Shangya Technology Co Ltd (6130) AI Stock Analysis

Shangya Technology Co Ltd

(TPEx:6130)

Select Model

Rating:37Underperform

Price Target:TWD 23.00▼(-2.75% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is driven primarily by deteriorating fundamentals: falling revenue, sharply compressed gross margins, sizable operating and net losses, and significant cash burn with negative free cash flow of NT$120.1 million. A still-conservative balance sheet (debt-to-equity ~0.33) provides some runway, but equity is shrinking and debt is rising. Valuation provides no cushion given negative earnings and no dividend. The only modest positive is improving short-term price momentum, with the stock trading above its 20- and 50-day averages, though it remains well below its 200-day average. Until revenue stabilizes, margins recover and cash generation turns positive, risk remains elevated.

Positive Factors

Moderate LeverageModerate leverage and a substantial equity base provide financial resilience compared with a highly indebted structure. This gives Shangya more flexibility to manage operating volatility, support necessary investment, and absorb losses while it works to restore profitability.

Negative Factors

Declining RevenueConsecutive annual revenue declines point to weakening demand or business activity rather than a single-period fluctuation. Persistent top-line contraction reduces operating leverage, limits investment capacity, and makes a durable return to profitability more difficult over the next several quarters.

Shangya Technology Co Ltd (6130) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.17B
Dividend Yield: ―
Average Volume (3M): 217.97K
Price to Earnings (P/E): -35.4
Beta (1Y): 0.17
Revenue Growth: 7.97%
EPS Growth: 59.72%
Country: TW
Employees: 31
Sector: General
Sector Strength: 55
Industry: Drug Manufacturers - General

Shangya Technology Co Ltd Business Overview & Revenue Model

Company Description

Based in Taipei, Taiwan, and established in 1994, Shangya Technology Co., Ltd. is a multifaceted enterprise with operations spanning several key sectors. The company primarily engages in the wholesale distribution of a diverse range of products withi...

Shangya Technology Co Ltd Financial Statement Overview

Summary

Financials are weak across the board. Revenue has declined for two consecutive years to NT$154.7 million, gross margin has halved from ~65% in 2020 to ~30% in 2025, and the company posted an operating loss of NT$74.8 million and a net loss of NT$76.3 million — roughly half of revenue. Cash flow is the weakest link: operating cash flow swung to negative NT$44.2 million and free cash flow to negative NT$120.1 million as capital spending continued through the downturn. The one offsetting strength is a conservative balance sheet with debt-to-equity of ~0.33 and equity funding ~62% of assets, though equity has eroded for three straight years while debt rose ~46% in the latest year, narrowing the margin for error.

Income Statement

18Very Negative

Balance Sheet

55Neutral

Cash Flow

14Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	165.30M	154.74M	195.35M	231.12M	85.17M	103.81M
Gross Profit	57.66M	46.45M	69.20M	76.19M	34.18M	46.66M
EBITDA	-7.74M	-32.35M	5.87M	-75.21M	25.33M	35.81M
Net Income	-45.64M	-76.31M	-33.43M	-80.04M	1.28M	32.47M
Balance Sheet
Total Assets	735.89M	877.78M	978.41M	966.90M	938.96M	550.64M
Cash, Cash Equivalents and Short-Term Investments	103.92M	208.97M	262.51M	292.55M	407.92M	55.42M
Total Debt	124.40M	181.51M	124.59M	133.03M	146.82M	67.38M
Total Liabilities	147.18M	227.03M	232.17M	166.47M	168.20M	77.98M
Stockholders Equity	588.71M	545.47M	624.94M	682.94M	770.76M	472.66M
Cash Flow
Free Cash Flow	-65.86M	-120.08M	454.00K	-10.68M	-17.30M	2.50M
Operating Cash Flow	-39.26M	-44.15M	11.28M	57.00K	-17.30M	2.50M
Investing Cash Flow	-67.52M	-42.55M	19.89M	-104.52M	63.07M	-16.05M
Financing Cash Flow	-16.59M	32.73M	-36.37M	-16.34M	276.91M	-35.64M

Shangya Technology Co Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6130 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:6140	48Neutral	TWD 1.31B	-55.48	―	―	-9.26%	-23.58%
TW:6674	46Neutral	TWD 1.26B	-5.35	―	―	-40.57%	-73.29%
TW:6680	40Underperform	TWD 1.23B	52.20	―	6.02%	11.10%	-7.06%
TW:6441	39Underperform	TWD 1.10B	-3.42	―	―	-58.51%	-17.09%
TW:3541	37Underperform	TWD 1.25B	70.10	―	―	0.16%	―
TW:6130	37Underperform	TWD 1.20B	-35.41	―	―	7.97%	59.72%

* General Sector Average

Performance Comparison

TW:6130 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6130	Shangya Technology Co Ltd	23.65	-15.70	-39.90%
TW:3541	Cypress Technology Co. Ltd.	22.30	-1.45	-6.11%
TW:6140	Dimension Computer Technology Co., Ltd.	26.25	-3.70	-12.35%
TW:6441	Ibase Solution Co., Ltd	20.25	-2.85	-12.34%
TW:6674	Compal Broadband Networks, Inc.	18.45	-2.75	-12.97%
TW:6680	SINTRONES Technology Corp.	49.20	-21.68	-30.58%

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

Shangya Technology Co Ltd AI Stock Analysis