Amax Holding Co., Ltd. (6933) AI Stock Analysis

Amax Holding Co., Ltd.

(TWSE:6933)

Select Model

Rating:53Neutral

Price Target:TWD 326.00▼(-9.44% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by negative operating and free cash flow, declining profitability, and lower capital efficiency. Weak technical momentum and a high P/E ratio provide additional headwinds despite strong revenue and earnings growth and a manageable debt position.

Positive Factors

Revenue ReboundThe sharp 2025 revenue recovery shows that demand can return after a weaker period, supporting the company’s ability to regain scale. If sustained, stronger sales can improve operating leverage, broaden customer reach, and provide a foundation for rebuilding earnings over the next several quarters.

Negative Factors

Negative Cash ConversionThe disconnect between positive earnings and deeply negative operating and free cash flow is a material weakness in earnings quality. Persistently poor cash conversion could increase funding needs, constrain investment flexibility, and make the business more vulnerable to working-capital or spending pressures.

Amax Holding Co., Ltd. (6933) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 14.49B
Dividend Yield: 0.69%
Average Volume (3M): 1.82M
Price to Earnings (P/E): 45.3
Beta (1Y): 1.39
Revenue Growth: 15.37%
EPS Growth: 49.10%
Country: TW
Employees: 412
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Amax Holding Co., Ltd. Business Overview & Revenue Model

Company Description

Amax Holding Co., Ltd. specializes in the development, manufacturing, and commercialization of sophisticated server hardware solutions for businesses. Their portfolio of offerings encompasses cutting-edge high-performance computing platforms for arti...

Amax Holding Co., Ltd. Financial Statement Overview

Summary

Revenue and net income growth are strong, and the balance sheet is generally manageable. However, declining margins, lower return on equity, and sharply negative operating and free cash flow are significant weaknesses.

Income Statement

65Positive

Balance Sheet

75Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.62B	6.99B	5.49B	6.08B	6.75B	5.21B
Gross Profit	1.24B	872.18M	739.90M	990.22M	836.23M	652.26M
EBITDA	582.86M	321.46M	281.77M	405.04M	330.80M	342.26M
Net Income	341.68M	213.00M	163.91M	253.48M	184.52M	249.71M
Balance Sheet
Total Assets	6.31B	3.99B	4.24B	3.62B	2.26B	2.33B
Cash, Cash Equivalents and Short-Term Investments	1.10B	865.41M	1.68B	892.22M	263.58M	96.48M
Total Debt	1.31B	750.56M	223.52M	538.14M	267.50M	481.94M
Total Liabilities	3.80B	1.70B	2.05B	1.69B	1.05B	1.39B
Stockholders Equity	2.51B	2.29B	2.19B	1.93B	1.21B	939.63M
Cash Flow
Free Cash Flow	-564.68M	-1.09B	1.06B	232.29M	295.49M	-289.07M
Operating Cash Flow	-477.94M	-1.03B	1.08B	251.83M	304.86M	-284.19M
Investing Cash Flow	-40.70M	5.76M	-28.86M	-83.59M	-9.34M	-4.88M
Financing Cash Flow	694.52M	340.67M	-394.64M	487.33M	-265.37M	184.15M

Amax Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6933 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:3022	62Neutral	TWD 12.93B	9.38	―	4.77%	26.50%	43.52%
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:6933	53Neutral	TWD 15.22B	45.35	―	0.69%	15.37%	49.10%
TW:3380	39Underperform	TWD 15.57B	60.80	―	1.75%	10.82%	―

* General Sector Average

Performance Comparison

TW:6933 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6933	Amax Holding Co., Ltd.	360.00	192.61	115.06%
TW:3022	IEI Integration Corporation	73.30	8.15	12.51%
TW:3380	Alpha Networks Inc.	28.60	-1.14	-3.84%
TW:3704	Zyxel Group Corporation	35.30	0.40	1.15%
TW:6245	Lanner Electronics Inc.	88.50	20.51	30.17%
TW:7805	QNAP Systems, Inc.	388.50	-189.67	-32.81%

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 10, 2026

Amax Holding Co., Ltd. AI Stock Analysis