Alcor Micro Corp. (8054) AI Stock Analysis

Alcor Micro Corp.

(TPEx:8054)

Select Model

Rating:39Underperform

Price Target:TWD 57.00▼(-13.24% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held down primarily by weak financial performance: despite strong revenue growth, gross margins have compressed sharply, losses have widened for three consecutive years, and an aggressive capex cycle has pushed free cash flow to -NT$714m, leaving the company reliant on its balance sheet to fund the gap. Technicals reinforce the caution, with the stock trading below all major moving averages and a deeply negative MACD, though oversold RSI and Stochastic readings hint at scope for a short-term bounce. Valuation provides no offset — earnings are negative and there is no dividend. Positives worth monitoring are the positive operating cash flow of NT$313m, the swing back to positive EBITDA, and manageable debt-to-equity of 0.28; a successful margin recovery following the capex cycle would be the key catalyst for re-rating.

Positive Factors

Focused Controller IC PortfolioA focused portfolio of controller ICs serving storage, connectivity, consumer electronics, and computing peripherals gives Alcor Micro an established role in device functionality. This specialized positioning can support repeat customer relationships and continued relevance as end products require integrated interface and storage solutions.

Negative Factors

Severe Margin Compression and Net LossesThe sharp decline in gross margin shows that revenue growth is not translating efficiently into earnings, while the negative net margin confirms continued losses. Persistently weaker economics can limit reinvestment capacity, reduce resilience during demand pressure, and make a durable earnings recovery more difficult.

Alcor Micro Corp. (8054) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.07B
Dividend Yield: ―
Average Volume (3M): 797.08K
Price to Earnings (P/E): -73.0
Beta (1Y): 1.01
Revenue Growth: 109.58%
EPS Growth: 74.96%
Country: TW
Employees: 150
Sector: General
Sector Strength: 55
Industry: Semiconductors

Alcor Micro Corp. Business Overview & Revenue Model

Company Description

Alcor Micro, Corp. specializes in the global design, development, and marketing of integrated semiconductor and software solutions. These solutions are primarily crafted for personal computer peripherals and consumer electronics. The company's offeri...

Alcor Micro Corp. Financial Statement Overview

Summary

Alcor Micro is growing revenue rapidly (+31% to NT$2.88bn, ~150% since 2020) but profitability has deteriorated badly. Gross margin collapsed from ~43.8% in 2021 to 23.8%, operating losses have persisted for four straight years and widened to NT$609m, and the net loss deepened to NT$332m (-11.5% net margin). The balance sheet is only moderately levered (debt/equity 0.28) but assets have ballooned to NT$7.57bn while equity funds just ~35% of them, and ROE is -12.6% and worsening. Operating cash flow stays positive at NT$313m — confirming much of the loss is non-cash — yet it has declined two years running and heavy capex of ~NT$1.03bn drove free cash flow to -NT$714m. Solid demand, but unproven earnings power and cash burn keep this component weak.

Income Statement

34Negative

Balance Sheet

48Neutral

Cash Flow

36Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.76B	2.88B	2.20B	1.99B	1.61B	1.49B
Gross Profit	804.96M	684.41M	716.53M	678.48M	618.09M	650.46M
EBITDA	57.99M	189.64M	-4.11M	-53.30M	233.02M	424.44M
Net Income	-217.42M	-331.64M	-223.28M	-111.78M	51.51M	240.13M
Balance Sheet
Total Assets	8.44B	7.57B	6.98B	6.48B	4.87B	4.02B
Cash, Cash Equivalents and Short-Term Investments	2.25B	1.99B	2.59B	2.85B	2.41B	2.17B
Total Debt	794.24M	726.78M	801.55M	328.07M	264.18M	82.64M
Total Liabilities	4.11B	3.08B	2.67B	1.25B	728.24M	448.68M
Stockholders Equity	2.57B	2.62B	2.30B	2.99B	2.76B	3.00B
Cash Flow
Free Cash Flow	-8.46M	-713.88M	-221.88M	290.34M	-125.33M	200.44M
Operating Cash Flow	560.58M	312.81M	404.74M	427.48M	-11.59M	256.19M
Investing Cash Flow	-535.61M	-852.34M	-996.38M	-107.91M	-130.46M	-168.60M
Financing Cash Flow	140.84M	572.87M	518.70M	200.69M	-162.39M	709.97M

Alcor Micro Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8054 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5236	75Outperform	TWD 6.41B	11.56	―	8.22%	4.83%	22.01%
TW:6104	70Outperform	TWD 7.32B	16.72	―	5.65%	2.68%	-23.15%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6756	51Neutral	TWD 8.19B	54.09	―	0.73%	28.20%	117.74%
TW:8040	44Neutral	TWD 6.60B	787.78	―	―	13.49%	―
TW:5471	43Neutral	TWD 7.05B	21.97	―	1.88%	20.43%	170.91%
TW:8054	39Underperform	TWD 7.00B	-73.04	―	―	109.58%	74.96%

* General Sector Average

Performance Comparison

TW:8054 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8054	Alcor Micro Corp.	65.70	-69.74	-51.49%
TW:5236	Sunplus Innovation Technology Inc.	109.50	-15.46	-12.37%
TW:5471	Sonix Technology Co., Ltd.	42.45	7.09	20.05%
TW:6104	Genesys Logic, Inc.	79.60	-12.19	-13.28%
TW:6756	VIA Labs, Inc.	124.00	34.79	39.00%
TW:8040	IC Plus Corp.	70.20	20.10	40.12%

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

Alcor Micro Corp. AI Stock Analysis