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Help me set up FinLab and analyze 4977 眾達-KY. Please read: https://finlab.finance/en/setup?stock=4977
4977
quality needs a look, fair valuation, no active signal today.
Is 眾達-KY a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 20th market percentile. Latest quarterly ROE ≈ -2.4%.
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Valuation is neutral.PE is in the 70th market percentile; within its own history, PE is around the 89th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -0.7% of volume (net sell).
Chip flow
Distribution, concentration falling — bearish
Window from 2026-01-17 · Price +51% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 元富 has accumulated 961 lots since the start (sold 2%), holding.
- Main distributor 美商高盛 peaked at 2,137 lots, has sold 47%, 1,134 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders -3.00pp, mid holders -1, retail +0.56pp — little change.
- Foreign hedge-desk net short Net short -1,011 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 元富 +961
- 群益金鼎 +655
- 國泰證券 +536
- 凱基-竹科 +454
- 康和-南崁 +386
- 大和國泰 +330
Distributing
- 美商高盛 1,134 left
- 摩根大通 519 left
- 新加坡商瑞銀 586 left
- 凱基-信義 168 left
- 兆豐-忠孝 137 left
- 統一 275 left
Desks
- 台灣摩根士丹利 -485
- 富邦-頭份 -485
- 花旗環球 -455
- 華南永昌 -432
Weak direction: big-holder share fell while retail share rose.
Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.
Historical evidence
Valuation regime and subsequent returns
Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.
| PE percentile band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 335 | +31.7% | +32.2% | 65.4% | +15.4% |
| 20-40 | 197 | +25.1% | +39.3% | 61.9% | +13.7% |
| 40-60 | 349 | +15.7% | +20.4% | 77.7% | +4% |
| 60-80 | 381 | +9.7% | +9.7% | 62.7% | -6.4% |
| 80-100 You are here | 815 | +7.6% | -2.7% | 47.9% | -20% |
Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.
Current PE ≈ 39.69, at the 89.4th percentile of its own history (80-100 band).
Valuation × momentum historical grid
Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.
Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 499 historical days, 120-day forward avg gained 11.8%, win rate 59.3%, lagged the market by 1.6%.
Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.
Signals not active (historical stats for reference)
These are not occurring now; historical samples shown for comparison.
252-day price high (breakout)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
18 times historically; 60-day forward avg +5.72%, win rate 43.8%, beating the market by +2.07 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
49 times historically; 60-day forward avg -2.74%, win rate 38.3%, beating the market by -7.32 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
41 times historically; 60-day forward avg +8.71%, win rate 58.5%, beating the market by +3.97 pts on average.
What does 眾達-KY do? Company profile
Overview
