Abonmax Co Ltd (2429) AI Stock Analysis

Abonmax Co Ltd

(TWSE:2429)

Select Model

Rating:40Underperform

Price Target:TWD 27.00▼(-10.89% Downside)

Action:initiatedcoverage

Date:11/09/26

Abonmax scores near the low end of the range, driven primarily by fragile financials: a razor-thin 3.2% gross margin, a sixth straight annual loss, sharply higher debt (tripled to about NT$817 million) and deepening free cash outflow of roughly -NT$328 million, which make the company dependent on external funding. The encouraging 59% revenue rebound and a narrower net loss are positives, but they have not yet translated into margin or cash generation. Technicals reinforce the caution, with the price below all key moving averages and a negative MACD confirming a downtrend, though an oversold Stochastic reading leaves room for a short-term bounce. Valuation offers no support given negative earnings and no dividend. Investors should look for evidence of gross margin expansion and reduced cash burn before the risk profile improves.

Positive Factors

Revenue ReboundThe 2025 revenue rebound indicates that the company retained the ability to expand its top line despite recent profitability challenges. If this growth persists, it could provide greater operating scale and a foundation for improving earnings, although margins must recover for the benefit to translate into stronger cash generation.

Negative Factors

Persistent Losses and Thin MarginsSustained losses and a very thin gross margin indicate that revenue is currently producing limited economic value after costs. This weak profitability reduces internal funding capacity, leaves little cushion against operating pressure, and makes any future growth less valuable until margins improve materially.

Abonmax Co Ltd (2429) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.57B
Dividend Yield: ―
Average Volume (3M): 388.49K
Price to Earnings (P/E): -20.6
Beta (1Y): 1.40
Revenue Growth: 27.12%
EPS Growth: 11.55%
Country: TW
Employees: 232
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Abonmax Co Ltd Business Overview & Revenue Model

Company Description

Abonmax Co., Ltd operates as a global manufacturer and supplier, specializing in double-sided and multi-layer printed circuit boards (PCBs) across Taiwan and international markets. Beyond its core PCB offerings, the company's product portfolio extend...

Abonmax Co Ltd Financial Statement Overview

Summary

Fundamentals are weak across all three statements. Revenue rebounded roughly 59% to about NT$490 million, but gross margin of only 3.2% left no cushion for operating costs, producing an operating loss near NT$138 million and a sixth consecutive annual net loss (about NT$120 million). The balance sheet has become materially more leveraged — total debt more than tripled to roughly NT$817 million and debt-to-equity rose to about 1.06 from 0.28, while equity shrank to NT$771 million on accumulated losses; equity still funds about 44% of assets, offering some cushion. Cash flow is the weakest element, with a fifth straight year of operating cash burn (about -NT$142 million) and free cash flow deteriorating to roughly -NT$328 million on heavy capex, leaving the company reliant on external financing.

Income Statement

16Very Negative

Balance Sheet

36Negative

Cash Flow

11Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	489.30M	490.34M	307.96M	512.54M	520.74M	976.59M
Gross Profit	15.65M	15.61M	6.31M	23.99M	57.81M	137.53M
EBITDA	-102.37M	-101.18M	-90.48M	34.17M	20.80M	61.29M
Net Income	-125.61M	-119.92M	-132.83M	-24.31M	-52.93M	-9.41M
Balance Sheet
Total Assets	1.85B	1.75B	1.28B	461.87M	766.96M	828.01M
Cash, Cash Equivalents and Short-Term Investments	175.78M	299.39M	461.11M	80.11M	116.61M	139.83M
Total Debt	1.04B	817.09M	245.92M	191.32M	415.42M	433.16M
Total Liabilities	1.13B	965.94M	367.27M	213.95M	473.01M	510.92M
Stockholders Equity	709.88M	770.97M	891.03M	233.51M	250.66M	270.57M
Cash Flow
Free Cash Flow	-398.23M	-327.92M	-176.36M	-11.10M	-17.10M	-100.83M
Operating Cash Flow	-252.80M	-142.00M	-162.78M	-1.46M	-6.16M	-16.98M
Investing Cash Flow	-302.69M	-407.16M	-113.80M	-70.62M	-10.39M	-129.60M
Financing Cash Flow	532.97M	379.92M	654.76M	70.46M	-13.22M	71.61M

Abonmax Co Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2429 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3669	61Neutral	TWD 2.77B	10.12	―	3.35%	9.13%	395.29%
TW:6161	60Neutral	TWD 2.61B	10.72	―	4.74%	15.41%	74.96%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2425	41Neutral	TWD 2.55B	15.65	―	0.36%	8.04%	―
TW:3047	41Neutral	TWD 2.99B	-14.89	―	2.23%	-32.95%	-101.63%
TW:6142	41Neutral	TWD 2.53B	-27.46	―	―	11.42%	48.35%
TW:2429	40Underperform	TWD 2.61B	-20.61	―	―	27.12%	11.55%

* General Sector Average

Performance Comparison

TW:2429 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2429	Abonmax Co Ltd	30.30	-56.20	-64.97%
TW:2425	Chaintech Technology Corp.	27.85	-1.48	-5.05%
TW:3047	Edimax Technology Co., Ltd.	13.40	-5.45	-28.91%
TW:3669	Aver Information Inc.	29.85	1.28	4.48%
TW:6142	Cameo Communications, Inc.	8.32	-2.03	-19.62%
TW:6161	Jetway Information Co., Ltd.	46.40	0.08	0.17%

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

Abonmax Co Ltd AI Stock Analysis