FEAF
TWSE

1532 勤美

21.75 ▲ 0.35 (1.64%) Close · 2026-11-13 · TWSE
Ask about 1532
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: 3 strengths against 3 watch-outs. Weigh them against your own goals.

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

In plain words

Stock 1532 presents a mixed picture, trading at a P/E of 17.68 below the Electric machinery median of 23.42 and generating 1,588 NT$ million in positive free cash flow in 2025. While revenue declined by -14.5% in 2025, Q2 2026 revenue showed a year-on-year increase of 16.9%. However, profitability remains weak with a return on equity of 3.4% and a net margin of 3.2%, alongside a heavy debt load with liabilities at 64.8% of total assets in Q2 2026. Ultimately, all final investment decisions rest entirely with the investor.

Written by gemini-3.6-flash from the facts above; every number was checked against them.

Strengths

+ The current price implies -5.3% perpetual growth, within the 3.5% ceiling: expectations look attainable. source (Valuation) →
+ P/E 17.68 is well below the Electric machinery median of 23.42 (41 listed peers): priced cheaper than peers. source (Key Stats) →
+ Free cash flow was positive in 2025: 1,588 NT$ million. source (Financials) →

Watch-outs

! Revenue fell -14.5% in 2025; latest quarter Q2 2026: 16.9% year on year. source (Financials) →
! Return on equity 3.4% with a 3.2% net margin: weak profitability. source (Key Stats) →
! Liabilities are 64.8% of total assets (Q2 2026): a heavy debt load. source (Financials) →

What to check before deciding

?Is the revenue decline temporary or structural?
?What would lift profitability, and how soon?
?Can operating cash cover the debt if conditions tighten?

What the analysis found

+ Valuation (DCF) The current price implies -5.3% perpetual growth, within the 3.5% ceiling: expectations look attainable. source →
+ Valuation vs peers P/E 17.68 is well below the Electric machinery median of 23.42 (41 listed peers): priced cheaper than peers. source →
! Growth Revenue fell -14.5% in 2025; latest quarter Q2 2026: 16.9% year on year. source →
! Profitability Return on equity 3.4% with a 3.2% net margin: weak profitability. source →
! Debt Liabilities are 64.8% of total assets (Q2 2026): a heavy debt load. source →
+ Cash flow Free cash flow was positive in 2025: 1,588 NT$ million. source →
· Filings 1 verified alert(s); latest on 2026-11-10: 公告本公司董事會通過115年度第三季合併財務報告暨 會計師核閱報告 source →
· Filings 1 filing(s) are held or rejected and wait for human review. source →