4977 對應證券為眾達科技股份有限公司，股票簡稱眾達-KY，為臺灣證券交易所上市普通股，非 ETF、ETN、權證或特別股。公司英文名為 PCL Technologies, Inc.，屬開曼控股架構，登記地址為 4F., Harbour Place, 103 S Church St., PO Box 10240, Grand Cayman，臺灣投資人關係/聯絡電話為 02-2700-6650。公司成立於 2007-10-16，初次上市日期為 2013-11-20。公開資料顯示董事長為陳靖仁，總經理兼發言人為莊敏男；主要業務為設計、研發、生產及銷售光收發模組。實收資本額約新臺幣 801,898 千元，已發行普通股約 80,189,841 股。員工規模依 Stockopedia/Google Finance 等資料約 659 人，因未直接取得 2025 年年報完整人力表，列為外部資料。董監與內部人持股方面，公開資料可見陳靖仁、莊敏男、法人董事 OpNow Solutions Holdings (BVI), Inc.、Max Fine International Inc. 等，但最新完整主要股東名冊未能由公開來源逐項確認。2025 年度合併營收公告為新臺幣 1,074,975 千元，歸屬母公司業主淨利 353,351 千元，EPS 4.48 元；2026 年股東常會通過 2025 年度每股現金股利 2.25 元。
Business
眾達-KY 是光通訊零組件與模組廠，產品涵蓋 TO-Can、OSA、TOSA/ROSA、光收發模組與高速資料中心用光模組，服務資料通訊、雲端運算、電信與網通市場。公司網站與證交所英文公司簡介描述其提供複雜光學與機電零組件/模組的工程與製造服務，並提供設計與驗證解決方案。MoneyDJ 產業資料顯示，2024 年公司營收比重以光收發模組為主，約占 92%。近年營運重心由傳統 16G/32G Fibre Channel、電信/網通光模組，轉向 400G、800G、1.6T、CPO 外部雷射光源與矽光子相關應用。公開市場報導指出 400G 與 800G 產品合計約占營收六成，此數字屬法人/媒體估計，非公司正式分項財報。商業模式以接單研發、設計驗證、製造與出貨光模組/光引擎相關元件為主，客戶包含美系晶片/網通平台廠、雲端資料中心與電信/網通設備供應鏈；具名合作對象以 Broadcom/博通最常被公開報導，尤其是 51.2T CPO、ELSFP 外部光源封裝與相關量產準備。
Outlook 2025–2028
2025 至 2028 年主要成長動能來自 AI 資料中心對高速、低功耗光互連的需求提升。短中期觀察重點包括 400G/800G 光收發模組出貨恢復與產品組合改善、1.6T 世代導入、Broadcom 51.2T CPO 方案與 ELSFP 外部光源是否如期量產，以及矽光子/CPO 技術在大型雲端資料中心由驗證走向商用的速度。公開報導指出，眾達-KY 與 Broadcom 合作的 51.2T TH5-Bailly CPO 方案採外部光源設計，可在功耗、熱管理、維修性與可靠度上改善傳統可插拔式模組限制；公司也被市場視為 CPO 與矽光子題材受惠廠之一。2026 至 2027 年若 CPO 進入量產，可能帶動 ELSFP、光引擎/光源封裝與高速模組營收占比提高；2028 年則需觀察 CPO、LPO、可插拔式 1.6T/3.2T 等技術路線的實際採用率與客戶資本支出節奏。主要風險包括：CPO 量產時程延後、客戶集中與議價壓力、AI 資料中心採購循環波動、高速光模組價格競爭、良率與可靠度驗證門檻、InP/雷射晶片等關鍵材料供給、匯率波動、海外生產與地緣政治/關稅風險。上述 2026 至 2028 年展望多為依公司產品布局、公開法說/媒體報導與產業趨勢推估，非公司正式財測。
Supply Chain
- 聯亞光電 3081 InP 磊晶與雷射/光電元件為高速光模組產業上游；未由公開資料確認為眾達-KY 直接供應商。
- 全新光電 2455 III-V 族化合物半導體與光電元件為光通訊上游；未由公開資料確認為眾達-KY 直接供應商。
- IET-KY 4971 InP/GaAs 等磊晶材料與光電元件供應鏈上游；未由公開資料確認為眾達-KY 直接供應商。
- 上詮光纖通信 3363 光纖陣列、連接器與光通訊被動元件屬光模組上游/周邊供應鏈；未由公開資料確認為眾達-KY 直接供應商。
- 光聖科技 6442 光通訊連接器、元件與資料中心光通訊供應鏈相關公司；同時也在部分產品領域與眾達-KY 具競合關係，未確認為直接供應商。
- Broadcom Inc. 美國上市公司，CPO/交換晶片平台與眾達-KY 公開報導合作對象；在 CPO 專案中提供平台/晶片端生態，非台股掛牌。
- Broadcom Inc. 美國上市公司，公開報導指出眾達-KY 參與其 51.2T CPO、ELSFP 外部光源封裝與高階光通訊方案；可視為關鍵合作/客戶生態對象。
- 雲端資料中心與 Hyperscale 客戶 眾達-KY 高速 400G/800G/1.6T 光模組與 CPO 應用終端需求來自 AI 與雲端資料中心；具名終端客戶多未公開。
- 電信與網通設備商 公司產品應用於 telecom、networking、data-com 市場；具名客戶多未公開。
- 儲存區域網路與 Fibre Channel 系統供應鏈 傳統 16G/32G/128G Fibre Channel 光收發模組應用下游；具名客戶未公開。
Competitors
- 華星光通科技 4979 台股上市櫃光通訊/光收發模組同業，投入 800G、1.6T、CPO 與矽光子相關應用。
- 光聖科技 6442 台股上市櫃光通訊元件、連接器與資料中心光通訊供應鏈公司，與眾達-KY 在 AI 資料中心光通訊題材上具競合關係。
- 前鼎光電 4908 台股上市櫃光通訊模組/設備相關公司，屬光通訊族群競爭者。
- 波若威科技 3163 台股上櫃光通訊設備與元件供應鏈公司，與 CPO/光通訊設備鏈相關，部分市場具競合關係。
- Coherent Corp. 美國上市光通訊元件與模組大廠，非台股掛牌，為全球高速光模組重要競爭者。
- Lumentum Holdings Inc. 美國上市光通訊雷射與元件大廠，非台股掛牌，為全球光通訊供應鏈競爭者。
- Innolight / 中際旭創 中國上市光模組大廠，非台股掛牌，為資料中心高速光模組全球競爭者。
Sources（14）
This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.
Method and limitations
- All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
- Excess return is measured against the TAIEX total-return index (dividends included).
- Valuation regime and percentile stats use an expanding own-history window (no future data).
- Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
- Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.
This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.