In Win Development Inc. (6117) AI Stock Analysis

In Win Development Inc.

(TWSE:6117)

Select Model

Rating:62Neutral

Price Target:TWD 59.00▼(-2.32% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is anchored by solid fundamentals: rising revenue, sharply improved gross and operating margins, and strong, high-quality operating cash flow following a successful turnaround from losses. This is partly offset by a materially more leveraged balance sheet (debt-to-equity 1.29x), negative free cash flow from a heavy capex cycle, and a slight dip in net profit. An undemanding P/E near 12 and a 3.6% dividend yield add support, but weak technicals — price below all key moving averages with negative MACD — indicate a persistent downtrend, even though deeply oversold RSI and stochastic readings suggest scope for a near-term bounce. Net result is a moderately positive profile where fundamental and valuation strengths are tempered by balance-sheet risk and poor price momentum.

Positive Factors

Improved Profitability and MarginsThe company has recovered from losses in 2020–2021 and now operates with materially stronger margins. Higher gross, operating, and net profitability indicates improved pricing, product mix, or cost control, creating a more durable earnings base over the next several quarters.

Negative Factors

Higher Balance-Sheet LeverageThe sharp increase in leverage reduces financial flexibility and makes the business more sensitive to refinancing costs and interest-rate conditions. If demand weakens, the higher debt burden could constrain investment, distributions, and the ability to absorb operating volatility.

In Win Development Inc. (6117) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.56B
Dividend Yield: 3.31%
Average Volume (3M): 410.14K
Price to Earnings (P/E): 12.9
Beta (1Y): 0.81
Revenue Growth: 13.66%
EPS Growth: 69.40%
Country: TW
Employees: 6,102
Sector: General
Sector Strength: 55
Industry: Computer Hardware

In Win Development Inc. Business Overview & Revenue Model

Company Description

In Win Development Inc. engages in processing, manufacturing, and trading of computer and peripheral equipment, and plastic products in Europe, the United States, Japan, Taiwan, and internationally. The company offers gaming and computer chassis, gam...

In Win Development Inc. Financial Statement Overview

Summary

In Win Development has delivered a convincing multi-year turnaround: revenue grew to about NT$3.22 billion (+12% after a +22% prior year), gross margin nearly doubled to 29.9%, operating margin reached 14.5%, and operating cash flow rose for a fourth straight year to NT$606 million — about 1.7x net income, signalling high-quality, cash-backed earnings (Income Statement 78, Cash Flow 61). Offsetting this, the balance sheet has become notably more leveraged (Balance Sheet 56): borrowings jumped roughly 85% to NT$2.86 billion, debt-to-equity rose to 1.29x from 0.83x, free cash flow swung to negative NT$265 million on NT$870 million of capex, and net income slipped slightly to NT$346 million despite stronger operating profit. The core business is clearly healthier, but the debt-funded expansion leaves less cushion if hardware demand softens.

Income Statement

78Positive

Balance Sheet

56Neutral

Cash Flow

61Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.34B	3.22B	2.88B	2.37B	2.40B	2.31B
Gross Profit	1.08B	963.87M	855.67M	553.19M	473.55M	388.31M
EBITDA	899.05M	745.67M	647.59M	329.37M	265.59M	73.61M
Net Income	436.94M	346.03M	368.41M	90.63M	54.73M	-100.11M
Balance Sheet
Total Assets	6.59B	5.89B	4.12B	3.65B	3.54B	3.81B
Cash, Cash Equivalents and Short-Term Investments	841.29M	908.64M	660.54M	660.40M	573.71M	574.70M
Total Debt	3.35B	2.86B	1.55B	1.68B	1.87B	2.07B
Total Liabilities	4.37B	3.66B	2.25B	2.43B	2.40B	2.75B
Stockholders Equity	2.22B	2.22B	1.86B	1.21B	1.13B	1.06B
Cash Flow
Free Cash Flow	-361.53M	-265.26M	207.75M	341.29M	168.31M	-496.92M
Operating Cash Flow	799.63M	605.57M	543.08M	449.81M	349.08M	-57.26M
Investing Cash Flow	-1.10B	-916.41M	-490.48M	-110.83M	-173.55M	-437.55M
Financing Cash Flow	283.60M	535.55M	-93.05M	-250.29M	-192.55M	451.33M

In Win Development Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6117 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3577	68Neutral	TWD 5.37B	16.44	―	2.38%	32.35%	164.06%
TW:3310	62Neutral	TWD 4.74B	17.31	―	5.39%	19.95%	5.00%
TW:6117	62Neutral	TWD 5.57B	12.94	―	3.31%	13.66%	69.40%
TW:6922	58Neutral	TWD 5.00B	15.74	―	2.62%	34.63%	57.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2413	51Neutral	TWD 5.84B	16.63	―	1.04%	7.73%	―
TW:8076	49Neutral	TWD 5.00B	129.28	―	3.90%	31.21%	―

* General Sector Average

Performance Comparison

TW:6117 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6117	In Win Development Inc.	60.40	-16.04	-20.98%
TW:2413	Universal Microelectronics Co., Ltd.	47.90	27.24	131.84%
TW:3310	Chialin Precision Industrial Co., Ltd.	64.90	4.67	7.75%
TW:3577	ICP Das Co., Ltd.	84.00	23.92	39.82%
TW:6922	Neousys Technology, Inc.	184.00	-7.40	-3.86%
TW:8076	Firich Enterprises Co. Ltd.	17.95	-5.62	-23.84%

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

In Win Development Inc. AI Stock Analysis