Forcera Materials Co Ltd (3467) AI Stock Analysis

Forcera Materials Co Ltd

(TPEx:3467)

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Rating:48Neutral

Price Target:TWD 53.00▼(-22.74% Downside)

Action:initiatedcoverage

Date:11/09/26

Forcera Materials scores below average, driven mainly by weak earnings power despite a very safe balance sheet. Flat revenue, compressed operating and net margins, a roughly 3% return on equity, and negative free cash flow after heavy capital spending outweigh the benefits of low leverage (debt-to-equity of 0.21) and steadily improving gross margins. Technicals add pressure, with the price below all major moving averages and a negative MACD, while a 49x P/E and a sub-1% dividend yield leave little valuation cushion. The investment case rests on whether recent capacity investment translates into higher revenue and profitability in coming periods.

Positive Factors

Strengthening balance sheetLower leverage and substantial equity growth improve Forcera’s financial resilience and reduce dependence on debt financing. This provides a stronger base for funding semiconductor-materials development, absorbing business volatility, and maintaining flexibility through the next several quarters.

Negative Factors

Weakening net profitabilityThe decline in net margin shows that revenue is currently converting into bottom-line earnings less efficiently. Persistently modest profitability would limit retained earnings, reduce the benefits of the stronger balance sheet, and make future results more sensitive to operating cost or demand changes.

Forcera Materials Co Ltd (3467) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.08B
Dividend Yield: 0.73%
Average Volume (3M): 394.53K
Price to Earnings (P/E): 57.5
Beta (1Y): 0.96
Revenue Growth: 9.75%
EPS Growth: 42.87%
Country: TW
Employees: 194
Sector: General
Sector Strength: 55
Industry: Semiconductors

Forcera Materials Co Ltd Business Overview & Revenue Model

Company Description

Forcera Materials Co. Ltd. specializes in delivering essential consumable components for the semiconductor and electronics industries. Utilizing its advanced technologies, the company provides comprehensive ceramic application solutions. Its core pro...

Forcera Materials Co Ltd Financial Statement Overview

Summary

A conservative balance sheet is the standout strength: equity has grown every year to NT$595 million, total debt has fallen to NT$122 million, and debt-to-equity has more than halved to 0.21, giving ample flexibility to fund expansion. Earnings quality is also decent, with operating cash flow of about NT$78 million running roughly four times net income. However, profitability is thin and inconsistent — revenue was essentially flat in the latest year after a volatile multi-year path, operating margin slipped to 3.8%, net income fell about 38% to NT$17.8 million, and return on equity dropped to roughly 3%. Heavy capital spending of about NT$90 million pushed free cash flow back to negative NT$11.5 million, the second negative year in three. Gross margin expansion to 19.5% is encouraging, but low financial risk is paired with disappointing returns on an enlarged capital base.

Income Statement

44Neutral

Balance Sheet

70Positive

Cash Flow

52Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	680.20M	613.77M	617.31M	563.37M	651.73M	564.80M
Gross Profit	146.81M	119.74M	113.44M	92.12M	106.51M	76.36M
EBITDA	101.64M	75.25M	98.06M	96.58M	113.39M	87.75M
Net Income	35.80M	17.75M	28.85M	22.18M	47.94M	15.83M
Balance Sheet
Total Assets	956.62M	836.71M	724.91M	703.68M	712.39M	675.92M
Cash, Cash Equivalents and Short-Term Investments	217.80M	208.13M	130.88M	115.06M	103.17M	88.23M
Total Debt	188.09M	122.50M	153.67M	161.62M	151.52M	163.09M
Total Liabilities	352.80M	242.16M	270.97M	261.61M	316.57M	317.49M
Stockholders Equity	603.82M	594.54M	453.93M	442.08M	395.82M	358.43M
Cash Flow
Free Cash Flow	-41.92M	-11.53M	45.98M	-16.26M	42.04M	81.33M
Operating Cash Flow	91.58M	78.35M	88.83M	47.39M	132.49M	107.58M
Investing Cash Flow	-127.56M	-91.42M	-44.80M	-63.99M	-92.52M	-26.98M
Financing Cash Flow	8.09M	90.36M	-28.28M	28.49M	-25.99M	-30.20M

Forcera Materials Co Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3467 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6967	63Neutral	TWD 1.93B	12.15	―	5.44%	22.39%	53.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6597	55Neutral	TWD 1.85B	19.94	―	1.57%	-11.98%	-96.78%
TW:1735	53Neutral	TWD 1.90B	16.50	―	3.37%	1.82%	132.90%
TW:3467	48Neutral	TWD 2.03B	57.48	―	0.73%	9.75%	42.87%
TW:4716	38Underperform	TWD 1.53B	33.16	―	1.06%	-2.09%	85.82%

* General Sector Average

Performance Comparison

TW:3467 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3467	Forcera Materials Co Ltd	68.60	26.96	64.74%
TW:1735	Evermore Chemical Industry Co., Ltd.	19.30	4.87	33.72%
TW:4716	Daily Polymer Corp.	18.70	3.10	19.87%
TW:6597	Ecocera Optronics Co., Ltd.	63.80	-7.21	-10.16%
TW:6832	King's Metal Fiber Technologies Co., Ltd.	71.80	25.37	54.64%
TW:6967	Trans-Sun Materials Technology Co., Ltd.	65.40	9.77	17.55%

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

Forcera Materials Co Ltd AI Stock Analysis