APWC ASIA PACIFIC WIRE & CABLE CORP LTD
Price Chart
Executive Summary
APWC reported Q1 2026 revenue of $130.8M (+30% YoY) and EPS of $0.05 (up from -$0.07 YoY), driven by copper price tailwinds and strong Thailand public-sector orders. However, operating cash flow remained thin at $1.6M, and the $34.1M rights offering in February 2026 diluted existing shareholders, with the controlling shareholder's stake rising to ~84%. The 20-F cross-filing (15 days prior) flagged headwinds from Middle East conflict, copper volatility, and U.S. tariff uncertainty, tempering the headline growth.
Actionable Insight
The strong YoY revenue and profit recovery is overshadowed by massive dilution from the rights offering and thin operating cash flow. Monitor Q2 for sustained copper price trends and public-sector order execution; the 84% controlling stake limits float and liquidity. The 20-F risk factors suggest margin pressure from tariffs and raw material volatility — watch for any guidance updates in the next 6-K.
Key Facts
- Q1 2026 revenue $130.8M, up 30% YoY but down 2% sequentially
- EPS $0.05, up 171% YoY from -$0.07, but down 71% sequentially from $0.17
- Gross profit margin improved to 8.2% from 3.6% YoY, flat sequentially
- Operating profit $3.3M vs -$2.7M YoY, but operating cash flow only $1.6M
- Completed $34.1M rights offering in February 2026, increasing controlling shareholder PEWC stake to ~84%
- Cash and equivalents $73.2M, up $40.1M from prior quarter, largely from the rights offering
- Copper unit volume up 5% YoY but down 2% sequentially
- One-time gain of $1.0M from investment disposal
- 20-F cross-filing (Apr 29) flagged material headwinds from Middle East conflict, copper volatility, and U.S. tariff uncertainty
Financial Impact
Revenue growth of $30.2M YoY, but diluted share count increased ~38% from 20.6M to 28.4M shares, reducing per-share benefit of the turnaround
Risk Factors
- Dilution from rights offering: share count up 38% YoY, EPS growth lags net income growth
- Operating cash flow remains weak at $1.6M, barely covering capex
- Copper price volatility and U.S. tariff uncertainty could compress margins
- Controlling shareholder at ~84% limits minority influence and liquidity
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-034865 |
| Document: apwc-form6xkfor2026q1earni.htm | 0001628280-26-034865 |
| Document: 0001628280-26-034865-index-headers.html | 0001628280-26-034865 |
| Document: 0001628280-26-034865-index.html | 0001628280-26-034865 |
| Document: 0001628280-26-034865.txt | 0001628280-26-034865 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 14, 2026
26d ago
|
6-K
| $1.42 $1.50 | ▲ +5.63% | ▲ +6.35% | $1.38 (−2.82%) |
|
May 14, 2026
26d ago
|
Press Release
| $1.42 $1.50 | ▲ +5.63% | ▲ +6.35% | $1.38 (−2.82%) |
|
May 1, 2026
5w ago
|
6-K
| $1.53 $1.50 | ▼ −1.96% | ▼ −4.31% | $1.38 (−9.80%) |
|
Apr 29, 2026
5w ago
|
20-F
| $1.57 $1.53 | ▼ −2.55% | ▼ −5.66% | $1.38 (−12.10%) |
|
Apr 29, 2026
5w ago
|
6-K
| $1.57 $1.53 | ▼ −2.55% | ▼ −5.66% | $1.38 (−12.10%) |
|
Apr 29, 2026
5w ago
|
Press Release
| $1.57 $1.53 | ▼ −2.55% | ▼ −5.66% | $1.38 (−12.10%) |
US Market Status
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