Fullerton Technology Co., Ltd. (6136) AI Stock Analysis

Fullerton Technology Co., Ltd.

(TWSE:6136)

Select Model

Rating:62Neutral

Price Target:TWD 27.00▲(6.51% Upside)

Action:initiatedcoverage

Date:11/09/26

Fullerton Technology scores in the moderate range. Its greatest strengths are financial resilience and cash generation: minimal debt (D/E ~0.06), a large equity cushion, and record free cash flow of NT$198.7M that fully covers reported earnings and funds a 4.5% dividend yield. The main drag is operating quality — the core business has posted losses every year, EBITDA fell to NT$4.7M in 2025, and profits depend on non-operating income, leaving ROE at only ~3.3%. Encouraging signs include the revenue rebound and multi-year gross margin expansion to 25.7%. Technically, the stock holds above its 50-, 100-, and 200-day averages with positive MACD, though momentum has cooled near term. A P/E of 35.2 looks expensive against flat, low-quality earnings, partially offset by the strong dividend. Sustained improvement in operating profitability is the key catalyst for a higher score.

Positive Factors

Low LeverageVery low leverage gives Fullerton Technology meaningful financial flexibility and lowers solvency risk. A conservative capital structure can help the company withstand operating volatility, preserve borrowing capacity, and continue funding strategic needs without excessive interest or refinancing pressure.

Negative Factors

Operating Profitability DeteriorationThe sharp deterioration in operating profitability is the most important fundamental weakness. Negative operating margin and minimal EBITDA leave limited protection against further cost pressure, reduce the earnings contribution from core operations, and make sustainable profit recovery dependent on reversing the underlying operating strain.

Fullerton Technology Co., Ltd. (6136) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.93B
Dividend Yield: 4.58%
Average Volume (3M): 274.63K
Price to Earnings (P/E): 34.5
Beta (1Y): 0.25
Revenue Growth: 22.95%
EPS Growth: -41.61%
Country: TW
Employees: 4,374
Sector: General
Sector Strength: 55
Industry: Telecommunications Services

Fullerton Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Fullerton Technology Co., Ltd. engages in the provision of communication services in Taiwan. The company offers ezBooking, a platform providing movie ticket booking and online e-ticket services; SaaS software online service e-commerce platform; and p...

Fullerton Technology Co., Ltd. Financial Statement Overview

Summary

A mixed profile combining a very safe balance sheet and strong cash generation with weak core operating results. Revenue rebounded to NT$639.5M in 2025 from NT$492.5M, and gross margin expanded steadily to 25.7%, yet operating income remained negative (-NT$58.8M, the worst of the period) and EBITDA collapsed to NT$4.7M. Reported net income of NT$103.4M is driven largely by non-operating items and has been flat for three years, compressing net margin to 16.2%. Offsetting this, debt-to-equity is just ~0.06 on NT$3.18B of equity, and free cash flow hit a six-year high of NT$198.7M with ~0.97x conversion of net income. Low ROE (~3.3%), weak asset turnover, and a shrinking equity base cap the score.

Income Statement

48Neutral

Balance Sheet

73Positive

Cash Flow

77Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	681.34M	639.46M	492.53M	506.23M	499.93M	601.49M
Gross Profit	176.35M	164.18M	104.26M	96.76M	75.41M	90.25M
EBITDA	109.28M	4.67M	110.74M	111.36M	104.35M	151.40M
Net Income	85.36M	103.36M	103.50M	103.66M	96.00M	142.42M
Balance Sheet
Total Assets	5.00B	3.69B	3.64B	3.96B	2.99B	3.15B
Cash, Cash Equivalents and Short-Term Investments	594.41M	655.50M	523.38M	476.34M	426.08M	577.89M
Total Debt	84.05M	202.01M	15.51M	10.15M	11.33M	12.58M
Total Liabilities	408.00M	425.54M	131.69M	103.68M	110.73M	108.65M
Stockholders Equity	4.50B	3.18B	3.49B	3.84B	2.85B	3.02B
Cash Flow
Free Cash Flow	103.44M	198.67M	124.01M	121.60M	123.08M	41.66M
Operating Cash Flow	107.24M	204.20M	127.31M	127.73M	129.20M	47.98M
Investing Cash Flow	69.50M	-87.61M	73.83M	41.06M	-127.51M	-395.00K
Financing Cash Flow	-122.72M	-6.23M	-141.54M	-134.91M	-145.32M	-152.74M

Fullerton Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6136 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2364	74Outperform	TWD 2.89B	9.13	―	3.83%	17.40%	60.67%
TW:6136	62Neutral	TWD 2.95B	34.55	―	4.58%	22.95%	-41.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6150	48Neutral	TWD 3.38B	20.29	―	0.78%	3.74%	―
TW:6152	48Neutral	TWD 2.94B	-107.35	―	―	42.75%	―
TW:3564	43Neutral	TWD 3.11B	84.03	―	0.47%	22.54%	-10.60%
TW:3047	41Neutral	TWD 2.99B	-15.27	―	2.23%	-32.95%	-101.63%

* General Sector Average

Performance Comparison

TW:6136 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6136	Fullerton Technology Co., Ltd.	25.35	2.89	12.84%
TW:2364	Twinhead International Corp.	52.20	-8.89	-14.56%
TW:3047	Edimax Technology Co., Ltd.	13.90	-4.95	-26.26%
TW:3564	AEWIN Technologies Co., Ltd.	57.80	9.94	20.77%
TW:6150	Tul Corporation	77.00	5.99	8.44%
TW:6152	Prime Electronics & Satellitics Inc.	18.50	9.51	105.78%

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

Fullerton Technology Co., Ltd. AI Stock Analysis