Ko Ja (Cayman) Co., Ltd. (5215) AI Stock Analysis

Ko Ja (Cayman) Co., Ltd.

(TWSE:5215)

Select Model

Rating:59Neutral

Price Target:TWD 36.00▲(5.73% Upside)

Action:initiatedcoverage

Date:11/09/26

Ko Ja scores in the middle of the range. The dominant issue is operating deterioration: multi-year revenue decline and severe margin compression have cut net income nearly in half and reduced ROE to 3.7%, keeping earnings quality weak. Offsetting this is a very strong balance sheet with almost no debt, plus improving free cash flow that comfortably self-funds the business. Valuation is supportive — an 8.8x P/E and a 5.8% dividend yield provide income and downside cushion. The main near-term risk is technical: the shares trade below all key moving averages with negative MACD, and while deeply oversold readings hint at a potential bounce, the trend has yet to turn. Suited to patient, income-oriented investors willing to wait for a cyclical demand recovery.

Positive Factors

Low LeverageConservative financing reduces balance-sheet risk and preserves flexibility during weaker operating periods. Low leverage can also support continued investment, dividends, or working-capital needs without relying heavily on new borrowing or exposing the company to elevated interest burdens.

Negative Factors

Revenue DeclineThe latest revenue contraction indicates that demand or commercial momentum has weakened after earlier modest growth. A shrinking top line can reduce operating leverage, limit reinvestment capacity, and make it harder to sustain profitability unless the company restores growth or offsets the decline through efficiency.

Ko Ja (Cayman) Co., Ltd. (5215) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.15B
Dividend Yield: 5.87%
Average Volume (3M): 48.41K
Price to Earnings (P/E): 8.5
Beta (1Y): 0.57
Revenue Growth: 11.28%
EPS Growth: 131.55%
Country: TW
Employees: 19,003
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Ko Ja (Cayman) Co., Ltd. Business Overview & Revenue Model

Company Description

Ko Ja (Cayman) Co., Ltd. designs and manufactures service of membrane touch switches, back light modules, light guide plates and silicone rubber domes in Mainland China, Taiwan, and internationally. It offers keyboard membrane and capacitive and resi...

Ko Ja (Cayman) Co., Ltd. Financial Statement Overview

Summary

A tale of two halves. The balance sheet is excellent (score 83): debt-to-equity of just 0.07, equity funding ~75% of the NT$4.72bn asset base, and minimal refinancing risk. Cash flow is adequate (score 62), with operating cash flow rising to NT$293m and free cash flow doubling to NT$196m, and operating cash flow comfortably exceeding net income — a sign of decent earnings quality. The drag is the income statement (score 38): revenue has fallen from NT$3.72bn in 2020 to NT$2.58bn, gross margin has nearly halved to 22.0%, operating margin has dropped to 7.8%, and net income fell ~46% year-over-year, pushing ROE down to 3.7%. The company is financially safe but needs a demand recovery or better cost/mix to restore earnings power.

Income Statement

38Negative

Balance Sheet

83Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.96B	2.58B	2.70B	2.52B	2.46B	3.67B
Gross Profit	622.00M	566.62M	727.66M	680.13M	623.98M	1.15B
EBITDA	396.67M	342.63M	494.21M	480.87M	559.39M	856.22M
Net Income	252.78M	131.18M	240.81M	176.89M	297.44M	553.65M
Balance Sheet
Total Assets	5.04B	4.72B	4.76B	4.35B	4.57B	4.67B
Cash, Cash Equivalents and Short-Term Investments	2.01B	1.88B	1.32B	1.20B	1.51B	1.84B
Total Debt	213.21M	255.83M	130.67M	75.04M	287.59M	290.50M
Total Liabilities	1.30B	1.07B	1.02B	894.47M	1.14B	1.31B
Stockholders Equity	3.65B	3.56B	3.61B	3.32B	3.32B	3.32B
Cash Flow
Free Cash Flow	5.80M	195.88M	97.41M	-7.73M	538.33M	636.59M
Operating Cash Flow	80.90M	293.22M	265.15M	91.70M	673.65M	866.59M
Investing Cash Flow	376.11M	-551.96M	-311.25M	76.01M	-116.61M	-1.00B
Financing Cash Flow	-221.33M	-41.60M	-62.78M	-350.42M	-379.83M	247.16M

Ko Ja (Cayman) Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5215 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5215	59Neutral	TWD 2.19B	8.52	―	5.87%	11.28%	131.55%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3346	40Underperform	TWD 2.21B	-13.22	―	0.60%	-13.27%	-1332.38%
TW:5244	39Underperform	TWD 2.33B	-77.50	―	1.17%	4.95%	-149.34%
TW:3339	38Underperform	TWD 2.17B	-10.34	―	―	18.61%	-168.51%
TW:6588	36Underperform	TWD 2.67B	400.00	―	―	71.22%	―
TW:3437	35Underperform	TWD 2.44B	-6.19	―	―	-22.27%	-58.73%

* General Sector Average

Performance Comparison

TW:5215 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5215	Ko Ja (Cayman) Co., Ltd.	34.05	-1.51	-4.25%
TW:3339	Tekcore Co., Ltd	34.25	6.85	25.00%
TW:3346	Laster Tech Co., Ltd.	18.25	-1.84	-9.14%
TW:3437	Advanced Optoelectronic Technology, Inc.	16.85	2.00	13.47%
TW:5244	Brightek Optoelectronic Co., Ltd.	34.10	-4.23	-11.04%
TW:6588	East Tender Optoelectronics Corp.	77.00	48.75	172.57%

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

Ko Ja (Cayman) Co., Ltd. AI Stock Analysis