# King Slide Works (2059.TW)

Canonical: https://gigainvestors.com/s/2059.TW

Analysis as of: 2026-10-16T07:34:20.852Z. Financial observations: FY2003–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 9,720.00 per share; close as of 2026-10-15.

Estimated value: low TWD 2,267.75 per share, central TWD 3,169.02 per share, high TWD 3,671.70 per share. Buy at or below the central value TWD 3,169.02 per share. Valuation as of 2026-10-16T07:34:20.852Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; TW 10-year bond 2.0% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.45×

- FY2017: 0.41×

- FY2018: 0.39×

- FY2019: 0.42×

- FY2020: 0.32×

- FY2021: 0.41×

- FY2022: 0.65×

- FY2023: 0.50×

- FY2024: 0.60×

- FY2025: 0.69×

### moat: pass

- ROIC, median of available years: 59.6%

- ROIC, second-lowest year: 43.4%

- Typical minus recent gross margin: -13.7 pp

- Typical gross margin (annual median): 55.4%

- Recent gross margin (lower of latest and 3-year median): 69.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 62.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 81.9%

- FY2017: 56.5%

- FY2018: 62.8%

- FY2019: 54.7%

- FY2020: 35.7%

- FY2021: 44.3%

- FY2022: 84.5%

- FY2023: 43.4%

- FY2024: 79.5%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 24B

- Net income, five-year total: TWD 25B

- Return on incremental invested capital: 124.2%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 8.4 pp

- Working capital / revenue, final three-year average: 39.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.94×

- FY2022: 0.97×

- FY2023: 0.87×

- FY2024: 0.96×

- FY2025: 0.98×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 62.8% vs 79.5%

- Per-share earnings: 16.52 to 64.59 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: TWD 318B

- Cumulative retained earnings: TWD 17B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.6%

- Per-share value change: TWD 48.07

- Per-share value, starting three-year median: TWD 16.52

- Per-share value, ending three-year median: TWD 64.59

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 7.9M

- Cumulative net income, 10 years: TWD 32B

- ROIC, first three-year median: 62.8%

- ROIC, last three-year median: 79.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 16.52

- FY2017: TWD 9.55

- FY2018: TWD 18.65

- FY2019: TWD 16.38

- FY2020: TWD 12.22

- FY2021: TWD 21.75

- FY2022: TWD 42.35

- FY2023: TWD 28.38

- FY2024: TWD 64.59

- FY2025: TWD 103.24

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: 0.3%

- FY2018: -0.5%

- FY2019: -2.0%

- FY2020: -3.2%

- FY2021: 3.6%

- FY2022: 0.6%

- FY2023: -2.8%

- FY2024: 3.7%

- FY2025: -3.9%

## Holders

## Price story

Down 31% since Aug 2026 · sales +72.8%

Story as of 2026-10-16T10:00:00.164Z; price observation 2026-10-15.

Price needs cash profits to grow 22.7% a year for ten years

### Sales · FY2024–2025

sales +72.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 4.5B 

- FY2017: TWD 4.1B 

- FY2018: TWD 4.4B 

- FY2019: TWD 4.9B 

- FY2020: TWD 4.8B 

- FY2021: TWD 6.3B 

- FY2022: TWD 7.8B 

- FY2023: TWD 5.8B 

- FY2024: TWD 10B 

- FY2025: TWD 18B 

### Gross margin · FY2025

gross margin 76%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 57.1% 

- FY2017: 53.3% 

- FY2018: 52.5% 

- FY2019: 53.7% 

- FY2020: 52.4% 

- FY2021: 52.9% 

- FY2022: 57.3% 

- FY2023: 61.3% 

- FY2024: 69.1% 

- FY2025: 76.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are TWD 17.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2025: revenue 17500695000; grossProfit 13308776000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2059.TW: King Slide Works Co., Ltd., together with its subsidiaries, researches, designs, manufactures, distributes, and sells rail kits for cloud servers, network communications, kitchen ware, and consumer electronics in Taiwan, the United States, China, and internationally. The company offers ultra-thin server slide rail kits, electronic device rail kits, and cable management arm for cloud computing data centers, as well as engages in the international investment activities. It also provides kitchen and furniture solutions, including metal and wood drawer systems, inner drawers and pull-out systems, undermount slides, ball bearing slides, epoxy coated roller slides, and hinges for home furniture, kitchen cabinets and work space; and consumer electronics solutions. In addition, the company is involved in trading and wholesaling rail kits, slides, and accessories; manufacturing and selling mechanical rail kit products integrated into servers and network-related equipment; and manufacturing and selling rail kits for servers, network communications, data centers, and related peripheral components. Its products are used in home appliances, motorhomes and RVs, office equipment, medical storage, and other applications. King Slide Works Co., Ltd. was incorporated in 1986 and is headquartered in Kaohsiung, Taiwan.

