Ya Horng Electronic Co.,Ltd (6201) AI Stock Analysis

Ya Horng Electronic Co.,Ltd

(TWSE:6201)

Select Model

Rating:72Outperform

Price Target:TWD 51.00▲(10.63% Upside)

Action:initiatedcoverage

Date:11/09/26

Ya Horng Electronic scores well on financial safety and valuation but is held back by fading earnings momentum. The balance sheet is effectively debt-free with nearly 80% equity funding, and the company has been profitable every year shown. However, flat revenue, margin compression at every level, a 21% drop in net income and a second consecutive year of lower free cash flow have pushed ROE down to about 11.8%. Valuation is supportive, with a 12.3x P/E and a 6.7% dividend yield backed by real cash generation. Technicals are mildly positive, with the price above its 20-, 50- and 100-day averages and a positive MACD, though it still trades below the 200-day average. Overall, a low-risk, income-oriented holding that needs a return to revenue growth and margin stabilization to re-rate higher.

Positive Factors

Minimal leverageThe very low debt burden reduces financial risk and gives the company flexibility through business cycles. A balance sheet funded primarily by equity can support continued operations and investment without substantial interest costs or dependence on refinancing.

Negative Factors

Revenue contractionA second period of revenue weakness would reduce operating leverage and make it harder to sustain absolute profit growth. Continued contraction can also limit reinvestment capacity and indicate that demand or market expansion is not currently supporting a stronger top line.

Ya Horng Electronic Co.,Ltd (6201) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.17B
Dividend Yield: 6.72%
Average Volume (3M): 37.80K
Price to Earnings (P/E): 12.2
Beta (1Y): 0.02
Revenue Growth: -4.99%
EPS Growth: -16.25%
Country: TW
Employees: 2,829
Sector: General
Sector Strength: 55
Industry: Furnishings, Fixtures & Appliances

Ya Horng Electronic Co.,Ltd Business Overview & Revenue Model

Company Description

Ya Horng Electronic Co., Ltd. manufactures and sells audio products, household appliances, electronic component, and medical equipment products in Taiwan, the United States, Japan, France, Canada, China, and internationally. The company offers CD/MP3...

Ya Horng Electronic Co.,Ltd Financial Statement Overview

Summary

A near debt-free balance sheet (debt-to-equity of about 1.8%, equity funding roughly 79% of assets) is the standout strength, scoring 88 and providing significant resilience in a cyclical industry. This is offset by a weaker income statement (62), where revenue was flat at about NT$3.33 billion, margins compressed across gross (23.1% from 25.8%), operating (11.7% from 16.0%) and net (10.0% from 12.6%) levels, and net income fell about 21%. Cash flow (65) remains positive and self-funding with free cash flow of about NT$281 million covering roughly 87% of net income, but has declined for a second straight year from much stronger 2023 levels. Net result: low financial risk and dependable profitability, but fading earnings momentum and ROE slipping to 11.8% from the mid-teens.

Income Statement

62Positive

Balance Sheet

88Very Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.13B	3.33B	3.32B	3.41B	3.01B	3.92B
Gross Profit	694.84M	767.90M	855.62M	865.45M	675.10M	793.81M
EBITDA	423.64M	462.26M	593.69M	575.87M	362.50M	435.19M
Net Income	287.20M	331.16M	417.75M	413.41M	332.09M	301.50M
Balance Sheet
Total Assets	3.97B	3.58B	3.71B	3.70B	3.41B	3.53B
Cash, Cash Equivalents and Short-Term Investments	1.40B	1.35B	1.47B	1.51B	1.06B	1.14B
Total Debt	36.12M	49.77M	40.92M	24.28M	42.05M	28.35M
Total Liabilities	1.28B	763.05M	848.51M	945.78M	771.01M	998.18M
Stockholders Equity	2.69B	2.82B	2.86B	2.76B	2.64B	2.53B
Cash Flow
Free Cash Flow	61.22M	281.38M	296.63M	765.12M	262.20M	276.75M
Operating Cash Flow	104.95M	323.60M	492.24M	788.76M	302.91M	313.75M
Investing Cash Flow	473.10M	-2.14M	-330.81M	-359.63M	-143.81M	135.07M
Financing Cash Flow	-385.33M	-387.35M	-366.43M	-309.81M	-341.82M	-279.12M

Ya Horng Electronic Co.,Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6201 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6201	72Outperform	TWD 4.13B	12.20	―	6.72%	-4.99%	-16.25%
TW:5225	69Neutral	TWD 3.43B	6.52	―	16.81%	-8.09%	-73.34%
TW:3356	58Neutral	TWD 4.41B	4.77	―	8.95%	-1.81%	529.31%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2405	44Neutral	TWD 4.75B	688.12	―	0.72%	9.38%	―
TW:2417	43Neutral	TWD 4.64B	23.77	―	0.76%	9.30%	―

* General Sector Average

Performance Comparison

TW:6201 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6201	Ya Horng Electronic Co.,Ltd	46.10	-7.02	-13.22%
TW:2405	Shuttle Inc.	13.90	-4.04	-22.54%
TW:2417	AVerMedia Technologies, Inc.	32.80	-3.96	-10.76%
TW:3356	GeoVision, Inc.	65.50	15.47	30.93%
TW:5225	Eastech Holding Limited	42.90	-51.39	-54.50%
TW:7821	Mitac Digital Technology Corporation	31.45	-25.82	-45.09%

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

Ya Horng Electronic Co.,Ltd AI Stock Analysis