olivLaw · US equity research
Asia Pacific Wire & Cable Corporation Limited APWC
Drawing & Insulating of Nonferrous Wire · SIC 3357 · Vertical: Primary metal industries (SIC 335x)
APWC is a holding company based in Taipei that manufactures and distributes enameled wire, power cable and telecommunications cable across the Asia Pacific, serving appliance makers and infrastructure projects. Revenue reached 489.7 million USD in fiscal 2025, but operating profit fell to 6.4 million USD, and the company is now seeking to expand production capacity with funds raised in a February 2026 rights offering.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Asia Pacific Wire & Cable Corporation Limited (APWC) stock was 1.12 USD (+0.00% on the day), with market capitalisation 23.1 m USD, P/E 6.6 on diluted EPS of 0.17 USD over the last 12 months, dividend yield 19.80%, beta 0.38, 52-week range 1.10–2.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.10 – 1.38
- in the lower half of the band · %B 0.08 · band width 23.1%
- SMA 50 / 200
- 1.32 / 1.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.05
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.6% | −1.1% | −16.5 pp | — |
| 3 months | −30.4% | −0.5% | −30.0 pp | — |
| 6 months | −28.2% | +4.4% | −32.6 pp | — |
| Year to date | −39.8% | +12.3% | −52.1 pp | — |
| 1 year | −39.8% | +13.5% | −53.3 pp | +9.8% |
| 3 years | −13.2% | +76.4% | −89.6 pp | +127.6% |
| 5 years | −62.9% | +63.7% | −126.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 6.6, median 7.6, max 8.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 425.2 m | 425.9 m | 338.2 m | 313.6 m | 476.7 m | 433.9 m | 425.8 m | 472.7 m |
| Revenue YoY | +10.6% | +0.2% | −20.6% | −7.3% | +52.0% | −9.0% | −1.9% | +11.0% |
| Net income | 8.7 m | 2.9 m | -1.6 m | -552.0 k | -2.6 m | 3.9 m | 3.9 m | 3.5 m |
| Net income YoY | +205.6% | −66.4% | −155.7% | unavailable | unavailable | unavailable | −0.2% | −9.9% |
| Diluted EPS | unavailable | unavailable | unavailable | -0.04 | -0.19 | 0.19 | 0.19 | 0.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | 0.0% | −10.5% |
| net % | 2.1% | 0.7% | -0.5% | -0.2% | -0.6% | 0.9% | 0.9% | 0.7% |
| Free cash flow | -21.3 m | 36.2 m | 9.7 m | 1.8 m | -50.2 m | 2.8 m | -10.3 m | 20.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 34.0 m USD
- Financial debt
- 29.0 m USD
- Net debt
- -5.1 m USD
- Equity
- 215.4 m USD
- Total assets
- 339.9 m USD
- Debt / equity
- 0.13x
- Current ratio
- 2.51x
- ROE
- 1.6%
- ROA
- 1.0%
- FCF margin
- 4.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 338.2 m | 313.6 m | 476.7 m | 433.9 m | 425.8 m | 472.7 m | SEC (XBRL)· 31 Mar 2025verified |
| Cost of revenue | 313.4 m | 279.7 m | 455.5 m | 401.4 m | 395.5 m | 437.6 m | SEC (XBRL)· 31 Mar 2025verified |
| Gross profit | 24.8 m | 33.9 m | 21.2 m | 32.5 m | 30.2 m | 35.1 m | SEC (XBRL)· 31 Mar 2025verified |
| Operating income | -649.0 k | 7.6 m | -5.0 m | 8.1 m | 1.5 m | 10.0 m | SEC (XBRL)· 31 Mar 2025verified |
| Depreciation & amortisation | 5.3 m | 5.4 m | 5.5 m | 5.8 m | 6.2 m | 6.1 m | SEC (XBRL)· 31 Mar 2025verified |
| EBITDA | 4.7 m ≈ | 13.0 m ≈ | 521.0 k ≈ | 13.9 m ≈ | 7.8 m ≈ | 16.1 m ≈ | SEC (XBRL)· 31 Mar 2025derived |
| Interest expense | 1.0 m | 744.0 k | 1.3 m | 1.7 m | 2.5 m | 2.3 m | SEC (XBRL)· 31 Mar 2025verified |
| Pre-tax income | 1.1 m | 7.7 m | -9.9 m | 7.6 m | 464.0 k | 9.4 m | SEC (XBRL)· 31 Mar 2025verified |
| Income tax | 2.1 m | 4.0 m | -1.3 m | 2.8 m | 162.0 k | 2.8 m | SEC (XBRL)· 31 Mar 2025verified |
| Net income | -1.6 m | -552.0 k | -2.6 m | 3.9 m | 3.9 m | 3.5 m | SEC (XBRL)· 31 Mar 2025verified |
