# Asia Vital Components (3017.TW)

Canonical: https://gigainvestors.com/s/3017.TW

Analysis as of: 2026-10-16T07:34:07.964Z. Financial observations: FY2002–FY2025.

Listing currency: TWD. Reporting currency: TWD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: TWD 3,085.00 per share; close as of 2026-10-15.

Estimated value: low TWD 614.33 per share, central TWD 802.90 per share, high TWD 912.70 per share. Buy at or below the central value TWD 802.90 per share. Valuation as of 2026-10-16T07:34:07.964Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.04×

- FY2018: 0.02×

- FY2019: 0.05×

- FY2020: 0.08×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.13×

- FY2024: 0.15×

- FY2025: 0.20×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 22.6%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: -6.8 pp

- Typical gross margin (annual median): 16.7%

- Recent gross margin (lower of latest and 3-year median): 23.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.0%

- ROIC including acquisitions, ten-year median: 13.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.5%

- FY2017: 9.4%

- FY2018: 5.0%

- FY2019: 10.2%

- FY2020: 19.7%

- FY2021: 25.5%

- FY2022: 38.4%

- FY2023: 50.3%

- FY2024: 38.8%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: TWD 37B

- Net income, five-year total: TWD 40B

- Return on incremental invested capital: 53.4%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.5 pp

- Working capital / revenue, final three-year average: 19.8%

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

- FY2021: 0.90×

- FY2022: 0.88×

- FY2023: 0.77×

- FY2024: 0.95×

- FY2025: 0.98×

### management: fail

- 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: 9.4% vs 50.3%

- Per-share earnings: 2.43 to 20.47 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 3.8%

- Market cap gain: TWD 634B

- Cumulative retained earnings: TWD 33B

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 3.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 30.5%

- Per-share value change: TWD 18.04

- Per-share value, starting three-year median: TWD 2.43

- Per-share value, ending three-year median: TWD 20.47

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: TWD 191M

- Cumulative net income, 10 years: TWD 45B

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 50.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: TWD 2.43

- FY2017: TWD 2.55

- FY2018: TWD 2.01

- FY2019: TWD 2.74

- FY2020: TWD 5.42

- FY2021: TWD 8.22

- FY2022: TWD 11.56

- FY2023: TWD 12.58

- FY2024: TWD 20.47

- FY2025: TWD 45.03

### accounting: pass

- Sloan accruals: -9.9%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -3.3%

- FY2018: -0.9%

- FY2019: -4.2%

- FY2020: -7.3%

- FY2021: 0.1%

- FY2022: -7.7%

- FY2023: -7.0%

- FY2024: -1.5%

- FY2025: -9.9%

## Holders

## Price story

Price needs cash profits to grow 26.5% a year for ten years · sales +94.6%

Story as of 2026-10-16T09:59:59.292Z; price observation 2026-10-15.

Price needs cash profits to grow 26.5% a year for ten years

### Sales · FY2024–2025

sales +94.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: TWD 27B 

- FY2017: TWD 27B 

- FY2018: TWD 29B 

- FY2019: TWD 37B 

- FY2020: TWD 40B 

- FY2021: TWD 47B 

- FY2022: TWD 56B 

- FY2023: TWD 59B 

- FY2024: TWD 72B 

- FY2025: TWD 140B 

### Gross margin · FY2025

gross margin 25.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.9% 

- FY2017: 12.3% 

- FY2018: 11.9% 

- FY2019: 11.8% 

- FY2020: 15.7% 

- FY2021: 17.7% 

- FY2022: 19.4% 

- FY2023: 20.9% 

- FY2024: 23.5% 

- FY2025: 25.8% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are TWD 139.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2025: revenue 139639362000; grossProfit 36034003000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3017.TW: Asia Vital Components Co., Ltd., together with its subsidiaries, provides total thermal solutions worldwide. It is involved in the manufacturing, installation, processing, sales, and import and export of various electronic components, electronic materials, communication electronic machinery products, auto parts, lighting equipment, and computer peripherals. The company also offers cooling products, such as DC fan, EC fan, thin centrifugal fan and fan array, active heat sink, heat pipe and vapor chamber, far-end radiator, radiator, and compressor radiator; cooling solution for computers, communication equipment, energy, cars, transportation, and other applicable field of industrial cooling; and motherboard and casing products. In addition, it designs and manufactures PC-related system products; development and research of hinge products, as well as its structure, logical, and mechanical build; manufactures web camera modules and cellphone camera modules; and develops touch panel products, including tablet and AIO, industrial products, and LCM+TP. Further, the company provides legal solutions and assists its customers to obtain product recognitions; and systematic assembly, testing, program preload, package, and delivery services. Asia Vital Components Co., Ltd. was incorporated in 1991 and is headquartered in Kaohsiung, Taiwan.

