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Taiwanese maker of surge-protection and electronic components such as varistors used to protect circuits from voltage spikes.
Taiwanese maker of surge-protection and electronic components such as varistors used to protect circuits from voltage spikes.
In one line: A niche Taiwanese surge-protection component maker.
Moat: narrow (process know-how). Specialized surge-protection component manufacturing know-how.
Headquarters: Taiwan
Size Thinking Electronic Industrial (2428.TW) is a Taiwan Information Technology company (Electronic Production Equipment) with a market value of $721M, the 336th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$186.00 on 6 Nov 2026.
Performance Over six months the shares gained 0.3%, against -32.0% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +5.8%); the operating margin is 23.5% (peer median 6.1%).
Valuation It trades at 11.2× forward earnings against a peer median of 9.7× (6th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.3 points above its cost of capital (9.1% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$8.84B | NT$8.03B | NT$7.52B | NT$7.08B | NT$7.46B |
| Revenue growth | — | +7% | +6% | -5% | — |
| Gross profit | NT$3.25B | NT$3.14B | NT$2.89B | NT$2.66B | NT$2.55B |
| EBITDA | NT$2.52B | NT$2.45B | NT$2.19B | NT$1.98B | NT$1.78B |
| Net income | NT$1.80B | NT$1.51B | NT$1.55B | NT$1.31B | NT$1.37B |
| Free cash flow | NT$928M | NT$1.68B | NT$1.04B | NT$1.30B | NT$961M |
| Capital expenditure | NT$505M | NT$513M | NT$483M | NT$982M | NT$974M |
| Total debt | NT$1.87B | NT$1.87B | NT$1.79B | NT$1.35B | NT$1.94B |
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 |
|---|---|---|---|---|---|---|
| Thinking Electronic Industrial 2428.TW | $721M | 0% | +11% | 23% | 11.2× | 0.8% |
| Littelfuse LFUS | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% |
| Tdk 6762.T | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% |
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 | 2428.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.0% | -21.9% | 6th lowest of 21 |
| 6-month return | +0.3% | -32.0% | highest of 20 |
| Distance from 52-week high | -48.8% | -49.7% | 10th highest of 21 |
| Revenue growth (TTM) | +11.0% | +5.8% | 10th highest of 21 |
| Operating margin | 23.5% | 6.1% | 4th highest of 21 |
| Forward P/E | 11.2× | 9.7× | 6th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | 17.5% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +6.3% | +5.5% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -5.5 pp | +7.9 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +14.3 pp | -1.4 pp | 3rd highest of 21 |
| EV / EBITDA | 7.5× | 11.9× | 4th cheapest of 8 |
| Net debt / EBITDA | -1.9× | -0.4× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thinking Electronic Industrial 2428.TW | Taiwan | $721M | 0% | +11% | 23% | 11.2× | 0.8% | +6.3% |
| Shenzhen S-king Intelligent Equipment 688328.SS | China | $718M | -7% | +31% | 11% | n/a | 29.2% | +0.7% |
| Suzhou Wanxiang Technology 301180.SZ | China | $724M | -32% | +8% | 2% | n/a | 25.2% | +4.4% |
| Guoguang Electric Co., Ltd.Chengdu 688776.SS | China | $709M | -46% | -38% | -89% | 30.3× | n/a | n/a |
| JVCKENWOOD 6632.T | Japan | $694M | -34% | +2% | 7% | 7.0× | -17.0% | +5.5% |
| Evertz Technologies ET.TO | Canada | $689M | -21% | +4% | 13% | 15.1× | 5.0% | +8.5% |
| Ceres Power CWR.L | United Kingdom | $758M | -63% | -23% | -125% | n/a | n/a | n/a |
| Shenzhen Yanmade Technology 688312.SS | China | $682M | -56% | +1% | 17% | 25.1× | 26.6% | +12.0% |
| Chicony Power Technology 6412.TW | Taiwan | $680M | -38% | +62% | -128% | 9.9× | -5.2% | -0.2% |
| Kctech 281820.KS | South Korea | $770M | -14% | +19% | 20% | 8.7× | 2.8% | +3.7% |
| Suzhou Shihua New Material Technology 688093.SS | China | $772M | -43% | -26% | 32% | 9.5× | 7.0% | +27.0% |
| Japan Display 6740.T | Japan | $773M | -74% | -25% | -9% | n/a | n/a | n/a |
| Dongguan Mentech Optical & Magnetic 002902.SZ | China | $670M | -38% | +30% | -6% | n/a | n/a | n/a |
| Foxsemicon Integrated Technology 3413.TW | Taiwan | $778M | -29% | +16% | 13% | 8.6× | n/a | n/a |
| Pan-International Industrial 2328.TW | Taiwan | $667M | -23% | -14% | 2% | n/a | 18.3% | +1.2% |
| Suzhou Jinfu Technology 300128.SZ | China | $781M | -38% | +33% | -12% | n/a | n/a | n/a |
| Team 4967.TW | Taiwan | $783M | -7% | +91% | 35% | 39.4× | n/a | n/a |
| JNTC 204270.KS | South Korea | $663M | -18% | -13% | -47% | 6.9× | n/a | n/a |
| Radiant Opto-Electronics 6176.TW | Taiwan | $795M | -15% | -11% | 9% | 9.5× | n/a | n/a |
| DKE 1770.HK | Hong Kong | $796M | n/a | +35% | 5% | n/a | 17.5% | +9.6% |
| Kohoku Kogyo 6524.T | Japan | $644M | -28% | +22% | 29% | 21.1× | 22.8% | +9.3% |