| Diluted EPS | — | -0.04 | -0.19 | 0.19 | 0.19 | 0.17 | SEC (XBRL)· 31 Mar 2025verified |
| Weighted average diluted shares | — | 13.8 m | 13.8 m | 20.0 m | 20.6 m | 20.6 m | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 53.7 m | 52.2 m | 44.5 m | 54.0 m | 38.0 m | 34.0 m | SEC (XBRL)· 31 Mar 2025verified |
| Inventories | 85.2 m | 96.4 m | 128.8 m | 130.6 m | 128.2 m | 126.8 m | SEC (XBRL)· 31 Mar 2025verified |
| Current assets | 239.5 m | 263.7 m | 312.0 m | 299.5 m | 295.0 m | 271.7 m | SEC (XBRL)· 31 Mar 2025verified |
| Property, plant & equipment, net | 41.7 m | 54.7 m | 54.4 m | 50.7 m | 49.9 m | 52.2 m | SEC (XBRL)· 31 Mar 2025verified |
| Intangibles (excl. goodwill) | 128.0 k | 180.0 k | 129.0 k | 139.0 k | 124.0 k | 110.0 k | SEC (XBRL)· 31 Mar 2025verified |
| Total assets | 298.9 m | 338.1 m | 389.4 m | 371.0 m | 366.7 m | 339.9 m | SEC (XBRL)· 31 Mar 2025verified |
| Short-term debt | 11.4 m | 10.1 m | 62.1 m | 45.6 m | 53.7 m | 24.1 m | SEC (XBRL)· 31 Mar 2025verified |
| Long-term debt | — | 3.7 m | 3.3 m | 12.2 m | 0 | 4.9 m | SEC (XBRL)· 31 Mar 2025verified |
| Current liabilities | 53.6 m | 83.4 m | 162.2 m | 133.6 m | 140.6 m | 108.0 m | SEC (XBRL)· 31 Mar 2025verified |
| Total liabilities | 70.5 m | 103.2 m | 180.1 m | 159.6 m | 152.0 m | 124.5 m | SEC (XBRL)· 31 Mar 2025verified |
| Equity | 228.4 m | 234.9 m | 209.3 m | 211.4 m | 214.6 m | 215.4 m | SEC (XBRL)· 31 Mar 2025verified |
| Shares outstanding at year end | 13.8 m | 13.8 m | 13.8 m | 20.6 m | 20.6 m | 20.6 m | SEC (XBRL)· 31 Mar 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 15.1 m | 16.4 m | -41.6 m | 6.6 m | -6.1 m | 24.3 m | SEC (XBRL)· 31 Mar 2025verified |
| Capex | 5.4 m | 14.5 m | 8.5 m | 3.7 m | 4.3 m | 4.2 m | SEC (XBRL)· 31 Mar 2025verified |
| Free cash flow | 9.7 m ≈ | 1.8 m ≈ | -50.2 m ≈ | 2.8 m ≈ | -10.3 m ≈ | 20.1 m ≈ | SEC (XBRL)· 31 Mar 2025derived |
| Investing cash flow | -6.4 m | -20.3 m | -6.2 m | -2.7 m | -4.9 m | -3.4 m | SEC (XBRL)· 31 Mar 2025verified |
| Financing cash flow | -17.9 m | 2.1 m | 42.4 m | 9.6 m | -5.5 m | -24.3 m | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 23.1 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality27
- Growth0
- Valuation100
- Balance sheet73
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.14 – 40.46 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)19.07 – 40.46 (Mid 25.73)WACC 6.5% · starting FCFF 21.7 m USD · terminal value share of EV 83%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA4.61 – 8.51 (Mid 6.13)4 companies used · median multiple 7.5x · quartiles 5.6x – 10.6xBDC, KALU, MLI, NX
- Peers: P/E2.14 – 6.70 (Mid 3.95)8 companies used · median multiple 23.2x · quartiles 12.6x – 39.4xBDC, GLW, HWM, KALU, MLI, NX, OCC, TG
- Dividend discount (DDM)2.91 – 3.92 (Mid 3.34)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.2% | 0 (vs peers) | 13% |
| Net margin · Quality | 0.7% | 0 (vs peers) | 8% |
| FCF conversion · Quality | 576.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 80 (vs peers) | 13% |
| Interest coverage · Balance sheet | 4.3x | 44 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 6.6x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | 1.1x | 100 (vs peers) | 13% |
| FCF yield · Valuation | 87.0% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality27/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED (APWC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 472.7 m USD in 2024; YoY growth 11.0%; net margin 0.7%; ROE 2.2%; net debt/EBITDA -0.3x.
