Fulgent Sun International (Holding) Co., Ltd. (9802) AI Stock Analysis

Fulgent Sun International (Holding) Co., Ltd.

(TWSE:9802)

Select Model

Rating:59Neutral

Price Target:TWD 66.00▲(8.20% Upside)

Action:initiatedcoverage

Date:11/09/26

Fulgent Sun scores in the middle of the range. The strongest supports are a low-leverage balance sheet (debt-to-equity 0.25, equity funding 63% of assets) and a compelling valuation combining a 14.7x P/E with an 8.1% dividend yield. These are offset by deteriorating profitability — margins compressed across the board in 2025 despite 18% revenue growth, net income fell 12%, and ROE slid to 8.8% — alongside negative free cash flow of NT$507m driven by heavy capacity investment. Technicals add further caution, with the price trading below all major moving averages and a negative MACD confirming a persistent downtrend. The investment case rests on whether recent capacity spending restores margins and cash generation; until then, the attractive yield and defensive balance sheet are counterbalanced by weakening earnings quality and negative price momentum.

Positive Factors

Sustained ProfitabilityThe company remains profitable despite coming off a higher-margin cycle, providing an established earnings base for the next several quarters. Continued positive operating profitability can support reinvestment and shareholder returns, even if margins do not quickly return to prior peaks.

Negative Factors

Negative Free Cash FlowNegative free cash flow weakens the quality and flexibility of reported earnings because profits are not currently translating consistently into cash available for debt reduction, investment, or distributions. Continued pressure could constrain capital allocation even while the company remains profitable.

Fulgent Sun International (Holding) Co., Ltd. (9802) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 12.28B
Dividend Yield: 8.36%
Average Volume (3M): 551.31K
Price to Earnings (P/E): 14.4
Beta (1Y): 0.45
Revenue Growth: 10.74%
EPS Growth: -42.00%
Country: TW
Employees: 15,000
Sector: General
Sector Strength: 55
Industry: Apparel - Footwear & Accessories

Fulgent Sun International (Holding) Co., Ltd. Business Overview & Revenue Model

Company Description

Fulgent Sun International (Holding) Co., Ltd., together with its subsidiaries, produces and sells sports and leisure outdoor footwear in Taiwan, rest of Asia, America, Europe, Africa, and Australia. The company offers sneakers, running shoes, tennis...

Fulgent Sun International (Holding) Co., Ltd. Financial Statement Overview

Summary

A solid balance sheet (score 71) anchors the profile: equity funds about 63% of assets and debt-to-equity is a conservative 0.25, giving ample headroom to fund capacity expansion. However, the income statement (58) shows an 18% revenue rebound to NT$17.29bn that failed to reach the bottom line — gross margin slipped to 18.3%, operating margin to 9.2%, and net income fell about 12% to NT$1.21bn, with ROE declining for a third straight year to 8.8%. Cash flow (53) is the weakest leg: operating cash flow of NT$1.94bn comfortably exceeds net income (1.6x), confirming earnings quality, but heavy capex pushed free cash flow to negative NT$507m. Overall, financial strength and discipline are offset by margin compression and investment-driven cash burn.

Income Statement

58Neutral

Balance Sheet

71Positive

Cash Flow

53Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.33B	17.29B	14.61B	16.89B	24.18B	15.54B
Gross Profit	2.81B	3.16B	2.79B	3.19B	5.59B	2.80B
EBITDA	1.94B	2.49B	2.79B	2.87B	5.43B	2.21B
Net Income	1.02B	1.21B	1.38B	1.50B	3.40B	1.19B
Balance Sheet
Total Assets	22.54B	21.74B	21.77B	18.68B	22.88B	17.60B
Cash, Cash Equivalents and Short-Term Investments	1.16B	2.38B	3.55B	2.85B	2.20B	1.11B
Total Debt	3.43B	3.40B	3.31B	2.59B	4.47B	4.21B
Total Liabilities	8.80B	7.84B	7.69B	6.31B	10.25B	8.56B
Stockholders Equity	13.61B	13.77B	14.05B	12.37B	12.63B	9.02B
Cash Flow
Free Cash Flow	52.08M	-507.40M	240.39M	3.89B	2.37B	-1.66B
Operating Cash Flow	1.95B	1.94B	2.04B	4.95B	4.00B	606.51M
Investing Cash Flow	-1.91B	-2.32B	-1.69B	-1.12B	-1.67B	-2.33B
Financing Cash Flow	-1.18B	-628.54M	438.86M	-3.25B	-918.59M	1.18B

Fulgent Sun International (Holding) Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9802 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4536	67Neutral	TWD 13.71B	10.79	―	5.57%	-5.35%	-33.09%
TW:1307	65Neutral	TWD 11.38B	8.46	―	7.76%	4.29%	-2.73%
TW:6768	60Neutral	TWD 11.99B	12.14	―	8.71%	-1.95%	-37.06%
TW:9802	59Neutral	TWD 12.52B	14.45	―	8.36%	10.74%	-42.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4927	40Underperform	TWD 14.33B	-6.36	―	―	3.80%	-22.08%

* General Sector Average

Performance Comparison

TW:9802 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9802	Fulgent Sun International (Holding) Co., Ltd.	61.00	-42.69	-41.17%
TW:1307	San Fang Chemical Industry Co., Ltd.	28.35	-3.47	-10.89%
TW:4441	Great Giant Fibre Garment Co., Ltd.	178.00	-86.14	-32.61%
TW:4536	Topkey Corporation	143.50	-19.50	-11.96%
TW:4927	Apex International Co., Ltd.	59.50	35.80	151.05%
TW:6768	Sports Gear Co., Ltd.	59.20	-53.61	-47.52%

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

Fulgent Sun International (Holding) Co., Ltd. AI Stock Analysis