Transart Graphics Co., Ltd. (Taiwan) (8481) AI Stock Analysis

Transart Graphics Co., Ltd. (Taiwan)

(TWSE:8481)

Select Model

Rating:74Outperform

Price Target:TWD 45.00▲(11.66% Upside)

Action:initiatedcoverage

Date:11/09/26

Transart Graphics scores well on financial soundness and value. The near debt-free balance sheet, strong cash conversion and improving margins underpin a low-risk profile, while a P/E under 12 and a dividend yield near 6.8% make the valuation compelling for income-oriented investors. Offsetting this, revenue remains roughly 25% below its 2021 peak with a lumpy, project-driven top line, and return on equity is modest relative to the company's large equity base. Technicals are neutral, with the shares trading close to their longer-term averages and showing little directional momentum. The score reflects a financially solid, cheaply valued business whose main challenge is reaccelerating growth.

Positive Factors

Very Conservative Balance SheetMinimal leverage gives the company substantial financial flexibility and limits refinancing exposure. This conservative balance sheet can support continued operations through weaker periods while preserving capacity for investment, dividends, or other capital allocation over the next several quarters.

Negative Factors

Inconsistent Revenue GrowthThe return to negative TTM revenue growth after a 2024 rebound points to an uneven demand or execution pattern. Persistently inconsistent top-line performance can limit operating leverage, make earnings harder to forecast, and constrain the durability of future profit growth.

Transart Graphics Co., Ltd. (Taiwan) (8481) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.70B
Dividend Yield: 6.82%
Average Volume (3M): 17.70K
Price to Earnings (P/E): 11.7
Beta (1Y): 0.22
Revenue Growth: 1.04%
EPS Growth: 4.64%
Country: TW
Employees: 600
Sector: General
Sector Strength: 55
Industry: Specialty Business Services

Transart Graphics Co., Ltd. (Taiwan) Business Overview & Revenue Model

Company Description

Transart Graphics Co., Ltd. operates internationally within the screen printing industry. The company specializes in producing and providing customized stickers, alongside water and heat transfer decals, primarily for enhancing corporate branding and...

Transart Graphics Co., Ltd. (Taiwan) Financial Statement Overview

Summary

A financially conservative and highly cash-generative profile. The balance sheet is the standout strength (score 90): essentially debt-free with debt-to-equity under 1% and equity funding roughly 89% of assets, leaving ample capacity to weather downturns. Cash flow is also strong (score 84), with operating cash flow rising to about NT$314 million and free cash flow near NT$280 million, covering roughly 89% of net income on modest capex. The income statement is the weaker link (score 68): margins are expanding (gross margin 47.3%, net margin 18.3%, net income up ~73% over two years) but revenue of about NT$1.18 billion remains roughly 25% below the 2021 peak, the top line is project-driven and volatile, and return on equity of 12.4% is well below prior highs.

Income Statement

68Positive

Balance Sheet

90Very Positive

Cash Flow

84Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.18B	1.18B	1.12B	993.69M	1.46B	1.57B
Gross Profit	541.77M	558.16M	513.51M	428.36M	731.28M	796.92M
EBITDA	295.48M	297.81M	304.03M	207.46M	490.07M	578.42M
Net Income	225.69M	216.30M	200.68M	124.89M	294.97M	406.45M
Balance Sheet
Total Assets	2.07B	1.96B	1.91B	1.80B	2.05B	2.25B
Cash, Cash Equivalents and Short-Term Investments	1.04B	979.15M	893.13M	839.56M	925.60M	1.02B
Total Debt	10.07M	10.12M	16.44M	10.55M	13.53M	19.68M
Total Liabilities	371.83M	212.56M	215.91M	209.56M	334.77M	457.64M
Stockholders Equity	1.70B	1.74B	1.69B	1.59B	1.72B	1.80B
Cash Flow
Free Cash Flow	221.71M	279.53M	162.75M	128.70M	264.54M	304.47M
Operating Cash Flow	257.74M	313.96M	187.76M	168.23M	308.38M	361.31M
Investing Cash Flow	-187.58M	-369.48M	-251.17M	-39.22M	-16.64M	-140.59M
Financing Cash Flow	-176.83M	-177.06M	-140.74M	-260.33M	-440.17M	-472.27M

Transart Graphics Co., Ltd. (Taiwan) Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8481 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6498	74Outperform	TWD 2.48B	5.88	―	8.18%	11.55%	0.64%
TW:8481	74Outperform	TWD 2.66B	11.75	―	6.82%	1.04%	4.64%
TW:6754	68Neutral	TWD 2.64B	12.08	―	8.75%	-18.18%	-27.48%
TW:3038	60Neutral	TWD 2.87B	15.37	―	6.43%	-9.99%	1.97%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2462	42Neutral	TWD 2.60B	27.86	―	1.18%	-4.39%	-87.95%
TW:8104	33Underperform	TWD 2.74B	-31.81	―	0.37%	-25.80%	-414.29%

* General Sector Average

Performance Comparison

TW:8481 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8481	Transart Graphics Co., Ltd. (Taiwan)	40.30	1.54	3.98%
TW:2462	TAIWAN LINE TEK ELECTRONIC CO., LTD.	16.90	-5.21	-23.56%
TW:3038	Emerging Display Technologies Corp	18.65	-1.56	-7.73%
TW:6498	POWERTIP IMAGE CORP	55.00	-32.45	-37.11%
TW:6754	Rich Honour International Designs Co., Ltd.	40.00	-2.80	-6.54%
TW:8104	RiTdisplay Corp	26.30	-5.00	-15.97%

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

Transart Graphics Co., Ltd. (Taiwan) AI Stock Analysis