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

Fulgent Sun International (Holding) Co., Ltd.

(TWSE:9802)

Select Model

Rating:65Neutral

Price Target:TWD 68.00▲(11.48% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported by favorable valuation and a relatively strong balance sheet, but reduced by weakening profitability, negative free cash flow, and bearish technical 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

Strong revenue growth and a conservatively leveraged balance sheet are offset by declining margins, lower net income and return on equity, and negative free cash flow.

Income Statement

65Positive

Balance Sheet

78Positive

Cash Flow

50Neutral

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:9802	65Neutral	TWD 12.52B	14.45	―	8.36%	10.74%	-42.00%
TW:6768	60Neutral	TWD 11.99B	12.14	―	8.71%	-1.95%	-37.06%
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	-45.03	-42.47%
TW:1307	San Fang Chemical Industry Co., Ltd.	28.35	-3.28	-10.37%
TW:4441	Great Giant Fibre Garment Co., Ltd.	178.00	-86.61	-32.73%
TW:4536	Topkey Corporation	143.50	-17.59	-10.92%
TW:4927	Apex International Co., Ltd.	59.50	37.25	167.42%
TW:6768	Sports Gear Co., Ltd.	59.20	-49.85	-45.71%

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

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