Apex Material Technology Corp. (6899) AI Stock Analysis

Apex Material Technology Corp.

(TPEx:6899)

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Rating:70Outperform

Price Target:TWD 50.00▲(2.46% Upside)

Action:initiatedcoverage

Date:11/09/26

Apex Material Technology scores well on financial strength and valuation, offset by poor price momentum. The balance sheet is the anchor — very low leverage, a large equity cushion and consistently positive free cash flow — while revenue rebounded roughly 27% after two down years. At 10.2x earnings with a 6.1% dividend yield, the shares look inexpensive and offer strong income. The main drags are technical: the stock sits below all key moving averages with negative MACD, and fundamentally, margins have eroded steadily since 2020, return on equity has halved since 2022, and free cash flow has fallen for three consecutive years. Deeply oversold RSI suggests the selling may be stretched, but confirmation of a turn is still lacking. Weights reflect the priority of financial performance, with the earnings call and corporate events components excluded for lack of data and their weight redistributed proportionally.

Positive Factors

Healthy ProfitabilityStrong gross and net margins indicate that Apex retains meaningful value from its engineered materials and processing activities. This profitability provides an operating cushion, supports internal reinvestment, and gives the company a durable earnings base even as demand conditions fluctuate.

Negative Factors

Uneven Revenue TrajectoryThe recent rebound does not yet establish a consistently expanding revenue trend because it followed declines in the prior two years. This uneven demand profile can make capacity planning, investment decisions, and earnings forecasting less dependable over the medium term.

Apex Material Technology Corp. (6899) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.04B
Dividend Yield: 5.74%
Average Volume (3M): 12.85K
Price to Earnings (P/E): 12.5
Beta (1Y): 0.40
Revenue Growth: 1.56%
EPS Growth: 9.82%
Country: TW
Employees: 330
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Apex Material Technology Corp. Business Overview & Revenue Model

Company Description

Founded in 1998 and based in Keelung City, Taiwan, Apex Material Technology Corp., along with its affiliated companies, specializes in delivering touch technology solutions across Taiwan. The company manufactures and distributes both resistive and pr...

Apex Material Technology Corp. Financial Statement Overview

Summary

A conservatively financed, cash-generative business. The balance sheet is the standout (score 80): equity funds ~81% of assets and debt-to-equity is just 0.11, leaving minimal solvency risk. The income statement (68) shows a strong ~27% revenue rebound to NT$1.19bn with healthy 39.6% gross and 12.6% net margins, though margins have eroded every year since 2020 and profit growth (+7%) lagged sales badly. Cash flow (70) is high quality — operating cash flow covers net income 1.1x and free cash flow is solidly positive — but FCF has declined three years running, from NT$314m in 2022 to NT$146m. Return on equity of 8.0% is roughly half the 2022 level, indicating weak capital efficiency.

Income Statement

68Positive

Balance Sheet

80Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	1.18B	1.19B	940.38M	1.04B	1.41B	1.30B
Gross Profit	454.64M	473.51M	381.82M	424.26M	607.90M	520.79M
EBITDA	243.85M	258.15M	230.00M	271.71M	379.44M	308.56M
Net Income	186.30M	150.61M	140.76M	174.56M	305.98M	189.13M
Balance Sheet
Total Assets	2.40B	2.31B	2.27B	2.01B	2.27B	2.13B
Cash, Cash Equivalents and Short-Term Investments	869.45M	814.05M	819.66M	588.00M	680.67M	471.02M
Total Debt	204.40M	205.59M	220.51M	234.24M	245.30M	282.67M
Total Liabilities	544.92M	433.58M	407.08M	399.86M	595.30M	644.02M
Stockholders Equity	1.86B	1.88B	1.86B	1.61B	1.68B	1.48B
Cash Flow
Free Cash Flow	135.04M	145.67M	177.69M	192.98M	314.19M	77.38M
Operating Cash Flow	158.69M	163.90M	195.75M	209.18M	362.99M	184.57M
Investing Cash Flow	-32.65M	-50.32M	-49.43M	-44.26M	-45.51M	-604.55M
Financing Cash Flow	-117.77M	-146.04M	83.99M	-151.89M	-158.59M	-106.41M

Apex Material Technology Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6899 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6899	70Outperform	TWD 2.07B	12.54	―	5.74%	1.56%	9.82%
TW:6967	63Neutral	TWD 1.93B	12.15	―	5.44%	22.39%	53.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1735	53Neutral	TWD 1.90B	16.50	―	3.37%	1.82%	132.90%
TW:8935	39Underperform	TWD 1.96B	-28.69	―	―	-13.84%	12.29%
TW:6698	38Underperform	TWD 2.06B	-16.69	―	1.57%	10.60%	-30.07%

* General Sector Average

Performance Comparison

TW:6899 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6899	Apex Material Technology Corp.	48.80	-1.55	-3.09%
TW:1735	Evermore Chemical Industry Co., Ltd.	19.30	4.87	33.72%
TW:6698	FineMat Applied Materials Co., Ltd.	31.25	0.36	1.18%
TW:6967	Trans-Sun Materials Technology Co., Ltd.	65.40	9.77	17.55%
TW:7879	Advanced Material Systems Corp	54.30	-94.62	-63.54%
TW:8935	Pontex Polyblend Co. Ltd.	17.40	-1.25	-6.70%

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

Apex Material Technology Corp. AI Stock Analysis