P-DUKE Technology Co. Ltd (8109) AI Stock Analysis

P-DUKE Technology Co. Ltd

(TPEx:8109)

Select Model

Rating:71Outperform

Price Target:TWD 130.00▲(5.26% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is driven primarily by strong fundamentals: an exceptionally conservative balance sheet, consistent ~48% gross margins, and operating cash flow that exceeds reported profit. A moderate 16.4x P/E and a 3.8% dividend yield add valuation and income appeal. The main drags are a three-year erosion in margins and return on equity alongside weaker free cash flow conversion, plus a decidedly negative technical picture, with the price below all key moving averages and negative MACD — though oversold RSI and Stochastic readings suggest the selling may be nearing exhaustion.

Positive Factors

Strong ProfitabilityPersistently high gross margins and a 29% net margin indicate meaningful pricing power and operating efficiency in the power-conversion business. This profitability provides internal funding for product development and helps the company remain resilient through normal changes in demand over the next several quarters.

Negative Factors

Weakening Free Cash FlowPositive but declining free cash flow signals that a smaller portion of accounting profit is currently available after investment and working-capital needs. If this persists, it could constrain discretionary capital allocation and reduce the cash support available for future expansion or shareholder returns.

P-DUKE Technology Co. Ltd (8109) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 9.89B
Dividend Yield: 3.64%
Average Volume (3M): 303.69K
Price to Earnings (P/E): 14.8
Beta (1Y): 0.67
Revenue Growth: 32.66%
EPS Growth: 44.89%
Country: TW
Employees: 406
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

P-DUKE Technology Co. Ltd Business Overview & Revenue Model

Company Description

Founded in 1992, P-Duke Technology Co.,Ltd. operates from its headquarters in Taichung, Taiwan. The company is a specialist in the comprehensive development, manufacturing, sales, and support of DC/DC converters and associated power conversion produc...

P-DUKE Technology Co. Ltd Financial Statement Overview

Summary

P-DUKE combines a fortress balance sheet (debt/equity of just 0.09x, equity funding ~79% of assets) with durable ~48% gross margins held for six consecutive years. Revenue rebounded to NT$1.74bn in 2025 after a ~21% contraction in 2024, and operating cash flow of NT$601m exceeded net income (~1.2x), confirming high earnings quality. Offsetting this, profitability has declined for three straight years — operating margin fell to 36.4% from 43.4%, net margin to 29.2%, and ROE to 16.3% from 27.2% in 2022 — while elevated capex of ~NT$292m cut free cash flow 15% to NT$310m and halved cash conversion to ~51%.

Income Statement

72Positive

Balance Sheet

88Very Positive

Cash Flow

75Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.94B	1.74B	1.51B	1.93B	1.80B	1.51B
Gross Profit	965.49M	837.97M	726.76M	926.19M	835.50M	727.80M
EBITDA	794.47M	682.13M	701.09M	862.07M	930.96M	535.62M
Net Income	610.23M	508.01M	532.13M	638.63M	691.80M	387.08M
Balance Sheet
Total Assets	3.89B	3.95B	3.65B	3.77B	5.12B	4.03B
Cash, Cash Equivalents and Short-Term Investments	1.60B	1.92B	1.98B	2.14B	3.40B	2.64B
Total Debt	218.99M	276.40M	241.10M	268.22M	1.97B	1.50B
Total Liabilities	891.44M	836.87M	603.36M	764.27M	2.57B	2.00B
Stockholders Equity	3.00B	3.11B	3.05B	3.01B	2.55B	2.03B
Cash Flow
Free Cash Flow	348.50M	309.55M	426.29M	753.69M	484.65M	345.83M
Operating Cash Flow	535.24M	601.11M	528.54M	871.87M	598.65M	429.61M
Investing Cash Flow	-689.44M	-416.25M	107.01M	20.68M	-123.06M	-241.64M
Financing Cash Flow	-418.60M	-337.71M	-522.80M	-1.99B	267.12M	473.62M

P-DUKE Technology Co. Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8109 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1612	74Outperform	TWD 9.69B	8.17	―	8.16%	-0.25%	40.84%
TW:8109	71Outperform	TWD 9.89B	14.80	―	3.64%	32.66%	44.89%
TW:4916	61Neutral	TWD 11.98B	15.88	―	0.48%	32.18%	315.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6834	44Neutral	TWD 9.54B	35.12	―	0.37%	47.04%	875.06%
TW:2231	34Underperform	TWD 10.66B	-88.27	―	0.63%	-20.55%	-146.86%

* General Sector Average

Performance Comparison

TW:8109 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8109	P-DUKE Technology Co. Ltd	123.50	27.96	29.26%
TW:1612	Hong Tai Electric Industrial Co., Ltd.	30.65	-3.20	-9.46%
TW:2231	CUB Elecparts, Inc.	79.00	-22.00	-21.78%
TW:4916	PARPRO Corporation	103.50	54.67	111.97%
TW:6834	Ever Ohms Technology Co. Ltd.	104.50	77.18	282.53%
TW:7927	Linkage Electric Co., Ltd.	202.00	-70.00	-25.74%

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

P-DUKE Technology Co. Ltd AI Stock Analysis