### Why customers stay

Margins ranged from 20.9% to 25.8% during 2023–25; it earns 22.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2023: grossProfit / revenue = 20.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2024: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2025: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); 10-year return on capital observations [[2016,0.1252758393102491],[2017,0.09444167304110967],[2018,0.05006936931078492],[2019,0.10233710055279473],[2020,0.19682788983724375],[2021,0.2553918781622287],[2022,0.3838093013130566],[2023,0.5032979988641484],[2024,0.38849856444427455],[2025,1.0404042664236648]]; median 0.22610988399973622. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 23% of cash earnings on expansion; earns 53.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2017: growth capex 122813391.84159076; upkeep 877672608.1584092; owner earnings 636516391.8415908. Growth capex / owner earnings = 0.1929461572643289.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2018: growth capex 410233295.9076023; upkeep 1284451704.0923977; owner earnings 239536295.9076023. Growth capex / owner earnings = 1.7126143424453883.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2019: growth capex 545173000; upkeep 1156212000; owner earnings 903693600. Growth capex / owner earnings = 0.6032719496962244.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2020: growth capex 687299076.810766; upkeep 1778149923.189234; owner earnings 1125936076.810766. Growth capex / owner earnings = 0.6104245977778355.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2021: growth capex 54839000; upkeep 1573088000; owner earnings 2621100800. Growth capex / owner earnings = 0.020922125543588403.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2022: growth capex 1867200739.9066823; upkeep 2030857260.0933177; owner earnings 3649878347.6260886. Growth capex / owner earnings = 0.5115788971764292.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2023: growth capex 683428045.0938144; upkeep 3084511954.9061856; owner earnings 4068316325.881585. Growth capex / owner earnings = 0.16798793170187393.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2024: growth capex 2298589000; upkeep 2462580000; owner earnings 7764118720.962501. Growth capex / owner earnings = 0.29605278881091723.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); FY2025: growth capex 4316459000; upkeep 3240027000; owner earnings 18780271393.261887. Growth capex / owner earnings = 0.2298400757695487.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); Incremental return on capital 0.5342690872300949, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); Dividend observations: [[2016,353310000],[2017,423972000],[2018,459303000],[2019,353310000],[2020,459303000],[2021,989268000],[2022,1519234000],[2023,1914941000],[2024,2683171000],[2025,3876952000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 3017.TW SharesStats.PercentInsiders = 17.347 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 26.5% yearly over ten years; actual growth was 46.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:07.964Z); Ten-year compound average after fade. Initial solved rate 0.3743576924281603. Price 3085; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9776839976795406 → FY2025 44.07655642976107. Closing-price date 2026-10-15.

