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.
Mixed picture: 2 strengths against 1 watch-outs. Weigh them against your own goals.
For a moderate profile, none of the items above crosses the watch-out thresholds set by the team.
In plain words
For stock code 6902, revenue grew 20.9% in 2025 and 25.7% year-on-year in Q3 2026, accompanied by a high return on equity of 25.5% and a net margin of 17.9%. However, liabilities stood at 42.4% of total assets in Q3 2026, and free cash flow was negative at -159 NT$ million in 2025 as spending exceeded operating cash. Overall, the stock presents a mixed picture of 2 strengths against 1 watch-out, with its P/E of 21.38 remaining close to the peer median of 23.05. Ultimately, all final decisions remain entirely in the hands of the investor.
Written by gemini-3.6-flash from the facts above; every number was checked against them.
Strengths
+Revenue grew 20.9% in 2025; latest quarter Q3 2026: 25.7% year on year. source (Financials) →
+Return on equity 25.5% with a 17.9% net margin: highly profitable. source (Key Stats) →
Watch-outs
!Free cash flow was negative in 2025: -159 NT$ million, so spending exceeded operating cash. source (Financials) →
What to check before deciding
?What is the spending for, and when does it start paying back?
What the analysis found
·Valuation vs peersP/E 21.38 is close to the 36 median of 23.05 (11 listed peers). source →
+GrowthRevenue grew 20.9% in 2025; latest quarter Q3 2026: 25.7% year on year. source →
+ProfitabilityReturn on equity 25.5% with a 17.9% net margin: highly profitable. source →
·DebtLiabilities are 42.4% of total assets (Q3 2026). source →
!Cash flowFree cash flow was negative in 2025: -159 NT$ million, so spending exceeded operating cash. source →
·Filings3 verified alert(s); latest on 2026-11-12: 本公司董事會決議員工認股權憑證執行轉換普通股之增資基準日 source →
·Filings1 filing(s) are held or rejected and wait for human review. source →