Everbrite Technology Co., Ltd. (4523) AI Stock Analysis

Everbrite Technology Co., Ltd.

(TPEx:4523)

Select Model

Rating:34Underperform

Price Target:TWD 19.50▼(-15.03% Downside)

Action:initiatedcoverage

Date:11/09/26

Everbrite Technology scores low primarily because its core operations are deeply unprofitable: revenue declined about 16%, gross margin turned negative, and the company posted a sixth consecutive year of operating losses while burning NT$406 million in operating cash and NT$1.15 billion in free cash flow. The reported NT$1.42 billion net profit reflects one-time items rather than business performance. A substantially strengthened balance sheet (equity nearly tripled, debt-to-equity down to 0.20) provides funding runway but was achieved through capital actions and dilution, not earnings. Technicals reinforce the caution, with the price below all key moving averages and a negative MACD, though oversold RSI and Stochastic readings hint at scope for a short-term rebound. The ultra-low P/E and double-digit dividend yield are misleading given the non-recurring nature of the profit, leaving the investment case dependent on an unproven operational turnaround.

Positive Factors

Lower LeverageThe sharp reduction in debt relative to equity improves financial resilience and lowers the burden associated with leverage. A less indebted balance sheet can provide greater flexibility to manage operating volatility, preserve capital, and pursue necessary investments over the next several quarters.

Negative Factors

Revenue ContractionA 15.8% revenue decline reverses the modest growth seen in 2023–2024 and signals weakening business activity. Continued top-line pressure would reduce operating leverage, make fixed costs harder to absorb, and limit the company’s ability to rebuild sustainable earnings without a durable demand recovery.

Everbrite Technology Co., Ltd. (4523) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.47B
Dividend Yield: 11.51%
Average Volume (3M): 99.70K
Price to Earnings (P/E): 0.8
Beta (1Y): 0.69
Revenue Growth: 19.47%
EPS Growth: ―
Country: TW
Employees: 204
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Everbrite Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Everbrite Technology Co., Ltd., initially established as Taiwan Calsonic Co., Ltd. in 1987, is headquartered in Taoyuan City, Taiwan. This company specializes in the global manufacturing and distribution of automotive climate control systems, includi...

Everbrite Technology Co., Ltd. Financial Statement Overview

Summary

Financials are weak and dominated by operating distress. Fiscal 2025 revenue fell about 16% to NT$574 million, gross profit swung to negative NT$409 million, and operating income was roughly -NT$837 million (about -146% margin), marking a sixth straight year of operating losses. The headline NT$1.42 billion net profit stems from non-operating or one-time items, not the core business. Cash flow is the biggest concern: operating cash flow of -NT$406 million (worse than 2024) and free cash flow of -NT$1.15 billion after heavy capital spending. The one offset is a much stronger balance sheet, with equity nearly tripling to NT$2.19 billion and debt-to-equity falling from 1.19 to 0.20, providing runway but not evidence of durable health.

Income Statement

14Very Negative

Balance Sheet

56Neutral

Cash Flow

9Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	818.60M	573.79M	618.01M	582.56M	557.21M	724.08M
Gross Profit	-204.21M	-408.96M	121.54M	139.56M	138.53M	152.32M
EBITDA	1.44B	-777.50M	-109.19M	-1.04M	-68.73M	24.12M
Net Income	1.75B	1.42B	-97.80M	-16.27M	-91.85M	-14.29M
Balance Sheet
Total Assets	3.14B	3.04B	2.30B	2.11B	1.47B	1.34B
Cash, Cash Equivalents and Short-Term Investments	922.67M	1.09B	196.94M	616.84M	221.47M	225.43M
Total Debt	587.01M	438.41M	888.47M	907.17M	252.27M	213.24M
Total Liabilities	1.25B	931.10M	1.19B	1.05B	537.36M	385.36M
Stockholders Equity	1.82B	2.19B	748.76M	919.44M	877.77M	952.45M
Cash Flow
Free Cash Flow	-942.82M	-1.15B	-357.53M	-550.01M	-113.32M	-124.09M
Operating Cash Flow	-236.92M	-406.38M	-242.17M	-515.42M	-91.51M	-83.60M
Investing Cash Flow	1.71B	1.51B	-95.67M	57.42M	72.56M	285.01M
Financing Cash Flow	-798.62M	-405.70M	112.19M	719.33M	39.09M	-142.02M

Everbrite Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4523 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5230	55Neutral	TWD 1.74B	-86.02	―	1.62%	-6.81%	55.44%
TW:3066	44Neutral	TWD 1.64B	3.30	―	―	28.37%	―
TW:3516	39Underperform	TWD 1.38B	47.64	―	0.86%	8.10%	276.21%
TW:6916	36Underperform	TWD 1.23B	-21.86	―	1.53%	3.94%	-74.99%
TW:4523	34Underperform	TWD 1.49B	0.84	―	11.51%	19.47%	―

* General Sector Average

Performance Comparison

TW:4523 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4523	Everbrite Technology Co., Ltd.	22.95	-4.42	-16.14%
TW:3066	Taiwan Oasis Technology Co., Ltd.	19.80	5.80	41.43%
TW:3516	ADO Optronic Corp.	23.20	3.50	17.75%
TW:5230	Ledlink Optics, Inc.	30.85	14.90	93.40%
TW:6729	Luminescence Technology Corp.	51.50	12.76	32.93%
TW:6916	Winstar Display Co Ltd	18.25	0.65	3.69%

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

Everbrite Technology Co., Ltd. AI Stock Analysis