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Taiwan maker of IC leadframes and electroplating/chemical materials used in semiconductor packaging.
Taiwan maker of IC leadframes and electroplating/chemical materials used in semiconductor packaging.
Paid per unit of leadframe, the thin metal frame a chip is mounted on and wired to, so volumes at chip-packaging houses carry results. Electroplating chemicals are a smaller adjacent line used in the same packaging process, sold to the same kind of customer.
Moat: narrow (process know-how, customer qualification). Leadframe designs are qualified into a customer's assembly line, making mid-run switches costly.
Headquarters: Kaohsiung, Taiwan · Employees: 2,390
Size Chang Wah Electromaterials (8070.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $965M, the 274th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$43.95 on 6 Nov 2026.
Performance Over six months the shares fell 10.5%, against -17.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 18.9% over the last twelve months (peer median +7.5%); the operating margin is 11.6% (peer median 7.6%).
Valuation It trades at 19.3× forward earnings against a peer median of 18.4× (5th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$21.7B | NT$19.4B | NT$17.2B | NT$16.5B | NT$21.9B |
| Revenue growth | — | +12% | +4% | -25% | — |
| Gross profit | NT$3.99B | NT$3.51B | NT$3.45B | NT$3.01B | NT$5.00B |
| EBITDA | NT$3.23B | NT$2.90B | NT$2.73B | NT$2.53B | NT$4.18B |
| Net income | NT$1.19B | NT$716M | NT$1.59B | NT$1.48B | NT$2.16B |
| Free cash flow | NT$684M | NT$1.71B | NT$2.03B | NT$2.31B | NT$4.03B |
| Capital expenditure | NT$1.03B | NT$946M | NT$375M | NT$1.23B | NT$1.52B |
| Total debt | NT$12.3B | NT$12.1B | NT$10.1B | NT$11.5B | NT$10.3B |
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 Electromaterials 8070.TW | $965M | -10% | +19% | 12% | 19.3× | -6.6% |
| Mitsui High-Tec 6966.T | $892M | +20% | +10% | 8% | 9.2× | n/a |
| Sigurd Microelectronics 6257.TW | $2.33B | -19% | +12% | 22% | 14.0× | 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 | 8070.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.0% | -11.3% | 8th lowest of 21 |
| 6-month return | -10.5% | -17.3% | 9th highest of 20 |
| Distance from 52-week high | -33.4% | -46.9% | 6th highest of 21 |
| Revenue growth (TTM) | +18.9% | +7.5% | 7th highest of 21 |
| Operating margin | 11.6% | 7.6% | 8th highest of 21 |
| Forward P/E | 19.3× | 18.4× | 5th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | -6.6% | 12.0% | least demanding of 10 |
| Growth delivered (Del g) | +3.3% | +9.6% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -10.0 pp | +7.1 pp | 4th least demanding of 10 |
| ROIC minus cost of capital | +3.0 pp | -3.1 pp | 6th highest of 21 |
| EV / EBITDA | 7.8× | 15.7× | 2nd cheapest of 9 |
| Net debt / EBITDA | -3.7× | -0.4× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chang Wah Electromaterials 8070.TW | Taiwan | $965M | -10% | +19% | 12% | 19.3× | -6.6% | +3.3% |
| Truking Technology 300358.SZ | China | $968M | -8% | +6% | 6% | 18.4× | -1.7% | +10.1% |
| Yindu Kitchen Equipment 603277.SS | China | $969M | -17% | -4% | 19% | 13.0× | -4.3% | +11.1% |
| Shanghai Shibei Hi-Tech 600604.SS | China | $960M | -13% | -26% | 4% | n/a | 15.1% | -1.7% |
| METAWATER 9551.T | Japan | $972M | +4% | +13% | 6% | 13.5× | 0.9% | +9.5% |
| Zhejiang Liju Thermal Energy Equipment 603391.SS | China | $973M | +18% | +9% | 18% | n/a | 12.0% | +5.0% |
| Zhejiang Taitan 003036.SZ | China | $953M | -10% | +14% | 2% | n/a | n/a | n/a |
| SUSS MicroTec SMHN.DE | Germany | $948M | -53% | -15% | 9% | 35.8× | 24.2% | +14.8% |
| Zhejiang Jinggong Integration Technology 002006.SZ | China | $946M | -31% | -12% | 5% | 21.6× | 28.8% | +9.6% |
| Ye Siang Enterprise 7909.TWO | Taiwan | $984M | -53% | -14% | 16% | n/a | 34.9% | -13.5% |
| Changzhou Kaidi Electrical 605288.SS | China | $985M | +12% | +1% | 3% | 50.5× | n/a | n/a |
| Jiangyin Hengrun Heavy Industries 603985.SS | China | $942M | -45% | -20% | 9% | n/a | n/a | n/a |
| Shanghai Seer Intelligent Technology 6106.HK | Hong Kong | $940M | n/a | +30% | -12% | n/a | n/a | n/a |
| Phoenix Silicon International 8028.TW | Taiwan | $991M | -26% | +24% | 24% | 18.3× | n/a | n/a |
| Noritake Co.,Limited 5331.T | Japan | $991M | -19% | +9% | 9% | 8.2× | n/a | n/a |
| Shenzhen Dobot 2432.HK | Hong Kong | $937M | -50% | +67% | -33% | n/a | n/a | n/a |
| Unimech Aerospace & Manufacturing UNIMECH.NS | India | $937M | +63% | +40% | 27% | 61.6× | n/a | n/a |
| Shanghai SK Automation Technology 688155.SS | China | $936M | -53% | +56% | 15% | 17.6× | 5.3% | +43.3% |
| Taesung 323280.KS | South Korea | $999M | -44% | +67% | 3% | n/a | n/a | n/a |
| Sichuan Zigong Conveying Machine 001288.SZ | China | $999M | +1% | -20% | 3% | 19.0× | n/a | n/a |
| Galilei 6420.T | Japan | $925M | -3% | +4% | 13% | 10.7× | n/a | n/a |