Ablerex Electronics Co., Ltd. (3628) AI Stock Analysis

Ablerex Electronics Co., Ltd.

(TPEx:3628)

Select Model

Rating:64Neutral

Price Target:TWD 68.00▲(3.82% Upside)

Action:initiatedcoverage

Date:11/09/26

Ablerex earns an above-average score driven mainly by solid fundamentals: record revenue, nearly doubled profits, the best margins in five years, low leverage with debt-to-equity of 0.28, and a strong cash-flow rebound where free cash flow closely tracks reported earnings. Valuation is reasonable, with a 20.7x P/E supported by an attractive 5.08% dividend yield. The score is held back by clearly negative technicals — the shares trade below all key moving averages with a negative MACD — and by fundamental caveats including an inconsistent revenue track record, thin net margins and historically volatile working capital-driven cash flow. Overall, a financially sound improving manufacturer whose share price trend has yet to reflect the operational progress.

Positive Factors

Margin ExpansionSubstantial gross-margin and EBITDA-margin expansion indicates better cost control and operating leverage in the core power-electronics business. If maintained, the stronger margin structure can improve earnings resilience, support reinvestment, and provide greater flexibility when demand growth is uneven.

Negative Factors

Weak Revenue MomentumUneven and recently negative revenue growth indicates that margin gains are not yet being reinforced by consistent top-line expansion. Demand cyclicality or slower customer activity could limit operating leverage, constrain scale benefits, and make future profit improvement more dependent on cost control.

Ablerex Electronics Co., Ltd. (3628) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.07B
Dividend Yield: 4.96%
Average Volume (3M): 102.01K
Price to Earnings (P/E): 21.2
Beta (1Y): 0.84
Revenue Growth: 4.21%
EPS Growth: -24.56%
Country: TW
Employees: 159
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Ablerex Electronics Co., Ltd. Business Overview & Revenue Model

Company Description

Ablerex Electronics Co., Ltd. is a global provider specializing in the manufacturing and distribution of uninterruptible power supply (UPS) systems and diverse power quality equipment. These solutions are utilized across industrial and information te...

Ablerex Electronics Co., Ltd. Financial Statement Overview

Summary

Ablerex is in its strongest financial shape in five years. Revenue rose about 11% to a record NT$3.36 billion and net income nearly doubled to NT$180 million, with gross margin expanding every year since 2021 to 29.7% and operating margin reaching 7.5%. The balance sheet is the clear standout: debt fell to NT$479 million, debt-to-equity improved to 0.28, equity funds roughly 48% of assets, and ROE improved to 10.7%. Cash flow rebounded sharply, with operating cash flow of NT$390 million and free cash flow of NT$363 million covering about 93% of net income, signalling high earnings quality. Offsetting this are a choppy multi-year revenue record, still-thin single-digit net margins that leave little buffer for cost shocks, flat book value growth, and historically erratic cash flow driven by working capital swings.

Income Statement

73Positive

Balance Sheet

76Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.60B	3.36B	3.02B	2.93B	3.06B	2.98B
Gross Profit	1.04B	997.91M	799.08M	747.44M	723.88M	634.00M
EBITDA	354.43M	324.48M	218.16M	202.75M	227.71M	163.84M
Net Income	186.01M	180.36M	96.64M	87.69M	114.70M	72.16M
Balance Sheet
Total Assets	3.77B	3.50B	3.61B	3.34B	3.71B	3.37B
Cash, Cash Equivalents and Short-Term Investments	450.69M	420.61M	377.13M	348.53M	272.59M	282.17M
Total Debt	451.17M	479.03M	669.09M	577.88M	732.81M	787.78M
Total Liabilities	2.17B	1.81B	1.87B	1.64B	1.97B	1.87B
Stockholders Equity	1.60B	1.69B	1.72B	1.69B	1.74B	1.49B
Cash Flow
Free Cash Flow	140.09M	363.14M	38.14M	330.88M	102.09M	-240.66M
Operating Cash Flow	166.12M	390.17M	67.84M	373.06M	195.11M	-186.63M
Investing Cash Flow	-31.97M	-72.88M	-37.59M	-79.56M	-100.63M	-64.83M
Financing Cash Flow	-117.81M	-297.60M	-23.09M	-246.43M	-132.01M	237.95M

Ablerex Electronics Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3628 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3628	64Neutral	TWD 2.95B	21.21	―	4.96%	4.21%	-24.56%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1529	54Neutral	TWD 2.68B	22.76	―	3.79%	8.86%	4.67%
TW:3588	51Neutral	TWD 2.73B	36.57	―	1.13%	20.36%	223.74%
TW:6152	48Neutral	TWD 2.94B	-103.82	―	―	42.75%	―
TW:8182	43Neutral	TWD 3.26B	28.96	―	0.82%	2.58%	-14.39%

* General Sector Average

Performance Comparison

TW:3628 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3628	Ablerex Electronics Co., Ltd.	65.50	-11.52	-14.96%
TW:1529	Luxe Green Energy Technology Co., Ltd	13.20	-4.62	-25.91%
TW:3588	Leadtrend Technology Corporation	44.25	-5.58	-11.20%
TW:6152	Prime Electronics & Satellitics Inc.	17.55	8.56	95.22%
TW:7921	Recharge Power Co., Ltd.	76.20	-70.14	-47.93%
TW:8182	Harmony Electronics Corp	30.50	4.39	16.84%

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

Ablerex Electronics Co., Ltd. AI Stock Analysis