Ginar Technology Co., Ltd. (6151) AI Stock Analysis

Ginar Technology Co., Ltd.

(TPEx:6151)

Select Model

Rating:55.7Neutral

Price Target:TWD 32.00▼(-3.61% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a significant conflict between fundamentals and technicals. The company's financial health is supported by a strong, low-debt balance sheet and a recent surge in cash flow generation, but this is overshadowed by a multi-year decline in profitability and deeply bearish market momentum. The stock is in a strong downtrend with oversold technical readings, making the attractive dividend yield and reasonable P/E ratio insufficient to offset the negative price action and operational concerns.

Positive Factors

Conservative LeverageConservative leverage gives Ginar financial resilience and limits the burden of debt service. A sizable equity base should provide flexibility to withstand operating volatility, fund necessary investment, and preserve shareholder-return capacity over the next several quarters.

Negative Factors

Margin CompressionThe sustained decline in net and operating margins shows that revenue recovery has not translated proportionally into earnings. Continued pricing pressure, cost inflation, or unfavorable mix could constrain profit rebuilding and reduce the company’s ability to compound returns.

Ginar Technology Co., Ltd. (6151) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.82B
Dividend Yield: 4.52%
Average Volume (3M): 104.35K
Price to Earnings (P/E): 14.2
Beta (1Y): 0.66
Revenue Growth: 5.91%
EPS Growth: 63.83%
Country: TW
Employees: 142
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

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

Company Description

Ginar Technology Co., Ltd. engages in the manufacture and sale of thermoplastics. It is mainly involved in research, development, and production of engineering plastic and composite materials including polyamide (PA), polypropylene (PP), polycarbonat...

Ginar Technology Co., Ltd. Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is strong with low leverage (D/E 0.27), and cash flow surged dramatically in the latest year with excellent free cash flow conversion (FCF/NI 0.93). However, the income statement reveals declining profitability, with net margin nearly halving from 9.1% to 3.7% and ROE falling from 20.6% to 6.5%, indicating operational headwinds.

Income Statement

42Neutral

Balance Sheet

68Positive

Cash Flow

75Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.80B	1.72B	1.66B	1.56B	1.70B	2.46B
Gross Profit	435.38M	370.84M	333.55M	323.28M	345.33M	535.98M
EBITDA	225.85M	152.70M	171.25M	168.06M	191.77M	336.93M
Net Income	129.16M	64.09M	82.05M	85.38M	103.33M	223.24M
Balance Sheet
Total Assets	1.68B	1.56B	1.62B	1.68B	1.66B	1.86B
Cash, Cash Equivalents and Short-Term Investments	109.94M	133.37M	116.35M	193.91M	126.89M	47.41M
Total Debt	317.47M	269.11M	316.13M	265.47M	266.79M	316.66M
Total Liabilities	650.51M	569.81M	592.77M	682.27M	615.11M	777.54M
Stockholders Equity	1.03B	989.90M	1.02B	1.00B	1.04B	1.08B
Cash Flow
Free Cash Flow	71.30M	202.22M	26.09M	138.38M	187.37M	34.20M
Operating Cash Flow	101.57M	218.50M	71.93M	175.76M	250.42M	177.71M
Investing Cash Flow	16.43M	1.00M	-33.81M	-39.35M	-63.07M	-144.25M
Financing Cash Flow	-192.85M	-157.70M	-125.16M	-84.42M	-143.18M	-10.54M

Ginar Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6151 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6967	63Neutral	TWD 1.93B	12.15	―	5.44%	22.39%	53.47%
TW:6151	56Neutral	TWD 1.85B	14.19	―	4.52%	5.91%	63.83%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1735	53Neutral	TWD 1.90B	16.50	―	3.37%	1.82%	132.90%
TW:3467	48Neutral	TWD 2.03B	57.48	―	0.73%	9.75%	42.87%
TW:1466	46Neutral	TWD 1.61B	-57.80	―	1.38%	-16.29%	28.23%
TW:4716	38Underperform	TWD 1.53B	33.16	―	1.06%	-2.09%	85.82%

* General Sector Average

Performance Comparison

TW:6151 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6151	Ginar Technology Co., Ltd.	33.20	5.45	19.66%
TW:1466	Acelon Chemicals & Fiber Corporation.	14.45	-0.46	-3.09%
TW:1735	Evermore Chemical Industry Co., Ltd.	19.30	4.96	34.64%
TW:3467	Forcera Materials Co Ltd	68.60	28.44	70.84%
TW:4716	Daily Polymer Corp.	18.70	3.20	20.65%
TW:6967	Trans-Sun Materials Technology Co., Ltd.	65.40	11.31	20.91%

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 10, 2026

Ginar Technology Co., Ltd. AI Stock Analysis