Chicony Electronics Co Ltd

Chicony maintains a conservative capital structure with a debt-to-equity ratio of 0.14, indicating a low reliance on debt financing. The company's liquidity position is strong, as evidenced by a current ratio of 1.44 and cash and equivalents of TWD 7.92 billion, which provides a buffer against short-term obligations. Free cash flow of TWD 3.15 billion supports operational flexibility and potential reinvestment.

Profitability metrics show a return on equity of 6.06% and a return on assets of 2.47%, which are below the industry median for computer hardware firms. The gross profit margin of 20.67% (calculated from TWD 5.10 billion gross profit on TWD 24.67 billion revenue) is in line with industry norms, but the operating margin of 10.36% (TWD 2.56 billion operating income) suggests room for improvement in cost control and operational efficiency.

Geographically, Chicony's revenue is concentrated in Asia, with a significant portion derived from its operations in China and Southeast Asia. The company's exposure to this region is a strategic advantage but also a concentration risk, as geopolitical tensions or supply chain disruptions could impact its operations. No detailed segment breakdown is available in the provided data.

The company's growth trajectory is modest, with no significant revenue acceleration in the current fiscal year. Analysts project a mean price target of TWD 141.83, with a median of TWD 142.50, suggesting a neutral outlook. The mean recommendation of 2.38 (on a 1-5 scale) reflects a mixed sentiment among analysts, with five "hold" ratings and only three positive ratings (two "strong buy" and one "buy").

Risk factors for Chicony include exposure to global supply chain volatility and potential regulatory changes in its key markets. The company's liquidity risk is low, and no immediate dilution pressures are identified. However, the absence of a detailed capital allocation strategy in the provided data leaves some uncertainty about long-term value creation.

Recent events include the publication of the latest financial results, which show a stable performance with no major deviations from historical trends. No recent filings or transcripts indicate significant strategic shifts or operational challenges. The company's capital expenditure of TWD -966.58 million suggests a focus on maintaining rather than expanding its current operations.

Net margin of 10.0% ranks best-in-class among 214 computer hardware peers, indicating superior profitability.

Analysts assign a mean price target of 141.83 TWD, implying 2.0% upside from the current market price.

Debt-to-equity ratio of 0.14 is well below the cohort median of 0.30, suggesting a conservative capital structure.

Long-term debt surged to 9.04 billion TWD in FY2026, more than tripling from the previous year's level.

Revenue TWD 22.87B, −1,8% YoY; Operating income −19,4% YoY.

• ▍Revenue TWD 22.87B, −1,8% YoY
• ▍Operating income −19,4% YoY
• ▍Net income −8,6% YoY
• ▍Free cash flow −4,1% YoY
• ▍Net margin 6.4%

Revenue TWD 23.08B, −12,1% YoY; Operating income −38,0% YoY.

• ▍Revenue TWD 23.08B, −12,1% YoY
• ▍Operating income −38,0% YoY
• ▍Net income −68,8% YoY
• ▍Free cash flow −30,3% YoY
• ▍Net margin 3.3%

Revenue TWD 24.81B, −10,5% YoY; Operating income −20,9% YoY.

• ▍Revenue TWD 24.81B, −10,5% YoY
• ▍Operating income −20,9% YoY
• ▍Net income −13,0% YoY
• ▍Free cash flow −57,1% YoY
• ▍Net margin 8.4%

Revenue TWD 24.49B, −0,7% YoY; Operating income −25,0% YoY.

• ▍Revenue TWD 24.49B, −0,7% YoY
• ▍Operating income −25,0% YoY
• ▍Net income −12,9% YoY
• ▍Free cash flow −16,9% YoY
• ▍Net margin 8.8%

Revenue TWD 23.28B; Operating income TWD 2.14B.

• ▍Revenue TWD 23.28B
• ▍Operating income TWD 2.14B
• ▍Net margin 6.8%

Revenue TWD 26.24B; Operating income TWD 2.43B.

• ▍Revenue TWD 26.24B
• ▍Operating income TWD 2.43B
• ▍Net margin 9.2%

Revenue TWD 27.72B; Operating income TWD 2.98B.

• ▍Revenue TWD 27.72B
• ▍Operating income TWD 2.98B
• ▍Net margin 8.6%

Revenue TWD 24.67B; Operating income TWD 2.56B.

• ▍Revenue TWD 24.67B
• ▍Operating income TWD 2.56B
• ▍Net margin 10.0%

Revenue TWD 95.66B, −5,7% YoY; Operating income −22,6% YoY.

• ▍Revenue TWD 95.66B, −5,7% YoY
• ▍Operating income −22,6% YoY
• ▍Net income −27,2% YoY
• ▍Free cash flow −91,3% YoY
• ▍Net margin 6.9%

Revenue TWD 101.48B, +3,2% YoY; Operating income +8,9% YoY.

• ▍Revenue TWD 101.48B, +3,2% YoY
• ▍Operating income +8,9% YoY
• ▍Net income +21,2% YoY
• ▍Free cash flow +49,7% YoY
• ▍Net margin 8.9%

Revenue TWD 98.32B, −15,1% YoY; Operating income −9,7% YoY.

• ▍Revenue TWD 98.32B, −15,1% YoY
• ▍Operating income −9,7% YoY
• ▍Net income +2,0% YoY
• ▍Free cash flow −44,1% YoY
• ▍Net margin 7.6%

Revenue TWD 115.75B, +7,7% YoY; Operating income +21,4% YoY.

• ▍Revenue TWD 115.75B, +7,7% YoY
• ▍Operating income +21,4% YoY
• ▍Net income +18,9% YoY
• ▍Free cash flow +78,6% YoY
• ▍Net margin 6.3%