Cystech Electronics Corp. (6651) AI Stock Analysis

Cystech Electronics Corp.

(TPEx:6651)

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Rating:65Neutral

Price Target:TWD 118.00▼(-9.92% Downside)

Action:initiatedcoverage

Date:11/09/26

Cystech Electronics earns a moderate score. Its greatest strength is financial resilience: an almost debt-free balance sheet (0.04 debt-to-equity), equity funding over 80% of assets, 17.1% ROE and free cash flow equal to roughly 95% of net income. Valuation adds support, with a 12.9x P/E and a 3.65% dividend yield. These positives are offset by two concerns. First, earnings momentum has weakened — net income fell ~23%, operating margin compressed from 24.6% to 18.0%, and revenue remains below its 2022 peak amid semiconductor cyclicality. Second, and most immediately, the share price is in a pronounced downtrend, trading below all major moving averages with a deeply negative MACD; the oversold RSI and Stochastic readings suggest the selling may be stretched, but trend confirmation is still absent. A low-risk financial foundation and cheap valuation underpin the score, while margin erosion and negative price trend keep it from rising further.

Positive Factors

Low-Leverage Balance SheetThe sharp reduction in leverage gives Cystech greater resilience through semiconductor cycles and lowers financial risk. A stronger balance sheet preserves flexibility to fund operations, sustain investment, and manage weaker demand without relying heavily on external financing.

Negative Factors

Choppy Revenue GrowthRepeated revenue declines indicate that demand and business momentum have been uneven rather than steadily expanding. Continued top-line volatility can limit operating leverage, make planning less predictable, and reduce the durability of near-term earnings growth.

Cystech Electronics Corp. (6651) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.65B
Dividend Yield: 3.05%
Average Volume (3M): 196.46K
Price to Earnings (P/E): 15.0
Beta (1Y): 1.14
Revenue Growth: -2.52%
EPS Growth: 34.22%
Country: TW
Employees: 96
Sector: General
Sector Strength: 55
Industry: Semiconductors

Cystech Electronics Corp. Business Overview & Revenue Model

Company Description

Cystech Electronics Corp. is a global provider specializing in the design, development, manufacture, and supply of power management semiconductors. Their extensive product portfolio serves diverse sectors including computing, consumer electronics, te...

Cystech Electronics Corp. Financial Statement Overview

Summary

A conservative, cash-generative profile offsets softening earnings momentum. The balance sheet is the standout (score 84): total debt of just NT$55 million against NT$1.27 billion of equity (0.04 debt-to-equity), with equity funding ~82% of assets and ROE still a respectable 17.1%. Cash flow is healthy (score 74): NT$305 million operating and NT$292 million free cash flow, with FCF at ~95% of net income and minimal capital intensity, though FCF fell ~31% from 2024 and has been lumpy across the cycle. The income statement is the weak link (score 64): revenue of NT$1.50 billion is only modestly above 2024 and still below the 2022 peak, while net income dropped ~23% to NT$218 million and operating margin compressed from 24.6% to 18.0%. Profitable every year, but margin pressure and semiconductor cyclicality cap the score.

Income Statement

64Positive

Balance Sheet

84Very Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.57B	1.50B	1.45B	1.34B	1.70B	1.63B
Gross Profit	553.45M	521.20M	511.32M	463.97M	661.81M	582.13M
EBITDA	393.80M	295.48M	373.13M	262.04M	418.60M	326.47M
Net Income	309.11M	218.45M	283.38M	188.37M	305.48M	253.02M
Balance Sheet
Total Assets	1.76B	1.55B	1.67B	1.95B	1.80B	1.47B
Cash, Cash Equivalents and Short-Term Investments	483.37M	518.43M	471.11M	700.54M	414.41M	324.60M
Total Debt	81.92M	55.13M	86.11M	623.93M	364.91M	169.60M
Total Liabilities	445.59M	276.80M	375.24M	807.13M	645.64M	501.66M
Stockholders Equity	1.31B	1.27B	1.30B	1.15B	1.16B	966.04M
Cash Flow
Free Cash Flow	265.65M	291.63M	420.14M	323.90M	78.71M	-8.45M
Operating Cash Flow	364.80M	305.50M	444.19M	335.77M	83.17M	-2.06M
Investing Cash Flow	-83.08M	9.97M	213.80M	-291.90M	-62.20M	19.63M
Financing Cash Flow	-219.28M	-272.69M	-676.01M	36.68M	63.86M	53.96M

Cystech Electronics Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6651 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6651	65Neutral	TWD 4.33B	15.01	―	3.05%	-2.52%	34.22%
TW:5299	64Neutral	TWD 4.05B	10.85	―	4.59%	-8.83%	69.15%
TW:3317	56Neutral	TWD 4.60B	27.66	―	0.97%	0.01%	-22.67%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:7712	55Neutral	TWD 4.40B	19.62	―	2.96%	19.62%	54.20%
TW:8162	52Neutral	TWD 3.79B	41.11	―	2.65%	-0.61%	-30.74%
TW:1595	39Underperform	TWD 3.65B	-42.76	―	0.73%	22.29%	20.09%

* General Sector Average

Performance Comparison

TW:6651 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6651	Cystech Electronics Corp.	131.00	58.54	80.78%
TW:1595	Chime Ball Technology Co., Ltd.	64.40	27.33	73.74%
TW:3317	Niko Semiconductor Co., Ltd.	51.80	1.69	3.37%
TW:5299	Excelliance MOS Corp.	79.80	7.47	10.32%
TW:7712	Potens Semiconductor Corp.	135.00	45.73	51.23%
TW:8162	Micro Silicon Electronics Co Ltd	56.60	22.30	65.02%

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

Cystech Electronics Corp. AI Stock Analysis