### Why customers stay

Margins ranged from 61.3% to 76% during 2023–25; it earns 59.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2023: grossProfit / revenue = 61.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2024: grossProfit / revenue = 69.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2025: grossProfit / revenue = 76%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); 10-year return on capital observations [[2016,0.8186733162029377],[2017,0.5645370070396765],[2018,0.6275598810157028],[2019,0.547440988901016],[2020,0.35703682505978357],[2021,0.443471173994013],[2022,0.8447996620978209],[2023,0.4342317168572845],[2024,0.7948294496396044],[2025,1.5756888716546376]]; median 0.5960484440276896. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.8% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2016: growth capex 0; upkeep 157343000; owner earnings 1543922000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2017: growth capex 0; upkeep 198787000; owner earnings 851965000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2018: growth capex 1299000; upkeep 141725000; owner earnings 1775964000. Growth capex / owner earnings = 0.0007314337452786205.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2019: growth capex 0; upkeep 129572000; owner earnings 1470007600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2020: growth capex 0; upkeep 370198000; owner earnings 855972600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2021: growth capex 555851000; upkeep 214413000; owner earnings 1944650800. Growth capex / owner earnings = 0.2858358940330058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2022: growth capex 600341000; upkeep 224449000; owner earnings 3928009200. Growth capex / owner earnings = 0.152835945496258.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2023: growth capex 0; upkeep 377522000; owner earnings 2362826200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2024: growth capex 26075000; upkeep 327974000; owner earnings 5915679600. Growth capex / owner earnings = 0.0044077775949867195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); FY2025: growth capex 561046000; upkeep 360485000; owner earnings 9602425400. Growth capex / owner earnings = 0.05842753019461104.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); Incremental return on capital 1.2416199495892588, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); Dividend observations: [[2016,962500000],[2017,786201000],[2018,476485000],[2019,905322000],[2020,762377000],[2021,583218000],[2022,1036832000],[2023,1905941000],[2024,1352265000],[2025,3068566000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 2059.TW SharesStats.PercentInsiders = 40.595 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.7% yearly over ten years; actual growth was 17.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.852Z); Ten-year compound average after fade. Initial solved rate 0.43765543248555305. Price 9720; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 20.737429968240374 → FY2025 100.77583460145878. Closing-price date 2026-10-15.

