Fulin Plastic Industry (Cayman) Holding Co., Ltd. (1341) AI Stock Analysis

Fulin Plastic Industry (Cayman) Holding Co., Ltd.

(TWSE:1341)

Select Model

Rating:62Neutral

Price Target:TWD 61.00▲(5.72% Upside)

Action:initiatedcoverage

Date:11/09/26

Fulin Plastic earns a moderate score. Its strongest attributes are robust free cash flow generation, a conservative balance sheet with low leverage, and an inexpensive valuation paired with a high, cash-covered 6.9% dividend yield. These are offset by deteriorating earnings fundamentals — declining revenue, broad margin compression and net income at a six-year low — and by weak technicals, with the price below its key moving averages and negative MACD momentum. The result is a low-volatility, income-oriented holding whose re-rating depends on a return to sales growth and stabilised operating costs.

Positive Factors

Strong Cash GenerationStrong operating and free cash flow provides internally generated funding for operations, investment, and shareholder returns. The sharp annual increase in free cash flow, together with its close support from net income, indicates generally sound earnings quality over the next several quarters.

Negative Factors

Revenue ContractionThe return from revenue growth in 2024 to a 2025 decline signals a less dependable top-line trajectory. If weaker demand persists across the company’s downstream markets, reduced scale can limit operating leverage and make it harder to sustain earnings growth.

Fulin Plastic Industry (Cayman) Holding Co., Ltd. (1341) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.02B
Dividend Yield: 6.93%
Average Volume (3M): 5,512
Price to Earnings (P/E): 11.7
Beta (1Y): 0.19
Revenue Growth: 1.01%
EPS Growth: 22.95%
Country: TW
Employees: 958
Sector: General
Sector Strength: 55
Industry: Manufacturing - Textiles

Fulin Plastic Industry (Cayman) Holding Co., Ltd. Business Overview & Revenue Model

Company Description

Fulin Plastic Industry (Cayman) Holding Co., Ltd. specializes in the manufacturing and worldwide distribution of a diverse array of polyvinyl chloride (PVC) artificial leather products, catering to markets in Vietnam and globally. The company's portf...

Fulin Plastic Industry (Cayman) Holding Co., Ltd. Financial Statement Overview

Summary

A financially sound but slowing business. Cash flow is the standout (score 76): operating cash flow rose to NT$442M and free cash flow jumped ~77% to NT$392M, far exceeding net income of NT$196M, signalling high earnings quality with light capex. The balance sheet (71) is conservative, with ~58% equity funding, debt-to-equity of 0.51 and debt well covered by cash generation. The weak link is the income statement (57): revenue fell ~3.8% to NT$2.57B and remains below the 2022 peak, while operating margin (11.0% vs 13.7%), EBITDA margin and net margin all compressed, pushing net income down ~31% to a six-year low and ROE to 15.2% from 19.5%. An improving gross margin of 22.7% is a positive offset, but earnings power and returns on capital are trending lower.

Income Statement

57Neutral

Balance Sheet

71Positive

Cash Flow

76Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.63B	2.57B	2.79B	2.52B	3.05B	2.77B
Gross Profit	608.74M	584.02M	589.46M	534.78M	603.42M	584.85M
EBITDA	425.65M	368.05M	478.32M	389.89M	494.27M	486.44M
Net Income	259.90M	196.04M	282.51M	230.19M	300.20M	297.68M
Balance Sheet
Total Assets	2.30B	2.24B	2.52B	2.10B	2.45B	2.37B
Cash, Cash Equivalents and Short-Term Investments	525.72M	680.02M	557.92M	407.65M	361.45M	339.50M
Total Debt	497.29M	655.27M	640.94M	529.95M	874.85M	833.02M
Total Liabilities	1.06B	948.05M	1.07B	797.94M	1.24B	1.09B
Stockholders Equity	1.24B	1.29B	1.45B	1.30B	1.21B	1.27B
Cash Flow
Free Cash Flow	172.69M	392.19M	260.87M	562.52M	476.36M	3.05M
Operating Cash Flow	219.13M	441.91M	312.32M	587.60M	487.22M	19.12M
Investing Cash Flow	82.65M	-83.57M	-166.59M	-178.50M	25.52M	30.38M
Financing Cash Flow	-75.78M	-233.98M	-82.84M	-479.33M	-425.09M	47.55M

Fulin Plastic Industry (Cayman) Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1341 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1339	71Outperform	TWD 2.94B	7.28	―	6.30%	-10.90%	163.84%
TW:9951	69Neutral	TWD 3.20B	8.96	―	7.46%	5.34%	1.56%
TW:1341	62Neutral	TWD 3.05B	11.73	―	6.93%	1.01%	22.95%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8463	53Neutral	TWD 3.19B	10.76	―	3.76%	-3.02%	-15.76%
TW:6582	44Neutral	TWD 3.38B	45.43	―	―	-55.46%	―
TW:3552	38Underperform	TWD 3.08B	-9.39	―	1.59%	-3.76%	-661.55%

* General Sector Average

Performance Comparison

TW:1341 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1341	Fulin Plastic Industry (Cayman) Holding Co., Ltd.	57.70	2.89	5.27%
TW:1339	Y.C.C. Parts Mfg. Co., Ltd.	39.70	-1.64	-3.97%
TW:3552	Tung Thih Electronic Co., Ltd.	31.45	-38.91	-55.30%
TW:6582	Shin Foong Specialty & Applied Materials Co., Ltd.	31.80	-0.55	-1.70%
TW:8463	Ruentex Materials Co Ltd	21.30	-3.95	-15.65%
TW:9951	Macauto Industrial Co., Ltd	43.60	-11.87	-21.39%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Fulin Plastic Industry (Cayman) Holding Co., Ltd. AI Stock Analysis