Bai Sha Technology Co., Ltd. (8401) AI Stock Analysis

Bai Sha Technology Co., Ltd.

(TPEx:8401)

Select Model

Rating:66Neutral

Price Target:TWD 23.50▲(4.91% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score of 66 reflects a company with a strong financial foundation and compelling valuation that is currently under severe market pressure. The primary strengths are the rock-solid balance sheet and the deeply undervalued P/E ratio combined with a high dividend yield. These positive factors are significantly weighed down by the extremely bearish technical trend and, most importantly, the alarming deterioration in free cash flow, which is the most significant risk to the investment thesis.

Positive Factors

Improved ProfitabilityThe sustained expansion in net and operating margins indicates stronger earnings efficiency than in earlier years. Higher profitability can improve internal funding capacity, provide resilience against moderate demand pressure, and support more durable returns if margins remain near current levels.

Negative Factors

Sharp Free Cash Flow DeclineThe steep deterioration in free cash flow weakens the company’s ability to convert operating performance into discretionary cash. If sustained, it could constrain reinvestment, dividends, or debt reduction and make financial results more dependent on a future recovery in cash generation.

Bai Sha Technology Co., Ltd. (8401) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.57B
Dividend Yield: 5.36%
Average Volume (3M): 26.39K
Price to Earnings (P/E): 8.5
Beta (1Y): 0.16
Revenue Growth: 2.14%
EPS Growth: 6.16%
Country: TW
Employees: 502
Sector: General
Sector Strength: 55
Industry: Specialty Business Services

Bai Sha Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Bai Sha Technology Co., Ltd. offers a comprehensive range of print products and services, serving both the domestic market in Taiwan and an international client base. The company's diverse portfolio features various packaging solutions, including vib...

Bai Sha Technology Co., Ltd. Financial Statement Overview

Summary

Bai Sha Technology's financial health is a tale of two halves. The balance sheet is a fortress, with a debt-to-equity ratio of just 0.14 and a robust 15.3% return on equity, providing a very stable foundation. Profitability is solid, with a 12% net margin. However, these strengths are offset by a dramatic 76% decline in free cash flow and stagnating revenue, which introduces significant risk. The overall financial picture is stable but warrants caution due to deteriorating cash generation.

Income Statement

72Positive

Balance Sheet

85Very Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.58B	1.54B	1.56B	1.48B	1.54B	1.35B
Gross Profit	475.26M	457.31M	474.44M	403.90M	408.96M	346.21M
EBITDA	328.47M	309.41M	321.40M	238.59M	272.56M	213.82M
Net Income	185.96M	185.68M	170.77M	108.82M	133.07M	117.91M
Balance Sheet
Total Assets	2.01B	1.67B	1.54B	1.40B	1.48B	1.46B
Cash, Cash Equivalents and Short-Term Investments	411.16M	440.98M	477.71M	371.74M	383.66M	379.98M
Total Debt	556.33M	168.13M	123.38M	129.28M	198.39M	246.68M
Total Liabilities	801.81M	454.78M	414.39M	395.55M	466.96M	483.41M
Stockholders Equity	1.21B	1.21B	1.13B	1.00B	1.01B	981.46M
Cash Flow
Free Cash Flow	-355.61M	31.79M	189.08M	175.18M	193.99M	130.99M
Operating Cash Flow	287.58M	299.58M	299.23M	233.89M	236.17M	176.64M
Investing Cash Flow	-540.92M	-224.04M	-159.41M	-56.59M	-42.47M	22.43M
Financing Cash Flow	326.55M	-62.28M	-83.84M	-189.22M	-190.03M	-128.87M

Bai Sha Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8401 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6470	71Outperform	TWD 1.73B	9.80	―	5.49%	-36.59%	-9.82%
TW:8401	66Neutral	TWD 1.57B	8.48	―	5.36%	2.14%	6.16%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8089	54Neutral	TWD 1.98B	-12.87	―	3.30%	-67.55%	-168.26%
TW:6570	47Neutral	TWD 1.60B	17.13	―	2.56%	14.53%	96.60%
TW:2444	43Neutral	TWD 1.46B	-6.19	―	―	-28.59%	-77.80%
TW:8059	39Underperform	TWD 1.61B	-9.42	―	―	438.05%	69.51%

* General Sector Average

Performance Comparison

TW:8401 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8401	Bai Sha Technology Co., Ltd.	22.40	-4.77	-17.54%
TW:2444	AboCom Systems, Inc.	13.50	2.55	23.29%
TW:6470	U-MEDIA Communications Inc	45.50	2.77	6.47%
TW:6570	Aplex Technology Inc.	43.00	4.58	11.92%
TW:8059	CastleNet Technology, Inc.	13.30	-22.19	-62.53%
TW:8089	Comtrend Corp	32.90	1.90	6.13%

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

Bai Sha Technology Co., Ltd. AI Stock Analysis