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Taiwan maker of semiconductor lead frames and electronic stamped parts, plus a stationery and hardware business.
Taiwan maker of semiconductor lead frames and electronic stamped parts, plus a stationery and hardware business.
Earns most from stamping and plating metal lead frames, the metal skeleton that holds a chip inside its package, for power chips, ICs and LEDs, with parts made in Taiwan and mainland China to each customer's specification. A legacy line sells staplers, pencil sharpeners and similar stationery. Its stamping know-how came from the metal stationery business it started with.
Moat: narrow (process know-how, scale). Decades of stamping, plating and mould know-how done in-house; lead frames are a mature, price-competitive business.
Headquarters: Changhua, Taiwan
Size SDI (2351.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $782M, the 320th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$133.50 on 6 Nov 2026.
Performance Over six months the shares fell 16.3%, against -24.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +4.1%); the operating margin is 8.4% (peer median 4.2%).
Valuation It trades at 14.8× forward earnings against a peer median of 19.8× (5th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.7 points below its cost of capital (10.2% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$11.5B | NT$10.2B | NT$10.8B | NT$10.9B | NT$11.7B |
| Revenue growth | — | -5% | 0% | -7% | — |
| Gross profit | NT$1.93B | NT$1.30B | NT$1.66B | NT$1.80B | NT$2.02B |
| EBITDA | NT$1.68B | NT$1.20B | NT$1.54B | NT$1.65B | NT$1.83B |
| Net income | NT$758M | NT$303M | NT$675M | NT$743M | NT$941M |
| Free cash flow | NT$90.8M | NT$232M | NT$657M | NT$1.12B | NT$1.19B |
| Capital expenditure | NT$964M | NT$969M | NT$607M | NT$705M | NT$827M |
| Total debt | NT$3.04B | NT$3.12B | NT$2.90B | NT$2.72B | NT$3.45B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SDI 2351.TW | $782M | -16% | +7% | 8% | 14.8× | 24.9% |
| Mitsui High-Tec 6966.T | $892M | +20% | +10% | 8% | 9.2× | n/a |
| Ningbo Kangqiang Electronics 002119.SZ | $1.04B | -12% | +49% | 5% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2351.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -39.9% | -8.0% | lowest of 21 |
| 6-month return | -16.3% | -24.8% | 7th highest of 21 |
| Distance from 52-week high | -48.0% | -44.5% | 10th lowest of 21 |
| Revenue growth (TTM) | +6.8% | +4.1% | 9th highest of 21 |
| Operating margin | 8.4% | 4.2% | 10th highest of 21 |
| Forward P/E | 14.8× | 19.8× | 5th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | 11.5% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +3.9% | +8.9% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | +20.9 pp | +2.5 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -2.7 pp | -2.2 pp | 11th highest of 21 |
| EV / EBITDA | 16.5× | 8.3× | most expensive of 4 |
| Net debt / EBITDA | 0.8× | -1.0× | most indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SDI 2351.TW | Taiwan | $782M | -16% | +7% | 8% | 14.8× | 24.9% | +3.9% |
| QuakeSafe Technologies 300767.SZ | China | $783M | -28% | -3% | -27% | n/a | 27.5% | -1.7% |
| Guizhou Zhongyida 600610.SS | China | $783M | -27% | +5% | 12% | n/a | 23.8% | -0.6% |
| Zenner Metering Technology (Shanghai) 301303.SZ | China | $785M | -17% | +9% | 10% | n/a | 15.0% | +15.8% |
| Saurer Intelligent Technology 600545.SS | China | $776M | -37% | -7% | -21% | n/a | 22.3% | -6.0% |
| Hiecise Precision Equipment 300809.SZ | China | $776M | -36% | -13% | 4% | 35.8× | 37.2% | +18.7% |
| Wuhan Huazhong Numerical Control System 300161.SZ | China | $772M | -20% | -2% | -12% | 117.7× | n/a | n/a |
| Uchida Yoko 8057.T | Japan | $771M | +17% | +26% | 4% | 11.1× | -13.2% | +7.9% |
| Hanyu Group Joint Stock 300403.SZ | China | $770M | -22% | +1% | 21% | 19.8× | 13.3% | +4.7% |
| Hangzhou Fortune Gas Cryogenic 603173.SS | China | $796M | -14% | +4% | 15% | 9.9× | -8.2% | +22.6% |
| JC Finance & Tax Interconnect 002530.SZ | China | $797M | -24% | +12% | 10% | n/a | n/a | n/a |
| Zhongzhong Science and Technology (Tianjin) 603135.SS | China | $767M | -32% | -3% | 4% | 50.5× | n/a | n/a |
| BHI 083650.KS | South Korea | $798M | -64% | +90% | 12% | 11.9× | -9.1% | +26.0% |
| Vontron Technology 000920.SZ | China | $766M | -6% | +4% | 12% | n/a | 11.1% | +10.0% |
| Tsurumi Manufacturing 6351.T | Japan | $763M | +14% | +11% | 13% | n/a | -7.6% | +11.2% |
| Yijiahe Technology 603666.SS | China | $762M | -12% | -39% | -72% | 166.1× | 11.8% | -11.3% |
| Hangzhou Zhongtai Cryogenic Technology 300435.SZ | China | $806M | -43% | -22% | 13% | 9.4× | 10.7% | +6.8% |
| Guangdong Senssun Weighing Apparatus 002870.SZ | China | $807M | -5% | -12% | 2% | n/a | 0.7% | +44.0% |
| Huachangda Intelligent Equipment 300278.SZ | China | $757M | -26% | +28% | -2% | n/a | n/a | n/a |
| Sichuan Crun 002272.SZ | China | $757M | -34% | +11% | -4% | n/a | n/a | n/a |
| Motorcomm Electronic Technology 688515.SS | China | $757M | -41% | +54% | -15% | n/a | n/a | n/a |