Fullhome Development Co., Ltd. (5345) AI Stock Analysis

Fullhome Development Co., Ltd.

(TPEx:5345)

Select Model

Rating:40Underperform

Price Target:TWD 18.00▼(-6.49% Downside)

Action:initiatedcoverage

Date:11/09/26

Fullhome Development scores low primarily because of weak financial performance: the company remains unprofitable, with a net margin around -52% and annual cash burn of roughly NT$52 million, more than double its revenue. Encouragingly, revenue more than tripled to about NT$23.2 million, gross margin turned positive, and the net loss narrowed sharply, while a nearly debt-free balance sheet with NT$214.6 million of equity buys time to execute. Technicals compound the caution, with the price below all key moving averages and a negative MACD, though oversold RSI and stochastic readings suggest the selling may be stretched. Valuation adds no support given negative earnings and no dividend. This is a high-risk, speculative profile where scaling revenue and stemming cash burn are the decisive variables.

Positive Factors

Revenue ReboundThe sharp 2025 revenue rebound indicates renewed top-line traction after several volatile years. If this improvement persists, a larger revenue base could support operating leverage, strengthen market activity, and provide a foundation for rebuilding the company’s earnings profile over the next several quarters.

Negative Factors

Persistent Net LossesFullhome remains materially unprofitable despite the revenue rebound, with a deeply negative net margin in 2025. Continued losses weaken retained capital, reduce internally generated funding, and show that higher sales have not yet translated into a sustainable earnings model.

Fullhome Development Co., Ltd. (5345) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 727.55M
Dividend Yield: ―
Average Volume (3M): 12.56K
Price to Earnings (P/E): -274.6
Beta (1Y): 0.44
Revenue Growth: 229.58%
EPS Growth: 90.01%
Country: TW
Employees: 77
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Fullhome Development Co., Ltd. Business Overview & Revenue Model

Company Description

Established in 1990 and based in Taoyuan City, Taiwan, Team Young Technology Co.,Ltd. delivers intelligent power management and automation solutions throughout the country. The company's extensive product range includes smart outlet sockets, adapter...

Fullhome Development Co., Ltd. Financial Statement Overview

Summary

Financials remain speculative. The income statement (16) shows persistent losses at every level, with net margin near -52% and operating margin near -64%, despite revenue more than tripling to about NT$23.2 million and the net loss narrowing to roughly NT$12.0 million. Cash flow (10) is the weakest link: operating cash flow has been negative for six straight years, at about -NT$51.8 million, with free cash flow near -NT$52.1 million — more than double annual revenue. The balance sheet (70) is the offsetting strength, with debt-to-equity under 1%, equity funding ~98% of assets, and NT$214.6 million of equity providing a cushion, though book value is eroding as losses accumulate and ROE remains negative at about -5.6%.

Income Statement

16Very Negative

Balance Sheet

70Positive

Cash Flow

10Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	41.48M	23.18M	6.61M	6.28M	6.56M	12.76M
Gross Profit	10.49M	2.40M	-13.75M	443.00K	-5.34M	1.71M
EBITDA	-1.85M	-11.27M	-66.56M	-22.18M	-48.82M	930.00K
Net Income	-3.70M	-12.04M	-71.10M	-27.11M	-58.86M	-16.86M
Balance Sheet
Total Assets	214.75M	218.02M	237.83M	100.36M	84.63M	128.82M
Cash, Cash Equivalents and Short-Term Investments	139.80M	124.57M	177.43M	22.11M	22.01M	55.15M
Total Debt	66.00K	764.00K	3.52M	10.72M	6.70M	11.42M
Total Liabilities	1.89M	3.46M	11.24M	21.41M	31.40M	40.04M
Stockholders Equity	212.86M	214.55M	226.59M	78.95M	53.23M	88.77M
Cash Flow
Free Cash Flow	24.20M	-52.07M	-55.75M	-51.33M	-42.11M	-52.11M
Operating Cash Flow	24.20M	-51.82M	-55.75M	-50.91M	-41.79M	-49.69M
Investing Cash Flow	14.41M	22.71M	-7.29M	4.04M	21.39M	55.08M
Financing Cash Flow	-1.83M	-2.23M	211.84M	45.90M	18.20M	-6.00M

Fullhome Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5345 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8455	55Neutral	TWD 793.14M	76.63	―	―	7.44%	―
TW:3252	51Neutral	TWD 735.37M	-244.17	―	―	-6.31%	17.70%
TW:5516	46Neutral	TWD 659.78M	12.65	―	―	26.78%	―
TW:6264	43Neutral	TWD 819.50M	-10.07	―	―	52.16%	-21.07%
TW:4402	41Neutral	TWD 866.90M	-69.90	―	―	66.21%	-366.24%
TW:5345	40Underperform	TWD 718.10M	-274.61	―	―	229.58%	90.01%

* General Sector Average

Performance Comparison

TW:5345 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5345	Fullhome Development Co., Ltd.	19.25	-5.60	-22.54%
TW:3252	Haiwan International Development Co., Ltd.	14.65	-4.65	-24.09%
TW:4402	J.D Development Co. Ltd.	12.45	-5.25	-29.66%
TW:5516	Sun-Sea Construction Corporation	12.85	-2.10	-14.05%
TW:6264	KINGLAND PROPERTY CORPORATION LTD	6.03	-1.29	-17.62%
TW:8455	Daito Me Holdings Co. Ltd.	30.70	6.55	27.12%

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

Fullhome Development Co., Ltd. AI Stock Analysis