Makalot Industrial Co., Ltd. AI Stock Analysis
Makalot Industrial Co., Ltd. (1477) AI Stock Analysis
Makalot Industrial Co., Ltd.
(TWSE:1477)
Makalot scores well on the strength of a conservative balance sheet, consistent double-digit margins and a high return on equity, combined with an appealing valuation at 14.1x earnings and a roughly 7% dividend yield. Technicals are improving, with the price trading above its 20-, 50- and 100-day moving averages on positive MACD, although it still sits below the 200-day average. The principal risks holding the score back are flat revenue growth, a gradual erosion of net margin from 2023 levels, and three consecutive periods of declining operating and free cash flow, which bear watching given the size of the dividend commitment.
Makalot Industrial Co., Ltd. (1477) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 52.67B
- Dividend Yield
- 6.96%
- Average Volume (3M)
- 1.59M
- Price to Earnings (P/E)
- 14.2
- Beta (1Y)
- 0.41
- Revenue Growth
- -2.23%
- EPS Growth
- 0.65%
- Country
- TW
- Employees
- 814
- Sector
- General
- Sector Strength
- 55
- Industry
- Apparel - Manufacturers
Makalot Industrial Co., Ltd. Business Overview & Revenue Model
Company Description
Makalot Industrial Co., Ltd., founded in 1990 and headquartered in Taipei City, Taiwan, is an apparel company that manages the entire process from designing and manufacturing to the final sale of clothing. The firm offers a diverse product portfolio...
Makalot Industrial Co., Ltd. Financial Statement Overview
Summary
Makalot is a financially sound, low-leverage apparel manufacturer. The balance sheet is the standout (score 81): debt-to-equity of just 0.18, equity funding over half of assets, and return on equity near 27.6%. The income statement (73) shows consistent profitability with stable 25%-26% gross margins, a 13.6% operating margin and 10.8% net margin, though revenue growth has stalled (-3.1% in 2025, +1.8% TTM) and net margin has eased from its 2023 peak. Cash flow is the weak link (66): operating cash flow has fallen for three straight periods to NT$2.80 billion and free cash flow is down about 24% to NT$2.37 billion, signalling working capital drag despite free cash flow still covering roughly 85% of net income. A modestly rising debt load and shrinking equity base are additional watch items.
Income Statement
73PositiveBalance Sheet
81Very PositiveCash Flow
66Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.47B | 34.43B | 35.52B | 32.46B | 32.08B | 28.93B |
| Gross Profit | 8.79B | 8.56B | 8.99B | 8.26B | 8.26B | 6.53B |
| EBITDA | 5.35B | 5.29B | 6.14B | 5.39B | 4.99B | 3.91B |
| Net Income | 3.74B | 3.61B | 4.11B | 3.99B | 3.51B | 2.66B |
Balance Sheet | ||||||
| Total Assets | 23.17B | 23.90B | 23.20B | 24.88B | 24.43B | 22.22B |
| Cash, Cash Equivalents and Short-Term Investments | 4.18B | 4.89B | 9.16B | 11.77B | 11.24B | 9.29B |
| Total Debt | 2.38B | 2.36B | 1.50B | 1.71B | 2.22B | 2.41B |
| Total Liabilities | 9.76B | 9.73B | 8.43B | 8.95B | 8.98B | 8.43B |
| Stockholders Equity | 13.29B | 14.04B | 14.64B | 15.82B | 15.36B | 13.71B |
Cash Flow | ||||||
| Free Cash Flow | 2.37B | 3.36B | 3.92B | 5.30B | 3.31B | 2.60B |
| Operating Cash Flow | 2.80B | 4.07B | 4.73B | 5.79B | 3.71B | 3.01B |
| Investing Cash Flow | -178.11M | -159.98M | 1.18B | -1.48B | -1.07B | -2.37B |
| Financing Cash Flow | -3.97B | -4.08B | -6.17B | -4.04B | -2.64B | -329.21M |
Makalot Industrial Co., Ltd. Peers Comparison
Overall Rating
- TW:147775Outperform
TW:990468Neutral
TW:991068Neutral
TW:689066Neutral
TW:619163Neutral
TW:143452Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:1477 | 75Outperform | TWD 53.16B | 14.23 | ― | 6.96% | -2.23% | 0.65% |
| TW:9904 | 68Neutral | TWD 76.62B | 5.41 | ― | 5.00% | -6.54% | 5.99% |
| TW:9910 | 68Neutral | TWD 66.95B | 13.66 | ― | 6.05% | -4.34% | -0.53% |
| TW:6890 | 66Neutral | TWD 35.04B | 13.28 | ― | 6.41% | -6.82% | -24.69% |
| TW:6191 | 63Neutral | TWD 41.64B | 14.41 | ― | 3.11% | 38.15% | -5.47% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:1434 | 52Neutral | TWD 29.61B | 18.92 | ― | 2.84% | -6.35% | 147.91% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:1477 | Makalot Industrial Co., Ltd. | 215.50 | -57.05 | -20.93% | |
| TW:1434 | Formosa Taffeta Co., Ltd. | 17.60 | 1.96 | 12.54% | |
| TW:6191 | Global Brands Manufacture Limited | 83.70 | -32.37 | -27.89% | |
| TW:6890 | Lai Yih Footwear Co., Ltd. | 140.00 | -79.51 | -36.22% | |
| TW:9904 | Pou Chen Corporation | 26.00 | -1.87 | -6.71% | |
| TW:9910 | Feng Tay Enterprise Co., Ltd. | 67.80 | -47.80 | -41.35% |
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