China Glaze Co., Ltd. (1809) AI Stock Analysis

China Glaze Co., Ltd.

(TWSE:1809)

Select Model

Rating:47Neutral

Price Target:TWD 38.00▼(-12.64% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is mainly constrained by weak earnings momentum, deteriorating cash flow, and an exceptionally high P/E ratio. The low-leverage balance sheet provides financial stability, while mixed technical indicators offer only modest support.

Positive Factors

Balance Sheet StabilityModerate leverage and broadly stable equity provide a relatively durable financial base. This reduces the risk of balance-sheet deterioration limiting operations or investment, and gives the company more flexibility to manage weaker demand over the next several quarters.

Negative Factors

Revenue VolatilityA sharp revenue decline following only modest prior growth indicates an unstable top line and weak visibility into demand. Prolonged sales volatility can reduce operating leverage, make resource planning harder, and leave earnings more exposed to further business fluctuations.

China Glaze Co., Ltd. (1809) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.16B
Dividend Yield: 0.57%
Average Volume (3M): 4.31M
Price to Earnings (P/E): 221.8
Beta (1Y): 1.40
Revenue Growth: 3.90%
EPS Growth: -23.90%
Country: TW
Employees: 799
Sector: General
Sector Strength: 55
Industry: Industrial - Specialties

China Glaze Co., Ltd. Business Overview & Revenue Model

Company Description

China Glaze Co., Ltd. is primarily engaged in the production and sale of ceramic glaze materials. Their extensive product line includes frits, pigments, ameloblasts, zirconium silicates, various print and vetrosa glazes, and digital inks. The company...

China Glaze Co., Ltd. Financial Statement Overview

Summary

Financial performance is weak overall: declining revenue and margins, negative operating profit, and negative free cash flow outweigh the conservative balance sheet and low debt-to-equity ratio.

Income Statement

42Neutral

Balance Sheet

75Positive

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.50B	2.50B	2.42B	2.36B	2.59B	2.20B
Gross Profit	461.15M	469.01M	482.93M	372.79M	528.89M	442.73M
EBITDA	76.43M	63.63M	150.99M	40.93M	132.01M	127.30M
Net Income	33.41M	32.11M	54.82M	-16.65M	62.79M	42.10M
Balance Sheet
Total Assets	4.55B	4.51B	4.54B	4.61B	4.73B	4.38B
Cash, Cash Equivalents and Short-Term Investments	699.73M	630.98M	578.44M	712.71M	718.31M	878.66M
Total Debt	769.47M	771.17M	730.65M	912.74M	900.22M	698.44M
Total Liabilities	1.25B	1.21B	1.16B	1.27B	1.31B	1.01B
Stockholders Equity	2.93B	2.93B	2.96B	2.88B	2.95B	2.89B
Cash Flow
Free Cash Flow	-36.22M	-6.64M	73.36M	6.72M	-285.66M	-195.74M
Operating Cash Flow	48.32M	72.33M	153.91M	145.85M	-49.26M	-55.01M
Investing Cash Flow	30.70M	18.62M	-101.09M	-106.67M	-203.39M	-95.31M
Financing Cash Flow	-60.74M	-10.28M	-188.21M	-22.13M	156.62M	89.98M

China Glaze Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1809 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2114	78Outperform	TWD 6.93B	14.20	―	5.62%	8.60%	23.20%
TW:3152	66Neutral	TWD 7.57B	18.90	―	7.63%	1.88%	-26.76%
TW:1713	57Neutral	TWD 6.13B	8.55	―	7.64%	2.77%	-51.96%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1809	47Neutral	TWD 7.27B	221.82	―	0.57%	3.90%	-23.90%
TW:1305	27Underperform	TWD 6.51B	-15.55	―	0.89%	-7.05%	63.06%

* General Sector Average

Performance Comparison

TW:1809 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1809	China Glaze Co., Ltd.	43.50	23.87	121.64%
TW:1305	China General Plastics Corporation	11.20	-0.26	-2.26%
TW:1713	Cathay Chemical Works Inc.	40.60	-1.34	-3.18%
TW:2114	Hsin Yung Chien Co., Ltd.	88.90	3.06	3.56%
TW:3152	Advanced Ceramic X Corporation	194.00	0.93	0.48%
TW:6947	Techzone Technology Materials Co. Ltd.	63.40	-14.49	-18.60%

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 10, 2026

China Glaze Co., Ltd. AI Stock Analysis