## Monthly share-price history (TWD per share)

- 2016-10: TWD 387.00 per share

- 2016-11: TWD 364.50 per share

- 2016-12: TWD 417.00 per share

- 2017-01: TWD 416.50 per share

- 2017-02: TWD 424.00 per share

- 2017-03: TWD 435.00 per share

- 2017-04: TWD 464.50 per share

- 2017-05: TWD 446.00 per share

- 2017-06: TWD 427.00 per share

- 2017-07: TWD 424.50 per share

- 2017-08: TWD 420.00 per share

- 2017-09: TWD 417.00 per share

- 2017-10: TWD 403.50 per share

- 2017-11: TWD 410.00 per share

- 2017-12: TWD 400.50 per share

- 2018-01: TWD 395.50 per share

- 2018-02: TWD 426.00 per share

- 2018-03: TWD 405.00 per share

- 2018-04: TWD 419.50 per share

- 2018-05: TWD 438.00 per share

- 2018-06: TWD 430.50 per share

- 2018-07: TWD 422.00 per share

- 2018-08: TWD 391.00 per share

- 2018-09: TWD 401.00 per share

- 2018-10: TWD 321.50 per share

- 2018-11: TWD 335.50 per share

- 2018-12: TWD 320.00 per share

- 2019-01: TWD 343.00 per share

- 2019-02: TWD 335.00 per share

- 2019-03: TWD 343.50 per share

- 2019-04: TWD 324.50 per share

- 2019-05: TWD 304.00 per share

- 2019-06: TWD 306.50 per share

- 2019-07: TWD 329.00 per share

- 2019-08: TWD 328.00 per share

- 2019-09: TWD 353.00 per share

- 2019-10: TWD 364.50 per share

- 2019-11: TWD 356.00 per share

- 2019-12: TWD 362.00 per share

- 2020-01: TWD 351.00 per share

- 2020-02: TWD 348.50 per share

- 2020-03: TWD 292.00 per share

- 2020-04: TWD 310.50 per share

- 2020-05: TWD 325.00 per share

- 2020-06: TWD 335.50 per share

- 2020-07: TWD 338.00 per share

- 2020-08: TWD 304.50 per share

- 2020-09: TWD 280.00 per share

- 2020-10: TWD 288.00 per share

- 2020-11: TWD 300.00 per share

- 2020-12: TWD 297.00 per share

- 2021-01: TWD 299.00 per share

- 2021-02: TWD 321.00 per share

- 2021-03: TWD 329.50 per share

- 2021-04: TWD 360.00 per share

- 2021-05: TWD 383.50 per share

- 2021-06: TWD 392.50 per share

- 2021-07: TWD 372.50 per share

- 2021-08: TWD 373.50 per share

- 2021-09: TWD 388.00 per share

- 2021-10: TWD 427.00 per share

- 2021-11: TWD 481.50 per share

- 2021-12: TWD 517.00 per share

- 2022-01: TWD 448.00 per share

- 2022-02: TWD 428.00 per share

- 2022-03: TWD 437.00 per share

- 2022-04: TWD 397.00 per share

- 2022-05: TWD 448.00 per share

- 2022-06: TWD 408.00 per share

- 2022-07: TWD 455.00 per share

- 2022-08: TWD 457.00 per share

- 2022-09: TWD 473.00 per share

- 2022-10: TWD 419.00 per share

- 2022-11: TWD 412.50 per share

- 2022-12: TWD 384.00 per share

- 2023-01: TWD 404.00 per share

- 2023-02: TWD 417.50 per share

- 2023-03: TWD 384.50 per share

- 2023-04: TWD 413.00 per share

- 2023-05: TWD 424.00 per share

- 2023-06: TWD 663.00 per share

- 2023-07: TWD 907.00 per share

- 2023-08: TWD 915.00 per share

- 2023-09: TWD 828.00 per share

- 2023-10: TWD 702.00 per share

- 2023-11: TWD 873.00 per share

- 2023-12: TWD 914.00 per share

- 2024-01: TWD 1,040.00 per share

- 2024-02: TWD 1,355.00 per share

- 2024-03: TWD 1,255.00 per share

- 2024-04: TWD 1,230.00 per share

- 2024-05: TWD 1,125.00 per share

- 2024-06: TWD 1,240.00 per share

- 2024-07: TWD 1,105.00 per share

- 2024-08: TWD 1,265.00 per share

- 2024-09: TWD 1,100.00 per share

- 2024-10: TWD 1,250.00 per share

- 2024-11: TWD 1,460.00 per share

- 2024-12: TWD 1,550.00 per share

- 2025-01: TWD 1,520.00 per share

- 2025-02: TWD 1,990.00 per share

- 2025-03: TWD 1,650.00 per share

- 2025-04: TWD 1,745.00 per share

- 2025-05: TWD 2,050.00 per share

- 2025-06: TWD 2,035.00 per share

- 2025-07: TWD 2,665.00 per share

- 2025-08: TWD 3,025.00 per share

- 2025-09: TWD 3,290.00 per share

- 2025-10: TWD 4,110.00 per share

- 2025-11: TWD 3,815.00 per share

- 2025-12: TWD 3,750.00 per share

- 2026-01: TWD 3,140.00 per share

- 2026-02: TWD 3,445.00 per share

- 2026-03: TWD 3,175.00 per share

- 2026-04: TWD 3,910.00 per share

- 2026-05: TWD 5,065.00 per share

- 2026-06: TWD 7,360.00 per share

- 2026-07: TWD 7,850.00 per share

- 2026-08: TWD 14,180.00 per share

- 2026-09: TWD 12,055.00 per share

- 2026-10: TWD 10,060.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 318.08 per share, central TWD 423.59 per share, high TWD 485.04 per share

- FY2017: low TWD 260.93 per share, central TWD 287.51 per share, high TWD 322.91 per share

- FY2018: low TWD 296.10 per share, central TWD 325.82 per share, high TWD 365.42 per share

- FY2019: low TWD 348.32 per share, central TWD 466.20 per share, high TWD 531.94 per share

- FY2020: low TWD 267.39 per share, central TWD 291.64 per share, high TWD 323.95 per share

- FY2021: low TWD 363.16 per share, central TWD 450.06 per share, high TWD 510.35 per share

- FY2022: low TWD 493.49 per share, central TWD 659.81 per share, high TWD 752.58 per share

- FY2023: low TWD 371.94 per share, central TWD 430.37 per share, high TWD 479.15 per share

- FY2024: low TWD 773.93 per share, central TWD 1,027.81 per share, high TWD 1,175.65 per share

- FY2025: low TWD 1,592.38 per share, central TWD 2,208.65 per share, high TWD 2,552.36 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.