Alexander Marine Co., Ltd. (8478) AI Stock Analysis

Alexander Marine Co., Ltd.

(TWSE:8478)

Select Model

Rating:62Neutral

Price Target:TWD 130.00▲(10.17% Upside)

Action:initiatedcoverage

Date:11/09/26

Alexander Marine scores moderately. Fundamentals are solid but mixed: profitability rebounded sharply and the balance sheet still carries more equity than debt, yet gross margins have compressed for three straight years, debt has more than doubled since 2022, and free cash flow has been negative for two consecutive years during a capital-intensive expansion phase. The score is held back further by weak technicals, with the stock trading below all major moving averages on negative MACD momentum. Offsetting these concerns is an attractive valuation — a P/E of 8.8 and a 5.28% dividend yield — which provides meaningful downside support if demand in the discretionary yacht market holds up. Key items to monitor are cash conversion, capex moderation and leverage.

Positive Factors

Revenue recovery and profitabilityThe return to meaningful revenue growth alongside healthy net and EBIT margins indicates solid current demand and operating profitability. This provides a durable earnings base over the next several quarters, although continued execution is needed to preserve margins through the cycle.

Negative Factors

Persistent negative free cash flowTwo consecutive years of negative free cash flow weaken the quality of reported earnings and may increase dependence on external funding or balance-sheet resources. The sharp 2025 deterioration also suggests that investment needs or working-capital demands could remain a material constraint.

Alexander Marine Co., Ltd. (8478) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 11.09B
Dividend Yield: 5.51%
Average Volume (3M): 119.33K
Price to Earnings (P/E): 12.2
Beta (1Y): 0.68
Revenue Growth: 3.54%
EPS Growth: 24.60%
Country: TW
Employees: 302
Sector: General
Sector Strength: 55
Industry: Leisure

Alexander Marine Co., Ltd. Business Overview & Revenue Model

Company Description

Alexander Marine Co., Ltd. engages in the manufacture and sale of yachts in Taiwan, the United States, and Australia. It is also involved in the lease of real estate; sale of yacht repair parts; and provision of aftersales services. The company was i...

Alexander Marine Co., Ltd. Financial Statement Overview

Summary

Earnings rebounded strongly, with revenue up ~6% to NT$5.23bn and net income up ~33% to NT$1.24bn, lifting net margin to 23.8% (Income Statement: 72). The balance sheet remains equity-funded (~56% of assets) with equity of NT$9.06bn, but debt has more than doubled since 2022 to NT$6.41bn, raising debt-to-equity to 0.71 (Balance Sheet: 68). Cash conversion is the weak point: operating cash flow fell to NT$689m, covering only ~55% of net income, and free cash flow was negative for a second year at -NT$157m amid heavy capex (Cash Flow: 48). Additional caution comes from three consecutive years of gross margin compression (48.2% to 38.7%) and the fact that part of the profit gain came from non-operating items in a cyclical, big-ticket end market.

Income Statement

72Positive

Balance Sheet

68Positive

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.19B	5.23B	4.94B	6.33B	5.56B	4.55B
Gross Profit	1.98B	2.02B	2.11B	3.05B	2.52B	1.60B
EBITDA	1.57B	1.33B	1.29B	2.49B	2.06B	1.10B
Net Income	1.35B	1.24B	938.07M	2.08B	1.75B	854.70M
Balance Sheet
Total Assets	15.65B	16.18B	14.46B	10.96B	9.05B	6.86B
Cash, Cash Equivalents and Short-Term Investments	2.82B	5.24B	4.92B	2.46B	2.40B	854.66M
Total Debt	5.20B	6.41B	5.22B	3.95B	2.90B	3.23B
Total Liabilities	6.48B	7.12B	5.88B	5.11B	4.37B	3.83B
Stockholders Equity	9.15B	9.06B	8.58B	5.85B	4.68B	3.03B
Cash Flow
Free Cash Flow	-1.39B	-157.47M	-338.82M	280.02M	2.09B	1.40B
Operating Cash Flow	-760.77M	689.37M	863.92M	519.27M	2.11B	1.53B
Investing Cash Flow	819.11M	-823.56M	-2.17B	-1.59B	6.41M	-123.27M
Financing Cash Flow	-721.08M	694.39M	2.42B	-199.16M	-847.84M	-831.53M

Alexander Marine Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8478 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6753	64Neutral	TWD 12.90B	10.01	―	1.17%	13.20%	158.92%
TW:8478	62Neutral	TWD 11.31B	12.15	―	5.51%	3.54%	24.60%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:8478 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:8478	Alexander Marine Co., Ltd.	118.00	-72.94	-38.20%
	TW:6753	Lungteh Shipbuilding Co. Ltd.	106.50	-11.46	-9.71%

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

Alexander Marine Co., Ltd. AI Stock Analysis