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Biostar Microtech International Corp. (2399) AI Stock Analysis

TW:2399

Biostar Microtech International Corp.

(TWSE:2399)

Select Model
Rating:45Neutral
Price Target:TWD 36.00â–¼(-14.59% Downside)
Action:initiatedcoverage
Date:11/09/26

The score is held down primarily by weak fundamentals: multi-year revenue decline, gross margin compression to about 6.5%, a sizeable operating loss, and negative operating and free cash flow that undermines the quality of the small reported profit. The debt-free balance sheet, with equity funding roughly 84% of assets, is the main offset and gives the company meaningful staying power to absorb losses. Technicals add further pressure, with the price below all key moving averages and negative MACD, though oversold RSI and Stochastic readings hint at potential for a short-term bounce. The single-digit P/E is superficially cheap but rests on non-operating earnings, and the absence of a dividend offers no income cushion. A re-rating depends on stabilizing revenue and restoring operating profitability.

Positive Factors
Conservative Balance SheetExtremely low leverage and sizable, relatively stable equity give Biostar financial flexibility through a cyclical hardware market. Minimal debt reduces balance-sheet and refinancing pressure, allowing more capacity to absorb volatility or support operations.
Negative Factors
Recent Revenue ContractionRevenue declines in both 2024 and 2025 indicate weakening recent top-line performance. Continued contraction would reduce operating leverage, limit the resources available for investment, and make recovery in earnings and cash generation more difficult.

Biostar Microtech International Corp. (2399) vs. SPDR S&P 500 ETF (SPY)

-25%0%25%50%75%100%125%150%TW:2399+82.47%SPY+12.79%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 6.75B
Dividend Yield
―
Average Volume (3M)
5.42M
Price to Earnings (P/E)
10.6
Beta (1Y)
1.26
Revenue Growth
-3.72%
EPS Growth
―
Country
TW
Employees
553
Sector
General
Sector Strength
55
Industry
Computer Hardware

Biostar Microtech International Corp. Business Overview & Revenue Model

Company Description

Biostar Microtech International Corp. is a global and Taiwanese enterprise focused on the development, production, and distribution of expansion cards, multimedia devices, and comprehensive system solutions. The company's extensive product offerings...

Biostar Microtech International Corp. Financial Statement Overview

Summary

Biostar Microtech shows a 'strong balance sheet, weak business' profile. The balance sheet is excellent (score 84): essentially debt-free with equity funding about 84% of a NT$2.63 billion asset base, leaving a thick cushion and no refinancing risk. However, the income statement (28) and cash flow (26) are poor: revenue has fallen to roughly NT$1.73 billion from a NT$2.77 billion peak, gross margin collapsed from about 18.7% to 6.5%, and the core business ran an operating loss near NT$152 million (-8.8% margin). The small NT$26 million net profit came from non-operating items and was not cash-backed, with operating and free cash flow at roughly negative NT$95-96 million. Return on equity of about 1.2% shows capital is being deployed inefficiently, so the strong capital base is a buffer rather than a catalyst.

Income Statement

28Negative

Balance Sheet

84Very Positive

Cash Flow

26Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue1.75B1.73B2.02B2.34B2.24B2.77B
Gross Profit182.17M111.97M165.94M135.35M268.62M520.13M
EBITDA-116.31M-148.61M32.98M-110.75M22.97M412.87M
Net Income706.60M26.16M6.62M-113.36M12.85M361.68M
Balance Sheet
Total Assets3.69B2.63B2.62B2.79B2.81B3.30B
Cash, Cash Equivalents and Short-Term Investments2.28B1.54B1.47B1.29B1.20B1.56B
Total Debt62.87M1.27M1.83M3.94M6.35M3.22M
Total Liabilities857.97M424.61M445.34M643.69M562.32M864.42M
Stockholders Equity2.83B2.20B2.17B2.15B2.25B2.43B
Cash Flow
Free Cash Flow-208.09M-96.41M63.26M64.49M-82.86M89.22M
Operating Cash Flow-206.22M-94.89M68.69M65.20M-80.76M91.52M
Investing Cash Flow42.82M38.76M136.57M-113.89M375.42M43.71M
Financing Cash Flow60.83M-553.00K-2.21M-2.43M-215.16M-71.96M

Biostar Microtech International Corp. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:2399 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:3213TW:321376OutperformTWD 6.87B10.68―5.98%12.98%39.71%
TW:2397TW:239756NeutralTWD 6.35B16.57―4.41%16.92%-16.99%
TW:6416TW:641656NeutralTWD 7.66B20.00―2.68%22.37%69.38%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:2399TW:239945NeutralTWD 7.51B10.62――-3.72%―
TW:8234TW:823443NeutralTWD 7.22B79.36―0.78%4.36%-21.02%
TW:3032TW:303239UnderperformTWD 7.51B-21.21―4.11%41.24%-89.74%

* General Sector Average

Performance Comparison

0%50%100%TW:2399TW:2397TW:3032TW:3213TW:6416TW:8234Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:2399 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:2399Biostar Microtech International Corp.42.1517.7072.39%
TW:2397DFI Inc.55.60-3.86-6.49%
TW:3032Compucase Enterprise Co., Ltd.66.30-24.20-26.74%
TW:3213Mildef Crete Inc.117.0019.9420.54%
TW:6416Caswell, Inc.104.5026.9934.82%
TW:8234Nexcom International Co., Ltd.51.10-23.24-31.26%
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