FEAF
TWSE

9904 寶成

26.00 ▲ 0.25 (0.97%) Close · 2026-11-13 · TWSE
Ask about 9904
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: 4 strengths against 2 watch-outs. Weigh them against your own goals.

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

In plain words

Stock 9904 shows a mixed picture featuring a P/E of 5.51 below the peer median of 12.50, a light debt load of 34.3% of total assets in Q3 2026, and positive 2025 free cash flow of 6,604 NT$ million. On the other hand, profitability is weak with a return on equity of 6.8% and a net margin of 5.6%, alongside a revenue decline of -4.7% in 2025 despite Q3 2026 revenue growing 4.7% year on year. Additionally, expectations look attainable with an implied perpetual growth of -6.4%, while 1 filing is waiting for human review. Ultimately, the final investment decision rests with the investor.

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

Strengths

+ The current price implies -6.4% perpetual growth, within the 3.5% ceiling: expectations look attainable. source (Valuation) →
+ P/E 5.51 is well below the 37 median of 12.50 (16 listed peers): priced cheaper than peers. source (Key Stats) →
+ Liabilities are only 34.3% of total assets (Q3 2026): a light debt load. source (Financials) →
+ Free cash flow was positive in 2025: 6,604 NT$ million. source (Financials) →

Watch-outs

! Revenue fell -4.7% in 2025; latest quarter Q3 2026: 4.7% year on year. source (Financials) →
! Return on equity 6.8% with a 5.6% 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

+ Valuation (DCF) The current price implies -6.4% perpetual growth, within the 3.5% ceiling: expectations look attainable. source →
+ Valuation vs peers P/E 5.51 is well below the 37 median of 12.50 (16 listed peers): priced cheaper than peers. source →
! Growth Revenue fell -4.7% in 2025; latest quarter Q3 2026: 4.7% year on year. source →
! Profitability Return on equity 6.8% with a 5.6% net margin: weak profitability. source →
+ Debt Liabilities are only 34.3% of total assets (Q3 2026): a light debt load. source →
+ Cash flow Free cash flow was positive in 2025: 6,604 NT$ million. source →
· Filings 1 verified alert(s); latest on 2026-11-13: 本公司115年第三季合併財務報告業經董事會決議通過 source →
· Filings 1 filing(s) are held or rejected and wait for human review. source →