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Taiwanese maker of circuit-board substrate/laminate materials used in electronics manufacturing.
Taiwanese maker of circuit-board substrate/laminate materials used in electronics manufacturing.
Moat: none (scale). Commoditized substrate-materials maker competing on cost.
Headquarters: Taiwan
Size HannStar Board (5469.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $937M, the 278th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$63.70 on 6 Nov 2026.
Performance Over six months the shares fell 24.8%, against -24.4% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 32.2% over the last twelve months (peer median +20.6%); the operating margin is 8.3% (peer median 10.6%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 3.2× (3rd cheapest of 21).
Capital Return on invested capital runs 1.5 points below its cost of capital (5.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$63.6B | NT$57.2B | NT$41.6B | NT$43.0B | NT$47.7B |
| Revenue growth | — | +37% | -3% | -10% | — |
| Gross profit | NT$10.4B | NT$10.8B | NT$9.88B | NT$10.4B | NT$9.07B |
| EBITDA | NT$8.88B | NT$9.32B | NT$8.53B | NT$9.46B | NT$7.81B |
| Net income | NT$2.63B | NT$2.92B | NT$3.01B | NT$2.68B | NT$3.21B |
| Free cash flow | -NT$1.45B | NT$3.99B | NT$4.07B | NT$9.31B | NT$8.45B |
| Capital expenditure | NT$5.76B | NT$3.82B | NT$3.98B | NT$1.58B | NT$1.56B |
| Total debt | NT$40.0B | NT$36.8B | NT$26.8B | NT$20.6B | NT$21.0B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| HannStar Board 5469.TW | $937M | -25% | +32% | 8% | 1.0× | n/a |
| Eternal Materials 1717.TW | $2.06B | -27% | -2% | 5% | 2.0× | 19.9% |
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 | 5469.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.8% | -16.3% | 9th lowest of 21 |
| 6-month return | -24.8% | -24.4% | 11th highest of 21 |
| Distance from 52-week high | -43.4% | -47.3% | 8th highest of 21 |
| Revenue growth (TTM) | +32.2% | +20.6% | 6th highest of 21 |
| Operating margin | 8.3% | 10.6% | 10th lowest of 21 |
| EV / Sales | 1.0× | 3.2× | 3rd cheapest of 21 |
| ROIC minus cost of capital | -1.5 pp | -1.6 pp | 10th highest of 21 |
| EV / EBITDA | 7.3× | 11.5× | 2nd cheapest of 7 |
| Net debt / EBITDA | 1.2× | -0.8× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HannStar Board 5469.TW | Taiwan | $937M | -25% | +32% | 8% | 1.0× | n/a | n/a |
| Kingsignal Technology 300252.SZ | China | $941M | -38% | +21% | 0% | 2.6× | n/a | n/a |
| Prosperity Dielectrics 6173.TWO | Taiwan | $927M | +131% | +12% | 20% | 6.7× | 35.6% | -4.9% |
| Juneway Electronic Technology 301458.SZ | China | $946M | -25% | +24% | 20% | 6.1× | 36.2% | +13.7% |
| Pegavision 6491.TW | Taiwan | $926M | +41% | +18% | 28% | 3.5× | -4.5% | +12.1% |
| Japan Aviation Electronics Industry 6807.T | Japan | $922M | -13% | +10% | 3% | 0.6× | n/a | n/a |
| Shenzhen Q&D Circuits 301628.SZ | China | $917M | -26% | +37% | 13% | 4.7× | n/a | n/a |
| Bafang Electric (Suzhou) 603489.SS | China | $906M | -31% | +18% | 13% | 2.9× | 13.8% | -0.8% |
| Officina Stellare OS.MI | Italy | $969M | +47% | +239% | -11% | 15.3× | n/a | n/a |
| Qingdao NovelBeam Technology 688677.SS | China | $904M | -54% | +11% | 28% | 9.0× | 22.1% | +17.0% |
| Zhejiang Zuch Technology 301280.SZ | China | $971M | -24% | +25% | 13% | 2.9× | n/a | n/a |
| Shenzhen Click Technology 002782.SZ | China | $903M | -36% | +10% | 3% | 1.0× | 18.2% | +34.0% |
| Highbroad Advanced Material (Hefei) 301321.SZ | China | $902M | +28% | +22% | 0% | 2.3× | 35.6% | +5.8% |
| WCON Electronics 301328.SZ | China | $986M | -3% | +34% | 16% | 6.8× | n/a | n/a |
| Shenzhen SEG 000058.SZ | China | $1.02B | -20% | -1% | 9% | 4.3× | 9.7% | +5.3% |
| Dynamic 3715.TW | Taiwan | $846M | -50% | +43% | 5% | 1.1× | n/a | n/a |
| Sungho Electronics 043260.KS | South Korea | $1.04B | -54% | +44% | 4% | 7.6× | n/a | n/a |
| Gosuncn Technology 300098.SZ | China | $1.04B | -27% | +20% | -3% | 3.5× | 33.2% | -3.1% |
| Shenzhen Jingquanhua Electronics 002885.SZ | China | $840M | -34% | +9% | 4% | 1.5× | 27.6% | +20.6% |
| Tong Hsing Electronic Industries ,Ltd 6271.TW | Taiwan | $1.06B | -5% | +5% | 17% | 2.5× | 7.6% | +2.6% |
| Basler BSL.DE | Germany | $823M | -7% | +31% | 15% | 2.9× | 23.8% | +5.7% |