Taiwan Thick-Film Ind. Corp. AI Stock Analysis
Taiwan Thick-Film Ind. Corp. (6246) AI Stock Analysis
Taiwan Thick-Film Ind. Corp.
(TPEx:6246)
The score reflects a genuine but early-stage recovery. Returning to profit, improved gross margin, and a swing to positive free cash flow are the key positives, supported by easing leverage and a rebound in return on equity. These are offset by structurally thin margins under 3%, revenue still well below prior peaks, heavy reliance on liabilities to fund the asset base, and a six-year record of erratic earnings and cash flow. Technicals are modestly supportive in the short term, with price above the 20- and 50-day averages and positive MACD, though the stock remains below its 100- and 200-day averages. The most significant drag is valuation: a 67.5x P/E with no dividend leaves limited margin of safety until the company demonstrates that improved profitability can be sustained through the next demand cycle.
Taiwan Thick-Film Ind. Corp. (6246) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 499.63M
- Dividend Yield
- ―
- Average Volume (3M)
- 40.74K
- Price to Earnings (P/E)
- 67.8
- Beta (1Y)
- 0.22
- Revenue Growth
- -11.74%
- EPS Growth
- ―
- Country
- TW
- Employees
- 103
- Sector
- General
- Sector Strength
- 55
- Industry
- Hardware, Equipment & Parts
Taiwan Thick-Film Ind. Corp. Business Overview & Revenue Model
Company Description
Taiwan Thick-Film Ind. Corp (TTFI) specializes in the production and distribution of a diverse array of electronic components, encompassing transformers, backlight modules, light emitting diode (LED) light bars, and light guide plates. The company's...
Taiwan Thick-Film Ind. Corp. Financial Statement Overview
Summary
Taiwan Thick-Film delivered a credible one-year turnaround: revenue rose about 6.6% to NT$1.60 billion, the company swung from a NT$50.0 million net loss to a NT$43.3 million profit, gross margin widened to 12.1%, and operating cash flow recovered to NT$93.1 million with NT$73.4 million of free cash flow. The balance sheet improved modestly, with debt-to-equity easing to 0.79 and ROE rebounding to 10.1%. However, profitability remains thin and volatile (2.7% net margin), revenue is still well below the 2022 peak of NT$1.94 billion, roughly two-thirds of assets are funded by liabilities, and earnings and cash flow have swung between positive and negative repeatedly over the past six years.
Income Statement
52NeutralBalance Sheet
58NeutralCash Flow
60Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.44B | 1.60B | 1.50B | 1.64B | 1.94B | 1.91B |
| Gross Profit | 152.75M | 193.22M | 145.65M | 145.74M | 185.88M | 181.38M |
| EBITDA | 34.71M | 85.45M | -15.10M | 23.42M | 44.75M | 71.11M |
| Net Income | 7.47M | 43.28M | -50.01M | -14.46M | 21.45M | 32.14M |
Balance Sheet | ||||||
| Total Assets | 1.22B | 1.32B | 1.30B | 1.25B | 1.39B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 423.55M | 474.99M | 405.05M | 396.53M | 354.97M | 205.20M |
| Total Debt | 338.71M | 337.68M | 356.31M | 326.84M | 411.68M | 333.06M |
| Total Liabilities | 803.91M | 887.83M | 910.04M | 832.82M | 948.02M | 870.56M |
| Stockholders Equity | 413.94M | 428.30M | 388.42M | 416.78M | 442.23M | 408.94M |
Cash Flow | ||||||
| Free Cash Flow | -85.29M | 73.37M | -18.53M | 162.23M | 74.91M | -7.55M |
| Operating Cash Flow | -66.05M | 93.07M | -8.88M | 167.09M | 104.30M | 13.45M |
| Investing Cash Flow | 49.29M | 47.86M | -15.21M | -64.89M | -25.70M | -22.05M |
| Financing Cash Flow | -15.97M | -20.75M | 8.78M | -103.64M | 60.79M | 25.10M |
Taiwan Thick-Film Ind. Corp. Peers Comparison
Overall Rating
TW:625954Neutral- TW:624654Neutral
TW:610344Neutral
TW:621036Underperform
TW:802433Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:6259 | 54Neutral | TWD 702.81M | 16.61 | ― | 1.38% | 27.94% | 342.29% |
| TW:6246 | 54Neutral | TWD 503.42M | 67.75 | ― | ― | -11.74% | ― |
| TW:6103 | 44Neutral | TWD 417.67M | -13478.26 | ― | 0.61% | -4.14% | -100.17% |
| TW:6210 | 36Underperform | TWD 655.40M | -10.22 | ― | ― | 37.29% | 52.12% |
| TW:8024 | 33Underperform | TWD 485.47M | -5.74 | ― | ― | -11.40% | 7.18% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6246 | Taiwan Thick-Film Ind. Corp. | 13.55 | -1.15 | -7.82% | |
| TW:5271 | Horng Tong Enterprise Co., Ltd. | 11.10 | -3.87 | -25.87% | |
| TW:6103 | Avid Electronics Corp. | 31.95 | -6.70 | -17.34% | |
| TW:6210 | Kintech Electronics Co., Ltd. | 18.60 | -0.50 | -2.62% | |
| TW:6259 | Bull Will Co., Ltd. | 25.35 | 9.77 | 62.73% | |
| TW:8024 | Alpha Microelectronics Corp. | 10.65 | -2.55 | -19.32% |
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