HannStar Board Corp. (5469) AI Stock Analysis

HannStar Board Corp.

(TWSE:5469)

Select Model

Rating:54Neutral

Price Target:TWD 65.00▼(-15.03% Downside)

Action:initiatedcoverage

Date:11/09/26

HannStar Board scores in the lower-middle range. The dominant factor is a mixed financial profile: a strong volume-driven revenue recovery to record levels has not translated into earnings growth, as margins compressed sharply and returns on equity fell to single digits, while a debt-funded capex program has lifted leverage above a 1:1 debt-to-equity ratio and thinned the cash-flow cushion. Technicals are the second drag, with the share price trading well below all major moving averages and a negative MACD, though momentum readings suggest the selling is becoming stretched. Partially offsetting these risks is an inexpensive valuation at 12.6x earnings paired with a near-4% dividend yield. The investment case hinges on whether the newly added capacity eventually restores margins.

Positive Factors

Revenue RecoveryThe 2025 revenue rebound indicates that HannStar Board retains meaningful demand for its PCB products across its served markets. A return to growth improves operating scale and provides a foundation for restoring earnings, provided the company can prevent further margin erosion as sales expand.

Negative Factors

Margin CompressionThe sustained decline in net margin shows that higher revenue is not translating proportionally into earnings. Weaker operating profitability and slightly lower net income despite increased sales point to continuing cost, pricing, or product-mix pressure that could limit earnings recovery.

HannStar Board Corp. (5469) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 37.51B
Dividend Yield: 3.30%
Average Volume (3M): 2.38M
Price to Earnings (P/E): 14.8
Beta (1Y): 1.01
Revenue Growth: 31.04%
EPS Growth: -20.68%
Country: TW
Employees: 24,339
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

HannStar Board Corp. Business Overview & Revenue Model

Company Description

HannStar Board Corporation, headquartered in Taoyuan City, Taiwan, specializes in the production and distribution of printed circuit boards (PCBs). These essential components find application in a diverse array of electronic products, such as game co...

HannStar Board Corp. Financial Statement Overview

Summary

A blend of the Income Statement (57), Balance Sheet (48) and Cash Flow (60) scores. Revenue rebounded roughly 37% to a record NT$57.2 billion in 2025, but margin compression (gross margin 24.4%→19.7%, operating margin 19.0%→10.6%) left net income flat at NT$2.92 billion. Operating cash flow of NT$7.24 billion and free cash flow of NT$4.0 billion remain dependable, yet heavy capex has been funded with debt that has climbed to NT$36.8 billion, pushing debt-to-equity above 1.0x for the first time and cutting operating cash flow coverage of debt to ~17% from 41% in 2023. ROE has drifted down to 8.1%. Growing scale and solid cash generation are offset by weakening profitability and rising balance-sheet risk.

Income Statement

57Neutral

Balance Sheet

48Neutral

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	63.63B	57.23B	41.63B	42.98B	47.69B	57.00B
Gross Profit	10.83B	11.28B	10.18B	10.73B	9.36B	11.24B
EBITDA	8.43B	9.32B	10.30B	10.63B	9.59B	10.30B
Net Income	2.63B	2.92B	3.01B	2.68B	4.64B	5.86B
Balance Sheet
Total Assets	152.28B	112.24B	89.41B	78.40B	75.86B	77.45B
Cash, Cash Equivalents and Short-Term Investments	29.44B	28.07B	24.56B	22.01B	23.40B	16.08B
Total Debt	40.03B	36.77B	26.77B	20.65B	21.04B	19.96B
Total Liabilities	66.75B	58.65B	42.00B	33.91B	35.91B	37.49B
Stockholders Equity	61.92B	36.29B	32.20B	30.62B	27.45B	28.40B
Cash Flow
Free Cash Flow	-1.45B	3.99B	3.61B	8.64B	7.93B	3.31B
Operating Cash Flow	3.40B	7.24B	7.13B	9.97B	9.05B	5.50B
Investing Cash Flow	-4.74B	-9.47B	-9.53B	-10.25B	-764.45M	-3.09B
Financing Cash Flow	-1.77B	3.96B	3.65B	-2.68B	-986.04M	-118.95M

HannStar Board Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5469 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2328	61Neutral	TWD 24.34B	1.23	―	1.90%	-13.85%	-78.67%
TW:6672	58Neutral	TWD 41.33B	72.55	―	0.64%	54.27%	161.52%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5469	54Neutral	TWD 35.64B	14.80	―	3.30%	31.04%	-20.68%
TW:2367	44Neutral	TWD 26.41B	-51.36	―	0.51%	96.36%	-186.89%
TW:3715	40Underperform	TWD 33.75B	-123.68	―	0.83%	42.69%	-138.02%
TW:6269	38Underperform	TWD 24.68B	-12.09	―	―	0.61%	3.25%

* General Sector Average

Performance Comparison

TW:5469 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5469	HannStar Board Corp.	76.50	-16.41	-17.66%
TW:2328	Pan-International Industrial Corp.	47.40	-2.56	-5.12%
TW:2367	Unitech Printed Circuit Board Corp.	39.55	13.69	52.96%
TW:3715	Dynamic Holding Co Ltd	130.50	1.04	0.80%
TW:6269	Flexium Interconnect, Inc.	79.50	25.80	48.04%
TW:6672	Ventec International Group Co., Ltd.	525.00	434.49	480.07%

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

HannStar Board Corp. AI Stock Analysis