AcBel Polytech Inc. (6282) AI Stock Analysis

AcBel Polytech Inc.

(TWSE:6282)

Select Model

Rating:49Neutral

Price Target:TWD 32.00▼(-9.22% Downside)

Action:initiatedcoverage

Date:11/09/26

AcBel Polytech scores below average, driven primarily by weak earnings quality: despite healthy revenue growth and expanding gross margins, operating and net margins remain near break-even and return on equity is under 1%, leaving profits highly vulnerable to pricing or cost shocks. Offsetting strengths are a materially de-levered balance sheet (0.45x debt-to-equity) and a return to positive free cash flow of ~NT$1.14bn. Technicals are a significant drag, with the price far below all major moving averages and negative MACD confirming a sustained downtrend, though oversold RSI and Stochastic readings suggest the selling may be extended. Valuation adds little support, as a 27.8x P/E is expensive against current profitability, only partially offset by a 2.47% dividend yield. The investment case rests on management converting gross margin gains into durable operating profit.

Positive Factors

Revenue GrowthSteady revenue expansion over several years indicates resilient demand for AcBel’s power conversion and supply products across multiple end markets. Continued top-line growth can support scale benefits, customer relationships, and reinvestment in customized solutions over the next several quarters.

Negative Factors

Thin ProfitabilityVery thin recent margins leave limited protection against cost increases, product-mix changes, or weaker demand. The 2024 operating loss and only modest 2025 recovery indicate that revenue growth has not yet translated into consistently strong earnings power.

AcBel Polytech Inc. (6282) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 29.92B
Dividend Yield: 2.27%
Average Volume (3M): 6.36M
Price to Earnings (P/E): 28.9
Beta (1Y): 1.33
Revenue Growth: 24.20%
EPS Growth: ―
Country: TW
Employees: 7,729
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

AcBel Polytech Inc. Business Overview & Revenue Model

Company Description

Headquartered in Taipei, Taiwan, AcBel Polytech Inc., established in 1981, operates globally in the design, production, and distribution of sophisticated power management solutions. The company delivers a wide array of custom-engineered power supply...

AcBel Polytech Inc. Financial Statement Overview

Summary

A mixed picture. The income statement is the weak link (score 42): revenue has grown from roughly NT$21.0bn in 2020 to NT$31.7bn and gross margin has expanded from ~16.8% to ~23.2%, but operating margin is only ~2.3% and net margin a razor-thin 0.5% (net income NT$153m), leaving earnings volatile and with little buffer. The balance sheet is solid (score 60): equity more than doubled to NT$22.6bn, debt fell to NT$10.3bn and debt-to-equity improved to a conservative ~0.45x, though return on equity of ~0.7% shows the enlarged capital base is generating very little. Cash flow is the brightest spot (score 64): operating cash flow of ~NT$2.06bn far exceeds net income and free cash flow turned positive at ~NT$1.14bn after two years of burn, albeit with large year-to-year swings and ongoing capex of ~NT$0.9bn.

Income Statement

42Neutral

Balance Sheet

60Neutral

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	35.36B	31.73B	31.70B	27.85B	25.32B	21.91B
Gross Profit	7.78B	7.36B	7.38B	6.01B	4.35B	3.63B
EBITDA	3.06B	2.26B	2.12B	1.88B	1.76B	1.74B
Net Income	1.05B	152.80M	-30.15M	45.79M	636.36M	602.02M
Balance Sheet
Total Assets	53.59B	51.37B	52.02B	48.18B	33.86B	30.68B
Cash, Cash Equivalents and Short-Term Investments	10.02B	8.78B	7.95B	7.29B	8.45B	5.90B
Total Debt	15.80B	10.25B	12.90B	13.11B	13.19B	9.71B
Total Liabilities	30.56B	28.46B	28.63B	24.67B	23.13B	20.18B
Stockholders Equity	22.74B	22.61B	23.08B	23.16B	10.13B	9.89B
Cash Flow
Free Cash Flow	105.99M	1.14B	-672.02M	-1.20B	49.62M	-4.76B
Operating Cash Flow	1.06B	2.06B	2.16B	3.88B	1.76B	-747.14M
Investing Cash Flow	-3.77B	-3.07B	-3.27B	-19.51B	-1.50B	-418.27M
Financing Cash Flow	2.47B	614.16M	1.25B	14.93B	2.49B	1.64B

AcBel Polytech Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6282 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2421	75Outperform	TWD 39.45B	14.31	―	3.81%	22.04%	41.51%
TW:3617	73Outperform	TWD 24.35B	11.88	―	3.87%	4.07%	17.47%
TW:2472	66Neutral	TWD 28.33B	17.52	―	2.03%	20.68%	44.10%
TW:3211	61Neutral	TWD 40.49B	31.09	―	4.40%	19.05%	10.35%
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:6282 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6282	AcBel Polytech Inc.	35.25	-3.10	-8.08%
TW:2421	Sunonwealth Electric Machine Industry Co., Ltd.	137.50	-40.96	-22.95%
TW:2472	Lelon Electronics Corp.	172.00	74.58	76.56%
TW:3211	Dynapack International Technology Corporation	260.50	-11.63	-4.27%
TW:3617	CyberPower Systems, Inc.	257.00	50.20	24.27%
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

AcBel Polytech Inc. AI Stock Analysis