Zen Voce Corporation (3581) AI Stock Analysis

Zen Voce Corporation

(TPEx:3581)

Select Model

Rating:46Neutral

Price Target:TWD 73.00▼(-11.08% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by sharply negative cash flow, weak profitability, and a pronounced technical downtrend. Improved revenue growth and a stronger balance sheet provide some support, but the elevated P/E and low dividend yield limit the stock's overall attractiveness.

Positive Factors

Revenue RecoveryThe return to revenue growth indicates demand recovered after two weaker years, providing a foundation for renewed operating scale. If maintained, this rebound can support better capacity utilization and give management an opportunity to rebuild profitability over the next several quarters.

Negative Factors

Weak Cash GenerationNegative operating and free cash flow show that reported profitability is not currently converting into cash, weakening financial quality. Persistent cash shortfalls could restrict internally funded investment, increase dependence on financing, and make future earnings less durable.

Zen Voce Corporation (3581) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.21B
Dividend Yield: 0.73%
Average Volume (3M): 670.81K
Price to Earnings (P/E): 35.4
Beta (1Y): 2.41
Revenue Growth: 29.43%
EPS Growth: ―
Country: TW
Employees: 114
Sector: General
Sector Strength: 55
Industry: Semiconductors

Zen Voce Corporation Business Overview & Revenue Model

Company Description

Zen Voce Corporation, established in 1999 and headquartered in Hsinchu, Taiwan, operates globally as a prominent designer, manufacturer, and distributor of semiconductor assembly and testing equipment. Formerly known as Trutek Cooperation, the compan...

Zen Voce Corporation Financial Statement Overview

Summary

Revenue and net income grew, and leverage improved, but modest profitability and sharply negative operating and free cash flow materially weaken financial quality.

Income Statement

55Neutral

Balance Sheet

68Positive

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.76B	1.57B	1.38B	1.46B	1.51B	1.31B
Gross Profit	567.29M	497.99M	458.48M	434.62M	566.57M	523.67M
EBITDA	172.49M	137.27M	145.95M	127.97M	173.84M	188.02M
Net Income	133.51M	41.07M	30.83M	27.90M	64.14M	107.68M
Balance Sheet
Total Assets	2.47B	2.03B	2.02B	1.96B	2.07B	1.90B
Cash, Cash Equivalents and Short-Term Investments	721.02M	704.84M	732.97M	792.13M	667.53M	646.79M
Total Debt	438.74M	384.44M	436.45M	512.35M	507.89M	470.64M
Total Liabilities	1.40B	970.57M	1.00B	984.96M	1.10B	959.17M
Stockholders Equity	905.22M	884.64M	859.73M	841.88M	853.26M	821.23M
Cash Flow
Free Cash Flow	4.14M	-28.60M	-1.44M	102.33M	51.46M	56.02M
Operating Cash Flow	18.77M	-13.28M	12.11M	129.03M	138.85M	80.51M
Investing Cash Flow	-48.76M	65.08M	-28.23M	52.40M	-112.28M	75.04M
Financing Cash Flow	-2.38M	-85.70M	-102.03M	-28.20M	14.11M	-7.55M

Zen Voce Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3581 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6201	72Outperform	TWD 4.13B	12.25	―	6.70%	-4.99%	-16.25%
TW:5225	69Neutral	TWD 3.43B	6.55	―	16.50%	-8.09%	-73.34%
TW:6625	68Neutral	TWD 3.91B	6.79	―	7.29%	25.93%	55.24%
TW:2488	67Neutral	TWD 3.88B	10.09	―	6.19%	8.22%	-3.59%
TW:2477	56Neutral	TWD 3.33B	23.80	―	6.67%	6.09%	-56.35%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3581	46Neutral	TWD 4.19B	35.43	―	0.73%	29.43%	―

* General Sector Average

Performance Comparison

TW:3581 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3581	Zen Voce Corporation	82.10	28.14	52.16%
TW:2477	Meiloon Industrial Co., Ltd.	21.00	-1.25	-5.62%
TW:2488	Hanpin Electron Co., Ltd.	48.45	4.08	9.19%
TW:5225	Eastech Holding Limited	43.70	-52.89	-54.76%
TW:6201	Ya Horng Electronic Co.,Ltd	46.30	-6.45	-12.23%
TW:6625	B'In Live Co., Ltd.	68.60	-9.97	-12.69%

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

Zen Voce Corporation AI Stock Analysis