LCY Technology Corp. (4989) AI Stock Analysis

LCY Technology Corp.

(TWSE:4989)

Select Model

Rating:41Neutral

Price Target:TWD 48.00▼(-21.18% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by persistent losses and substantially negative cash flow. Bearish technical positioning and an unhelpful negative P/E further weaken the outlook, while modest leverage is the main offset.

Positive Factors

Specialty Semiconductor Materials PositioningLCY Technology operates in a specialized semiconductor-materials niche, supplying high-purity formulations and photoresist-related materials used in chipmaking. This positioning connects the company to an important electronics production chain and provides a defined business focus for future recovery.

Negative Factors

Sustained UnprofitabilityLCY Technology has moved from earlier profitability to sustained losses, with negative gross, EBIT, and net margins in 2025. This indicates that current revenue is not covering operating and production economics, making earnings recovery dependent on a durable improvement in costs or pricing.

LCY Technology Corp. (4989) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 10.52B
Dividend Yield: ―
Average Volume (3M): 7.02M
Price to Earnings (P/E): -37.5
Beta (1Y): 1.94
Revenue Growth: 63.30%
EPS Growth: 87.48%
Country: TW
Employees: 196
Sector: General
Sector Strength: 55
Industry: Copper

LCY Technology Corp. Business Overview & Revenue Model

Company Description

LCY Technology Corp. is a producer and supplier of copper foil solutions, catering to the needs of manufacturers of printed circuit boards (PCBs) and copper clad laminates (CCLs). The company operates both within Taiwan and across international marke...

LCY Technology Corp. Financial Statement Overview

Summary

Persistent losses, a -18.0% net margin, negative operating cash flow of -383.1 million, and negative free cash flow of -437.7 million indicate severe financial weakness. The relatively low debt-to-equity ratio of 0.22 provides limited support.

Income Statement

12Very Negative

Balance Sheet

58Neutral

Cash Flow

10Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.46B	2.66B	2.99B	3.56B	4.05B	4.48B
Gross Profit	-74.78M	-334.35M	-253.14M	-40.78M	285.54M	863.98M
EBITDA	-145.42M	-388.87M	-221.84M	-73.57M	355.00M	804.38M
Net Income	-228.39M	-479.56M	-305.23M	-133.76M	202.99M	564.21M
Balance Sheet
Total Assets	2.54B	2.15B	2.42B	2.79B	3.09B	3.19B
Cash, Cash Equivalents and Short-Term Investments	180.07M	88.42M	434.94M	558.51M	721.05M	717.18M
Total Debt	715.34M	323.29M	223.96M	159.87M	131.36M	134.58M
Total Liabilities	1.04B	674.99M	481.61M	589.61M	714.04M	758.46M
Stockholders Equity	1.50B	1.47B	1.94B	2.20B	2.38B	2.43B
Cash Flow
Free Cash Flow	-579.89M	-437.70M	-216.65M	-130.56M	216.22M	390.27M
Operating Cash Flow	-548.45M	-383.12M	-194.13M	-58.64M	329.39M	411.55M
Investing Cash Flow	-42.99M	-56.58M	-6.48M	-58.90M	-105.60M	40.71M
Financing Cash Flow	489.16M	98.46M	62.67M	-41.00M	-215.94M	-254.29M

LCY Technology Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4989 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6509	69Neutral	TWD 9.02B	12.96	―	3.23%	2.00%	57.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8942	52Neutral	TWD 7.77B	7.30	―	2.56%	-40.13%	47.76%
TW:3708	49Neutral	TWD 8.37B	2.73	―	6.94%	-79.42%	2756.52%
TW:4739	46Neutral	TWD 8.41B	13.42	―	1.41%	98.05%	725.72%
TW:4989	41Neutral	TWD 10.18B	-37.53	―	―	63.30%	87.48%

* General Sector Average

Performance Comparison

TW:4989 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4989	LCY Technology Corp.	60.90	13.39	28.18%
TW:3708	Swancor Holding Co., Ltd.	93.60	-27.17	-22.50%
TW:4739	Coremax Corporation	71.00	-0.53	-0.74%
TW:6509	Taiwan Hopax Chemicals Manufacturing Co. Ltd.	43.20	10.94	33.93%
TW:7763	Johnson Fine Chemical Co Ltd	141.50	66.66	89.07%
TW:8942	Xxentria Technology Materials Co.,Ltd	39.00	3.00	8.34%

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

LCY Technology Corp. AI Stock Analysis