Scan-D Corporation (6195) AI Stock Analysis

Scan-D Corporation

(TPEx:6195)

Select Model

Rating:50Neutral

Price Target:TWD 27.00▼(-1.28% Downside)

Action:initiatedcoverage

Date:11/09/26

Scan-D scores below average, driven primarily by deteriorating fundamentals: four straight years of revenue decline, a severe margin squeeze that cut net margin to 2.2%, rising leverage at 1.34x debt-to-equity and return on equity below 4%. The key counterweight is cash generation — operating cash flow of NT$481 million and free cash flow of NT$380 million far exceed reported earnings and comfortably support debt servicing and the dividend. Valuation provides additional support, with a moderate 14.3x P/E and a 3.7% yield. Technicals are currently soft, with the price below its short- and medium-term moving averages and negative MACD, although deeply oversold readings and a position above the 200-day average suggest the longer-term trend has not broken. A turnaround in revenue and margins, alongside debt reduction, would be needed to justify a materially higher score.

Positive Factors

Positive Operating Cash FlowConsistently positive operating cash flow indicates that the business continues to convert operations into cash despite weaker reported profitability. This supports ongoing funding of working capital and investment, while the 2025 improvement provides a stronger base for financial resilience over the coming quarters.

Negative Factors

Multi-Year Revenue DeclineThree consecutive years of revenue contraction point to persistent pressure on the company’s scale and market demand rather than a single-quarter setback. Continued top-line weakness can reduce operating leverage, limit reinvestment capacity, and make a durable earnings recovery more difficult.

Scan-D Corporation (6195) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.37B
Dividend Yield: 3.66%
Average Volume (3M): 24.46K
Price to Earnings (P/E): 14.4
Beta (1Y): 0.23
Revenue Growth: 9.69%
EPS Growth: 23.21%
Country: TW
Employees: 450
Sector: General
Sector Strength: 55
Industry: Furnishings, Fixtures & Appliances

Scan-D Corporation Business Overview & Revenue Model

Company Description

Scan-D Corporation, established in 1995 and based in Taoyuan City, Taiwan, specializes in the wholesale and retail supply of various home and kitchen essentials. The company provides a diverse selection of products, such as furniture, bedding, kitche...

Scan-D Corporation Financial Statement Overview

Summary

Weak fundamentals dominate. Revenue has declined four years running to NT$2.21 billion, and profitability has compressed sharply — operating margin fell from 15.3% to 4.0% and net margin from 11.3% to 2.2% — despite resilient gross margins above 54%, pointing to a cost and operating-leverage problem (Income Statement score 33). The balance sheet has become stretched, with debt rising to NT$1.74 billion, debt-to-equity at 1.34x, equity funding only ~36% of assets, and return on equity down to 3.8% (Balance Sheet score 40). The clear offset is cash generation: operating cash flow of NT$481 million is nearly ten times net income and free cash flow rebounded to NT$380 million, confirming the earnings weakness is largely non-cash depreciation, though free cash flow has been highly volatile year to year (Cash Flow score 63).

Income Statement

33Negative

Balance Sheet

40Negative

Cash Flow

63Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.38B	2.21B	2.29B	2.36B	2.47B	2.39B
Gross Profit	1.27B	1.24B	1.28B	1.28B	1.37B	1.37B
EBITDA	382.62M	411.36M	491.94M	500.99M	604.29M	663.14M
Net Income	94.20M	49.44M	80.41M	103.25M	215.46M	270.06M
Balance Sheet
Total Assets	3.58B	3.63B	3.65B	3.45B	3.09B	3.01B
Cash, Cash Equivalents and Short-Term Investments	281.39M	310.93M	220.91M	375.44M	425.42M	534.08M
Total Debt	1.63B	1.74B	1.72B	1.50B	1.07B	966.38M
Total Liabilities	2.25B	2.33B	2.33B	2.12B	1.70B	1.64B
Stockholders Equity	1.34B	1.30B	1.32B	1.33B	1.39B	1.37B
Cash Flow
Free Cash Flow	529.00M	379.64M	-98.26M	1.80M	360.64M	464.58M
Operating Cash Flow	590.81M	480.92M	365.36M	546.04M	378.67M	491.57M
Investing Cash Flow	-56.51M	-97.35M	-445.86M	-475.12M	42.60M	-44.18M
Financing Cash Flow	-440.90M	-297.24M	-65.95M	-107.14M	-442.61M	-475.39M

Scan-D Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6195 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1593	61Neutral	TWD 1.21B	7.77	―	6.57%	12.77%	123.09%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8941	51Neutral	TWD 1.53B	13.90	―	5.71%	-3.28%	18.48%
TW:6195	50Neutral	TWD 1.37B	14.37	―	3.66%	9.69%	23.21%
TW:5906	44Neutral	TWD 1.43B	719.70	―	0.53%	-0.10%	-103.71%
TW:1626	40Underperform	TWD 1.44B	-2.82	―	―	-0.07%	-381.71%
TW:2926	40Underperform	TWD 1.41B	47.06	―	1.55%	3.89%	-34.95%

* General Sector Average

Performance Comparison

TW:6195 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6195	Scan-D Corporation	27.35	0.77	2.91%
TW:1593	Chi Hua Fitness Co., Ltd.	30.45	5.08	20.01%
TW:1626	Airmate (Cayman) International Co., Ltd.	9.69	-2.81	-22.48%
TW:2926	Eslite Spectrum Corporation	29.65	-9.83	-24.89%
TW:5906	Tainan Enterprise (Cayman) Co., Limited	38.00	-10.34	-21.39%
TW:8941	Grand Hall Enterprise Co., Ltd.	43.80	2.81	6.86%

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

Scan-D Corporation AI Stock Analysis