burn in five of the past six years. The offsets — a ~28% revenue rebound, three consecutive years of gross margin improvement, and a cash burn that is no longer widening — are genuine but start from a very low base.

Income Statement

10Very Negative

Balance Sheet

20Very Negative

Cash Flow

13Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	823.09M	827.92M	649.19M	770.05M	1.21B	1.33B
Gross Profit	49.82M	47.91M	22.21M	9.64M	56.08M	129.88M
EBITDA	-63.20M	-107.74M	-58.95M	-91.69M	-85.90M	39.77M
Net Income	-98.53M	-155.66M	-167.25M	-196.95M	-202.88M	-90.98M
Balance Sheet
Total Assets	2.77B	2.63B	2.78B	2.91B	2.87B	3.19B
Cash, Cash Equivalents and Short-Term Investments	477.95M	393.01M	556.30M	652.71M	713.52M	619.42M
Total Debt	882.40M	834.72M	861.07M	863.75M	630.22M	691.98M
Total Liabilities	2.30B	2.21B	2.22B	2.19B	2.04B	2.18B
Stockholders Equity	549.46M	501.70M	636.31M	790.00M	901.84M	1.08B
Cash Flow
Free Cash Flow	-104.71M	-101.81M	-97.48M	-103.25M	138.90M	-170.08M
Operating Cash Flow	-98.33M	-65.72M	-74.15M	-85.99M	152.71M	-135.76M
Investing Cash Flow	-8.54M	-40.56M	58.42M	-113.74M	-19.19M	57.54M
Financing Cash Flow	161.72M	-17.58M	-50.86M	201.52M	-50.10M	-31.74M

Ways Technical Corp., Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3508 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4561	46Neutral	TWD 2.30B	25.58	―	0.46%	0.82%	64.72%
TW:1586	45Neutral	TWD 2.19B	45.51	―	1.63%	4.79%	―
TW:3178	42Neutral	TWD 2.49B	62.59	―	0.91%	2.22%	6041.77%
TW:2239	40Underperform	TWD 2.09B	-1.93	―	―	-10.18%	-223.51%
TW:4534	35Underperform	TWD 2.15B	53.16	―	―	15.46%	―
TW:3508	26Underperform	TWD 2.23B	-19.24	―	―	8.99%	23.77%

* General Sector Average

Performance Comparison

TW:3508 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3508	Ways Technical Corp., Ltd	19.95	-3.15	-13.64%
TW:1586	China Fineblanking Technology Co., Ltd.	17.80	-9.54	-34.88%
TW:2239	Cayman Engley Industrial Co., Ltd.	17.75	-10.95	-38.15%
TW:3178	Gongin Precision Industrial Co., Ltd.	60.70	10.50	20.92%
TW:4534	Trinity Precision Technology Co., Ltd.	32.11	13.18	69.66%
TW:4561	Kenturn Nano Tec Co., Ltd.	43.25	7.35	20.46%

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

Ways Technical Corp., Ltd AI Stock Analysis