The estimated value range is 3.76–7.61 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 5.04 USD, the price of 1.12 USD leaves a potential of 350.0% (value / price − 1) and a margin of safety of 77.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 576.1%
- Net debt / EBITDA: -0.3x
- Current ratio: 2.5x
- P/E (TTM): 6.6x
- EV/EBITDA: 1.1x
- FCF yield: 87.0%
- The price is below the estimated value range
What contradicts it
- ROIC: 3.2%
- Net margin: 0.7%
- Revenue CAGR 3Y: -0.3%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Primary metal industries (SIC 335x) · same industry group (3-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GLWCorning Inc | 102.3 bn | 48.1 | 17.1% | 12.1% | +19.1% | +41% / +317% |
| HWMHowmet Aerospace Inc. | 84.9 bn | 41.8 | 37.7% | 21.1% | +11.1% | +4% / +306% |
| MLIMueller Industries, Inc | 12.0 bn | 13.9 | 26.2% | 17.3% | +10.9% | +0% / +166% |
| BDCBelden Inc. | 4.1 bn | 23.6 | 13.4% | 5.6% | +10.3% | −7% / +58% |
| KALUKaiser Aluminum Corporation | 1.8 bn | 8.6 | 24.5% | 4.8% | +11.5% | +15% / +89% |
| NXQuanex Building Products Corporation | 1.0 bn | 22.8 | 6.2% | 2.4% | +43.8% | +74% / −27% |
| TGTredegar Corporation | 254.4 m | 7.6 | 15.8% | — | +16.1% | −7% / +55% |
| OCCOptical Cable Corporation | 99.1 m | 38.6 | 15.6% | 3.1% | +9.5% | +38% / +329% |
| APWCAsia Pacific Wire & Cable Corporation Limited | 23.1 m | 6.6 | 2.2% | 0.7% | +11.0% | −40% / −13% |
1- and 3-year price returns: for APWC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.63 Total return -44% · Per year -44% | 1.11 Total return -1% · Per year -1% | 1.68 Total return 50% · Per year 50% |
| 3 years | 0.55 Total return -51% · Per year -21% | 1.10 Total return -1% · Per year -0% | 1.84 Total return 64% · Per year 18% |
| 5 years | 0.48 Total return -57% · Per year -15% | 1.10 Total return -2% · Per year -0% | 2.02 Total return 80% · Per year 12% |
- Exit P/E± 0.28
- Net margin± 0.19
- Annual revenue growth± 0.17
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (15 Sept 2026), 6-K (14 Aug 2026), 6-K (23 Jul 2026), 6-K (14 May 2026), 6-K (01 May 2026).
In brief
APWC is a holding company based in Taipei that manufactures and distributes enameled wire, power cable and telecommunications cable across the Asia Pacific, serving appliance makers and infrastructure projects. Revenue reached 489.7 million USD in fiscal 2025, but operating profit fell to 6.4 million USD, and the company is now seeking to expand production capacity with funds raised in a February 2026 rights offering.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on copper priceshigh
Copper makes up most of cost of sales, and price adjustments sometimes lag, which can compress margins 1.
- Higher debtmedium
Interest-bearing borrowings rose in 2025, and financing costs could weigh on profitability if interest rates climb 1.
- Geopolitical and trade riskshigh
Trade disputes and tariffs can change demand and supply chains across several regions 1.
- Restrictions on dividend distributionsmedium
Subsidiaries may face legal or contractual limits, and withholding taxes on dividends in some countries reduce flows to the parent 1.
- Concentrated shareholdinglow
The majority shareholder holds about 81% of shares, which limits the influence of minority shareholders 1.
