APAQ Technology Co., Ltd. AI Stock Analysis
APAQ Technology Co., Ltd. (6449) AI Stock Analysis
APAQ Technology Co., Ltd.
(TWSE:6449)
APAQ's fundamentals carry the score: accelerating revenue growth, a third consecutive year of gross margin expansion and healthy operating cash flow, backed by a conservatively funded balance sheet. These strengths are tempered by a collapse in free cash flow to NT$94 million amid aggressive capacity spending and a ~40% increase in debt, making execution the key risk. The share price trend is the biggest drag — the stock sits well below all major moving averages with a deeply negative MACD, signalling persistent downward momentum, though RSI and Stochastic readings show the selling is now extreme. An undemanding 17.2x P/E and 2.8% dividend yield provide valuation support, leaving an overall moderately positive but momentum-constrained profile.
APAQ Technology Co., Ltd. (6449) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 14.63B
- Dividend Yield
- 2.59%
- Average Volume (3M)
- 1.83M
- Price to Earnings (P/E)
- 16.4
- Beta (1Y)
- 1.81
- Revenue Growth
- 23.72%
- EPS Growth
- 47.19%
- Country
- TW
- Employees
- 855
- Sector
- General
- Sector Strength
- 55
- Industry
- Hardware, Equipment & Parts
APAQ Technology Co., Ltd. Business Overview & Revenue Model
Company Description
Apaq Technology Co., Ltd., together with its subsidiaries, engages in the research, development, manufacture, and sale of electronic components in Taiwan, Asia, and internationally. It offers conductive polymer aluminum electrolytic and solid capacit...
APAQ Technology Co., Ltd. Financial Statement Overview
Summary
APAQ is in a strong growth phase: revenue rose about 28% to NT$4.47 billion, gross margin expanded for a third straight year to 34.7%, and net income grew about 21% to NT$649 million (Income Statement 78). The balance sheet is solid with equity funding roughly 55% of assets, steady ~13.5% ROE and moderate 0.52 debt-to-equity, though total debt jumped nearly 40% year over year (Balance Sheet 71). Cash flow is the weak link (55): operating cash flow of NT$804 million comfortably exceeded net income, but heavy capex of roughly NT$710 million cut free cash flow about 77% to NT$94 million, limiting near-term flexibility. Slightly lower net and EBITDA margins add a note of caution on execution of the capacity build.
Income Statement
78PositiveBalance Sheet
71PositiveCash Flow
55Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.93B | 4.47B | 3.50B | 2.93B | 2.49B | 2.82B |
| Gross Profit | 1.72B | 1.55B | 1.05B | 796.85M | 648.95M | 746.86M |
| EBITDA | 1.27B | 1.10B | 980.17M | 625.00M | 714.28M | 629.24M |
| Net Income | 816.16M | 648.68M | 534.39M | 328.38M | 338.43M | 306.37M |
Balance Sheet | ||||||
| Total Assets | 11.61B | 8.69B | 6.86B | 4.92B | 4.92B | 4.60B |
| Cash, Cash Equivalents and Short-Term Investments | 1.67B | 1.81B | 1.59B | 1.15B | 1.38B | 966.42M |
| Total Debt | 2.72B | 2.51B | 1.80B | 1.32B | 1.64B | 1.34B |
| Total Liabilities | 4.61B | 3.80B | 2.82B | 2.01B | 2.20B | 2.05B |
| Stockholders Equity | 6.93B | 4.80B | 3.92B | 2.91B | 2.72B | 2.55B |
Cash Flow | ||||||
| Free Cash Flow | -447.65M | 93.74M | 399.64M | 307.83M | 319.15M | -85.48M |
| Operating Cash Flow | 663.69M | 803.57M | 663.23M | 490.35M | 545.39M | 253.15M |
| Investing Cash Flow | -1.21B | -881.69M | -462.20M | -38.06M | -216.96M | -378.71M |
| Financing Cash Flow | 235.71M | 313.99M | 201.18M | -551.78M | 71.28M | 271.43M |
APAQ Technology Co., Ltd. Peers Comparison
Overall Rating
TW:624564Neutral- TW:644964Neutral
TW:370457Neutral
TW:490652Neutral
TW:530942Neutral
TW:338039Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6245 | 64Neutral | TWD 12.61B | 17.60 | ― | 4.29% | 11.74% | 8.17% |
| TW:6449 | 64Neutral | TWD 14.70B | 16.37 | ― | 2.59% | 23.72% | 47.19% |
| TW:3704 | 57Neutral | TWD 14.44B | 11.19 | ― | 1.13% | 4.90% | 31.87% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:4906 | 52Neutral | TWD 15.97B | 719.00 | ― | 1.33% | -20.19% | ― |
| TW:5309 | 42Neutral | TWD 13.18B | 299.47 | ― | 0.89% | 11.31% | 81.90% |
| TW:3380 | 39Underperform | TWD 15.57B | 60.80 | ― | 1.75% | 10.82% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:6449 | APAQ Technology Co., Ltd. | 162.00 | -9.80 | -5.70% | |
| TW:3380 | Alpha Networks Inc. | 28.60 | -1.53 | -5.09% | |
| TW:3704 | Zyxel Group Corporation | 35.30 | -0.49 | -1.37% | |
| TW:4906 | GemTek Technology Co., Ltd. | 35.50 | 8.84 | 33.17% | |
| TW:5309 | Sysgration Ltd. | 55.90 | -0.44 | -0.78% | |
| TW:6245 | Lanner Electronics Inc. | 88.50 | 18.32 | 26.10% |
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