Ubright Optronics Corporation (4933) AI Stock Analysis

Ubright Optronics Corporation

(TPEx:4933)

Select Model

Rating:70Outperform

Price Target:TWD 48.00▲(9.34% Upside)

Action:initiatedcoverage

Date:11/09/26

Ubright Optronics scores well on fundamentals: a near debt-free balance sheet (debt-to-equity 0.08), consistently rising free cash flow, record revenue and the best gross margin in years. That is paired with a compelling valuation — a 6.07 P/E and a 6.56% dividend yield backed by strong cash conversion. The score is held back by two factors: an approximately 18% drop in net income with margins and ROE sliding despite better gross margins, and a decisively weak technical picture, with the stock below all key moving averages and a negative MACD confirming a persistent downtrend. The combination suggests a financially sound, cheaply valued business whose shares remain under sustained selling pressure until earnings momentum improves.

Positive Factors

Conservative balance sheetVery low leverage gives Ubright substantial financial flexibility through the business cycle. A limited debt burden reduces pressure from interest and refinancing obligations, preserving capacity to invest, maintain operations, and withstand periods when earnings or returns temporarily soften.

Negative Factors

Recent revenue contractionThe latest revenue decline shows that Ubright’s display-related business is not currently sustaining its earlier growth trajectory. If contraction persists, lower sales volume could limit operating leverage, reduce reinvestment capacity, and make future profit growth more dependent on margin performance.

Ubright Optronics Corporation (4933) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.62B
Dividend Yield: 6.58%
Average Volume (3M): 75.67K
Price to Earnings (P/E): 6.1
Beta (1Y): 0.67
Revenue Growth: -7.35%
EPS Growth: 59.06%
Country: TW
Employees: 504
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Ubright Optronics Corporation Business Overview & Revenue Model

Company Description

Ubright Optronics Corporation engages in the manufacture and sale of optical films in Taiwan. It offers prism, multi function, and quantum dot films for backlight displays; polarizer protection and anti-glare films for LCD displays; 3D curve display...

Ubright Optronics Corporation Financial Statement Overview

Summary

A strong, conservative financial profile. The balance sheet (88) is the standout: debt has been cut every year to NT$282 million, debt-to-equity is just 0.08, and equity funds roughly 77% of assets. Cash flow (83) is equally dependable — operating cash flow of NT$573 million covers net income about 1.2x and free cash flow rose to NT$504 million, a fifth straight positive year, on light capital spending. The income statement (71) is the weaker link: revenue reached a record NT$3.01 billion with gross margin at a multi-year high of 31.9%, but net income fell about 18% to NT$473 million, compressing net margin to 15.7%, operating margin to 18.8% and ROE to 12.8%. Cyclical, customer-concentrated display-component demand remains a risk.

Income Statement

71Positive

Balance Sheet

88Very Positive

Cash Flow

83Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.90B	3.01B	2.94B	2.50B	2.29B	2.96B
Gross Profit	877.27M	959.58M	898.84M	678.66M	516.89M	730.50M
EBITDA	734.11M	643.78M	784.67M	522.91M	469.51M	522.04M
Net Income	595.57M	472.83M	575.59M	339.54M	287.45M	291.70M
Balance Sheet
Total Assets	5.18B	4.80B	4.82B	4.35B	4.18B	4.32B
Cash, Cash Equivalents and Short-Term Investments	2.74B	2.69B	2.88B	2.59B	2.48B	2.30B
Total Debt	267.72M	282.14M	300.49M	327.64M	355.60M	381.14M
Total Liabilities	1.31B	1.09B	1.10B	974.45M	888.95M	1.04B
Stockholders Equity	3.87B	3.71B	3.72B	3.37B	3.29B	3.28B
Cash Flow
Free Cash Flow	543.83M	504.22M	446.94M	411.71M	365.09M	355.43M
Operating Cash Flow	648.77M	572.90M	563.72M	475.66M	417.36M	445.82M
Investing Cash Flow	-347.20M	-361.35M	-546.58M	-387.85M	-20.81M	-197.60M
Financing Cash Flow	-505.48M	-509.23M	-250.18M	-240.45M	-296.63M	-181.12M

Ubright Optronics Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4933 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4933	70Outperform	TWD 3.63B	6.06	―	6.58%	-7.35%	59.06%
TW:5489	64Neutral	TWD 3.89B	19.85	―	3.84%	10.02%	-11.10%
TW:3530	62Neutral	TWD 3.67B	16.81	―	1.71%	34.89%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4935	52Neutral	TWD 3.94B	28.23	―	3.33%	-24.80%	-49.71%
TW:3666	42Neutral	TWD 3.51B	-11.10	―	―	-12.73%	40.04%
TW:6226	39Underperform	TWD 3.70B	-1138.33	―	―	0.08%	86.72%

* General Sector Average

Performance Comparison

TW:4933 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4933	Ubright Optronics Corporation	43.90	-12.84	-22.63%
TW:3530	Silicon Optronics, Inc.	46.75	-14.28	-23.40%
TW:3666	Optivision Technology Inc.	26.25	-3.10	-10.56%
TW:4935	Global Lighting Technologies Inc.	30.00	-11.60	-27.88%
TW:5489	Dynacolor, Inc.	39.50	0.72	1.86%
TW:6226	Para Light Electronics Co., Ltd.	33.55	27.12	421.77%

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

Ubright Optronics Corporation AI Stock Analysis