Cayenne Entertainment Technology Co., Ltd. (4946) AI Stock Analysis

Cayenne Entertainment Technology Co., Ltd.

(TPEx:4946)

Select Model

Rating:54Neutral

Price Target:TWD 81.00▼(-8.99% Downside)

Action:initiatedcoverage

Date:11/09/26

Cayenne Entertainment Technology scores in the middle of the range. The dominant positive is a genuine financial inflection — a multi-fold revenue increase, a return to operating and net profit, roughly NT$50 million of free cash flow after a year of heavy burn, and leverage cut nearly in half. However, the balance sheet remains thin after years of losses eroded equity, margins are slim, and results in this hit-driven industry have historically been highly erratic. Weighing further on the score, the technical picture is firmly bearish with the price below all major moving averages and negative MACD, despite deeply oversold readings. A P/E near 37.7 with no dividend leaves the valuation stretched relative to the proven earnings base, making this an improving but above-average-risk profile.

Positive Factors

Revenue RecoveryThe 2025 revenue increase indicates renewed commercial traction after a difficult period and provides a stronger base for future operating leverage. If the company can sustain demand for its entertainment content and related services, expanding sales could support more durable profitability over the next several quarters.

Negative Factors

Unproven TurnaroundThe recent profit recovery has not yet established a dependable multi-year earnings pattern. Deep losses in the preceding three years show that results can deteriorate materially, so the company remains exposed to execution and product-cycle swings that could weaken earnings over the medium term.

Cayenne Entertainment Technology Co., Ltd. (4946) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 787.90M
Dividend Yield: ―
Average Volume (3M): 43.52K
Price to Earnings (P/E): 40.4
Beta (1Y): 0.45
Revenue Growth: 34.01%
EPS Growth: ―
Country: TW
Employees: 150
Sector: General
Sector Strength: 55
Industry: Electronic Gaming & Multimedia

Cayenne Entertainment Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Cayenne Entertainment Technology Co., Ltd. specializes in providing a wide variety of casual gaming options to the digital entertainment audience throughout Taiwan. Beyond its core gaming business, the company also supplies information software and f...

Cayenne Entertainment Technology Co., Ltd. Financial Statement Overview

Summary

Cayenne delivered a striking turnaround: revenue jumped to roughly NT$355 million from about NT$40 million, gross margin swung to 38.8% from -5.5%, and the company returned to profit with NT$24.5 million of net income. Cash flow was the strongest element, with operating cash flow of NT$62.0 million and free cash flow of NT$50.0 million after prior-year heavy burn, and operating cash comfortably exceeding reported earnings. Leverage also improved sharply, with debt-to-equity down to 0.40 from 1.05 and ROE of 38.2%. Offsetting these positives, equity has nearly halved since 2021 to NT$64.1 million, funding only about 42% of assets, margins remain thin at under 7%, and the company lost money and burned cash in most of the past six years. In a hit-driven content business, the durability of this inflection is unproven.

Income Statement

61Positive

Balance Sheet

57Neutral

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Dec 2024	Mar 2024	Mar 2023	Dec 2021
Income Statement
Total Revenue	302.67M	354.76M	40.03M	29.73M	114.08M	41.59M
Gross Profit	106.53M	137.65M	-2.20M	-25.41M	34.53M	7.88M
EBITDA	-6.96M	37.69M	-69.75M	-81.21M	-74.24M	36.71M
Net Income	20.23M	24.51M	-77.44M	-84.92M	-113.13M	24.48M
Balance Sheet
Total Assets	299.45M	154.28M	120.96M	155.11M	171.41M	240.34M
Cash, Cash Equivalents and Short-Term Investments	191.92M	89.53M	61.25M	80.47M	83.20M	121.77M
Total Debt	21.41M	25.50M	44.86M	66.71M	76.56M	51.42M
Total Liabilities	126.58M	90.10M	79.05M	101.83M	124.57M	121.42M
Stockholders Equity	172.66M	64.14M	42.71M	54.27M	47.83M	118.92M
Cash Flow
Free Cash Flow	-10.84M	49.96M	-72.88M	-93.93M	-61.95M	-14.17M
Operating Cash Flow	-590.00K	61.99M	-66.77M	-94.41M	-55.51M	19.48M
Investing Cash Flow	10.28M	-7.12M	7.44M	-8.19M	-2.96M	14.00M
Financing Cash Flow	60.75M	-27.34M	39.66M	89.56M	44.03M	-3.77M

Cayenne Entertainment Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4946 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6482	73Outperform	TWD 648.20M	15.99	―	8.57%	-30.59%	-48.40%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4946	54Neutral	TWD 802.95M	40.35	―	―	34.01%	―
TW:8450	40Underperform	TWD 736.30M	-4.67	―	―	25.50%	22.27%
TW:4806	36Underperform	TWD 755.18M	-29.35	―	―	102.99%	-54.69%

* General Sector Average

Performance Comparison

TW:4946 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4946	Cayenne Entertainment Technology Co., Ltd.	89.00	-24.00	-21.24%
TW:4806	Kuei Tien Cultural & Creative Entertainment	11.10	-8.91	-44.53%
TW:6482	Fun Yours Technology Co., Ltd.	23.35	-13.19	-36.10%
TW:6650	Art Emperor Co., Ltd.	25.55	-13.01	-33.74%
TW:6908	Acer Gaming, Inc.	20.55	-42.36	-67.33%
TW:8450	Pili International Multimedia Co., Ltd.	14.35	-2.80	-16.33%

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

Cayenne Entertainment Technology Co., Ltd. AI Stock Analysis