Huxen Corp. (2433) AI Stock Analysis

Huxen Corp.

(TWSE:2433)

Select Model

Rating:59Neutral

Price Target:TWD 40.00▲(7.38% Upside)

Action:initiatedcoverage

Date:11/09/26

Huxen Corp. scores in the middle of the range, reflecting a mature, cash-generative business facing structural decline. Financial performance dominates the score: margins, return on equity and cash conversion are genuinely strong, but six straight years of revenue decline, three years of falling net income, sharp operating margin compression and rising leverage against a shrinking equity base cap the upside. Technicals are the biggest drag — the stock trades below all major moving averages with negative MACD, confirming a persistent downtrend, though oversold RSI and Stochastic readings hint at scope for a near-term rebound. Valuation provides meaningful support, with a modest 12.7x P/E and a 7.03% dividend yield offering attractive income, albeit with some question over payout sustainability given thin free cash flow. Earnings call and corporate event data were unavailable and were excluded from the calculation.

Positive Factors

Sustained profitabilityPersistent gross margins in the mid-30% range and net margins around the mid-teens indicate that Huxen retains meaningful profitability despite weaker sales. This earnings quality can support internal funding, preserve resilience, and provide a durable base for recovery if demand stabilizes.

Negative Factors

Persistent revenue contractionRevenue has declined in every year shown, with the sharp 35.9% fall in 2025 highlighting a substantial deterioration in demand or business scale. Persistent contraction can reduce operating leverage, limit reinvestment capacity, and make maintaining current profit levels increasingly difficult.

Huxen Corp. (2433) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.43B
Dividend Yield: 7.25%
Average Volume (3M): 38.57K
Price to Earnings (P/E): 12.4
Beta (1Y): 0.04
Revenue Growth: 0.64%
EPS Growth: -0.85%
Country: TW
Employees: 1,180
Sector: General
Sector Strength: 55
Industry: Industrial - Distribution

Huxen Corp. Business Overview & Revenue Model

Company Description

Huxen Corporation engages in sales, import, export, repair, and rental of multi-function printers, faxes, and communication products in Taiwan. The company is also involved in maintenance, lease, and trading of multi-function printers. Huxen Corporat...

Huxen Corp. Financial Statement Overview

Summary

Huxen combines high-quality profitability with structural decline. Margins are attractive (gross margin up to ~36%, net margin ~16%, EBITDA margin ~56%) and return on equity has held steadily in the 13%-14% range, while operating cash flow of ~NT$1.26bn is nearly three times net income, confirming strong earnings quality. However, revenue has fallen every year from ~NT$4.05bn to ~NT$2.72bn, net income has declined for three consecutive years, and operating margin compressed sharply from ~22.7% to ~15.2%. The balance sheet is adequate but weakening: equity has shrunk to ~NT$3.35bn while debt rose to ~NT$2.54bn, lifting debt-to-equity from 0.53 to 0.76. Heavy capital spending consumed most of operating cash flow, leaving free cash flow of only ~NT$291m (23% of net income). Stable and not distressed, but with clear earnings erosion and no growth engine.

Income Statement

58Neutral

Balance Sheet

57Neutral

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.74B	2.72B	2.76B	2.89B	3.19B	3.88B
Gross Profit	983.57M	977.61M	979.01M	991.26M	1.03B	1.04B
EBITDA	1.50B	1.51B	1.74B	1.80B	1.92B	1.97B
Net Income	453.35M	440.19M	473.39M	490.29M	561.17M	549.46M
Balance Sheet
Total Assets	7.46B	7.33B	7.39B	7.68B	7.77B	7.98B
Cash, Cash Equivalents and Short-Term Investments	3.20B	3.11B	3.19B	3.26B	3.18B	3.11B
Total Debt	2.34B	2.54B	2.41B	2.37B	2.31B	2.23B
Total Liabilities	3.40B	3.23B	3.11B	3.16B	3.12B	3.11B
Stockholders Equity	3.26B	3.35B	3.54B	3.83B	3.96B	4.23B
Cash Flow
Free Cash Flow	220.06M	290.87M	376.50M	383.96M	486.54M	555.26M
Operating Cash Flow	1.21B	1.26B	1.39B	1.42B	1.50B	1.68B
Investing Cash Flow	-978.11M	-1.07B	-761.54M	-1.16B	-1.03B	-1.25B
Financing Cash Flow	-392.72M	-353.23M	-449.32M	-528.52M	-476.11M	-590.42M

Huxen Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2433 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6117	62Neutral	TWD 5.57B	12.94	―	3.31%	13.66%	69.40%
TW:2433	59Neutral	TWD 5.37B	12.38	―	7.25%	0.64%	-0.85%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2302	54Neutral	TWD 6.71B	37.34	―	0.87%	14.66%	124.79%
TW:2387	54Neutral	TWD 5.78B	17.77	―	13.40%	-15.69%	-67.38%
TW:2365	51Neutral	TWD 5.34B	46.55	―	1.27%	12.45%	59.79%
TW:3062	43Neutral	TWD 6.39B	-9.39	―	―	-1.21%	-212.49%

* General Sector Average

Performance Comparison

TW:2433 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2433	Huxen Corp.	37.25	-8.00	-17.68%
TW:2302	Rectron Ltd.	40.05	21.14	111.79%
TW:2365	KYE Systems Corp.	23.60	-10.98	-31.75%
TW:2387	Sunrex Technology Corporation	29.85	-7.24	-19.53%
TW:3062	CyberTAN Technology, Inc.	18.60	-7.60	-29.01%
TW:6117	In Win Development Inc.	60.40	-16.04	-20.98%

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

Huxen Corp. AI Stock Analysis