San Fu Chemical Co., Ltd. (4755) AI Stock Analysis

San Fu Chemical Co., Ltd.

(TWSE:4755)

Select Model

Rating:58Neutral

Price Target:TWD 122.00▲(0.41% Upside)

Action:initiatedcoverage

Date:11/09/26

San Fu Chemical scores in the middle of the range. Its financial foundation is sound — conservative leverage, equity covering about 62% of assets, and a sharp rebound in operating and free cash flow that comfortably exceeds reported earnings. However, the earnings cycle has turned down, with revenue off about 9.5%, net margin halved versus 2022 and ROE at roughly 7.1%. Technicals reinforce the caution, as the price sits below all major moving averages in a longer-term downtrend with neutral momentum readings. Valuation is the final constraint: a P/E near 26.8 looks full against shrinking profits, though a 3.1% dividend yield and low beta provide some support for income-oriented, risk-averse investors. A return to revenue growth and improved returns on the enlarged asset base would be the key catalysts for a higher score.

Positive Factors

Specialty Chemical ApplicationsSan Fu operates in specialty chemicals serving technology and industrial applications, giving its products a role in downstream manufacturing. This business focus can support durable customer relevance and provide a foundation for recovery when demand and pricing conditions improve.

Negative Factors

Revenue and Earnings DownturnThe post-2022 slowdown shows that San Fu's recent earnings base is weaker than its prior peak. Falling revenue can reduce operating leverage and limit reinvestment capacity, while a prolonged demand or pricing downturn would make recovery in profits more dependent on market improvement.

San Fu Chemical Co., Ltd. (4755) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 12.39B
Dividend Yield: 3.05%
Average Volume (3M): 377.99K
Price to Earnings (P/E): 27.4
Beta (1Y): 0.63
Revenue Growth: -11.09%
EPS Growth: 37.46%
Country: TW
Employees: 383
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

San Fu Chemical Co., Ltd. Business Overview & Revenue Model

Company Description

Established in Taipei, Taiwan, in 1952, San Fu Chemical Co., Ltd. is a prominent manufacturer and vendor of chemical products, primarily serving the Taiwanese market. The company's operations are segmented into Fine Chemicals and Basic Chemicals. Its...

San Fu Chemical Co., Ltd. Financial Statement Overview

Summary

A mixed profile anchored by balance sheet strength and strong cash generation. Equity funds about 62% of the NT$8.47 billion asset base and debt-to-equity improved to roughly 0.42, while operating cash flow jumped about 51% to NT$931 million and free cash flow rose about 40% to NT$599 million — operating cash flow running near 2.5x net income signals high earnings quality. The drag is the income statement: revenue fell about 9.5% to NT$4.84 billion, net margin compressed to roughly 7.7% from 15.1% in 2022, and return on equity slipped to about 7.1%. Rising total debt over several years and an enlarged asset base not yet producing comparable profits temper the score.

Income Statement

52Neutral

Balance Sheet

68Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.80B	4.84B	5.32B	4.99B	5.62B	4.78B
Gross Profit	1.02B	1.05B	1.01B	1.02B	1.50B	1.20B
EBITDA	1.04B	971.33M	1.02B	951.15M	1.40B	1.13B
Net Income	461.72M	372.32M	412.57M	444.46M	849.37M	673.64M
Balance Sheet
Total Assets	10.59B	8.47B	7.40B	7.79B	7.22B	6.58B
Cash, Cash Equivalents and Short-Term Investments	1.16B	1.25B	814.28M	682.79M	852.46M	786.24M
Total Debt	1.74B	2.19B	2.09B	1.61B	1.42B	1.20B
Total Liabilities	3.56B	3.08B	2.84B	3.34B	2.60B	2.40B
Stockholders Equity	6.82B	5.26B	4.52B	4.41B	4.59B	4.14B
Cash Flow
Free Cash Flow	629.01M	598.69M	81.48M	284.53M	319.90M	-204.19M
Operating Cash Flow	977.09M	930.83M	618.31M	1.04B	1.16B	286.76M
Investing Cash Flow	16.19M	-332.70M	-577.50M	-725.24M	-811.52M	-526.61M
Financing Cash Flow	-743.76M	-182.97M	-14.23M	-424.15M	-301.38M	-3.40M

San Fu Chemical Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4755 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1708	65Neutral	TWD 11.22B	11.02	―	3.52%	3.55%	34.35%
TW:4755	58Neutral	TWD 12.34B	27.45	―	3.05%	-11.09%	37.46%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4707	45Neutral	TWD 11.15B	21.39	―	0.92%	-9.16%	67.21%
TW:4768	42Neutral	TWD 14.22B	-493.44	―	0.29%	118.90%	-282.44%
TW:1710	39Underperform	TWD 13.95B	-20.30	―	―	-13.29%	-157.29%
TW:1727	39Underperform	TWD 11.75B	121.53	―	0.18%	20.16%	962.24%

* General Sector Average

Performance Comparison

TW:4755 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4755	San Fu Chemical Co., Ltd.	121.50	17.34	16.65%
TW:1708	Sesoda Corporation	45.40	14.45	46.66%
TW:1710	Oriental Union Chemical Corp.	16.95	4.20	32.94%
TW:1727	Chung Hwa Chemical Industrial Works Ltd.	84.10	47.51	129.83%
TW:4707	Pan Asia Chemical Corp.	27.30	17.85	188.80%
TW:4768	Ingentec Corporation	289.00	64.49	28.72%

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

San Fu Chemical Co., Ltd. AI Stock Analysis