MIKOBEAUTE INTERNATIONAL CO., LTD. (6574) AI Stock Analysis

MIKOBEAUTE INTERNATIONAL CO., LTD.

(TPEx:6574)

Select Model

Rating:66Neutral

Price Target:TWD 105.00▼(-3.23% Downside)

Action:initiatedcoverage

Date:11/09/26

Mikobeaute scores moderately well, driven primarily by a solid financial profile: a very conservative balance sheet (0.15x debt-to-equity, equity funding ~81% of assets), a strong profit rebound with margins at multi-year highs, and improving ROE of 16.8%. A cheap 7.55x P/E and 3.09% dividend yield further support the case. The score is held back mainly by poor technicals — the stock trades below all key moving averages with negative MACD in a clear downtrend — and by fundamental caveats including a sharp gross margin decline, revenue still well below 2020 levels, and free cash flow falling ~75% on heavy capital spending. Sustained top-line recovery and a stabilising share price would be needed for a higher rating.

Positive Factors

Strong profitabilityThe company’s high gross, operating, and net margins indicate strong economics in its beauty and personal care activities. If maintained, this profitability provides room to fund product development, distribution, and growth while supporting resilience against operating pressures.

Negative Factors

Weak free cash flow conversionThe sharp decline in free cash flow means accounting profitability translated into substantially less discretionary cash in 2025. Persistently weaker conversion could constrain reinvestment, dividends, or debt reduction and makes future cash generation an important durability risk.

MIKOBEAUTE INTERNATIONAL CO., LTD. (6574) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.47B
Dividend Yield: 2.76%
Average Volume (3M): 45.85K
Price to Earnings (P/E): 8.3
Beta (1Y): 0.26
Revenue Growth: 20.16%
EPS Growth: 136.85%
Country: TW
Employees: 543
Sector: General
Sector Strength: 55
Industry: Household & Personal Products

MIKOBEAUTE INTERNATIONAL CO., LTD. Business Overview & Revenue Model

Company Description

Mikobeaute International Co., Ltd. specializes in the distribution and direct sale of cosmetic products, reaching customers both in Taiwan and across international borders. The company markets its diverse range of beauty solutions under several brand...

MIKOBEAUTE INTERNATIONAL CO., LTD. Financial Statement Overview

Summary

Strong overall financial footing. Earnings inflected sharply higher, with revenue up ~6.5% to NT$621.7m, operating margin expanding to 28.3% from 19.4%, and net income up ~66% to NT$149.9m (24.1% net margin, a multi-year high). The balance sheet is a standout: equity funds ~81% of assets, debt-to-equity is just 0.15x, EBITDA covers total borrowings nearly 2x, and ROE improved to 16.8%. Offsetting this, gross margin compressed sharply to 57.1% from the prior 73–79% range, revenue remains well below 2020 levels, and free cash flow fell ~75% to NT$28.2m as capital spending consumed most of the NT$158.3m operating cash flow. Operating cash flow still fully covers net income (1.06x), supporting earnings quality.

Income Statement

72Positive

Balance Sheet

83Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	734.05M	621.68M	583.69M	620.02M	681.25M	648.27M
Gross Profit	379.36M	355.15M	431.64M	479.49M	526.17M	496.37M
EBITDA	336.06M	246.90M	163.48M	127.27M	172.34M	86.10M
Net Income	291.14M	149.91M	90.26M	46.52M	68.05M	13.82M
Balance Sheet
Total Assets	1.35B	1.11B	834.37M	844.12M	925.38M	897.07M
Cash, Cash Equivalents and Short-Term Investments	659.31M	439.78M	486.98M	578.00M	579.61M	511.61M
Total Debt	120.43M	134.51M	79.47M	87.95M	138.74M	133.57M
Total Liabilities	283.84M	213.10M	164.40M	202.96M	252.34M	266.64M
Stockholders Equity	1.07B	892.46M	669.97M	641.16M	666.04M	624.80M
Cash Flow
Free Cash Flow	211.88M	28.16M	113.80M	145.21M	135.69M	40.85M
Operating Cash Flow	305.74M	158.32M	124.82M	149.28M	164.78M	73.42M
Investing Cash Flow	-74.44M	15.21M	-98.46M	-610.00K	-66.11M	33.35M
Financing Cash Flow	-87.09M	-92.47M	-111.40M	-129.13M	-81.31M	-60.80M

MIKOBEAUTE INTERNATIONAL CO., LTD. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6574 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4138	68Neutral	TWD 2.15B	15.50	―	7.81%	-1.10%	-16.90%
TW:6574	66Neutral	TWD 2.39B	8.31	―	2.76%	20.16%	136.85%
TW:2937	57Neutral	TWD 2.06B	10.51	―	4.03%	12.09%	10.86%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1325	41Neutral	TWD 2.16B	-62.78	―	1.19%	-21.19%	47.07%
TW:4714	37Underperform	TWD 2.37B	-13.16	―	1.77%	74.42%	-247.01%

* General Sector Average

Performance Comparison

TW:6574 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6574	MIKOBEAUTE INTERNATIONAL CO., LTD.	108.50	35.68	48.99%
TW:1325	Universal Incorporation	25.30	-5.95	-19.04%
TW:2937	Gseven Co., Ltd.	43.05	4.52	11.72%
TW:2942	Jing-Jan Retail Business Co., Ltd.	34.80	6.06	21.11%
TW:4138	Dynamic Medical Technologies Inc.	53.80	-5.91	-9.90%
TW:4714	U-Best Innovative Technology Co.,Ltd	10.70	-6.22	-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

MIKOBEAUTE INTERNATIONAL CO., LTD. AI Stock Analysis