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AzureWave Technologies, Inc. (3694) AI Stock Analysis

TW:3694

AzureWave Technologies, Inc.

(TWSE:3694)

Select Model
Rating:70Outperform
Price Target:TWD 43.00â–²(6.30% Upside)
Action:initiatedcoverage
Date:11/10/26

Solid financial performance with improving margins and a robust low-debt balance sheet is the primary driver. Attractive valuation with low P/E and high dividend yield provides further support, while bearish technical trends from price action below moving averages and negative MACD weigh on the score.

Positive Factors
Conservative balance sheetAzureWave has materially reduced leverage while steadily building equity, giving the business stronger financial flexibility. The low debt burden can support resilience through weaker periods and preserve capacity to fund operations, investment, or shareholder returns over the next several quarters.
Negative Factors
Choppy revenue trajectoryThe uneven multi-year revenue path indicates that demand and growth have not been consistently durable. Although 2025 improved, repeated periods of contraction can limit operating leverage, make earnings planning less predictable, and increase reliance on a sustained recovery in subsequent quarters.

AzureWave Technologies, Inc. (3694) vs. SPDR S&P 500 ETF (SPY)

-40%-30%-20%-10%0%10%20%TW:3694-35.95%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 6.29B
Dividend Yield
5.69%
Average Volume (3M)
556.39K
Price to Earnings (P/E)
10.1
Beta (1Y)
1.12
Revenue Growth
15.44%
EPS Growth
18.33%
Country
TW
Employees
4,800
Sector
General
Sector Strength
55
Industry
Communication Equipment

AzureWave Technologies, Inc. Business Overview & Revenue Model

Company Description

AzureWave Technologies, Inc. engages in the manufacture and sale of wireless connectivity and image processing solutions worldwide. The company offers wireless modules, including M.2 socket type, M.2 solder-own, solder-down stamp, wireless IOT module...

AzureWave Technologies, Inc. Financial Statement Overview

Summary

Improved profitability with revenue rebound and margin expansion; strong balance sheet with minimal debt supports stability, despite some cash flow volatility.

Income Statement

76Positive

Balance Sheet

87Very Positive

Cash Flow

62Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue11.86B11.41B9.25B9.53B10.07B11.45B
Gross Profit1.69B1.67B1.34B1.27B1.24B1.21B
EBITDA850.83M999.88M791.96M758.34M788.45M820.95M
Net Income612.76M615.19M417.02M333.44M295.12M308.88M
Balance Sheet
Total Assets8.16B7.17B6.28B5.52B5.64B6.40B
Cash, Cash Equivalents and Short-Term Investments2.24B2.49B2.17B1.17B477.01M273.93M
Total Debt552.74M348.67M155.81M208.06M558.34M1.32B
Total Liabilities4.50B3.51B2.87B2.57B3.02B4.32B
Stockholders Equity3.66B3.67B3.40B2.95B2.62B2.09B
Cash Flow
Free Cash Flow526.78M529.29M1.13B1.16B917.72M-633.55M
Operating Cash Flow793.94M801.08M1.38B1.23B1.07B-122.39M
Investing Cash Flow85.84M-330.54M-271.15M-89.41M-146.29M-358.32M
Financing Cash Flow-105.99M-61.53M-231.78M-426.67M-797.51M299.10M

AzureWave Technologies, Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:3694 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:3169TW:316971OutperformTWD 5.84B24.14―3.45%4.81%4.09%
TW:3694TW:369470OutperformTWD 6.47B10.10―5.69%15.44%18.33%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:3558TW:355845NeutralTWD 6.20B50.48―2.90%-3.32%-69.25%
TW:8040TW:804044NeutralTWD 6.60B787.78――13.49%―
TW:3062TW:306243NeutralTWD 6.39B-9.39――-1.21%-212.49%

* General Sector Average

Performance Comparison

0%50%100%150%TW:3694TW:3062TW:3169TW:3558TW:7689TW:8040Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:3694 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:3694AzureWave Technologies, Inc.40.45-23.18-36.43%
TW:3062CyberTAN Technology, Inc.18.60-6.75-26.63%
TW:3169Asix Electronics Co. Ltd.92.806.097.03%
TW:3558Senao Networks, Inc.103.50-26.92-20.64%
TW:7689Climax Technology Co., Ltd.100.00-67.24-40.20%
TW:8040IC Plus Corp.70.2020.4040.96%
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