Taiwan Sanyo Electric Co., Ltd. (1614) AI Stock Analysis

Taiwan Sanyo Electric Co., Ltd.

(TWSE:1614)

Select Model

Rating:60Neutral

Price Target:TWD 33.00▲(4.93% Upside)

Action:initiatedcoverage

Date:11/09/26

Taiwan Sanyo Electric scores in the middle of the range. Its greatest strength is an exceptionally conservative balance sheet — virtually no debt, equity funding over 80% of assets and steadily rising book value — which provides strong downside protection. Offsetting this are shrinking revenue for a third straight year, operating margins that have halved since 2021, a low 4.4% return on equity, and free cash flow squeezed to near breakeven by elevated capital spending. Technicals are neutral-to-mildly-positive, with the price just above all major moving averages but RSI and Stochastic sitting near mid-range. Valuation is the weakest link: a P/E near 25 looks rich against declining sales, only partly compensated by a 3.1% dividend yield. The stock suits investors seeking low-volatility stability rather than growth.

Positive Factors

Balance Sheet StrengthExtremely low leverage gives Taiwan Sanyo substantial financial flexibility and low solvency risk. A strong equity base can help the company withstand weaker demand, maintain operations through cyclical periods, and fund strategic needs without relying heavily on borrowing or refinancing.

Negative Factors

Multi-Year Revenue ContractionA three-year revenue decline points to sustained pressure on demand, market reach, or product activity rather than a single weak period. Continued contraction can reduce operating leverage, limit reinvestment capacity, and make it harder to restore the stronger profitability achieved earlier.

Taiwan Sanyo Electric Co., Ltd. (1614) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.13B
Dividend Yield: 3.08%
Average Volume (3M): 55.53K
Price to Earnings (P/E): 25.0
Beta (1Y): 0.20
Revenue Growth: -5.65%
EPS Growth: 18.47%
Country: TW
Employees: 1,048
Sector: General
Sector Strength: 55
Industry: Furnishings, Fixtures & Appliances

Taiwan Sanyo Electric Co., Ltd. Business Overview & Revenue Model

Company Description

Taiwan Sanyo Electric Co.,Ltd. is a company specializing in the production and distribution of consumer electronics, serving both the Taiwanese domestic market and international customers. Under its distinctive SANLUX brand, the firm offers a broad a...

Taiwan Sanyo Electric Co., Ltd. Financial Statement Overview

Summary

A fortress balance sheet (score 81) anchors the profile: the company is effectively debt-free with NT$9 million of debt against NT$5.70 billion of equity, which funds about 82% of assets, and book value has grown steadily since 2020. However, the income statement (53) is weak, with revenue declining for a third straight year to NT$5.39 billion and operating margin roughly halving from 8.1% in 2021 to 4.6% in 2025, despite a modest 2025 recovery in gross margin (20.3%) and net income (+17% to NT$251 million). Cash flow (55) shows solid operating cash of NT$412 million at 1.6x net income, but a heavy NT$363 million capex cycle cut free cash flow to just NT$49 million from NT$307 million, and free cash flow has been volatile for years. Return on equity of 4.4% highlights an under-utilized capital base.

Income Statement

53Neutral

Balance Sheet

81Very Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.16B	5.39B	5.69B	5.76B	6.14B	5.80B
Gross Profit	1.08B	1.09B	1.10B	1.22B	1.17B	1.24B
EBITDA	339.75M	359.62M	407.28M	518.55M	482.61M	584.77M
Net Income	325.50M	251.33M	215.60M	321.67M	291.62M	367.72M
Balance Sheet
Total Assets	7.46B	6.96B	6.95B	6.92B	6.83B	6.90B
Cash, Cash Equivalents and Short-Term Investments	1.00B	1.08B	1.11B	955.56M	537.35M	1.02B
Total Debt	7.21M	9.16M	2.06M	18.73M	17.65M	31.68M
Total Liabilities	1.76B	1.21B	1.34B	1.31B	1.27B	1.38B
Stockholders Equity	5.66B	5.70B	5.57B	5.57B	5.51B	5.48B
Cash Flow
Free Cash Flow	-292.60M	48.96M	307.35M	688.02M	-139.35M	343.71M
Operating Cash Flow	282.38M	411.91M	361.05M	752.14M	-40.27M	390.25M
Investing Cash Flow	-120.15M	-290.38M	-48.08M	-452.43M	353.27M	-162.71M
Financing Cash Flow	-151.96M	-159.04M	-292.95M	-268.52M	-339.10M	-229.88M

Taiwan Sanyo Electric Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1614 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2420	70Outperform	TWD 7.68B	10.62	―	5.85%	5.40%	31.54%
TW:1614	60Neutral	TWD 8.13B	24.96	―	3.08%	-5.65%	18.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3015	55Neutral	TWD 8.02B	21.21	―	5.12%	-5.43%	17.09%
TW:1604	48Neutral	TWD 8.28B	14.30	―	6.64%	-1.80%	-3.71%
TW:2457	43Neutral	TWD 7.73B	-12.73	―	―	-12.04%	-42.72%

* General Sector Average

Performance Comparison

TW:1614 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1614	Taiwan Sanyo Electric Co., Ltd.	31.45	-1.58	-4.79%
TW:1604	Sampo Corporation	22.60	-0.64	-2.75%
TW:2420	Zippy Technology Corp	51.30	2.63	5.40%
TW:2457	Phihong Technology Co., Ltd.	17.95	-13.60	-43.11%
TW:3015	FSP Technology Inc.	42.95	-10.82	-20.13%
TW:7869	Horng Yu Electric Co. Ltd.	280.00	-95.81	-25.49%

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

Taiwan Sanyo Electric Co., Ltd. AI Stock Analysis