Stock

Lotes Co.

3533.TW

Hardware, Equipment & Parts · Technology

Price

NT$1555.00

+45.00 (+2.98%)

Market Cap

NT$174.51B

Exchange

Taiwan Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 17, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Mixed

Stability

Good

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+6.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.7M (2021) → 113.3M (2025)

§Winston Score History

The full picture

Lotes is a Taiwan-based company that designs and manufactures electronic connectors and sockets used inside computers, servers, and networking equipment. Its key products include CPU sockets, memory module connectors, and high-speed I/O connectors. The company is one of the leading suppliers of server-grade CPU sockets globally, serving major chipmakers and server manufacturers.

Lotes earns revenue by selling connector hardware to electronics manufacturers, with a strong presence in Taiwan, China, and other parts of Asia. Its high gross margins reflect the precision engineering required for these components and the company's strong position in the server connector niche, where switching costs and technical certification barriers are significant. Growth is closely tied to expanding data center and AI server demand, but the business faces concentration risk if key customers shift suppliers or if geopolitical tensions disrupt cross-strait operations.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+164.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$3.5B/ year

↑ Rising (+28% vs prior year)

10.4% of revenue

Below sector average (15%)

Investing heavily in future products and technology

Insider Activity

26.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

NT$17.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Lotes Co. is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

45.5%

Healthy — 45.5% gross margin

Profit after running costs

Operating Margin

22.0%

Excellent — 22.0% operating margin

Return on the money invested

ROCE

23.8%

Exceptional — 23.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+12.7%

Fast-growing sales (+12.7% YoY)

Profit growth

EPS YoY

+15.8%

Earnings growing fast (+15.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

79%

Modest — 79% of profit becomes cash

Spare cash per sale

FCF Margin

4.5%

Thin free cash flow (4.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

18.9x

Fair value — P/E 18.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.5

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.31%

Moderate income — 2.31% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+96.9%

Dividend growing fast (96.9% YoY)

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