Taiwan Thick-Film Ind. Corp. (6246) AI Stock Analysis

Taiwan Thick-Film Ind. Corp.

(TPEx:6246)

Select Model

Rating:63Neutral

Price Target:TWD 14.50▲(7.01% Upside)

Action:initiatedcoverage

Date:11/09/26

Financial recovery in profitability, margins and cash flow provides the main support, offset by stretched valuation; technical momentum offers only mild additional lift.

Positive Factors

Profitability RecoveryReturning to positive operating profit and net income after losses shows the business can recover when conditions improve. The improved gross and net margins provide a stronger earnings base, although durability will depend on restoring revenue growth.

Negative Factors

Revenue DeclineRevenue declined again in 2025 after declines in 2023 and 2024, indicating that the recent earnings recovery is not yet supported by sustained top-line expansion. Continued softness could limit operating leverage and make future profits more cyclical.

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

Solid 2025 recovery with net income returning to 43M, gross margin at 12.1%, operating cash flow of 93M and positive ROE of 10.1%, though revenue remains below prior peaks.

Income Statement

65Positive

Balance Sheet

78Positive

Cash Flow

70Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6246 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6246	63Neutral	TWD 503.42M	67.75	―	―	-11.74%	―
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: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

TW:6246 and its peers over the selected period
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%

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

Taiwan Thick-Film Ind. Corp. AI Stock Analysis