General Plastic Industrial Co., Ltd. (6128) AI Stock Analysis

General Plastic Industrial Co., Ltd.

(TWSE:6128)

Select Model

Rating:40Underperform

Price Target:TWD 17.00▼(-5.03% Downside)

Action:initiatedcoverage

Date:11/09/26

General Plastic scores low primarily because of deteriorating fundamentals: a NT$1.22 billion net loss, operating margin compression from 14.5% to under 3%, a 37% drop in shareholders' equity and leverage that has nearly doubled to 0.97x debt-to-equity. Technicals reinforce the caution, with the price below all major moving averages and a negative MACD, though oversold RSI and Stochastic readings leave room for a near-term bounce. Valuation offers little support given negative earnings, with only a 2.77% dividend yield as partial offset. The key positives keeping the score above the floor are still-positive EBITDA and free cash flow, stable debt levels, and a gross margin near 39%, indicating the headline loss was driven largely by write-downs rather than cash burn. Stabilization in margins and a rebound in operating cash flow would be the first signs of a turnaround.

Positive Factors

Resilient Gross MarginA gross margin near 39% indicates the core products continued to retain substantial gross profitability even during a weak year. That cushion can help the company absorb operating pressure and provides a base for recovery if revenue and operating execution improve.

Negative Factors

Sharp Profitability ReversalThe move from a positive net margin to a deeply negative result shows a severe deterioration in earnings quality. Unless profitability recovers, the loss can weaken equity, reduce reinvestment capacity, and make future performance more dependent on balance-sheet resources.

General Plastic Industrial Co., Ltd. (6128) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.29B
Dividend Yield: 2.79%
Average Volume (3M): 71.56K
Price to Earnings (P/E): -1.8
Beta (1Y): 0.44
Revenue Growth: -5.23%
EPS Growth: -561.00%
Country: TW
Employees: 8,638
Sector: General
Sector Strength: 55
Industry: Business Equipment & Supplies

General Plastic Industrial Co., Ltd. Business Overview & Revenue Model

Company Description

General Plastic Industrial Co., Ltd. engages in the manufacture and sale of toner cartridges of photocopiers, laser printers, and organic photoconductive drum gears. The company offers copier toner cartridge, waste toner container, and remanufactured...

General Plastic Industrial Co., Ltd. Financial Statement Overview

Summary

Financials are in a clear downcycle. Revenue has stalled near NT$5.25 billion (down ~5% year over year) while gross margin slipped to 38.7% and operating margin collapsed to 2.8% from 14.5% two years ago. A NT$1.22 billion net loss erased more than a third of shareholders' equity, lifting debt-to-equity from 0.61x to roughly 0.97x and driving ROE to -44%. The main offset is cash: EBITDA stayed positive at NT$472 million and the company still produced NT$207 million of operating cash flow and NT$128 million of free cash flow, suggesting the loss was largely non-cash write-downs rather than cash burn. Even so, cash generation is at a six-year low and the margin for error is now narrow.

Income Statement

26Negative

Balance Sheet

42Neutral

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.16B	5.25B	5.51B	5.31B	5.70B	4.92B
Gross Profit	1.92B	2.03B	2.29B	2.21B	2.22B	1.95B
EBITDA	400.75M	471.83M	771.59M	841.52M	1.19B	845.00M
Net Income	-1.25B	-1.22B	367.15M	433.23M	678.61M	336.59M
Balance Sheet
Total Assets	6.54B	6.45B	8.65B	8.22B	7.82B	6.78B
Cash, Cash Equivalents and Short-Term Investments	1.07B	1.24B	1.39B	1.62B	978.74M	831.34M
Total Debt	2.63B	2.70B	2.68B	2.76B	2.40B	2.08B
Total Liabilities	3.72B	3.68B	4.28B	4.07B	3.85B	3.51B
Stockholders Equity	2.82B	2.77B	4.37B	4.15B	3.97B	3.27B
Cash Flow
Free Cash Flow	307.16M	128.15M	252.40M	534.75M	208.92M	399.35M
Operating Cash Flow	393.42M	206.97M	518.39M	830.17M	458.65M	607.98M
Investing Cash Flow	-402.31M	-133.13M	-456.05M	-294.25M	-116.90M	-256.41M
Financing Cash Flow	-220.59M	-330.51M	-480.37M	-9.41M	-479.34M	-228.50M

General Plastic Industrial Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6128 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8424	79Outperform	TWD 2.44B	10.92	―	7.39%	-0.52%	15.98%
TW:4305	76Outperform	TWD 2.21B	8.22	―	7.73%	-5.79%	63.25%
TW:5438	58Neutral	TWD 2.12B	-5.62	―	3.99%	-32.73%	-411.13%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1325	41Neutral	TWD 2.16B	-62.78	―	1.19%	-21.19%	47.07%
TW:2429	40Underperform	TWD 2.61B	-20.61	―	―	27.12%	11.55%
TW:6128	40Underperform	TWD 2.28B	-1.83	―	2.79%	-5.23%	-561.00%

* General Sector Average

Performance Comparison

TW:6128 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6128	General Plastic Industrial Co., Ltd.	17.90	-3.82	-17.58%
TW:1325	Universal Incorporation	25.30	-5.95	-19.04%
TW:2429	Abonmax Co Ltd	30.30	-56.20	-64.97%
TW:4305	Shih-Kuen Plastics Co., Ltd.	40.10	0.28	0.71%
TW:5438	Teco Image Systems Co., Ltd.	18.80	-1.56	-7.66%
TW:8424	Wellpool Co., Ltd	67.70	-0.49	-0.72%

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

General Plastic Industrial Co., Ltd. AI Stock Analysis