FEAF
TWSE

2905 三商

16.15 ▲ 0.15 (0.94%) Close · 2026-11-13 · TWSE
Ask about 2905
This is research, not a buy or sell recommendation. Robo-advice in Taiwan requires an FSC licence; FEAF analyses, explains and monitors, and the investor makes the decision. Judgement thresholds are working rules pending review by the team's finance members.

Plain-language summary of valuation, growth, profitability, balance sheet, and recent MOPS filings.

Your risk profile
Conclusion

Mixed picture: 1 strengths against 2 watch-outs. Weigh them against your own goals.

Points to watch for a moderate profile: see the items marked above.

No model narrative: the model call failed. The structured analysis above is complete on its own.

Strengths

+ Free cash flow was positive in 2025: 12,252 NT$ million. source (Financials) →

Watch-outs

! Revenue fell -20.8% in 2025; latest quarter Q3 2026: -47.5% year on year. source (Financials) →
! Return on equity -147.3% with a -28.1% net margin: weak profitability. source (Key Stats) →

What to check before deciding

?Is the revenue decline temporary or structural?
?What would lift profitability, and how soon?

What the analysis found

! Growth Revenue fell -20.8% in 2025; latest quarter Q3 2026: -47.5% year on year. source →
! Profitability Return on equity -147.3% with a -28.1% net margin: weak profitability. source →
· Debt Liabilities are 43.0% of total assets (Q3 2026). source →
+ Cash flow Free cash flow was positive in 2025: 12,252 NT$ million. source →
· Filings 1 verified alert(s); latest on 2026-11-13: 公告本公司董事會決議通過115年第三季合併財務報告 source →