Investment thesis
What would need to be true (bull case)
- If supply chain realignment and energy demand persist, the new facilities could support revenue growth.
- Fresh capital from the rights offering could fund expansion into markets with stronger demand and ease pressure on debt.
- A presence in several countries could offset weakness in any single market.
What would break the thesis
- Operating profit fell in 2025 and margins are very thin, leaving little room for error.
- If copper prices keep rising, the company could struggle to pass costs on to customers.
- Higher debt and restrictions on distributions could limit the ability to fund dividends or investment.
What to watch
- Use of rights offering proceeds and timing of the new facilities2026
- Copper price trend and its effect on gross marginQ1 2027
- Status of the sale of the Shanghai plant2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (15 Sept 2026), 6-K (14 Aug 2026), 6-K (23 Jul 2026), 6-K (14 May 2026), 6-K (01 May 2026).
The business
APWC is a holding company that runs its business through operating subsidiaries, principally manufacturing and distributing enameled wire, power cable and telecommunications cable in Thailand, Singapore, Australia, the PRC, Hong Kong and other Asia Pacific markets 1. It also provides project engineering services for the supply, delivery and installation of power cable (SDI) 1. Its major customers are appliance component makers, electrical contractors, state-owned entities, dealers and factories 1. The company has not paid a dividend to common shareholders since 2019, and its ability to pay depends on distributions from operating subsidiaries 1.
In 2025 the company set out strategies to benefit from the global realignment of supply chains driven by trade and national security policies, as well as stronger demand for energy and infrastructure 1. Proceeds from the February 2026 rights offering are to fund new production facilities, which may open markets in North America and Southeast Asia, and new technologies such as flow battery storage, energy management systems and data center products 1. The company states it does not currently use artificial intelligence technologies to any significant extent 1.
Results are reported across three segments: Thailand, North Asia and ROW (rest of world), with power cable and enameled wire the largest product lines 1. Power cables carry electricity in commercial and residential buildings, while enameled wires go into motors, transformers and other electrical goods 1. Copper rod is the main raw material and the majority of cost of sales, and the company tries to pass copper price changes through to customers 1.
Segments
Market context
Trends
- Supply chain realignmenttailwind
Trade and national security policies may lead customers to shift production, which could create demand for new capacity in other regions 1. The company links this strategy to the new facilities it could build with rights offering proceeds 1.
- Demand for energy and infrastructuretailwind
Investment in energy networks and transport infrastructure could support power cable sales, particularly in public projects in Singapore and Thailand 1. The company cites this demand as a driver of its growth strategy 1.
- Copper price volatilityheadwind
Copper makes up most of cost of sales, and the company notes that price changes are not always fully reflected right away, especially in fixed-price project contracts 1. If copper prices keep rising, margins could come under further pressure 1.
- Trade tensions and currency swingsmixed
U.S.-China trade disputes and local currencies have influenced results, with a stronger Thai baht supporting dollar-reported revenue while capital outflows are restricted in some countries 1. The net effect depends on how policies and exchange rates evolve, which makes the trend mixed 1.
Competitive position
The source does not describe competitors in detail, but says the market is affected by competition, raw material costs and trade tensions 1. APWC describes its Thai subsidiary Charoong Thai as one of the leading cable manufacturers in Thailand 1. Direct competition depends on each geographic market and product line 1.
The company differentiates through brands of each subsidiary, its ability to win public tenders and the technical services it offers customers 1. Its edge rests on regional presence and relationships with state entities, but the source gives no market share or quantitative comparison with other players 1.
- Charoong Thai Wire & Cable (subsidiary)
Majority-owned APWC subsidiary in Thailand, listed in Thailand rather than in the United States 1.
- Pacific Electric Wire & Cable (PEWC)
Majority shareholder of APWC and a supplier of cable for distribution in Singapore within the supply chain 1.
- Regional Southeast Asian cable suppliers
Local producers competing for public tenders and cable markets in Thailand and Singapore 1.
- Chinese enameled wire producers
Competitors in motor and appliance wire in North Asia 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)23 Jul 2026
- Current report (foreign issuer)14 May 2026
- Current report (foreign issuer)01 May 2026
- Annual report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)26 Feb 2026
- Current report (foreign issuer)28 Jan 2026
- Current report (foreign issuer)18 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Asia Pacific Wire & Cable Corporation Limited · 29 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.