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: 1 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
Company 1809 presents a mixed picture with a light debt load of liabilities at 28.1% of total assets in Q3 2026, alongside weak profitability with a 1.1% return on equity and a 1.3% net margin. The stock is priced richer than peers with a P/E of 225.50 compared to the Glass and ceramics median of 50.06, while revenue grew 3.4% in 2025 and declined 2.8% year on year in Q3 2026. Furthermore, free cash flow was negative at -11 NT$ million in 2025, and 1 filing is held or rejected awaiting human review. Ultimately, all investment 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
+Liabilities are only 28.1% of total assets (Q3 2026): a light debt load. source (Financials) →
Watch-outs
!P/E 225.50 is well above the Glass and ceramics median of 50.06 (5 listed peers): priced richer than peers. source (Key Stats) →
!Return on equity 1.1% with a 1.3% net margin: weak profitability. source (Key Stats) →
!Free cash flow was negative in 2025: -11 NT$ million, so spending exceeded operating cash. source (Financials) →
What to check before deciding
?Why is it priced above its peers, and is that premium justified?
?What would lift profitability, and how soon?
?What is the spending for, and when does it start paying back?
What the analysis found
!Valuation vs peersP/E 225.50 is well above the Glass and ceramics median of 50.06 (5 listed peers): priced richer than peers. source →
·GrowthRevenue grew modestly, 3.4% in 2025; latest quarter Q3 2026: -2.8% year on year. source →
!ProfitabilityReturn on equity 1.1% with a 1.3% net margin: weak profitability. source →
+DebtLiabilities are only 28.1% of total assets (Q3 2026): a light debt load. source →
!Cash flowFree cash flow was negative in 2025: -11 NT$ million, so spending exceeded operating cash. source →
·Filings1 verified alert(s); latest on 2026-11-12: 公告本公司董事會通過115年第3季合併財務報告 source →
·Filings1 filing(s) are held or rejected and wait for human review. source →