ShineMore Technology Materials Co., Ltd. (8291) AI Stock Analysis

ShineMore Technology Materials Co., Ltd.

(TPEx:8291)

Select Model

Rating:40Underperform

Price Target:TWD 20.50▼(-21.15% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is driven primarily by severely weak financial performance, including persistent losses and negative cash flow. Bearish technical positioning and loss-based valuation further reduce the score, while debt reduction provides only limited support.

Positive Factors

Improved LeverageThe substantial reduction in debt-to-equity improves financial resilience relative to the 2023 position and may reduce balance-sheet pressure. If maintained, a lower leverage burden can provide greater flexibility to manage losses, pursue operating improvements, and allocate capital over the next several quarters.

Negative Factors

Persistent UnprofitabilityPersistent negative gross profit indicates that the company’s current economics are not covering direct operating costs, while the extremely negative 2025 margins show severe deterioration. Without a sustained improvement in pricing, costs, or product mix, ongoing losses can erode equity and constrain investment capacity.

ShineMore Technology Materials Co., Ltd. (8291) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 489.40M
Dividend Yield: ―
Average Volume (3M): 28.41K
Price to Earnings (P/E): -14.6
Beta (1Y): 1.59
Revenue Growth: 91.38%
EPS Growth: 39.10%
Country: TW
Employees: 18
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

ShineMore Technology Materials Co., Ltd. Business Overview & Revenue Model

Company Description

ShineMore Technology Materials Co., Ltd. specializes in the production of adhesive films for copper foil substrates. Their comprehensive product line also features FR-4 copper clad laminates (CCL), prepreg/bonding sheets, and metal CCLs. Established...

ShineMore Technology Materials Co., Ltd. Financial Statement Overview

Summary

Score is at the minimum because profitability, cash generation, and revenue remain severely weak. Debt reduction is a positive, but continued losses, negative operating and free cash flow, declining equity, and elevated leverage indicate a highly distressed financial profile.

Income Statement

5Very Negative

Balance Sheet

25Negative

Cash Flow

8Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.55M	2.88M	10.14M	37.03M	99.52M	202.29M
Gross Profit	-13.05M	-17.69M	-45.45M	-45.67M	-29.37M	-5.67M
EBITDA	-13.83M	-15.59M	-51.91M	-51.41M	-39.39M	-8.08M
Net Income	-31.15M	-34.08M	-70.37M	-70.93M	-59.35M	-31.00M
Balance Sheet
Total Assets	352.70M	237.49M	280.41M	316.95M	376.84M	431.74M
Cash, Cash Equivalents and Short-Term Investments	137.96M	39.01M	68.47M	72.76M	84.18M	102.27M
Total Debt	119.31M	105.00M	124.22M	268.67M	197.98M	211.59M
Total Liabilities	294.62M	163.56M	172.70M	279.20M	269.13M	267.87M
Stockholders Equity	58.09M	73.93M	107.71M	37.75M	107.71M	163.87M
Cash Flow
Free Cash Flow	-17.67M	-22.38M	-29.69M	-32.72M	-33.82M	-10.07M
Operating Cash Flow	-17.67M	-22.25M	-28.69M	-31.78M	-33.54M	-9.89M
Investing Cash Flow	0	-135.00K	1.18M	664.00K	-4.06M	20.40M
Financing Cash Flow	116.21M	-7.16M	25.37M	21.30M	14.90M	-32.43M

ShineMore Technology Materials Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8291 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6246	54Neutral	TWD 503.42M	66.50	―	―	-11.74%	―
TW:8291	40Underperform	TWD 454.44M	-14.61	―	―	91.38%	39.10%

* General Sector Average

Performance Comparison

TW:8291 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8291	ShineMore Technology Materials Co., Ltd.	26.00	8.90	52.05%
TW:4738	Tatung Fine Chemicals Co., Ltd.	6.00	-0.10	-1.64%
TW:6246	Taiwan Thick-Film Ind. Corp.	13.30	-1.40	-9.52%
TW:6797	Taiwan Advanced Nanotech, Inc.	9.70	-5.45	-35.97%
TW:6972	Protrade Applied Materials Corp.	23.30	-2.10	-8.27%

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

ShineMore Technology Materials Co., Ltd. AI Stock Analysis