Macnica Anstek Inc. (3528) AI Stock Analysis

Macnica Anstek Inc.

(TWSE:3528)

Select Model

Rating:44Neutral

Price Target:TWD 67.00▼(-1.76% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is low, driven primarily by a severe cash flow deficit and high leverage, which overshadow revenue growth. Bearish technical trends with the stock trading below all major moving averages and weak momentum further pressure the score. A low P/E ratio offers some valuation support but is insufficient to offset the fundamental and technical risks.

Positive Factors

Revenue ReaccelerationThe strong 2025 revenue rebound shows that the company can regain top-line momentum after a softer period. Sustained demand recovery across its distribution activities could improve operating leverage and provide a broader base for rebuilding earnings over the next several quarters.

Negative Factors

Margin CompressionThe sharp decline in net margin indicates that the 2025 revenue recovery did not translate proportionately into earnings. Persistent margin pressure would reduce the benefit of future sales growth, constrain reinvestment capacity, and leave profitability more sensitive to changes in the distribution environment.

Macnica Anstek Inc. (3528) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.58B
Dividend Yield: 2.02%
Average Volume (3M): 222.66K
Price to Earnings (P/E): 7.5
Beta (1Y): 1.11
Revenue Growth: 89.77%
EPS Growth: 2019.96%
Country: TW
Employees: 179
Sector: General
Sector Strength: 55
Industry: Technology Distributors

Macnica Anstek Inc. Business Overview & Revenue Model

Company Description

Macnica Anstek Inc. is a technology-oriented distributor of semiconductor ICs and embedded solutions in Taiwan. The company has evolved from a traditional distributor into a solutions partner with system integration expertise, focusing on AI, industr...

Macnica Anstek Inc. Financial Statement Overview

Summary

Financial performance is weak. The income statement shows revenue growth but severe margin compression (net margin 1.7%). The balance sheet is highly leveraged (D/E 1.86x) with declining ROE. Most critically, cash flow is deeply negative (-TWD 1.54B FCF) despite reported profits, indicating poor earnings quality and potential liquidity risk.

Income Statement

65Positive

Balance Sheet

42Neutral

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.04B	8.96B	5.29B	6.30B	6.41B	6.28B
Gross Profit	1.44B	998.82M	686.56M	695.57M	1.01B	759.29M
EBITDA	1.28B	637.69M	427.22M	314.03M	535.02M	414.77M
Net Income	605.91M	152.97M	277.45M	109.83M	373.99M	300.07M
Balance Sheet
Total Assets	14.65B	9.17B	6.74B	6.37B	6.74B	5.02B
Cash, Cash Equivalents and Short-Term Investments	948.83M	801.46M	1.89B	622.42M	553.65M	591.58M
Total Debt	5.68B	3.59B	2.98B	2.04B	2.11B	1.32B
Total Liabilities	12.38B	7.24B	4.77B	4.56B	4.78B	3.17B
Stockholders Equity	2.28B	1.93B	1.97B	1.81B	1.96B	1.85B
Cash Flow
Free Cash Flow	-2.96B	-1.54B	368.77M	396.33M	-775.77M	-520.14M
Operating Cash Flow	-2.95B	-1.53B	376.44M	418.71M	-754.52M	-510.53M
Investing Cash Flow	8.09M	45.62M	61.39M	-16.08M	192.63M	27.61M
Financing Cash Flow	3.60B	392.25M	829.51M	-333.85M	523.96M	640.39M

Macnica Anstek Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3528 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3093	61Neutral	TWD 5.50B	33.00	―	2.82%	-27.55%	-23.76%
TW:6922	58Neutral	TWD 5.00B	15.74	―	2.62%	34.63%	57.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4952	53Neutral	TWD 4.54B	17.49	―	2.42%	20.23%	125.35%
TW:6224	45Neutral	TWD 5.15B	50.58	―	2.07%	-8.16%	-47.96%
TW:3528	44Neutral	TWD 4.86B	7.47	―	2.02%	89.77%	2019.96%
TW:3138	42Neutral	TWD 4.48B	72.82	―	1.93%	5.96%	-5.95%

* General Sector Average

Performance Comparison

TW:3528 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3528	Macnica Anstek Inc.	68.20	1.13	1.68%
TW:3093	Taiwan Kong King Co. Ltd.	40.85	16.92	70.73%
TW:3138	Auden Techno Corp.	80.10	-5.28	-6.18%
TW:4952	Generalplus Technology Inc.	41.25	4.49	12.23%
TW:6224	Polytronics Technology Corp.	60.30	15.69	35.17%
TW:6922	Neousys Technology, Inc.	184.00	-11.78	-6.02%

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

Macnica Anstek Inc. AI Stock Analysis