Caswell, Inc. (6416) AI Stock Analysis

Caswell, Inc.

(TWSE:6416)

Select Model

Rating:56Neutral

Price Target:TWD 100.00▼(-6.54% Downside)

Action:initiatedcoverage

Date:11/09/26

Caswell earns a below-average score. The core issue is a stable but stagnant business: solid, conservative capitalization and consistently positive earnings are offset by revenue still below its 2020 peak, two consecutive years of declining net income, eroding returns on equity, and erratic operating cash flow. Technicals are the biggest near-term drag — the price has fallen below all shorter-term moving averages with a negative MACD, and although oversold readings (RSI 27, Stochastic 10) hint at a possible bounce, the trend is clearly negative. Valuation is neutral: an 18.8x P/E is not cheap for a shrinking earnings base, though the 2.9% dividend yield, backed by strong free-cash-flow conversion and light capex, provides some support. Investors should look for evidence of revenue growth and margin recovery before expecting a re-rating.

Positive Factors

Solid ProfitabilityCaswell’s positive net and EBIT margins show that its system integration and ICT services generate meaningful operating profit. This profitability provides internal funding for investment and resilience, while supporting the company’s ability to compete for enterprise and industrial projects over the next several quarters.

Negative Factors

Volatile Cash ConversionThe sharp year-to-year swings in operating cash flow make the durability of Caswell’s cash conversion less certain than its recent free cash flow suggests. Such volatility can complicate budgeting, reduce confidence in internally funded growth, and constrain capital allocation during weaker operating periods.

Caswell, Inc. (6416) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.66B
Dividend Yield: 2.62%
Average Volume (3M): 827.91K
Price to Earnings (P/E): 20.0
Beta (1Y): 0.60
Revenue Growth: 22.37%
EPS Growth: 69.38%
Country: TW
Employees: 112
Sector: General
Sector Strength: 55
Industry: Communication Equipment

Caswell, Inc. Business Overview & Revenue Model

Company Description

CASwell Inc. specializes in the global development, manufacturing, and distribution of high-performance networking and computing platforms. The company serves a diverse international clientele of system integrators and technology service providers. I...

Caswell, Inc. Financial Statement Overview

Summary

A well-capitalized but low-growth profile. The balance sheet is the standout (score 72): equity funds about 61% of assets, debt-to-equity is a conservative 0.26, and equity has grown every year since 2020 — though total debt has nearly tripled and ROE has slipped from 12.8% to 8.8%. The income statement (59) shows consistent profitability but no durable growth: revenue of roughly NT$4.31bn remains below the 2020 peak, and net income has declined for two straight years to about NT$316m as EBITDA margin compressed to 11.7%. Cash flow (57) is positive with high quality — free cash flow of roughly NT$260m converts about 94% of net income and capex is light — but operating cash flow has swung wildly (NT$1.04bn to NT$50m to NT$276m), signalling working-capital volatility and thin coverage of the NT$924m debt load.

Income Statement

59Neutral

Balance Sheet

72Positive

Cash Flow

57Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.53B	4.31B	4.25B	4.08B	4.98B	4.67B
Gross Profit	1.06B	994.08M	1.01B	993.51M	1.12B	924.87M
EBITDA	592.41M	502.04M	535.85M	515.35M	664.36M	409.05M
Net Income	392.77M	315.59M	330.08M	322.71M	428.33M	219.56M
Balance Sheet
Total Assets	6.92B	5.93B	5.67B	5.43B	5.30B	4.96B
Cash, Cash Equivalents and Short-Term Investments	517.36M	524.73M	556.78M	731.15M	689.38M	654.84M
Total Debt	1.70B	924.07M	967.77M	888.96M	324.67M	318.91M
Total Liabilities	3.18B	2.21B	1.99B	1.84B	1.75B	1.73B
Stockholders Equity	3.60B	3.59B	3.52B	3.40B	3.34B	3.05B
Cash Flow
Free Cash Flow	-464.49M	260.02M	565.00K	492.05M	391.27M	242.92M
Operating Cash Flow	-452.83M	276.09M	50.48M	1.04B	406.83M	275.40M
Investing Cash Flow	-264.24M	-7.32M	-54.13M	-640.77M	-198.03M	-56.59M
Financing Cash Flow	622.41M	-290.22M	-195.81M	-389.68M	-185.62M	-305.32M

Caswell, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6416 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3213	76Outperform	TWD 6.87B	11.05	―	5.93%	12.98%	39.71%
TW:3479	59Neutral	TWD 7.72B	14.47	―	4.38%	10.71%	1.91%
TW:6416	56Neutral	TWD 7.66B	20.00	―	2.62%	22.37%	69.38%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2419	43Neutral	TWD 8.11B	118.67	―	―	13.36%	―
TW:8234	43Neutral	TWD 7.22B	81.22	―	0.77%	4.36%	-21.02%
TW:3032	39Underperform	TWD 7.51B	-21.09	―	4.11%	41.24%	-89.74%

* General Sector Average

Performance Comparison

TW:6416 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6416	Caswell, Inc.	107.00	29.49	38.04%
TW:2419	Hitron Technologies Inc.	24.85	1.60	6.88%
TW:3032	Compucase Enterprise Co., Ltd.	66.20	-24.30	-26.85%
TW:3213	Mildef Crete Inc.	118.00	20.94	21.57%
TW:3479	Avalue Technology Inc.	105.50	0.91	0.87%
TW:8234	Nexcom International Co., Ltd.	51.70	-22.64	-30.46%

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

Caswell, Inc. AI Stock Analysis