FEAF
TPEx

3693 營邦

718.00 ▲ 31.00 (4.51%) Close · 2026-11-13 · TPEx
Ask about 3693
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: 2 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 3693 presents a mixed picture, showing high profitability with a 16.7% return on equity and a 9.9% net margin, alongside positive free cash flow of 1,094 NT$ million in 2025. However, revenue fell -12.0% in 2025 before rising 151.4% year on year in Q3 2026, while liabilities represent a heavy debt load at 58.8% of total assets in Q3 2026. Additionally, the current price implies a 5.5% perpetual growth rate above the 3.5% ceiling, indicating that the price already assumes high expectations. Ultimately, the final decision rests with the investor.

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

Strengths

+ Return on equity 16.7% with a 9.9% net margin: highly profitable. source (Key Stats) →
+ Free cash flow was positive in 2025: 1,094 NT$ million. source (Financials) →

Watch-outs

! The current price implies 5.5% perpetual growth, above the 3.5% ceiling: the price already assumes high expectations. source (Valuation) →
! Revenue fell -12.0% in 2025; latest quarter Q3 2026: 151.4% year on year. source (Financials) →
! Liabilities are 58.8% of total assets (Q3 2026): a heavy debt load. source (Financials) →

What to check before deciding

?Can the company sustain growth above the perpetual-growth ceiling for years?
?Is the revenue decline temporary or structural?
?Can operating cash cover the debt if conditions tighten?

What the analysis found

! Valuation (DCF) The current price implies 5.5% perpetual growth, above the 3.5% ceiling: the price already assumes high expectations. source →
! Growth Revenue fell -12.0% in 2025; latest quarter Q3 2026: 151.4% year on year. source →
+ Profitability Return on equity 16.7% with a 9.9% net margin: highly profitable. source →
! Debt Liabilities are 58.8% of total assets (Q3 2026): a heavy debt load. source →
+ Cash flow Free cash flow was positive in 2025: 1,094 NT$ million. source →
· Filings 1 verified alert(s); latest on 2026-11-12: 本公司董事會通過115年第3季合併財務報告 source →
· Filings 1 filing(s) are held or rejected and wait for human review. source →