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Taiwanese maker of semiconductor lead frames and IC packaging materials, part of the Chang Wah group of companies.
Taiwanese maker of semiconductor lead frames and IC packaging materials, part of the Chang Wah group of companies.
In one line: A niche semiconductor lead-frame maker.
Moat: narrow (process know-how). Specialized lead-frame manufacturing process qualified into IC packaging supply chains.
Headquarters: Taiwan · Employees: 2,307
Size Chang Wah Technology (6548.TWO) is a Taiwan Industrials company (Industrial Machinery) with a market value of $1.65B, the 192nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$57.80 on 6 Nov 2026.
Performance Over six months the shares gained 9.3%, against -17.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 25.3% over the last twelve months (peer median +7.6%); the operating margin is 14.8% (peer median 8.0%).
Valuation It trades at 17.5× forward earnings against a peer median of 26.0× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +2 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 10.5 points above its cost of capital (6.5% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$16.4B | NT$13.4B | NT$12.0B | NT$11.6B | NT$14.4B |
| Revenue growth | — | +12% | +4% | -20% | — |
| Gross profit | n/a | NT$2.86B | NT$2.83B | NT$2.54B | NT$4.32B |
| EBITDA | n/a | NT$2.38B | NT$2.43B | NT$2.26B | NT$3.85B |
| Net income | NT$2.36B | NT$1.50B | NT$1.90B | NT$1.56B | NT$2.82B |
| Free cash flow | n/a | NT$936M | NT$1.44B | NT$1.55B | NT$2.52B |
| Capital expenditure | n/a | NT$939M | NT$1.34B | NT$2.64B | NT$1.51B |
| Total debt | n/a | NT$7.43B | NT$6.27B | NT$6.16B | NT$4.70B |
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 |
|---|---|---|---|---|---|---|
| Chang Wah Technology 6548.TWO | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% |
| Chang Wah Electromaterials 8070.TW | $965M | -10% | +19% | 12% | 19.3× | -6.6% |
| Ase Technology 3711.TW | $70.4B | +2% | +25% | 11% | 17.3× | n/a |
| Mitsui High-Tec 6966.T | $892M | +20% | +10% | 8% | 9.2× | n/a |
| SDI 2351.TW | $782M | -16% | +7% | 8% | 14.8× | 24.9% |
| HAESUNG DS 195870.KS | $422M | -58% | +33% | 11% | 7.5× | 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 | 6548.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.9% | -6.6% | 5th lowest of 21 |
| 6-month return | +9.3% | -17.2% | highest of 21 |
| Distance from 52-week high | -44.4% | -45.4% | 11th highest of 21 |
| Revenue growth (TTM) | +25.3% | +7.6% | 3rd highest of 21 |
| Operating margin | 14.8% | 8.0% | 7th highest of 21 |
| Forward P/E | 17.5× | 26.0× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | 8.6% | 7th most demanding of 16 |
| Growth delivered (Del g) | +6.8% | +11.5% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | +2.5 pp | -4.8 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +10.5 pp | -0.9 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| TerraVest Industries TVK.TO | Canada | $1.64B | -17% | +46% | 8% | 26.4× | 10.6% | +35.1% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| KSB SE & Co. KGaA KSB.DE | Germany | $1.63B | -3% | +2% | 7% | 10.3× | -3.2% | +6.6% |
| Precision Tsugami (China) 1651.HK | Hong Kong | $1.62B | -35% | +24% | 28% | 7.7× | -13.9% | +9.8% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Zhejiang Jiecang Linear Motion Technology 603583.SS | China | $1.60B | -4% | +5% | 8% | 26.0× | n/a | n/a |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Hunan Yujing Machinery 002943.SZ | China | $1.60B | -42% | -36% | -23% | 37.5× | n/a | n/a |
| Tongyu Heavy Industry 300185.SZ | China | $1.59B | -17% | +6% | 4% | 43.7× | 6.3% | +3.1% |
| Qingdao Haier Biomedical 688139.SS | China | $1.58B | +6% | +12% | 9% | 36.5× | 20.7% | +10.8% |
| Tofflon Science and Technology 300171.SZ | China | $1.57B | +4% | -2% | 6% | 34.7× | 8.0% | +14.0% |
| Shanghai Highly (Group) 600619.SS | China | $1.57B | -33% | +3% | 3% | n/a | 8.6% | +13.1% |