First Copper Technology Co., Ltd. (2009) AI Stock Analysis

First Copper Technology Co., Ltd.

(TWSE:2009)

Select Model

Rating:44Neutral

Price Target:TWD 32.00▼(-4.90% Downside)

Action:initiatedcoverage

Date:11/09/26

First Copper Technology scores below average, driven primarily by weak core profitability: revenue declined ~7%, gross and operating profit turned negative, and bottom-line income relies on non-operating sources, with free cash flow down ~66%. The main offset is a conservative balance sheet — debt-to-equity of just 0.15 and equity funding ~84% of assets — which limits solvency risk but delivers only a 1.3% ROE. Technicals add further pressure, with the price trading well below all major moving averages and negative MACD momentum, although deeply oversold RSI and Stochastic readings suggest selling may be extended. Valuation offers little support, as a 33.5x P/E and 1.23% yield appear expensive given the absence of durable operating earnings. The investment case hinges on a recovery in copper processing margins.

Positive Factors

Conservative balance sheetImproving leverage and a larger equity base provide financial resilience through operating volatility. A conservative capital structure can preserve borrowing capacity, reduce balance-sheet pressure, and give management more flexibility to maintain operations or fund opportunities over the coming quarters.

Negative Factors

Volatile profitabilityNegative gross margin and sharply lower net income show that profitability is not currently dependable. Such volatility can limit reinvestment, weaken returns to shareholders, and make future earnings more sensitive to copper pricing, processing economics, and operating-cost movements.

First Copper Technology Co., Ltd. (2009) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 12.10B
Dividend Yield: 1.19%
Average Volume (3M): 1.95M
Price to Earnings (P/E): 32.9
Beta (1Y): 0.77
Revenue Growth: 6.85%
EPS Growth: 168.90%
Country: TW
Employees: 248
Sector: General
Sector Strength: 55
Industry: Copper

First Copper Technology Co., Ltd. Business Overview & Revenue Model

Company Description

First Copper Technology Co., Ltd. produces and sells copper and copper alloy strips in Taiwan and internationally. The company's products primarily include brass, phosphor bronze, environmental reflow tin plate, copper, and nickel silver; copper allo...

First Copper Technology Co., Ltd. Financial Statement Overview

Summary

A strong balance sheet (score 73) is offset by weak earnings quality (income statement 33) and inconsistent cash generation (46). Equity has more than doubled since 2020 to NT$9.71 billion and funds ~84% of assets, with debt-to-equity down to just 0.15 — a low-risk capital structure. However, revenue fell ~7% to NT$2.91 billion, gross profit swung back to a loss of NT$11.8 million (-0.4% margin) and operating income was negative at -NT$75 million, meaning the NT$121.5 million of net income came largely from non-operating sources. ROE is only 1.3%, operating cash flow fell 33% to NT$197 million and free cash flow dropped ~66% to NT$116 million. Balance-sheet safety is real, but core profitability remains absent and highly exposed to copper price swings.

Income Statement

33Negative

Balance Sheet

73Positive

Cash Flow

46Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.19B	2.91B	3.13B	2.65B	2.90B	3.22B
Gross Profit	228.92M	-11.84M	118.25M	-11.22M	-48.47M	322.31M
EBITDA	486.16M	247.88M	375.72M	117.35M	270.91M	543.06M
Net Income	370.38M	121.50M	265.56M	-9.49M	196.94M	422.68M
Balance Sheet
Total Assets	11.18B	11.63B	9.05B	7.94B	6.55B	8.29B
Cash, Cash Equivalents and Short-Term Investments	140.14M	101.70M	139.18M	68.58M	127.36M	236.89M
Total Debt	1.76B	1.47B	1.43B	1.56B	1.62B	1.26B
Total Liabilities	2.42B	1.91B	1.88B	1.96B	2.03B	1.84B
Stockholders Equity	8.76B	9.71B	7.17B	5.98B	4.52B	6.44B
Cash Flow
Free Cash Flow	-159.11M	116.25M	209.53M	147.60M	-86.04M	-46.57M
Operating Cash Flow	-21.42M	197.33M	296.25M	198.32M	-6.95M	57.76M
Investing Cash Flow	-138.74M	-81.97M	-86.60M	-515.00K	-58.32M	92.72M
Financing Cash Flow	221.38M	-152.85M	-139.04M	-215.81M	-1.97M	-73.84M

First Copper Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2009 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6581	76Outperform	TWD 12.07B	13.22	―	4.88%	5.53%	19.55%
TW:1608	60Neutral	TWD 13.41B	4.50	―	6.33%	14.90%	43.19%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3162	50Neutral	TWD 11.07B	100.76	―	1.20%	26.04%	-69.67%
TW:2034	44Neutral	TWD 12.51B	55.84	―	4.23%	-7.08%	―
TW:2009	44Neutral	TWD 12.10B	32.90	―	1.19%	6.85%	168.90%

* General Sector Average

Performance Comparison

TW:2009 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2009	First Copper Technology Co., Ltd.	33.65	-8.68	-20.51%
TW:1608	Hua Eng Wire & Cable Co., Ltd.	31.60	-3.40	-9.71%
TW:1623	Ta Tun Electric Wire & Cable Co Ltd	164.50	-54.86	-25.01%
TW:2034	YC Inox Co.,Ltd	23.65	5.04	27.10%
TW:3162	United Alloy-Tech Company Ltd	71.90	16.20	29.07%
TW:6581	Taiwan Steel Union Co., Ltd.	108.50	4.68	4.51%

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

First Copper Technology Co., Ltd. AI Stock Analysis