TSEC Corporation (6443) AI Stock Analysis

TSEC Corporation

(TWSE:6443)

Select Model

Rating:38Underperform

Price Target:TWD 24.50▼(-12.50% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is extremely low, driven primarily by a catastrophic collapse in financial performance. Revenue has plummeted, profitability is deeply negative, and the balance sheet is eroding rapidly. This fundamental distress is confirmed by a persistent technical downtrend and a negative P/E ratio that underscores the lack of earnings. The company faces an existential threat without a dramatic operational turnaround.

Positive Factors

Broad Semiconductor ApplicationsExposure to multiple electronics and industrial applications gives TSEC a broader addressable market than reliance on one end market alone. Its power and protection components can support recurring demand across OEM, ODM, and distributor channels over the medium term.

Negative Factors

Severe Revenue ContractionThe sharp revenue contraction signals substantial pressure on demand, volume, pricing, or customer activity, and it reduces the scale over which fixed costs can be absorbed. Persistent top-line weakness would limit operating leverage, weaken cash generation, and hinder recovery in earnings.

TSEC Corporation (6443) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 14.46B
Dividend Yield: ―
Average Volume (3M): 9.22M
Price to Earnings (P/E): -4.6
Beta (1Y): 0.70
Revenue Growth: -54.72%
EPS Growth: -212.42%
Country: TW
Employees: 856
Sector: General
Sector Strength: 55
Industry: Solar

TSEC Corporation Business Overview & Revenue Model

Company Description

TSEC Corporation specializes in the solar energy sector, focusing on the development, manufacturing, and global distribution of photovoltaic cells and modules. Its market reach spans key regions including Taiwan, Japan, the United States, Europe, and...

TSEC Corporation Financial Statement Overview

Summary

Financial performance is critically poor. Revenue has collapsed by ~80%, all margins are deeply negative, and a massive net loss of TWD 3.2B is rapidly eroding equity. The balance sheet is deteriorating with rising leverage, and positive operating cash flow is minimal and insufficient to offset the fundamental breakdown in profitability.

Income Statement

8Very Negative

Balance Sheet

25Negative

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.39B	1.83B	4.52B	8.26B	9.01B	6.16B
Gross Profit	-1.32B	-1.38B	318.98M	1.27B	676.54M	411.26M
EBITDA	-2.35B	-2.23B	191.10M	1.43B	847.43M	659.56M
Net Income	-3.15B	-3.20B	-600.25M	527.27M	189.65M	46.32M
Balance Sheet
Total Assets	6.33B	6.63B	10.32B	12.07B	11.31B	10.23B
Cash, Cash Equivalents and Short-Term Investments	466.51M	663.49M	750.27M	1.33B	962.73M	1.06B
Total Debt	2.61B	2.52B	2.58B	3.03B	3.43B	3.16B
Total Liabilities	2.99B	2.98B	3.49B	4.42B	5.16B	5.10B
Stockholders Equity	3.33B	3.64B	6.83B	7.65B	6.15B	5.13B
Cash Flow
Free Cash Flow	-22.68M	173.36M	61.23M	167.93M	-1.13B	-431.12M
Operating Cash Flow	50.44M	311.19M	712.25M	1.37B	172.79M	500.91M
Investing Cash Flow	1.97M	25.29M	-628.51M	-1.53B	-1.45B	-1.33B
Financing Cash Flow	-65.64M	-348.29M	-656.63M	516.27M	1.06B	259.75M

TSEC Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6443 against its peers
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:4971	54Neutral	TWD 18.89B	86.58	―	0.21%	24.36%	―
TW:3691	48Neutral	TWD 13.36B	52.56	―	―	88.10%	―
TW:4768	42Neutral	TWD 13.93B	-387.84	―	0.30%	118.90%	-282.44%
TW:6443	38Underperform	TWD 14.87B	-4.55	―	―	-54.72%	-212.42%
TW:2340	30Underperform	TWD 18.47B	-22.37	―	―	5.05%	34.85%
TW:3149	28Underperform	TWD 19.52B	-32.18	―	―	7.57%	16.45%

* General Sector Average

Performance Comparison

TW:6443 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6443	TSEC Corporation	28.00	14.60	108.96%
TW:2340	Taiwan-Asia Semiconductor Corporation	40.05	15.00	59.88%
TW:3149	G-Tech Optoelectronics Corporation	67.90	33.67	98.35%
TW:3691	Giga Solar Materials Corp.	143.50	73.73	105.68%
TW:4768	Ingentec Corporation	287.00	68.87	31.57%
TW:4971	IntelliEPI Inc. (Cayman)	400.00	240.84	151.31%

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

TSEC Corporation AI Stock Analysis