Sanitar Co., Ltd. (1817) AI Stock Analysis

Sanitar Co., Ltd.

(TWSE:1817)

Select Model

Rating:71Outperform

Price Target:TWD 43.00▲(8.31% Upside)

Action:initiatedcoverage

Date:11/09/26

Sanitar earns an above-average score driven primarily by its financial strength: an almost debt-free balance sheet, a multi-year high in free cash flow, and high earnings quality. This is reinforced by an appealing valuation — a 7.8x P/E paired with a well-covered 5.6% dividend yield. The score is held back by two factors: a stalled top line with revenue down year over year and both operating and net margins compressing, which pulled earnings and ROE lower; and soft near-term technicals, with the price below its 20- and 50-day averages, a negative MACD, and weak RSI/Stochastic readings. The longer-term trend remains constructive with price above its 100- and 200-day averages, and the very low beta suggests a defensive, income-oriented profile where renewed revenue growth is the key catalyst.

Positive Factors

Low LeverageVery low leverage reduces balance-sheet risk and preserves financial flexibility. Sanitar has greater capacity to withstand operating weakness, continue investing, and fund shareholder returns without the refinancing and interest burdens associated with a highly indebted capital structure.

Negative Factors

Revenue ContractionRecent revenue contraction signals weaker demand across Sanitar’s bathroom-products business and limits near-term operating leverage. If the decline persists, slower sales would make it harder to absorb fixed costs, sustain profitability, and generate growth without stronger market activity.

Sanitar Co., Ltd. (1817) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.91B
Dividend Yield: 5.54%
Average Volume (3M): 48.31K
Price to Earnings (P/E): 7.9
Beta (1Y): 0.08
Revenue Growth: -0.86%
EPS Growth: 21.67%
Country: TW
Employees: 1,143
Sector: General
Sector Strength: 55
Industry: Household & Personal Products

Sanitar Co., Ltd. Business Overview & Revenue Model

Company Description

Sanitar Co., Ltd. is a Taiwanese enterprise dedicated to the production and global distribution of porcelain sanitary items, supplying both local and international markets. The company boasts an extensive inventory of bathroom essentials, which encom...

Sanitar Co., Ltd. Financial Statement Overview

Summary

A financially conservative and highly cash-generative business. The balance sheet is the standout (score 85): debt-to-equity of just 0.08, equity funding ~77% of assets, and minimal refinancing risk, though the large equity cushion dilutes ROE to 11.7% from 14.0%. Cash flow is also strong (score 78): operating cash flow rose to NT$467m and free cash flow to a multi-year high of NT$423m, converting ~91% of net income into cash, albeit with historically volatile year-to-year swings. The weak link is the income statement (score 65): revenue fell to NT$2.62bn from NT$2.79bn, net income dropped ~16% to NT$263m, and operating and net margins compressed to 13.7% and 10.1%. Gross margin resilience at 34.9% suggests the core franchise is intact, but growth has stalled.

Income Statement

65Positive

Balance Sheet

85Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.63B	2.62B	2.79B	2.50B	2.67B	2.37B
Gross Profit	925.19M	913.15M	989.48M	857.62M	919.34M	797.55M
EBITDA	510.74M	456.18M	521.64M	427.30M	503.97M	404.19M
Net Income	364.85M	263.48M	315.23M	235.63M	290.83M	221.37M
Balance Sheet
Total Assets	3.16B	2.93B	2.85B	2.70B	2.73B	2.73B
Cash, Cash Equivalents and Short-Term Investments	871.93M	672.87M	479.90M	410.99M	317.39M	332.89M
Total Debt	160.83M	168.78M	108.80M	206.59M	221.08M	439.10M
Total Liabilities	793.09M	637.72M	560.44M	656.06M	703.50M	926.58M
Stockholders Equity	2.32B	2.25B	2.25B	2.01B	2.00B	1.78B
Cash Flow
Free Cash Flow	295.86M	423.11M	249.91M	299.36M	330.95M	215.58M
Operating Cash Flow	331.88M	467.28M	309.29M	335.22M	354.16M	247.54M
Investing Cash Flow	-245.24M	-135.51M	-151.09M	-57.24M	-35.97M	-5.42M
Financing Cash Flow	-226.47M	-136.63M	-228.60M	-196.27M	-386.13M	-135.36M

Sanitar Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1817 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1817	71Outperform	TWD 2.88B	7.89	―	5.54%	-0.86%	21.67%
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:1806	42Neutral	TWD 2.89B	46.68	―	2.03%	-17.09%	-51.53%
TW:8476	38Underperform	TWD 2.94B	66.02	―	1.13%	-0.58%	-19.41%

* General Sector Average

Performance Comparison

TW:1817 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1817	Sanitar Co., Ltd.	39.70	2.60	7.01%
TW:1341	Fulin Plastic Industry (Cayman) Holding Co., Ltd.	57.70	2.89	5.27%
TW:1806	Champion Building Materials Co., Ltd.	7.39	-1.50	-16.85%
TW:6977	United Purification Technology Co Ltd	174.50	50.70	40.96%
TW:8463	Ruentex Materials Co Ltd	21.30	-3.95	-15.65%
TW:8476	Taiwan Environment Scientific Co., Ltd.	17.70	-0.15	-0.85%

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

Sanitar Co., Ltd. AI Stock Analysis