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

- 2016-10: TWD 23.92 per share

- 2016-11: TWD 24.43 per share

- 2016-12: TWD 25.39 per share

- 2017-01: TWD 24.99 per share

- 2017-02: TWD 26.61 per share

- 2017-03: TWD 26.45 per share

- 2017-04: TWD 25.39 per share

- 2017-05: TWD 26.10 per share

- 2017-06: TWD 26.96 per share

- 2017-07: TWD 26.76 per share

- 2017-08: TWD 27.67 per share

- 2017-09: TWD 26.15 per share

- 2017-10: TWD 28.93 per share

- 2017-11: TWD 36.42 per share

- 2017-12: TWD 32.78 per share

- 2018-01: TWD 31.31 per share

- 2018-02: TWD 29.89 per share

- 2018-03: TWD 29.94 per share

- 2018-04: TWD 27.36 per share

- 2018-05: TWD 29.18 per share

- 2018-06: TWD 28.98 per share

- 2018-07: TWD 29.24 per share

- 2018-08: TWD 29.59 per share

- 2018-09: TWD 27.57 per share

- 2018-10: TWD 21.45 per share

- 2018-11: TWD 23.52 per share

- 2018-12: TWD 25.54 per share

- 2019-01: TWD 25.34 per share

- 2019-02: TWD 34.04 per share

- 2019-03: TWD 34.60 per share

- 2019-04: TWD 43.30 per share

- 2019-05: TWD 33.99 per share

- 2019-06: TWD 38.90 per share

- 2019-07: TWD 41.07 per share

- 2019-08: TWD 42.69 per share

- 2019-09: TWD 38.44 per share

- 2019-10: TWD 42.18 per share

- 2019-11: TWD 40.11 per share

- 2019-12: TWD 42.13 per share

- 2020-01: TWD 34.55 per share

- 2020-02: TWD 33.38 per share

- 2020-03: TWD 30.50 per share

- 2020-04: TWD 41.27 per share

- 2020-05: TWD 40.41 per share

- 2020-06: TWD 42.23 per share

- 2020-07: TWD 47.75 per share

- 2020-08: TWD 71.01 per share

- 2020-09: TWD 67.88 per share

- 2020-10: TWD 68.08 per share

- 2020-11: TWD 74.76 per share

- 2020-12: TWD 66.87 per share

- 2021-01: TWD 66.66 per share

- 2021-02: TWD 67.17 per share

- 2021-03: TWD 68.99 per share

- 2021-04: TWD 72.03 per share

- 2021-05: TWD 74.25 per share

- 2021-06: TWD 81.64 per share

- 2021-07: TWD 76.07 per share

- 2021-08: TWD 70.31 per share

- 2021-09: TWD 80.12 per share

- 2021-10: TWD 83.86 per share

- 2021-11: TWD 89.43 per share

- 2021-12: TWD 89.22 per share

- 2022-01: TWD 93.88 per share

- 2022-02: TWD 111.28 per share

- 2022-03: TWD 117.85 per share

- 2022-04: TWD 105.71 per share

- 2022-05: TWD 114.31 per share

- 2022-06: TWD 94.18 per share

- 2022-07: TWD 119.37 per share

- 2022-08: TWD 109.76 per share

- 2022-09: TWD 112.79 per share

- 2022-10: TWD 103.18 per share

- 2022-11: TWD 114.31 per share

- 2022-12: TWD 113.30 per share

- 2023-01: TWD 107.23 per share

- 2023-02: TWD 120.50 per share

- 2023-03: TWD 141.00 per share

- 2023-04: TWD 157.50 per share

- 2023-05: TWD 197.50 per share

- 2023-06: TWD 271.00 per share

- 2023-07: TWD 322.00 per share

- 2023-08: TWD 334.50 per share

- 2023-09: TWD 341.00 per share

- 2023-10: TWD 283.50 per share

- 2023-11: TWD 308.00 per share

- 2023-12: TWD 336.50 per share

- 2024-01: TWD 425.50 per share

- 2024-02: TWD 532.00 per share

- 2024-03: TWD 546.00 per share

- 2024-04: TWD 654.00 per share

- 2024-05: TWD 769.00 per share

- 2024-06: TWD 765.00 per share

- 2024-07: TWD 636.00 per share

- 2024-08: TWD 606.00 per share

- 2024-09: TWD 590.00 per share

- 2024-10: TWD 638.00 per share

- 2024-11: TWD 643.00 per share

- 2024-12: TWD 623.00 per share

- 2025-01: TWD 579.00 per share

- 2025-02: TWD 537.00 per share

- 2025-03: TWD 454.00 per share

- 2025-04: TWD 464.00 per share

- 2025-05: TWD 620.00 per share

- 2025-06: TWD 743.00 per share

- 2025-07: TWD 923.00 per share

- 2025-08: TWD 1,010.00 per share

- 2025-09: TWD 981.00 per share

- 2025-10: TWD 1,425.00 per share

- 2025-11: TWD 1,375.00 per share

- 2025-12: TWD 1,510.00 per share

- 2026-01: TWD 1,460.00 per share

- 2026-02: TWD 1,765.00 per share

- 2026-03: TWD 1,990.00 per share

- 2026-04: TWD 2,835.00 per share

- 2026-05: TWD 2,665.00 per share

- 2026-06: TWD 2,525.00 per share

- 2026-07: TWD 2,320.00 per share

- 2026-08: TWD 3,425.00 per share

- 2026-09: TWD 3,435.00 per share

- 2026-10: TWD 3,280.00 per share

## Annual estimated value (TWD per share)

- FY2016: low TWD 31.33 per share, central TWD 34.61 per share, high TWD 37.08 per share

- FY2017: low TWD 30.31 per share, central TWD 31.88 per share, high TWD 33.98 per share

- FY2018: low TWD 30.80 per share, central TWD 32.49 per share, high TWD 34.72 per share

- FY2019: low TWD 38.95 per share, central TWD 43.05 per share, high TWD 46.53 per share

- FY2020: low TWD 59.89 per share, central TWD 64.23 per share, high TWD 69.65 per share

- FY2021: low TWD 81.16 per share, central TWD 100.49 per share, high TWD 111.75 per share

- FY2022: low TWD 111.38 per share, central TWD 137.10 per share, high TWD 152.07 per share

- FY2023: low TWD 166.00 per share, central TWD 211.27 per share, high TWD 237.63 per share

- FY2024: low TWD 227.32 per share, central TWD 295.56 per share, high TWD 335.30 per share

- FY2025: low TWD 430.12 per share, central TWD 561.35 per share, high TWD 637.76 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

Prior published observations retained from 2026-10-15T06:39:51.220Z where newer inputs omit a numeric field or fiscal period.

## 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.