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Unitech Electronic Co., Ltd. (3652) AI Stock Analysis

TW:3652

Unitech Electronic Co., Ltd.

(TWSE:3652)

Select Model
Rating:72Outperform
Price Target:TWD 33.00â–²(10.18% Upside)
Action:initiatedcoverage
Date:11/10/26

The score is primarily supported by a strong, conservatively financed balance sheet and attractive valuation. Positive revenue growth and profitability also help, while declining cash flow, operating-margin pressure, and weak technical momentum limit the overall score.

Positive Factors
Conservative balance sheetVery low leverage gives Unitech substantial financial flexibility and reduces exposure to interest costs or refinancing pressure. A strong equity base can help the company withstand cyclical electronics demand and continue funding operations without relying heavily on additional borrowing.
Negative Factors
Cash flow volatilityAlthough cash generation remained positive, the sharp year-over-year deterioration shows that earnings do not consistently convert into free cash flow. Persistent variability could reduce internally funded investment capacity, make working-capital management more important, and weaken resilience during softer demand periods.

Unitech Electronic Co., Ltd. (3652) vs. SPDR S&P 500 ETF (SPY)

-20%-10%0%10%20%30%40%50%TW:3652+5.64%SPY+10.92%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 2.30B
Dividend Yield
3.99%
Average Volume (3M)
245.90K
Price to Earnings (P/E)
14.2
Beta (1Y)
0.82
Revenue Growth
13.45%
EPS Growth
57.12%
Country
TW
Employees
421
Sector
General
Sector Strength
55
Industry
Computer Hardware

Unitech Electronic Co., Ltd. Business Overview & Revenue Model

Company Description

Unitech Electronics Co., Ltd., a subsidiary operating under Unitech Computer Co., Ltd., specializes in the global development, manufacturing, and distribution of automatic identification and data capture (AIDC) solutions. Headquartered in New Taipei...

Unitech Electronic Co., Ltd. Financial Statement Overview

Summary

Strong balance sheet with low debt and substantial equity, supported by 23.4% revenue growth and positive profitability. The score is reduced by declining operating and free cash flow, thinner margins, and weaker cash conversion.

Income Statement

72Positive

Balance Sheet

91Very Positive

Cash Flow

58Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue2.65B2.45B2.44B2.24B2.35B2.36B
Gross Profit887.58M785.00M783.49M727.45M762.87M750.52M
EBITDA215.75M183.76M196.54M128.30M192.17M153.80M
Net Income155.00M100.98M93.85M40.61M91.33M51.44M
Balance Sheet
Total Assets2.74B2.62B2.55B2.38B2.50B2.32B
Cash, Cash Equivalents and Short-Term Investments903.19M984.02M979.74M858.54M875.86M754.89M
Total Debt47.43M61.28M69.31M85.36M108.66M39.63M
Total Liabilities807.14M685.42M664.13M564.79M678.94M574.97M
Stockholders Equity1.93B1.94B1.88B1.81B1.82B1.74B
Cash Flow
Free Cash Flow46.60M77.71M163.70M74.05M151.30M45.72M
Operating Cash Flow87.13M109.66M195.53M124.81M199.15M92.05M
Investing Cash Flow45.14M-532.72M371.87M-458.19M203.57M-295.07M
Financing Cash Flow-75.48M-76.62M-57.10M-82.68M-61.12M490.46M

Unitech Electronic Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:3652 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:2471TW:247180OutperformTWD 2.57B11.26―6.09%9.46%85.40%
TW:3652TW:365272OutperformTWD 2.25B14.19―3.99%13.45%57.12%
TW:6123TW:612364NeutralTWD 2.46B12.51―8.87%-7.12%11.08%
TW:8011TW:801160NeutralTWD 2.29B19.05―4.96%-12.34%-75.40%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:3306TW:330655NeutralTWD 2.30B13.90―3.74%4.06%37.43%
TW:5484TW:548433UnderperformTWD 2.03B22.36――77.09%―

* General Sector Average

Performance Comparison

-20%0%20%40%TW:3652TW:2471TW:3306TW:5484TW:6123TW:8011Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:3652 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:3652Unitech Electronic Co., Ltd.29.951.896.73%
TW:2471Ares International Corp.54.406.0912.60%
TW:3306RoyalTek Co. Ltd.45.45-4.24-8.53%
TW:5484EverFocus Electronics Co. Ltd.30.35-7.85-20.55%
TW:6123GrandTech C.G. Systems, Inc.40.60-7.93-16.33%
TW:8011Tai Tung Communication Co., Ltd.14.10-7.11-33.53%
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