Biostar Microtech International Corp. (2399) AI Stock Analysis

Biostar Microtech International Corp.

(TWSE:2399)

Select Model

Rating:47.3Neutral

Price Target:TWD 36.00▼(-16.18% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weak and volatile operating performance and negative cash flow, despite an exceptionally strong balance sheet. Bearish technical positioning further weighs on the assessment, while the low P/E ratio provides a partial offset.

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)

Market Cap: TWD 6.78B
Dividend Yield: ―
Average Volume (3M): 5.29M
Price to Earnings (P/E): 10.8
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

The near-debt-free balance sheet is a major strength, but revenue contraction, negative operating margins, deteriorating profitability, and negative operating and free cash flow materially weaken the overall financial profile.

Income Statement

24Negative

Balance Sheet

87Very Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.75B	1.73B	2.02B	2.34B	2.24B	2.77B
Gross Profit	182.17M	111.97M	165.94M	135.35M	268.62M	520.13M
EBITDA	-116.31M	-148.61M	32.98M	-110.75M	22.97M	412.87M
Net Income	706.60M	26.16M	6.62M	-113.36M	12.85M	361.68M
Balance Sheet
Total Assets	3.69B	2.63B	2.62B	2.79B	2.81B	3.30B
Cash, Cash Equivalents and Short-Term Investments	2.28B	1.54B	1.47B	1.29B	1.20B	1.56B
Total Debt	62.87M	1.27M	1.83M	3.94M	6.35M	3.22M
Total Liabilities	857.97M	424.61M	445.34M	643.69M	562.32M	864.42M
Stockholders Equity	2.83B	2.20B	2.17B	2.15B	2.25B	2.43B
Cash Flow
Free Cash Flow	-208.09M	-96.41M	63.26M	64.49M	-82.86M	89.22M
Operating Cash Flow	-206.22M	-94.89M	68.69M	65.20M	-80.76M	91.52M
Investing Cash Flow	42.82M	38.76M	136.57M	-113.89M	375.42M	43.71M
Financing Cash Flow	60.83M	-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
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3213	76Outperform	TWD 6.87B	11.05	―	5.93%	12.98%	39.71%
TW:2397	56Neutral	TWD 6.35B	16.95	―	4.31%	16.92%	-16.99%
TW:6416	56Neutral	TWD 7.66B	20.00	―	2.62%	22.37%	69.38%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2399	47Neutral	TWD 7.51B	10.82	―	―	-3.72%	―
TW:8234	43Neutral	TWD 7.22B	81.22	―	0.77%	4.36%	-21.02%
TW:3032	39Underperform	TWD 7.51B	-21.09	―	4.11%	41.24%	-89.74%

* General Sector Average

Performance Comparison

TW:2399 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2399	Biostar Microtech International Corp.	42.95	19.85	85.93%
TW:2397	DFI Inc.	56.90	-1.31	-2.26%
TW:3032	Compucase Enterprise Co., Ltd.	66.20	-24.50	-27.01%
TW:3213	Mildef Crete Inc.	118.00	22.35	23.36%
TW:6416	Caswell, Inc.	107.00	30.27	39.44%
TW:8234	Nexcom International Co., Ltd.	51.70	-20.26	-28.15%

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

Biostar Microtech International Corp. AI Stock Analysis