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Employees: 12,729
Size Merry Electronics (2439.TW) is a Taiwan Information Technology company (Electronic Equipment/Instruments) with a market value of $493M, the 449th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$66.30 on 6 Nov 2026.
Performance Over six months the shares fell 25.9%, against -25.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median +5.6%); the operating margin is 2.0% (peer median 4.5%).
Valuation It trades at 17.9× forward earnings against a peer median of 18.0× (6th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$48.6B | NT$46.5B | NT$43.9B | NT$36.7B | NT$35.4B |
| Revenue growth | — | +6% | +20% | +4% | — |
| Gross profit | NT$5.25B | NT$5.55B | NT$5.76B | NT$4.61B | NT$4.41B |
| EBITDA | NT$1.85B | NT$2.23B | NT$2.68B | NT$1.96B | NT$1.84B |
| Net income | NT$896M | NT$1.34B | NT$2.14B | NT$1.32B | NT$1.46B |
| Free cash flow | NT$1.79B | -NT$349M | NT$1.22B | NT$1.70B | NT$4.09B |
| Capital expenditure | NT$1.10B | NT$1.40B | NT$824M | NT$543M | NT$625M |
| Total debt | NT$4.93B | NT$7.37B | NT$3.75B | NT$5.66B | NT$6.60B |
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.
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 | 2439.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -11.7% | 10th lowest of 21 |
| 6-month return | -25.9% | -25.1% | 11th highest of 21 |
| Distance from 52-week high | -43.1% | -44.1% | 10th highest of 21 |
| Revenue growth (TTM) | +8.7% | +5.6% | 9th highest of 21 |
| Operating margin | 2.0% | 4.5% | 8th lowest of 21 |
| Forward P/E | 17.9× | 18.0× | 6th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -5.0% | 8.3% | least demanding of 13 |
| Growth delivered (Del g) | +6.2% | +9.0% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | -11.1 pp | -2.9 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | -0.2 pp | -4.0 pp | 6th highest of 19 |
| Net debt / EBITDA | -2.4× | -1.7× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Merry Electronics 2439.TW | Taiwan | $493M | -26% | +9% | 2% | 17.9× | -5.0% | +6.2% |
| Integrated Electronic Systems Lab Co 002339.SZ | China | $486M | -34% | +11% | -2% | n/a | 15.8% | +8.2% |
| Wiscom System 002090.SZ | China | $485M | -27% | -4% | 1% | n/a | 34.3% | -3.4% |
| Nippon Ceramic 6929.T | Japan | $501M | -14% | +3% | 23% | 12.7× | -4.5% | +9.8% |
| Babcock & Wilcox Enterprises BW | United States | $484M | -78% | +40% | 4% | 12.2× | n/a | n/a |
| Sinosun Technology 300333.SZ | China | $482M | +3% | +2% | -13% | n/a | n/a | n/a |
| Espec 6859.T | Japan | $504M | +7% | +9% | 10% | 12.5× | 7.1% | +12.6% |
| Grade Upon Technology 6739.TWO | Taiwan | $481M | -52% | +99% | 57% | n/a | 12.4% | +26.7% |
| SZZT Electronics 002197.SZ | China | $506M | -32% | +25% | -17% | n/a | n/a | n/a |
| Careray Digital Medical Technology 688607.SS | China | $479M | -45% | +2% | -10% | 72.5× | n/a | n/a |
| Shanghai Hi-Tech Control System 002184.SZ | China | $507M | -16% | -16% | -3% | n/a | n/a | n/a |
| Zhejiang Wellsun Intelligent Technology 300882.SZ | China | $510M | -35% | +13% | -1% | n/a | n/a | n/a |
| Chengdu Zhimingda Electronics 688636.SS | China | $474M | -58% | -12% | 13% | 21.9× | n/a | n/a |
| Henan Splendor Science and Technology 002296.SZ | China | $470M | -23% | -36% | 18% | n/a | 6.3% | +6.6% |
| Osaka Organic Chemical Industry 4187.T | Japan | $518M | -21% | +18% | 22% | 11.8× | 6.9% | +4.8% |
| Ningbo Jianan Electronics 300880.SZ | China | $466M | -29% | -33% | 5% | n/a | 34.7% | +4.7% |
| Anhui Wanyi Science And Technology Co. Ltd. Class 1 688600.SS | China | $522M | -11% | +4% | 5% | 33.4× | 34.5% | +11.2% |
| Kewell Technology 688551.SS | China | $464M | -20% | +13% | 2% | 50.7× | n/a | n/a |
| Goldcard Smart 300349.SZ | China | $531M | -33% | -5% | 4% | 18.0× | 2.9% | +10.8% |
| IDEC 6652.T | Japan | $534M | -11% | +17% | 10% | 10.1× | 0.7% | +6.2% |
| Beijing ConST Instruments Technology 300445.SZ | China | $536M | -23% | +7% | 19% | 21.8× | 9.4% | +15.5% |