Global Brands Manufacture Limited (6191) AI Stock Analysis

Global Brands Manufacture Limited

(TWSE:6191)

Select Model

Rating:63Neutral

Price Target:TWD 77.00▼(-8.00% Downside)

Action:initiatedcoverage

Date:11/09/26

Global Brands Manufacture earns a moderate score. Fundamentals are the main anchor: a major revenue breakout, consistent profitability, strong cash conversion and positive free cash flow are weighed against sharply compressed margins, flat operating profit and a near-doubling of debt that pushed leverage to a six-year high. The biggest drag is technical: the share price sits well below all major moving averages with negative MACD and depressed RSI/Stochastic readings, signalling a persistent downtrend. Partially offsetting this, valuation is supportive, with a low P/E of 13.3 and a 3.6% dividend yield. The result is a fundamentally sound but increasingly leveraged growth story trading cheaply amid weak market momentum.

Positive Factors

Revenue RecoveryThe return to revenue growth after two declining years indicates recovering demand and renewed business activity. If sustained, this rebound can support operating scale, improve resource utilization, and provide a foundation for rebuilding earnings while the company addresses profitability pressures.

Negative Factors

Margin CompressionThe sharp gross-margin decline weakens the quality of the revenue recovery and suggests that a larger share of sales is being absorbed by costs or unfavorable mix. Unless margins stabilize, additional revenue may translate into less incremental profit and constrain future earnings growth.

Global Brands Manufacture Limited (6191) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 41.74B
Dividend Yield: 3.11%
Average Volume (3M): 2.80M
Price to Earnings (P/E): 14.4
Beta (1Y): 1.00
Revenue Growth: 38.15%
EPS Growth: -5.47%
Country: TW
Employees: 13,907
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Global Brands Manufacture Limited Business Overview & Revenue Model

Company Description

Operating from its headquarters in Taipei, Taiwan, Global Brands Manufacture Ltd. was established in 1973. The company, which adopted its current name in 2003 after previously being known as Cyber Solutions Corporation, specializes in both printed ci...

Global Brands Manufacture Limited Financial Statement Overview

Summary

A solid but mixed profile. Revenue surged roughly 55% to NT$33.7 billion, reversing three years of decline, and net income reached a six-year high of NT$3.15 billion. Cash generation is the standout: operating cash flow of NT$5.40 billion covered net income about 1.7x, and free cash flow rebounded to NT$3.04 billion. Offsetting this, gross margin fell from 26.1% to 19.3% and operating margin halved to 10.4%, leaving operating profit essentially flat despite the sales jump. Total debt nearly doubled to NT$21.5 billion, lifting debt-to-equity to 0.82 — the highest in six years — while operating cash flow to debt coverage weakened from 0.37 to 0.21. Equity continues to compound and ROE remains a respectable 12.0%, but margin recovery and debt servicing are the key watch items.

Income Statement

68Positive

Balance Sheet

62Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	38.18B	33.71B	21.68B	22.88B	24.25B	27.62B
Gross Profit	6.31B	6.49B	5.65B	5.38B	4.32B	5.10B
EBITDA	4.98B	5.55B	5.60B	5.63B	4.73B	4.55B
Net Income	2.87B	3.15B	2.84B	3.16B	2.47B	2.89B
Balance Sheet
Total Assets	73.55B	60.69B	41.00B	37.25B	33.94B	33.54B
Cash, Cash Equivalents and Short-Term Investments	12.73B	14.82B	10.52B	11.30B	8.59B	4.90B
Total Debt	21.09B	21.53B	11.25B	9.80B	8.31B	8.91B
Total Liabilities	36.64B	34.31B	18.09B	16.63B	15.85B	17.16B
Stockholders Equity	36.76B	26.22B	22.76B	20.42B	17.78B	16.07B
Cash Flow
Free Cash Flow	-225.66M	3.04B	1.87B	3.39B	4.13B	1.60B
Operating Cash Flow	2.69B	5.40B	4.77B	4.45B	5.07B	3.21B
Investing Cash Flow	-4.08B	-7.95B	-5.32B	-2.48B	-485.16M	-2.53B
Financing Cash Flow	-2.35B	5.95B	-434.79M	-35.58M	-1.69B	-433.11M

Global Brands Manufacture Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6191 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6197	68Neutral	TWD 29.56B	19.11	―	2.89%	21.34%	60.27%
TW:3605	64Neutral	TWD 22.61B	31.74	―	1.22%	13.61%	-8.06%
TW:6191	63Neutral	TWD 41.64B	14.41	―	3.11%	38.15%	-5.47%
TW:2328	61Neutral	TWD 24.34B	1.21	―	1.92%	-13.85%	-78.67%
TW:6412	59Neutral	TWD 22.08B	9.26	―	6.72%	-13.69%	-25.90%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6282	49Neutral	TWD 30.18B	28.90	―	2.27%	24.20%	―

* General Sector Average

Performance Comparison

TW:6191 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6191	Global Brands Manufacture Limited	83.70	-32.37	-27.89%
TW:2328	Pan-International Industrial Corp.	46.95	-3.70	-7.30%
TW:3605	ACES Electronics Co., Ltd.	129.00	61.88	92.18%
TW:6197	Jess-Link Products Co., Ltd.	239.50	97.38	68.53%
TW:6282	AcBel Polytech Inc.	35.25	-3.10	-8.08%
TW:6412	Chicony Power Technology Co., Ltd.	55.10	-32.03	-36.76%

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

Global Brands Manufacture Limited AI Stock Analysis