Sanyang Motor Co., Ltd. (2206) AI Stock Analysis

Sanyang Motor Co., Ltd.

(TWSE:2206)

Select Model

Rating:70Outperform

Price Target:TWD 68.00▲(10.39% Upside)

Action:initiatedcoverage

Date:11/10/26

Robust financial performance with revenue growth and solid profitability forms the main support, reinforced by attractive valuation; short-term technical weakness provides a partial offset.

Positive Factors

Established SYM business and distribution modelSanyang combines the SYM brand with vehicle production, distribution, and after-sales support across domestic and overseas markets. This integrated operating model can reinforce customer relationships, broaden revenue access, and provide a durable platform for maintaining two-wheeler market presence over the next several quarters.

Negative Factors

Revenue slowdown and margin compressionThe latest deterioration in revenue and operating profitability suggests that the earlier growth and margin expansion cycle has weakened. If this persists, lower sales productivity and reduced operating leverage could constrain earnings growth, limit reinvestment capacity, and make medium-term results more dependent on recovery in demand or mix.

Sanyang Motor Co., Ltd. (2206) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 46.97B
Dividend Yield: 4.96%
Average Volume (3M): 655.13K
Price to Earnings (P/E): 10.5
Beta (1Y): 0.05
Revenue Growth: -3.37%
EPS Growth: 2.68%
Country: TW
Employees: 1,939
Sector: General
Sector Strength: 55
Industry: Auto - Manufacturers

Sanyang Motor Co., Ltd. Business Overview & Revenue Model

Company Description

Sanyang Motor Co., Ltd. engages in the manufacture and sale of automobiles, motorcycles, and their components in Taiwan, China, Asia, Europe, and internationally. The company is involved in the provision of distribution, repair, and maintenance of au...

Sanyang Motor Co., Ltd. Financial Statement Overview

Summary

Revenue expanded strongly with improving net margins and ROE, supported by a stable balance sheet, though cash flow volatility remains a watchpoint.

Income Statement

76Positive

Balance Sheet

71Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	60.90B	62.63B	65.62B	64.46B	50.85B	41.62B
Gross Profit	11.43B	12.34B	13.38B	13.41B	9.72B	7.93B
EBITDA	6.35B	7.16B	8.40B	9.92B	4.80B	3.64B
Net Income	4.54B	4.53B	4.77B	6.30B	3.12B	1.83B
Balance Sheet
Total Assets	97.64B	97.14B	68.26B	62.78B	57.08B	46.53B
Cash, Cash Equivalents and Short-Term Investments	7.65B	18.03B	17.41B	9.82B	14.34B	11.44B
Total Debt	31.44B	33.23B	24.92B	22.90B	23.85B	18.01B
Total Liabilities	55.70B	54.84B	39.67B	37.38B	36.83B	29.71B
Stockholders Equity	25.84B	26.32B	25.14B	22.40B	17.83B	15.41B
Cash Flow
Free Cash Flow	4.25B	2.38B	4.05B	4.97B	-244.38M	184.90M
Operating Cash Flow	6.28B	4.47B	6.64B	6.93B	2.03B	1.44B
Investing Cash Flow	-3.42B	-3.69B	-4.55B	-3.64B	-3.58B	-1.94B
Financing Cash Flow	-3.98B	-205.47M	-762.43M	-2.31B	4.50B	455.00M

Sanyang Motor Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2206 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2206	70Outperform	TWD 47.30B	10.51	―	4.96%	-3.37%	2.68%
TW:2204	60Neutral	TWD 28.57B	8.69	―	7.03%	10.21%	12.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2201	43Neutral	TWD 28.37B	29.33	―	2.12%	-4.59%	-34.03%
TW:2258	33Underperform	TWD 49.47B	-10.85	―	―	5.67%	-45.00%

* General Sector Average

Performance Comparison

TW:2206 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2206	Sanyang Motor Co., Ltd.	61.60	1.23	2.05%
TW:2201	Yulon Motor Co.,Ltd	26.40	-16.12	-37.90%
TW:2204	China Motor Corporation	51.20	-5.75	-10.09%
TW:2258	Foxtron Vehicle Technologies Co., Ltd.	28.10	-15.40	-35.40%

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

Sanyang Motor Co., Ltd. AI Stock Analysis