APAQ Technology Co., Ltd. (6449) AI Stock Analysis

APAQ Technology Co., Ltd.

(TWSE:6449)

Select Model

Rating:62Neutral

Price Target:TWD 158.00▼(-2.47% Downside)

Action:initiatedcoverage

Date:11/10/26

Strong operating growth and a reasonably solid balance sheet are the primary supports, but deteriorating free cash flow and increasing leverage reduce the financial score. Weak technical momentum is the largest secondary risk, while valuation provides moderate support.

Positive Factors

Power-management specializationAPAQ operates in a specialized power-management niche serving several electronics end markets, giving its products broad relevance across industrial, communications, computing, and other equipment. This diversified application base can support durable demand and reduce reliance on any single customer segment.

Negative Factors

Rising leverageAlthough leverage remains moderate, debt has grown faster than equity in recent years, reducing financial flexibility. A higher debt burden can constrain capital allocation and make APAQ less resilient if demand softens, while increasing the importance of maintaining steady profitability and cash generation.

APAQ Technology Co., Ltd. (6449) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 14.41B
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

Strong revenue and EBIT growth and a generally sound balance sheet support the score. However, rising debt-to-equity, modest margin pressure, and a sharp decline in free cash flow weigh on financial quality.

Income Statement

78Positive

Balance Sheet

72Positive

Cash Flow

55Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6449 against its peers
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	62Neutral	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

TW:6449 and its peers over the selected period
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%

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

APAQ Technology Co., Ltd. AI Stock Analysis