VSO Electronics Co., Ltd. (6913) AI Stock Analysis

VSO Electronics Co., Ltd.

(TPEx:6913)

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Rating:61Neutral

Price Target:TWD 129.00▼(-1.53% Downside)

Action:initiatedcoverage

Date:11/10/26

Solid financial performance from revenue growth and conservative balance sheet is the main positive factor, tempered by weak technical momentum.

Positive Factors

Revenue RecoveryThe strong recovery in revenue after the 2023 decline indicates that the business has regained meaningful demand and operating scale. A larger revenue base can support continued investment, improve fixed-cost absorption, and provide a more durable platform for future earnings growth over the next several quarters.

Negative Factors

Weak Cash GenerationNegative free cash flow in two consecutive years means recent operations and investment have not produced surplus cash, increasing reliance on working-capital funding or other financing sources. Low cash conversion relative to net income could constrain reinvestment and reduce flexibility if conditions weaken.

VSO Electronics Co., Ltd. (6913) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.82B
Dividend Yield: 1.91%
Average Volume (3M): 495.19K
Price to Earnings (P/E): 20.2
Beta (1Y): 0.88
Revenue Growth: 25.98%
EPS Growth: 54.12%
Country: TW
Employees: 1,060
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

VSO Electronics Co., Ltd. Business Overview & Revenue Model

Company Description

VSO Electronics Co., Ltd. is a company that specializes in producing both connectivity solutions and advanced functional materials. Their extensive product line includes essential cabling for industrial automation and Internet of Things (IoT) devices...

VSO Electronics Co., Ltd. Financial Statement Overview

Summary

Strong revenue rebound and healthy balance sheet with minimal debt are offset by negative free cash flow from elevated capital spending.

Income Statement

72Positive

Balance Sheet

84Very Positive

Cash Flow

42Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.02B	2.63B	2.16B	1.82B	2.27B	2.12B
Gross Profit	851.91M	713.70M	567.84M	449.65M	790.44M	473.54M
EBITDA	433.70M	343.33M	323.66M	216.67M	490.44M	251.47M
Net Income	291.51M	189.55M	185.57M	114.28M	360.32M	106.80M
Balance Sheet
Total Assets	3.76B	2.91B	2.40B	1.88B	1.99B	1.51B
Cash, Cash Equivalents and Short-Term Investments	1.18B	732.28M	664.06M	632.75M	573.80M	402.88M
Total Debt	806.24M	371.44M	61.09M	205.96M	143.80M	150.11M
Total Liabilities	1.93B	1.25B	818.22M	807.64M	863.13M	809.46M
Stockholders Equity	1.74B	1.55B	1.49B	982.36M	1.03B	608.27M
Cash Flow
Free Cash Flow	-321.00K	-105.34M	-114.01M	214.67M	220.49M	144.35M
Operating Cash Flow	252.12M	201.68M	55.14M	288.76M	322.25M	209.31M
Investing Cash Flow	-789.58M	-354.67M	-410.47M	-180.73M	-78.60M	-168.93M
Financing Cash Flow	529.39M	179.66M	144.36M	-113.17M	-2.33M	-63.62M

VSO Electronics Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6913 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2228	62Neutral	TWD 5.39B	17.08	―	6.81%	-2.44%	-43.17%
TW:2497	62Neutral	TWD 4.82B	10.91	―	5.46%	2.76%	39.47%
TW:3310	62Neutral	TWD 4.74B	17.31	―	5.39%	19.95%	5.00%
TW:6913	61Neutral	TWD 5.82B	20.20	―	1.91%	25.98%	54.12%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2236	36Underperform	TWD 5.90B	-12.86	―	0.33%	88.01%	-191.43%

* General Sector Average

Performance Comparison

TW:6913 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6913	VSO Electronics Co., Ltd.	131.00	18.11	16.05%
TW:2228	Iron Force Industrial Co., Ltd.	66.10	-20.39	-23.57%
TW:2236	Patec Precision Industry Co., Ltd.	92.70	7.57	8.90%
TW:2497	E-Lead Electronic Co., Ltd.	36.65	-3.81	-9.41%
TW:3310	Chialin Precision Industrial Co., Ltd.	64.90	4.67	7.75%
TW:6849	Chyi Ding Technologies Co. Ltd.	139.00	94.00	208.89%

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

VSO Electronics Co., Ltd. AI Stock Analysis