Macauto Industrial Co., Ltd (9951) AI Stock Analysis

Macauto Industrial Co., Ltd

(TPEx:9951)

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Rating:72Outperform

Price Target:TWD 49.00▲(10.48% Upside)

Action:initiatedcoverage

Date:11/10/26

Robust financial performance with a low-leverage balance sheet and steady revenue growth is the primary strength; compelling valuation with low P/E and high yield provides additional support; technical downtrend indicators limit upside to the overall score.

Positive Factors

Conservative balance sheetVery low leverage gives Macauto financial flexibility and reduces the burden of interest and refinancing costs. Steadily growing equity further strengthens resilience, allowing the company to absorb operating fluctuations and continue investing without relying heavily on additional borrowing.

Negative Factors

Sustained margin compressionProfitability remains positive but margins are materially below earlier-cycle levels, indicating persistent cost or pricing pressure. If this compression continues, revenue growth will translate into less operating and net income, limiting the benefits of scale and reducing future earnings resilience.

Macauto Industrial Co., Ltd (9951) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.23B
Dividend Yield: 7.34%
Average Volume (3M): 58.67K
Price to Earnings (P/E): 9.1
Beta (1Y): 0.41
Revenue Growth: 5.34%
EPS Growth: 1.56%
Country: TW
Employees: 1,145
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Macauto Industrial Co., Ltd Business Overview & Revenue Model

Company Description

Macauto Industrial Co., Ltd. is primarily involved in the production and sale of automotive sunshade products. The company's range of vehicle interior offerings extends to include sunshades for roof systems, luggage compartment covers, side and rear...

Macauto Industrial Co., Ltd Financial Statement Overview

Summary

Steady revenue growth to 6.32 billion with stable margins; very solid balance sheet with debt-to-equity at 0.10 and strong equity base; cash flows mostly healthy but volatile year-to-year.

Income Statement

76Positive

Balance Sheet

89Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.56B	6.32B	5.52B	5.21B	4.85B	4.77B
Gross Profit	1.53B	1.53B	1.33B	1.35B	1.24B	1.36B
EBITDA	659.82M	637.64M	513.06M	674.82M	637.52M	642.80M
Net Income	416.18M	389.89M	314.43M	432.25M	411.97M	399.43M
Balance Sheet
Total Assets	6.40B	6.31B	5.89B	5.84B	5.66B	5.35B
Cash, Cash Equivalents and Short-Term Investments	2.01B	1.90B	1.55B	1.67B	1.58B	1.39B
Total Debt	435.83M	389.64M	380.00M	385.64M	485.12M	616.30M
Total Liabilities	2.59B	2.49B	2.21B	2.24B	2.29B	2.24B
Stockholders Equity	3.81B	3.82B	3.68B	3.61B	3.37B	3.11B
Cash Flow
Free Cash Flow	316.13M	594.72M	-126.64M	687.07M	496.61M	564.73M
Operating Cash Flow	439.75M	715.91M	-16.68M	743.58M	547.73M	615.88M
Investing Cash Flow	-315.70M	3.96M	-116.65M	-346.05M	-55.16M	-177.11M
Financing Cash Flow	-227.94M	-306.70M	-272.37M	-368.10M	-366.81M	-420.08M

Macauto Industrial Co., Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9951 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:9951	72Outperform	TWD 3.20B	9.05	―	7.34%	5.34%	1.56%
TW:1339	71Outperform	TWD 2.94B	7.33	―	6.26%	-10.90%	163.84%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2243	47Neutral	TWD 3.80B	41.11	―	―	9.09%	167.63%
TW:3552	38Underperform	TWD 3.08B	-9.48	―	1.57%	-3.76%	-661.55%

* General Sector Average

Performance Comparison

TW:9951 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9951	Macauto Industrial Co., Ltd	44.35	-10.27	-18.80%
TW:1339	Y.C.C. Parts Mfg. Co., Ltd.	39.95	-3.42	-7.89%
TW:2243	Horng Shiue Holding Co., Ltd.	48.10	37.00	333.33%
TW:2256	oToBrite Electronic,Inc.	72.50	45.49	168.46%
TW:3552	Tung Thih Electronic Co., Ltd.	31.85	-37.42	-54.02%
TW:7955	Car Quality Automotive Co., Ltd.	169.50	-30.50	-15.25%

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

Macauto Industrial Co., Ltd AI Stock Analysis