Goldkey Technology Corp (3135) AI Stock Analysis

Goldkey Technology Corp

(TWSE:3135)

Select Model

Rating:56Neutral

Price Target:TWD 122.00▼(-1.21% Downside)

Action:initiatedcoverage

Date:11/09/26

Goldkey Technology scores in the mid-range. The dominant concern is cash flow: despite record revenue and tripled profits, the company burned roughly NT$1.8 billion in operating and free cash flow while debt-to-equity rose to 1.23 times, leaving little buffer in a cyclical, thin-margin business. Technicals reinforce caution, with the share price trading well below all major moving averages and negative MACD confirming a persistent downtrend, amplified by a high beta of 1.68. Offsetting these risks, the income statement shows genuine momentum — 40% revenue growth, doubled gross margin and 21% ROE — and the valuation is compelling at a 4.6 P/E with a 2.76% dividend yield. The stock may appeal to value-oriented investors willing to tolerate volatility, but durable re-rating likely requires evidence of improved cash conversion and reduced leverage.

Positive Factors

Revenue GrowthRevenue accelerated across 2023–2025, culminating in strong double-digit growth in 2025. This indicates improving commercial momentum and can expand the earnings base, supporting stronger operating scale if the trajectory persists through the next several quarters.

Negative Factors

Weak Cash GenerationThe large 2025 operating and free-cash-flow outflows show that reported earnings were not converting into cash effectively. This can increase reliance on external funding, constrain investment flexibility, and create ongoing liquidity pressure if weak conversion persists.

Goldkey Technology Corp (3135) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 11.86B
Dividend Yield: 2.64%
Average Volume (3M): 1.08M
Price to Earnings (P/E): 4.8
Beta (1Y): 1.69
Revenue Growth: ―
EPS Growth: ―
Country: TW
Employees: 77
Sector: General
Sector Strength: 55
Industry: Semiconductors

Goldkey Technology Corp Business Overview & Revenue Model

Company Description

Goldkey Technology Corporation develops, manufactures, and sells memory module and storage equipment in Taiwan, the United States, China, and internationally. The company offers flash memory, dram module, and flash SSD flash storage devices. Goldkey...

Goldkey Technology Corp Financial Statement Overview

Summary

Goldkey posted a record fiscal 2025, with revenue up about 40% to NT$7.70 billion, gross margin more than doubling to 9.9%, and net income tripling to NT$445.9 million, lifting return on equity to 21%. However, the quality of that growth is questionable: operating cash flow swung to an outflow of roughly NT$1.77 billion and free cash flow was negative NT$1.80 billion, meaning earnings are not converting into cash due to a heavy working capital build. Leverage has also climbed sharply, with debt-to-equity at 1.23 times versus 0.19 times three years ago, leaving a thin equity cushion for a cyclical, low-margin business. Strong income statement momentum is therefore offset by weak cash generation and a stretched balance sheet.

Income Statement

74Positive

Balance Sheet

53Neutral

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.80B	7.70B	5.51B	4.22B	3.58B	4.37B
Gross Profit	3.15B	765.87M	246.84M	224.07M	73.31M	397.28M
EBITDA	2.86B	613.80M	212.80M	113.72M	37.33M	282.17M
Net Income	2.24B	445.90M	142.41M	78.09M	18.34M	212.17M
Balance Sheet
Total Assets	10.05B	5.18B	2.55B	2.09B	1.35B	1.77B
Cash, Cash Equivalents and Short-Term Investments	599.85M	259.85M	228.68M	202.41M	500.53M	209.64M
Total Debt	4.08B	2.61B	1.23B	856.11M	202.67M	528.48M
Total Liabilities	5.40B	3.06B	1.35B	975.56M	273.44M	693.21M
Stockholders Equity	4.65B	2.12B	1.20B	1.11B	1.08B	1.08B
Cash Flow
Free Cash Flow	-3.83B	-1.80B	-292.17M	-912.82M	632.36M	36.24M
Operating Cash Flow	-3.78B	-1.77B	206.79M	-909.49M	635.76M	42.17M
Investing Cash Flow	-238.25M	-55.27M	-497.47M	-15.55M	-441.00K	-18.95M
Financing Cash Flow	4.19B	1.84B	308.43M	624.87M	-344.46M	48.08M

Goldkey Technology Corp Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3135 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3416	69Neutral	TWD 12.38B	16.32	―	3.16%	31.00%	32.07%
TW:3088	67Neutral	TWD 12.32B	12.87	―	2.63%	35.40%	73.91%
TW:6245	64Neutral	TWD 12.61B	17.60	―	4.29%	11.74%	8.17%
TW:3209	59Neutral	TWD 11.57B	8.01	―	4.20%	22.25%	199.92%
TW:3135	56Neutral	TWD 11.92B	4.77	―	2.64%	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2332	41Neutral	TWD 10.54B	-34.34	―	0.57%	5.89%	52.10%

* General Sector Average

Performance Comparison

TW:3135 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3135	Goldkey Technology Corp	123.50	76.76	164.24%
TW:2332	D-Link Corporation	16.15	0.25	1.57%
TW:3088	Axiomtek Co Ltd	111.50	35.93	47.55%
TW:3209	Alltek Technology Corp.	47.60	17.38	57.53%
TW:3416	Winmate Inc.	146.50	6.60	4.72%
TW:6245	Lanner Electronics Inc.	88.50	18.32	26.10%

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

Goldkey Technology Corp AI Stock Analysis