Chang Wah Technology Co., Ltd. (6548) AI Stock Analysis

Chang Wah Technology Co., Ltd.

(TPEx:6548)

Select Model

Rating:60.4Neutral

Price Target:TWD 61.00▼(-8.13% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weakening cash flow, profitability, and capital efficiency. Bearish technical momentum further weighs on the outlook, while the dividend yield offers only partial compensation for the relatively high P/E ratio.

Positive Factors

Revenue ExpansionThe return to strong revenue growth after the 2023 down-cycle indicates that the company can recover with semiconductor demand. A larger revenue base supports operating scale, customer continuity, and reinvestment capacity over the next several quarters.

Negative Factors

Margin and Earnings PressureFalling earnings alongside higher revenue shows that growth is not translating efficiently into profit. Compression from the 2022 margin peak may reflect pricing, mix, or cost pressure, limiting operating leverage and reducing the durability of near-term earnings improvement.

Chang Wah Technology Co., Ltd. (6548) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 63.80B
Dividend Yield: 2.03%
Average Volume (3M): 4.03M
Price to Earnings (P/E): 26.3
Beta (1Y): 0.95
Revenue Growth: 25.32%
EPS Growth: 51.86%
Country: TW
Employees: 121
Sector: General
Sector Strength: 55
Industry: Semiconductors

Chang Wah Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Established in 2009 and headquartered in Kaohsiung, Taiwan, Chang Wah Technology Co., Ltd. is primarily engaged in the manufacturing and distribution of LED lead frames and molding compound materials. Beyond these core offerings, the company also pro...

Chang Wah Technology Co., Ltd. Financial Statement Overview

Summary

Revenue growth and profitability remained positive, and leverage was manageable. However, declining margins, net income, EBITDA, return on equity, and free cash flow weakened the overall financial profile.

Income Statement

68Positive

Balance Sheet

70Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	14.99B	13.43B	11.99B	11.58B	14.43B	12.79B
Gross Profit	3.30B	2.91B	2.89B	2.60B	4.39B	3.41B
EBITDA	3.15B	2.75B	3.25B	2.88B	4.41B	2.92B
Net Income	2.11B	1.50B	1.90B	1.56B	2.82B	1.71B
Balance Sheet
Total Assets	26.67B	22.85B	21.58B	19.97B	18.83B	14.84B
Cash, Cash Equivalents and Short-Term Investments	9.52B	8.79B	8.50B	8.05B	7.04B	4.80B
Total Debt	8.52B	7.43B	6.27B	6.16B	4.70B	3.34B
Total Liabilities	13.17B	11.39B	9.88B	9.63B	8.66B	6.43B
Stockholders Equity	12.95B	11.03B	11.24B	9.90B	9.77B	8.29B
Cash Flow
Free Cash Flow	92.75M	939.84M	1.46B	1.55B	2.55B	783.26M
Operating Cash Flow	1.11B	1.88B	1.81B	2.76B	4.06B	1.65B
Investing Cash Flow	-3.31B	-849.27M	-1.28B	-2.89B	-2.97B	-398.53M
Financing Cash Flow	-925.26M	-775.97M	-1.53B	-273.89M	640.48M	-30.78M

Chang Wah Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6548 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2441	68Neutral	TWD 61.72B	17.20	―	2.67%	24.12%	55.55%
TW:6271	68Neutral	TWD 42.48B	20.89	―	1.40%	4.90%	41.69%
TW:6257	63Neutral	TWD 86.62B	19.20	―	2.31%	17.57%	74.17%
TW:3264	62Neutral	TWD 90.99B	21.77	―	2.12%	31.88%	80.58%
TW:6548	60Neutral	TWD 60.75B	26.26	―	2.03%	25.32%	51.86%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8150	43Neutral	TWD 56.50B	19.21	―	1.39%	28.18%	1243.70%

* General Sector Average

Performance Comparison

TW:6548 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6548	Chang Wah Technology Co., Ltd.	66.40	21.57	48.10%
TW:2441	Greatek Electronics, Inc.	112.50	42.24	60.12%
TW:3264	Ardentec Corporation	198.50	111.72	128.75%
TW:6257	Sigurd Microelectronics Corp.	184.00	89.89	95.51%
TW:6271	Tong Hsing Electronic Industries ,Ltd.	214.00	91.55	74.77%
TW:8150	ChipMOS Technologies, Inc.	88.20	40.86	86.29%

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

Chang Wah Technology Co., Ltd. AI Stock Analysis