Plotech Co. Ltd. (6141) AI Stock Analysis

Plotech Co. Ltd.

(TWSE:6141)

Select Model

Rating:30Underperform

Price Target:TWD 34.00▼(-18.37% Downside)

Action:initiatedcoverage

Date:11/09/26

Plotech scores low primarily because of its deteriorating fundamentals: four consecutive years of revenue decline, continued losses, equity eroded to under NT$700 million against NT$2.39 billion of debt (about 3.6x leverage), and persistently negative free cash flow. Technicals reinforce the caution, with the price well below its 20-, 50- and 100-day moving averages and a negative MACD, though the deeply oversold RSI and stochastic readings suggest the selling may be stretched near term. Valuation provides no cushion, as the negative P/E reflects ongoing losses and there is no dividend. Modest positives — a return to positive gross margin, a sharply narrower net loss and positive operating cash flow — show early stabilization, but sustained revenue recovery and deleveraging are needed before the risk profile improves.

Positive Factors

Operating Cash Flow ImprovementThe return to positive operating cash flow is a constructive sign that core activities generated cash again after the 2023 shortfall. If maintained, this can support ongoing operations and reduce reliance on external funding, although the company has not yet demonstrated consistently self-funding performance.

Negative Factors

Sustained Revenue ContractionMulti-year revenue contraction, culminating in an approximately 79% year-over-year decline, indicates severe deterioration in business scale and demand capture. A shrinking revenue base reduces operating leverage, limits investment capacity, and makes a durable return to profitability more difficult over the next several quarters.

Plotech Co. Ltd. (6141) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.75B
Dividend Yield: ―
Average Volume (3M): 3.14M
Price to Earnings (P/E): -9.8
Beta (1Y): 1.22
Revenue Growth: 2.31%
EPS Growth: 14.67%
Country: TW
Employees: 1,776
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Plotech Co. Ltd. Business Overview & Revenue Model

Company Description

Plotech Co.,Ltd is a company specializing in the manufacturing and distribution of printed circuit boards (PCBs) throughout Taiwan and mainland China. The firm provides multi-layered PCBs that are essential for a wide variety of applications across n...

Plotech Co. Ltd. Financial Statement Overview

Summary

Financials are weak across the board. Revenue has contracted four years running, from about NT$3.70 billion in 2021 to NT$1.79 billion in 2025, and the company has posted losses since 2022, including a NT$527 million net loss on a -29% net margin last year. The balance sheet is the biggest concern: equity has eroded to under NT$700 million against roughly NT$2.39 billion of debt, lifting leverage to about 3.6x equity with ROE near -79%, creating real solvency and refinancing risk. Cash flow is the relative bright spot, with operating cash flow back to positive NT$241 million, but heavy capex kept free cash flow at about -NT$268 million, negative in five of the last six years. Early stabilization signs — gross margin back to positive 8.6% and a sharply narrower loss — temper, but do not offset, the fragile financial position.

Income Statement

18Very Negative

Balance Sheet

17Very Negative

Cash Flow

33Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.94B	1.79B	2.29B	2.57B	3.07B	3.70B
Gross Profit	153.56M	155.16M	-314.88M	-135.66M	425.66M	804.59M
EBITDA	-155.08M	-213.18M	-532.91M	-182.86M	185.36M	825.35M
Net Income	-498.23M	-527.17M	-912.52M	-426.55M	-163.28M	364.61M
Balance Sheet
Total Assets	5.39B	5.31B	6.03B	7.23B	6.90B	6.89B
Cash, Cash Equivalents and Short-Term Investments	388.49M	371.69M	448.16M	455.68M	881.27M	1.12B
Total Debt	2.49B	2.39B	2.92B	3.46B	2.31B	1.85B
Total Liabilities	4.84B	4.67B	4.85B	5.41B	4.37B	4.08B
Stockholders Equity	599.53M	666.73M	1.13B	1.80B	2.35B	2.62B
Cash Flow
Free Cash Flow	-369.89M	-268.12M	-8.17M	-1.18B	-457.22M	-596.90M
Operating Cash Flow	-233.51M	240.51M	458.43M	-273.52M	552.75M	491.12M
Investing Cash Flow	402.52M	18.82M	-289.72M	-1.03B	-1.06B	-1.10B
Financing Cash Flow	-254.07M	-257.90M	-270.05M	1.05B	256.37M	639.25M

Plotech Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6141 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4942	59Neutral	TWD 4.27B	10.31	―	6.67%	2.44%	13.09%
TW:6205	59Neutral	TWD 4.61B	22.05	―	2.68%	-3.83%	30.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6108	45Neutral	TWD 5.02B	180.46	―	3.08%	22.89%	―
TW:3138	42Neutral	TWD 4.48B	73.09	―	1.94%	5.96%	-5.95%
TW:6141	30Underperform	TWD 4.72B	-9.76	―	―	2.31%	14.67%

* General Sector Average

Performance Comparison

TW:6141 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6141	Plotech Co. Ltd.	41.65	29.95	255.98%
TW:3138	Auden Techno Corp.	79.70	-7.75	-8.86%
TW:3585	Advance Materials Corporation	47.60	34.00	250.00%
TW:4942	Chia Chang Co., Ltd	30.00	-8.20	-21.46%
TW:6108	APCB Inc.	32.50	19.39	147.86%
TW:6205	Chant Sincere Co., Ltd.	56.00	16.79	42.83%

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

Plotech Co. Ltd. AI Stock Analysis