Taiwan Name Plate Co., Ltd. (6593) AI Stock Analysis

Taiwan Name Plate Co., Ltd.

(TPEx:6593)

Select Model

Rating:42Neutral

Price Target:TWD 30.00▼(-4.46% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held back primarily by deteriorating fundamentals: a one-third revenue decline to NT$418.0 million, margin compression, a NT$57.6 million net loss, and negative operating and free cash flow. Technicals reinforce the caution, with the price trading below all major moving averages and negative MACD momentum. Valuation offers little help given negative earnings and a modest 1.45% dividend yield. The key mitigating factor is a fortress balance sheet — essentially no debt and equity funding roughly 90% of assets — which gives the company staying power to ride out losses. A recovery in demand could restore operating leverage quickly, but until then the risk profile remains elevated.

Positive Factors

Conservative Balance SheetExtremely low leverage and a large equity cushion reduce balance-sheet strain, preserve borrowing capacity, and give the company flexibility to withstand operating weakness or fund customer and product initiatives without relying heavily on debt.

Negative Factors

Sharp Profitability DeteriorationProfitability deteriorated sharply in 2025: revenue fell to 418.0M, net margin moved from 1.5% in 2024 to -13.8%, and EBIT and EBITDA margins were negative. This weakens internal funding, reduces resilience, and makes near-term earnings recovery more important.

Taiwan Name Plate Co., Ltd. (6593) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 987.55M
Dividend Yield: 1.42%
Average Volume (3M): 36.32K
Price to Earnings (P/E): -11.7
Beta (1Y): 0.39
Revenue Growth: -0.05%
EPS Growth: -20.36%
Country: TW
Employees: 220
Sector: General
Sector Strength: 55
Industry: Business Equipment & Supplies

Taiwan Name Plate Co., Ltd. Business Overview & Revenue Model

Company Description

Taiwan Name Plate Co., Ltd. specializes in the manufacturing and bespoke customization of various cards and nameplates. Its diverse product range encompasses a wide array of cards, including dual-interface, contactless, and contact-only IC cards, alo...

Taiwan Name Plate Co., Ltd. Financial Statement Overview

Summary

Results are weak on the earnings and cash side, offset by an exceptionally strong balance sheet. Revenue fell about one-third to NT$418.0 million — a third straight annual decline — gross margin compressed to 19.2%, and the company swung to a NT$57.6 million net loss (-13.8% margin) from a small profit. Cash generation reversed too, with operating cash flow at -NT$5.5 million and free cash flow at -NT$29.1 million after roughly NT$24 million of capex. The offset is a near debt-free structure: borrowings cut to NT$5.7 million against NT$894.2 million of equity, which funds about 90% of assets, giving ample capacity to absorb losses. However, returns on that capital are poor (ROE -6.4%, never above 6.4% in six years), pointing to a structurally low-margin, cyclical business.

Income Statement

24Negative

Balance Sheet

76Positive

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	421.18M	418.00M	628.69M	668.28M	519.72M	570.76M
Gross Profit	80.97M	80.11M	160.08M	200.70M	109.23M	142.32M
EBITDA	-55.54M	-35.60M	48.87M	93.63M	38.02M	54.37M
Net Income	-81.51M	-57.55M	9.59M	45.24M	2.49M	16.62M
Balance Sheet
Total Assets	1.01B	988.14M	965.45M	1.01B	923.93M	889.25M
Cash, Cash Equivalents and Short-Term Investments	248.50M	246.47M	217.84M	183.48M	193.89M	115.27M
Total Debt	55.47M	5.69M	152.20M	142.25M	284.24M	245.85M
Total Liabilities	155.18M	91.35M	267.74M	304.58M	404.25M	415.30M
Stockholders Equity	853.94M	894.24M	695.41M	702.60M	519.68M	473.95M
Cash Flow
Free Cash Flow	-94.46M	-29.13M	67.42M	-3.81M	10.14M	53.03M
Operating Cash Flow	-30.02M	-5.50M	81.87M	26.45M	32.70M	80.45M
Investing Cash Flow	-93.18M	-105.65M	-23.62M	-20.27M	-4.32M	-37.06M
Financing Cash Flow	156.18M	105.72M	-27.45M	-11.32M	69.49M	-30.68M

Taiwan Name Plate Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6593 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8410	64Neutral	TWD 843.38M	5.26	―	6.94%	-17.97%	34.57%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6158	44Neutral	TWD 875.22M	-9.51	―	6.24%	-0.14%	-286.70%
TW:6593	42Neutral	TWD 981.30M	-11.72	―	1.42%	-0.05%	-20.36%
TW:8421	38Underperform	TWD 853.77M	31.39	―	―	10.54%	―
TW:8906	38Underperform	TWD 1.05B	-32.74	―	0.40%	-5.45%	-15.54%

* General Sector Average

Performance Comparison

TW:6593 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6593	Taiwan Name Plate Co., Ltd.	31.40	-10.70	-25.42%
TW:3184	MicroBase Technology Corp.	13.75	1.20	9.58%
TW:6158	P-Two Industries Inc.	16.25	-6.15	-27.46%
TW:8410	Sentien Printing Factory Co., Ltd.	23.05	-13.29	-36.57%
TW:8421	Xu Yuan Packaging Technology Co., Ltd.	13.65	1.57	12.97%
TW:8906	Forward Graphic Enterprise Co., Ltd.	24.95	-4.30	-14.70%

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

Taiwan Name Plate Co., Ltd. AI Stock Analysis