We&Win Diversification Co., Ltd. (4113) AI Stock Analysis

We&Win Diversification Co., Ltd.

(TPEx:4113)

Select Model

Rating:37Underperform

Price Target:TWD 12.00▼(-7.34% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held down by weak financial fundamentals: a 67.5% revenue decline, a swing to a NT$100 million net loss, roughly NT$2.9 billion of cash burn, and rising leverage at about 2.3x debt-to-equity that leaves limited cushion between project delivery cycles. Technicals reinforce the caution, with the price below all key moving averages and negative MACD, though oversold RSI and Stochastic readings hint at scope for a near-term bounce. Valuation is mixed: the negative P/E provides no support, while a 6.6% dividend yield and low beta offer some appeal if the next project completions arrive on schedule. The business has shown it can deliver strong profits and cash in handover years, so the current weakness may be cyclical rather than structural, but visibility and financing risk keep the overall assessment low.

Positive Factors

Proven ProfitabilityThe company has demonstrated that its operations can generate healthy profitability when demand is supportive. This provides evidence of underlying earnings potential and a base for recovery if business volumes improve, although consistency remains unproven.

Negative Factors

Revenue VolatilityThe sharp reversal from revenue growth to a roughly 68% contraction shows that demand and operating performance are highly cyclical or unstable. Such volatility makes future earnings difficult to plan, weakens operating leverage, and raises the risk of prolonged underutilization.

We&Win Diversification Co., Ltd. (4113) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.95B
Dividend Yield: 6.56%
Average Volume (3M): 237.24K
Price to Earnings (P/E): -14.8
Beta (1Y): 0.28
Revenue Growth: -90.66%
EPS Growth: -196.01%
Country: TW
Employees: 35
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

We&Win Diversification Co., Ltd. Business Overview & Revenue Model

Company Description

We & Win Diversification Co., Ltd., a company headquartered in Kaohsiung City, Taiwan, primarily focuses on the acquisition, rental, and sale of real estate properties across the island. Beyond its core property activities, the firm's operations enco...

We&Win Diversification Co., Ltd. Financial Statement Overview

Summary

Financials are weak and highly cyclical. Revenue fell about 67.5% to roughly NT$610 million and the company swung from a NT$771 million profit to a NT$100 million loss, with return on equity near -2.3%. Leverage is aggressive, with debt-to-equity climbing to about 2.3x from 1.57x as borrowings rose nearly NT$2.6 billion to fund new projects while equity eroded. Cash flow is the weakest link: operating and free cash flow were roughly -NT$2.9 billion, the largest burn in six years, funded by debt. Offsetting positives include a steady ~19.5% gross margin, near-breakeven operating profit, minimal capital spending needs, and a demonstrated ability to produce large profits and NT$2.2 billion of operating cash in delivery years such as 2024.

Income Statement

29Negative

Balance Sheet

36Negative

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	254.94M	610.17M	5.72B	518.06M	86.53M	1.44B
Gross Profit	55.77M	119.09M	1.52B	109.23M	27.40M	364.49M
EBITDA	-67.24M	3.55M	1.06B	-40.27M	-63.54M	209.24M
Net Income	-208.23M	-100.03M	770.81M	-145.73M	-144.21M	133.65M
Balance Sheet
Total Assets	16.60B	15.84B	13.20B	15.34B	14.04B	12.60B
Cash, Cash Equivalents and Short-Term Investments	312.50M	420.36M	1.34B	221.49M	854.70M	1.16B
Total Debt	10.15B	9.74B	7.10B	9.35B	8.47B	7.03B
Total Liabilities	12.42B	11.58B	8.68B	12.23B	10.78B	9.12B
Stockholders Equity	4.18B	4.27B	4.52B	3.11B	3.26B	3.49B
Cash Flow
Free Cash Flow	-1.08B	-2.93B	2.21B	-970.67M	-1.55B	141.19M
Operating Cash Flow	-1.07B	-2.92B	2.22B	-937.22M	-1.50B	141.35M
Investing Cash Flow	-56.04M	-540.36M	220.55M	77.72M	-70.79M	-10.05M
Financing Cash Flow	1.07B	2.56B	-1.60B	869.59M	1.31B	245.04M

We&Win Diversification Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4113 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1752	65Neutral	TWD 3.01B	14.70	―	5.37%	-7.50%	-23.52%
TW:1733	63Neutral	TWD 2.88B	15.13	―	4.51%	-8.15%	17.27%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6150	48Neutral	TWD 3.00B	16.83	―	0.97%	3.74%	―
TW:6875	37Underperform	TWD 3.27B	-9.27	―	―	-69.26%	-24.53%
TW:4113	37Underperform	TWD 2.99B	-14.78	―	6.56%	-90.66%	-196.01%

* General Sector Average

Performance Comparison

TW:4113 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4113	We&Win Diversification Co., Ltd.	12.95	-8.95	-40.87%
TW:1733	Apex Biotechnology Corp.	28.85	-2.52	-8.04%
TW:1752	Nang Kuang Pharmaceutical Co., Ltd.	29.80	-6.94	-18.89%
TW:6150	Tul Corporation	62.00	-9.80	-13.65%
TW:6838	Formosa Pharmaceuticals, Inc.	21.00	-6.30	-23.08%
TW:6875	Pharmosa Biopharm Inc.	25.30	-24.70	-49.40%

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

We&Win Diversification Co., Ltd. AI Stock Analysis