FEAF
TWSE

3665 貿聯-KY

1,520.00 ▲ 5.00 (0.33%) Close · 2026-11-13 · TWSE
Ask about 3665
This is research, not a buy or sell recommendation. Robo-advice in Taiwan requires an FSC licence; FEAF analyses, explains and monitors, and the investor makes the decision. Judgement thresholds are working rules pending review by the team's finance members.

Plain-language summary of valuation, growth, profitability, balance sheet, and recent MOPS filings.

Your risk profile
Conclusion

Mixed picture: 3 strengths against 2 watch-outs. Weigh them against your own goals.

Points to watch for a moderate profile: see the items marked above.

In plain words

Company 3665 demonstrates solid profitability with a 21.4% return on equity, a 12.9% net margin, and positive free cash flow of 5,406 NT$ million in 2025. However, the stock is priced richer than peers with a P/E of 27.91 against the median of 17.24, while its current price implies a 5.1% perpetual growth rate above the 3.5% ceiling. Additionally, liabilities are 46.2% of total assets in Q2 2026, with 3 verified alerts and 1 filing held or rejected awaiting human review. Ultimately, the final investment decision rests with the investor.

Written by gemini-3.6-flash from the facts above; every number was checked against them.

Strengths

+ Revenue grew 31.7% in 2025; latest quarter Q2 2026: 37.5% year on year. source (Financials) →
+ Return on equity 21.4% with a 12.9% net margin: highly profitable. source (Key Stats) →
+ Free cash flow was positive in 2025: 5,406 NT$ million. source (Financials) →

Watch-outs

! The current price implies 5.1% perpetual growth, above the 3.5% ceiling: the price already assumes high expectations. source (Valuation) →
! P/E 27.91 is well above the Other electronics median of 17.24 (38 listed peers): priced richer than peers. source (Key Stats) →

What to check before deciding

?Can the company sustain growth above the perpetual-growth ceiling for years?
?Why is it priced above its peers, and is that premium justified?

What the analysis found

! Valuation (DCF) The current price implies 5.1% perpetual growth, above the 3.5% ceiling: the price already assumes high expectations. source →
! Valuation vs peers P/E 27.91 is well above the Other electronics median of 17.24 (38 listed peers): priced richer than peers. source →
+ Growth Revenue grew 31.7% in 2025; latest quarter Q2 2026: 37.5% year on year. source →
+ Profitability Return on equity 21.4% with a 12.9% net margin: highly profitable. source →
· Debt Liabilities are 46.2% of total assets (Q2 2026). source →
+ Cash flow Free cash flow was positive in 2025: 5,406 NT$ million. source →
· Filings 3 verified alert(s); latest on 2026-11-13: 本公司依公開發行公司資金貸與及背書保證 處理準則第二十二條第一項第三款公告 source →
· Filings 1 filing(s) are held or rejected and wait for human review. source →