Fu Burg Industrial Co., Ltd. (8929) AI Stock Analysis

Fu Burg Industrial Co., Ltd.

(TPEx:8929)

Select Model

Rating:39Underperform

Price Target:TWD 11.50▼(-7.63% Downside)

Action:initiatedcoverage

Date:11/09/26

Fu Burg Industrial scores low primarily because of deteriorating fundamentals: a multi-year revenue decline, a return to operating and net losses, and negative free cash flow. Improving gross margins and a low-debt, equity-funded balance sheet provide some downside protection, but persistent losses are steadily eroding that cushion. Technicals reinforce the caution, with the price below all key moving averages and negative MACD, though deeply oversold RSI and Stochastic readings hint at potential short-term stabilization. Valuation offers no support either, with a high P/E of about 34.8 against loss-making results and no dividend. Investors should look for revenue stabilization and a return to positive operating cash flow before the outlook improves.

Positive Factors

Manageable LeverageModerate debt relative to equity provides financial flexibility during operating weakness and reduces balance-sheet pressure compared with a highly leveraged structure. This can help the company fund essential investment and withstand down cycles while it works to stabilize profitability.

Negative Factors

Sharp Revenue DeclineThe sharp 2025 revenue decline weakens operating scale and makes fixed costs harder to absorb, increasing pressure on margins and earnings. Unless sales momentum improves, reduced volume can limit reinvestment capacity and make a durable recovery in profitability more difficult.

Fu Burg Industrial Co., Ltd. (8929) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 629.73M
Dividend Yield: ―
Average Volume (3M): 18.37K
Price to Earnings (P/E): 36.0
Beta (1Y): 0.17
Revenue Growth: -2.33%
EPS Growth: ―
Country: TW
Employees: 167
Sector: General
Sector Strength: 55
Industry: Household & Personal Products

Fu Burg Industrial Co., Ltd. Business Overview & Revenue Model

Company Description

Established in 1977 and based in Taipei City, Taiwan, Fu Burg Industrial Co., Ltd. operates as a key manufacturer and distributor of personal hygiene solutions. Initially focused on producing and selling adult diapers within Taiwan, the company has s...

Fu Burg Industrial Co., Ltd. Financial Statement Overview

Summary

Weak overall. Revenue has contracted nearly 40% since 2020, and the company swung back to an operating loss of about NT$43 million and a net loss of roughly NT$23 million after a profitable 2024, with losses in four of the last six years (Income Statement: 25). Cash generation is equally fragile, with operating cash outflow of about NT$14 million and free cash outflow of roughly NT$48 million, reversing the prior year's positive figures (Cash Flow: 28). The lone strength is a conservatively funded balance sheet — debt-to-equity of about 0.33 and roughly NT$792 million of equity against NT$1.29 billion of assets — though leverage is creeping up and equity is being eroded by accumulated losses and a negative ROE of about -2.9% (Balance Sheet: 62).

Income Statement

25Negative

Balance Sheet

62Positive

Cash Flow

28Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	718.88M	719.64M	772.88M	687.32M	697.14M	878.79M
Gross Profit	173.24M	179.42M	192.01M	141.39M	133.14M	154.02M
EBITDA	-23.73M	-30.39M	91.74M	-16.63M	-58.50M	-42.95M
Net Income	17.56M	-22.86M	48.26M	-23.08M	-64.48M	-66.82M
Balance Sheet
Total Assets	1.33B	1.29B	1.36B	1.22B	1.20B	1.30B
Cash, Cash Equivalents and Short-Term Investments	707.61M	657.57M	688.43M	621.82M	581.26M	627.42M
Total Debt	297.30M	265.23M	200.79M	207.26M	174.48M	172.95M
Total Liabilities	510.28M	488.99M	423.63M	397.42M	371.02M	418.92M
Stockholders Equity	805.97M	792.21M	897.51M	793.62M	796.36M	838.79M
Cash Flow
Free Cash Flow	-16.81M	-48.05M	40.93M	20.01M	-59.27M	-31.37M
Operating Cash Flow	12.40M	-13.51M	43.88M	23.05M	-53.08M	-25.56M
Investing Cash Flow	-34.60M	48.32M	-1.10M	-2.29M	-14.26M	-48.95M
Financing Cash Flow	-2.13M	-8.51M	-14.64M	28.51M	1.26M	-52.90M

Fu Burg Industrial Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8929 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:1324	43Neutral	TWD 709.90M	-29.52	―	2.12%	-12.03%	25.26%
TW:1340	40Underperform	TWD 730.97M	-2.10	―	―	-84.09%	50.07%
TW:8929	39Underperform	TWD 629.73M	35.97	―	―	-2.33%	―
TW:1441	38Underperform	TWD 542.12M	-4.41	―	―	-23.44%	-226.14%
TW:8488	35Underperform	TWD 606.38M	-14.73	―	―	28.79%	51.37%
TW:4406	32Underperform	TWD 519.12M	-12.99	―	―	-41.59%	33.73%

* General Sector Average

Performance Comparison

TW:8929 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8929	Fu Burg Industrial Co., Ltd.	12.45	-4.15	-25.00%
TW:1324	Globe Industries Corp. Ltd.	9.45	-1.20	-11.27%
TW:1340	Victory New Materials Ltd. Co.	4.78	-2.33	-32.77%
TW:1441	Tah Tong Textile Co., Ltd.	8.78	-3.76	-30.00%
TW:4406	Hsin Sin Textile Co., Ltd.	10.00	0.19	1.94%
TW:8488	Jiyuan Packaging Holdings Ltd.	8.25	-2.10	-20.29%

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

Fu Burg Industrial Co., Ltd. AI Stock Analysis