Topkey Corporation (4536) AI Stock Analysis

Topkey Corporation

(TWSE:4536)

Select Model

Rating:67Neutral

Price Target:TWD 158.00▲(10.10% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported by a strong balance sheet and attractive valuation, but weaker operating performance and bearish technical momentum weigh significantly on the result. Oversold momentum indicators provide some potential support but do not offset the broader downtrend.

Positive Factors

Sustained ProfitabilityHealthy gross and net margins show that Topkey remains profitable and retains meaningful pricing power and cost control. This earnings base can support reinvestment, dividends, and resilience over the next several quarters, although maintaining margins will depend on reversing recent growth weakness.

Negative Factors

Revenue ContractionThe decline in revenue signals weakening demand or business momentum and makes future profit expansion less dependable. Unless Topkey restores top-line growth, a smaller revenue base could limit operating leverage, reduce reinvestment capacity, and pressure its competitive position over coming quarters.

Topkey Corporation (4536) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 12.90B
Dividend Yield: 5.57%
Average Volume (3M): 149.81K
Price to Earnings (P/E): 10.8
Beta (1Y): 0.48
Revenue Growth: -5.35%
EPS Growth: -33.09%
Country: TW
Employees: 8,147
Sector: General
Sector Strength: 55
Industry: Leisure

Topkey Corporation Business Overview & Revenue Model

Company Description

Established in 1980 and headquartered in Taichung City, Taiwan, Topkey Corporation is involved in the manufacturing, processing, sale, and trading of athletic products, with markets spanning Taiwan, other parts of Asia, Europe, and the United States....

Topkey Corporation Financial Statement Overview

Summary

Strong balance sheet with materially lower debt, higher equity, and healthy return on equity. However, declining revenue, net income, margins, and free cash flow limit the score.

Income Statement

62Positive

Balance Sheet

82Very Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.16B	9.20B	9.48B	9.27B	10.97B	8.69B
Gross Profit	3.04B	3.25B	3.31B	3.03B	3.88B	2.65B
EBITDA	1.87B	2.15B	2.91B	2.49B	3.72B	1.97B
Net Income	1.20B	1.35B	1.71B	1.42B	2.26B	831.65M
Balance Sheet
Total Assets	15.10B	13.99B	16.18B	13.73B	16.22B	11.25B
Cash, Cash Equivalents and Short-Term Investments	6.24B	5.50B	7.04B	5.51B	7.18B	4.54B
Total Debt	1.49B	1.65B	3.80B	2.74B	5.25B	2.53B
Total Liabilities	5.17B	4.12B	6.57B	5.28B	8.09B	5.26B
Stockholders Equity	9.44B	9.42B	9.21B	8.03B	7.66B	5.66B
Cash Flow
Free Cash Flow	1.26B	1.75B	1.27B	2.01B	726.36M	384.03M
Operating Cash Flow	1.69B	2.21B	2.00B	3.52B	2.16B	977.68M
Investing Cash Flow	-453.70M	-494.98M	-731.89M	-1.32B	-516.93M	-689.55M
Financing Cash Flow	-2.14B	-3.10B	54.66M	-3.66B	1.75B	-119.41M

Topkey Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4536 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8462	68Neutral	TWD 12.09B	12.67	―	4.97%	19.42%	56.90%
TW:4536	67Neutral	TWD 13.71B	10.79	―	5.57%	-5.35%	-33.09%
TW:6768	60Neutral	TWD 11.99B	12.14	―	8.71%	-1.95%	-37.06%
TW:9802	59Neutral	TWD 12.52B	14.45	―	8.36%	10.74%	-42.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1563	47Neutral	TWD 11.11B	36.03	―	7.64%	3.41%	-5.16%

* General Sector Average

Performance Comparison

TW:4536 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4536	Topkey Corporation	143.50	-19.50	-11.96%
TW:1563	SuperAlloy Industrial Co., Ltd.	67.60	12.72	23.18%
TW:4441	Great Giant Fibre Garment Co., Ltd.	178.00	-86.14	-32.61%
TW:6768	Sports Gear Co., Ltd.	59.20	-53.61	-47.52%
TW:8462	Power Wind Health Industry Incorporated	146.50	-1.64	-1.11%
TW:9802	Fulgent Sun International (Holding) Co., Ltd.	61.00	-42.69	-41.17%

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 10, 2026

Topkey Corporation AI Stock Analysis