Nichidenbo Corp. (3090) AI Stock Analysis

Nichidenbo Corp.

(TWSE:3090)

Select Model

Rating:61Neutral

Price Target:TWD 132.00▼(-2.94% Downside)

Action:initiatedcoverage

Date:11/09/26

Nichidenbo scores in the mid-range. Fundamentals are mixed but net positive: rapid 30% revenue and earnings growth and a very conservatively financed balance sheet (debt-to-equity 0.27) are offset by poor cash conversion, with only NT$204 million of operating cash flow against NT$1.25 billion of profit, and ROE diluted to roughly 9% after a large equity raise. The biggest drag is technical: the stock trades far below all major moving averages with sharply negative MACD momentum, indicating a persistent downtrend. Partially offsetting this, valuation is undemanding at a 15.0x P/E with a 3.8% dividend yield, offering value appeal for investors willing to wait for cash flow and price momentum to stabilise.

Positive Factors

Revenue GrowthSteady multi-year revenue growth, reinforced by a strong 2025 increase, indicates expanding business activity and sustained demand. A growing revenue base can support operating leverage, fund investment, and strengthen the company’s ability to compound earnings over the next several quarters.

Negative Factors

Volatile Cash GenerationSharp swings in operating and free cash flow weaken confidence that reported earnings consistently convert into cash. A negative year followed by only modest recovery can constrain internally funded investment, dividends, or debt reduction and makes financial planning less predictable.

Nichidenbo Corp. (3090) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 39.83B
Dividend Yield: 3.53%
Average Volume (3M): 7.47M
Price to Earnings (P/E): 16.0
Beta (1Y): 1.40
Revenue Growth: 28.25%
EPS Growth: 67.56%
Country: TW
Employees: 154
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Nichidenbo Corp. Business Overview & Revenue Model

Company Description

Nichidenbo Corporation is a global supplier specializing in a comprehensive range of passive electronic components. Their extensive product portfolio features a wide array of capacitors, encompassing aluminum electrolytic, solid, multilayer ceramic,...

Nichidenbo Corp. Financial Statement Overview

Summary

Nichidenbo combines strong growth and a fortress balance sheet with weak cash conversion. Revenue jumped roughly 30% to NT$15.7 billion in FY2025 and net income rose about 32% to NT$1.25 billion, with gross margin recovering to 16.4% and operating margin stable near 10% (Income Statement: 78). The balance sheet is the standout: equity more than doubled to NT$13.8 billion, cutting debt-to-equity to 0.27 and leaving ample borrowing headroom, though the enlarged capital base diluted ROE to about 9.1% from 14.3% (Balance Sheet: 80). The clear weak link is cash flow (38): only NT$204 million of operating cash flow against NT$1.25 billion of reported profit, as inventory and receivables absorb the benefits of growth, following outright negative cash flow in FY2024. Light capex under NT$35 million and a strong equity cushion limit the risk, but earnings quality needs to improve.

Income Statement

78Positive

Balance Sheet

80Positive

Cash Flow

38Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.51B	15.73B	12.14B	10.66B	10.44B	10.91B
Gross Profit	3.14B	2.59B	1.95B	1.64B	1.78B	2.01B
EBITDA	2.17B	1.62B	1.30B	1.03B	1.10B	1.08B
Net Income	2.17B	1.25B	946.80M	706.31M	790.60M	819.42M
Balance Sheet
Total Assets	26.97B	20.17B	10.88B	9.38B	9.37B	8.87B
Cash, Cash Equivalents and Short-Term Investments	1.88B	1.69B	2.29B	2.69B	2.64B	1.58B
Total Debt	4.27B	3.74B	2.33B	1.59B	1.18B	2.17B
Total Liabilities	8.33B	6.30B	4.23B	3.11B	2.73B	3.99B
Stockholders Equity	18.58B	13.81B	6.61B	6.23B	6.60B	4.48B
Cash Flow
Free Cash Flow	-779.59M	173.34M	-160.47M	952.75M	945.76M	15.65M
Operating Cash Flow	-748.37M	204.16M	-156.02M	958.46M	952.35M	27.49M
Investing Cash Flow	10.80M	43.44M	-1.06B	506.80M	-106.26M	136.29M
Financing Cash Flow	880.62M	431.29M	13.18M	-808.33M	-379.59M	-105.68M

Nichidenbo Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3090 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2428	69Neutral	TWD 24.85B	13.78	―	3.04%	19.78%	25.02%
TW:2472	66Neutral	TWD 28.33B	17.52	―	2.03%	20.68%	44.10%
TW:2328	61Neutral	TWD 24.34B	1.21	―	1.92%	-13.85%	-78.67%
TW:3090	61Neutral	TWD 39.11B	15.97	―	3.53%	28.25%	67.56%
TW:3010	60Neutral	TWD 29.96B	10.24	―	4.59%	16.43%	44.01%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8112	52Neutral	TWD 43.35B	5.98	―	4.93%	148.84%	1139.51%

* General Sector Average

Performance Comparison

TW:3090 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3090	Nichidenbo Corp.	136.00	43.92	47.70%
TW:2328	Pan-International Industrial Corp.	46.95	-3.01	-6.02%
TW:2428	Thinking Electronic Industrial Co., Ltd.	194.00	6.50	3.46%
TW:2472	Lelon Electronics Corp.	172.00	65.12	60.93%
TW:3010	Wah Lee Industrial Corp.	115.50	14.73	14.62%
TW:8112	Supreme Electronics Co., Ltd.	77.10	1.59	2.11%

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

Nichidenbo Corp. AI Stock Analysis