Top Bright Holding Co., Ltd. (8499) AI Stock Analysis

Top Bright Holding Co., Ltd.

(TWSE:8499)

Select Model

Rating:44Neutral

Price Target:TWD 186.00▼(-6.30% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is very low, driven primarily by a sharp deterioration in financial health and extremely weak technical momentum. The company's negative free cash flow and aggressive new debt are significant risks, while the stock is in a deep technical downtrend with no signs of reversal. The attractive dividend yield is a minor positive but is likely unsustainable given the cash flow situation.

Positive Factors

Revenue ReboundThe strong 2025 revenue rebound shows the company can re-accelerate after a volatile operating period. Sustained recovery in demand would improve scale, support fixed-cost absorption, and provide a foundation for rebuilding earnings across the next several quarters.

Negative Factors

Weak Cash GenerationWeak cash conversion means reported earnings are not translating efficiently into operating cash, while negative free cash flow reduces financial flexibility. If this persists, the company may have less internally generated funding for investment, debt service, or shareholder returns.

Top Bright Holding Co., Ltd. (8499) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.40B
Dividend Yield: 4.03%
Average Volume (3M): 26.67K
Price to Earnings (P/E): 19.3
Beta (1Y): 0.91
Revenue Growth: 80.45%
EPS Growth: -9.97%
Country: TW
Employees: 962
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Top Bright Holding Co., Ltd. Business Overview & Revenue Model

Company Description

Top Bright Holding Co., Ltd. engages in the manufacture, marketing, research and development of electronic scales and electronic materials. It operates through Electronic Materials Department and The Scales Department. The Electronic Materials Depart...

Top Bright Holding Co., Ltd. Financial Statement Overview

Summary

Financial performance is weak. While revenue rebounded 24.8%, profitability has severely compressed with net margin nearly halving. The balance sheet shows a risky spike in leverage, and cash flow is a critical concern with negative free cash flow and poor cash conversion. The overall financial health is strained.

Income Statement

55Neutral

Balance Sheet

45Neutral

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.81B	2.91B	2.04B	1.85B	2.31B	2.66B
Gross Profit	1.54B	1.29B	885.81M	768.81M	1.06B	1.39B
EBITDA	1.12B	1.01B	828.13M	464.75M	1.08B	1.11B
Net Income	437.61M	418.02M	462.23M	424.47M	816.64M	733.19M
Balance Sheet
Total Assets	16.50B	15.95B	12.21B	11.23B	11.69B	5.04B
Cash, Cash Equivalents and Short-Term Investments	6.67B	6.04B	7.79B	8.37B	9.05B	2.86B
Total Debt	1.95B	2.15B	196.10M	138.37M	387.07M	640.93M
Total Liabilities	4.07B	3.92B	908.85M	706.33M	1.06B	1.45B
Stockholders Equity	8.34B	8.20B	8.18B	7.52B	7.44B	3.35B
Cash Flow
Free Cash Flow	300.21M	-15.54M	197.79M	93.19M	811.68M	803.52M
Operating Cash Flow	933.53M	488.45M	424.97M	474.56M	942.22M	912.37M
Investing Cash Flow	-3.97B	-4.48B	-2.55B	99.26M	-1.60B	107.44M
Financing Cash Flow	-173.54M	23.26M	-329.61M	-726.51M	5.97B	-498.55M

Top Bright Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8499 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:3003	54Neutral	TWD 7.46B	19.54	―	2.06%	11.87%	44.15%
TW:4566	47Neutral	TWD 8.39B	29.03	―	0.90%	18.15%	370.19%
TW:6230	46Neutral	TWD 7.77B	-17.39	―	0.25%	8.01%	-1289.01%
TW:8499	44Neutral	TWD 8.48B	19.29	―	4.03%	80.45%	-9.97%
TW:4542	43Neutral	TWD 8.65B	97.70	―	0.36%	52.10%	273.32%

* General Sector Average

Performance Comparison

TW:8499 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8499	Top Bright Holding Co., Ltd.	198.50	-50.82	-20.38%
TW:3003	K.S. Terminals Inc.	48.50	0.27	0.57%
TW:4542	Asia Neo Tech Industrial Co., Ltd.	259.00	203.40	365.86%
TW:4566	GLOBAL TEK FABRICATION CO., Ltd.	76.20	25.01	48.85%
TW:6230	Nidec Chaun-Choung Technology Corporation	88.80	-31.20	-26.00%
TW:7869	Horng Yu Electric Co. Ltd.	280.00	-95.81	-25.49%

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

Top Bright Holding Co., Ltd. AI Stock Analysis