Polygreen Resources Co., Ltd. (8423) AI Stock Analysis

Polygreen Resources Co., Ltd.

(TPEx:8423)

Select Model

Rating:55.75Neutral

Price Target:TWD 18.50▲(6.94% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a significant divergence between strong operational growth and weak cash flow generation. While revenue is surging and the balance sheet is solid, heavy capital investments have resulted in deeply negative free cash flow, which is the most significant risk factor. Reasonable valuation and an attractive dividend yield provide some support, but neutral technical momentum does little to lift the score.

Positive Factors

Strong Revenue GrowthMeaningful revenue expansion indicates stronger demand and broader business activity, giving the company a larger base from which to spread operating costs. If maintained, this growth can support continued investment, reinforce market position, and provide a durable foundation for earnings progression.

Negative Factors

Weak Earnings-to-Cash ConversionOperating cash flow lagging reported earnings raises a durable earnings-quality concern because profits are not consistently converting into usable cash. Working-capital drag or other conversion issues could limit internally funded growth, weaken liquidity, and make future results less dependable than the income statement suggests.

Polygreen Resources Co., Ltd. (8423) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 730.00M
Dividend Yield: 4.05%
Average Volume (3M): 19.17K
Price to Earnings (P/E): 16.2
Beta (1Y): 0.24
Revenue Growth: 0.28%
EPS Growth: 66.15%
Country: TW
Employees: 143
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Polygreen Resources Co., Ltd. Business Overview & Revenue Model

Company Description

Polygreen Resources Co., Ltd., operating as an investment holding firm, is dedicated to resource recovery and environmental protection across a broad international market. Its global presence encompasses Taiwan, Japan, China, the Philippines, Vietnam...

Polygreen Resources Co., Ltd. Financial Statement Overview

Summary

Financial performance is mixed. Strong revenue growth (+78.2%) and expanding margins are positives, but the Income Statement Score (62) and Balance Sheet Score (68) are offset by a very weak Cash Flow Score (35). Heavy capital expenditures have driven free cash flow deeply negative, representing a key risk that drags down the overall financial health assessment.

Income Statement

62Positive

Balance Sheet

68Positive

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	395.32M	377.00M	369.81M	324.72M	321.28M	269.50M
Gross Profit	113.58M	104.17M	98.55M	83.36M	91.46M	71.15M
EBITDA	79.39M	64.57M	61.31M	54.65M	63.40M	48.40M
Net Income	44.84M	30.46M	23.36M	24.83M	29.34M	17.98M
Balance Sheet
Total Assets	965.04M	918.76M	893.83M	689.21M	539.47M	508.92M
Cash, Cash Equivalents and Short-Term Investments	201.66M	237.94M	293.21M	125.17M	130.61M	98.21M
Total Debt	254.69M	253.10M	239.46M	270.60M	128.55M	132.28M
Total Liabilities	347.21M	298.79M	289.82M	313.71M	170.20M	170.07M
Stockholders Equity	617.83M	619.98M	604.00M	375.49M	369.27M	338.85M
Cash Flow
Free Cash Flow	-58.84M	-51.22M	8.36M	-132.36M	41.10M	29.06M
Operating Cash Flow	53.40M	37.78M	39.30M	46.55M	51.68M	42.19M
Investing Cash Flow	-113.53M	-90.16M	-34.09M	-179.23M	-7.70M	-14.03M
Financing Cash Flow	-27.10M	-14.00M	153.33M	129.52M	-15.01M	-35.10M

Polygreen Resources Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8423 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:7715	59Neutral	TWD 786.16M	36.05	―	21.22%	-44.65%	-84.66%
TW:8423	56Neutral	TWD 736.25M	16.17	―	4.05%	0.28%	66.15%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6624	49Neutral	TWD 812.86M	64.54	―	0.78%	-31.58%	-81.33%

* General Sector Average

Performance Comparison

TW:8423 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8423	Polygreen Resources Co., Ltd.	17.30	0.42	2.49%
TW:6624	Ever-Clear Environmental Eng. Corp.	37.00	2.19	6.29%
TW:6723	JG Environmental Technology Co., Ltd.	27.85	-12.43	-30.86%
TW:7715	Yuh Shan Environmental Engineering Co., Ltd.	22.55	-5.54	-19.73%
TW:7862	AceGreen Eco-Material Technology Co Ltd	16.55	-34.55	-67.61%
TW:7865	Jin Lian Cheng Resources Co., Ltd.	30.65	-27.70	-47.47%

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

Polygreen Resources Co., Ltd. AI Stock Analysis