Koryo Electronics Co., Ltd. (8032) AI Stock Analysis

Koryo Electronics Co., Ltd.

(TPEx:8032)

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Rating:57Neutral

Price Target:TWD 32.00▲(2.07% Upside)

Action:initiatedcoverage

Date:11/09/26

Koryo Electronics scores in the mid-range. The main support comes from a conservative balance sheet with low leverage and ample equity cushion, alongside a cheap valuation (8.9x earnings) and a solid ~3.9% dividend yield. These are offset by structurally thin margins near 3% at the net level, a low ~5% return on equity, flat bottom-line profit despite a strong revenue rebound, and erratic operating cash flow driven by working-capital swings. Technicals are the biggest near-term drag, with the share price trading below all major moving averages and negative MACD momentum, though deeply oversold RSI and Stochastic readings suggest downside may be approaching exhaustion. Earnings call and corporate event data were unavailable and excluded from the calculation.

Positive Factors

Revenue RecoveryThe return to 8.9% annual revenue growth indicates that demand and operating scale recovered after the 2023 decline. If maintained, renewed top-line expansion can improve fixed-cost absorption, support earnings growth, and provide a stronger base for investment over the next several quarters.

Negative Factors

Modest MarginsThin gross and net margins leave limited room to absorb cost pressure or operational setbacks. They also constrain the amount of revenue that becomes earnings and cash, making sustained profitability dependent on continued execution and leaving less operating leverage than a higher-margin business would have.

Koryo Electronics Co., Ltd. (8032) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.62B
Dividend Yield: 3.83%
Average Volume (3M): 42.71K
Price to Earnings (P/E): 8.9
Beta (1Y): 1.00
Revenue Growth: 33.20%
EPS Growth: 107.84%
Country: TW
Employees: 100
Sector: General
Sector Strength: 55
Industry: Computer Hardware

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

Company Description

Koryo Electronics Co., Ltd. produce and distributes semiconductor component. The company offers LoRa and WiFi modules, wireless communications, SiC SBD 650V, SiC DMOS 650, security library, USB3.0 host controller ICs, proprietary Video capture contro...

Koryo Electronics Co., Ltd. Financial Statement Overview

Summary

Koryo Electronics is financially stable but of modest quality. The balance sheet is the clear strength (score 70): equity funds about 64% of total assets, debt-to-equity is a low 0.24, and the company has deleveraged materially since 2022. The income statement (56) shows a strong revenue rebound to NT$3.63bn and operating profit nearly doubling to NT$149m, but margins are structurally thin (gross margin 13.6%, net margin 3.1%) and net profit was essentially flat year-over-year, with historically cyclical earnings. Cash flow (47) improved to NT$141m operating and NT$138m free cash flow with near-100% conversion of net income, yet operating cash flow has been negative in three of the past five years due to large working-capital swings, limiting predictability. Return on equity of roughly 5% caps the overall score.

Income Statement

56Neutral

Balance Sheet

70Positive

Cash Flow

47Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.38B	3.63B	2.89B	2.70B	4.09B	3.82B
Gross Profit	546.87M	493.05M	422.73M	297.46M	588.96M	563.49M
EBITDA	185.54M	173.58M	166.80M	27.02M	287.32M	243.96M
Net Income	181.76M	113.33M	111.49M	61.07M	183.36M	150.54M
Balance Sheet
Total Assets	3.93B	3.48B	3.40B	2.86B	3.43B	3.17B
Cash, Cash Equivalents and Short-Term Investments	702.93M	595.04M	481.60M	623.88M	280.91M	494.72M
Total Debt	840.24M	522.75M	463.80M	551.21M	987.33M	597.35M
Total Liabilities	1.73B	1.25B	1.01B	1.04B	1.61B	1.31B
Stockholders Equity	2.20B	2.22B	2.38B	1.82B	1.82B	1.86B
Cash Flow
Free Cash Flow	-262.10M	138.43M	-93.35M	899.82M	-498.63M	-80.94M
Operating Cash Flow	-261.25M	141.25M	-87.85M	902.49M	-496.95M	-73.65M
Investing Cash Flow	-46.84M	12.64M	71.31M	-15.37M	-13.31M	5.37M
Financing Cash Flow	211.22M	-30.53M	-154.31M	-580.45M	261.78M	51.62M

Koryo Electronics Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8032 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3171	69Neutral	TWD 1.57B	8.97	―	8.29%	77.41%	84.45%
TW:2432	66Neutral	TWD 1.70B	10.70	―	6.18%	57.95%	51.30%
TW:8032	57Neutral	TWD 1.62B	8.95	―	3.83%	33.20%	107.84%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8089	54Neutral	TWD 1.98B	-11.79	―	3.30%	-67.55%	-168.26%
TW:2444	43Neutral	TWD 1.46B	-6.51	―	―	-28.59%	-77.80%
TW:8059	39Underperform	TWD 1.61B	-10.34	―	―	438.05%	69.51%

* General Sector Average

Performance Comparison

TW:8032 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8032	Koryo Electronics Co., Ltd.	31.35	-7.91	-20.16%
TW:2432	Acer Gadget Inc	27.50	0.71	2.63%
TW:2444	AboCom Systems, Inc.	14.20	3.00	26.79%
TW:3171	Yem Chio Distribution Co., Ltd.	56.00	10.81	23.93%
TW:8059	CastleNet Technology, Inc.	13.80	-25.19	-64.61%
TW:8089	Comtrend Corp	29.95	-1.10	-3.54%

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

Koryo Electronics Co., Ltd. AI Stock Analysis