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Topkey Corporation (4536.TW)

TWD171.00 +2.50 (+1.48%)
TW TAI Consumer Cyclical Leisure
Address No. 18, 20th Road 408
Taichung, TW
CEO Pei-Ni Shen
IPO 2012-10-03
ISIN TW0004536008

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Description

Established in 1980 and headquartered in Taichung City, Taiwan, Topkey Corporation is involved in the manufacturing, processing, sale, and trading of athletic products, with markets spanning Taiwan, other parts of Asia, Europe, and the United States. The company's operations are organized into key divisions: Sporting Products, Aviation and Medical Products, and various other activities. Topkey's extensive product portfolio includes fiberglass items, advanced composite materials, eyewear, vehicle components, water gauges, and HRNT products, alongside providing agency services. Furthermore, the corporation is engaged in the development, design, and production of precision molds, plastic goods, and rubber products, in addition to participating in international investment and trade. Its offerings also extend to specialized medical items such as carbon fiber bed panels, thermoplastic resins, fiber-reinforced thermoplastics, and composite parts for the aviation sector. Safety gear like helmets, knee pads, and neck pads are also supplied, complementing a range of sporting equipment that features tennis rackets, carbon fiber bicycle frames, and related accessories.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
TWD171.00 +2.50 (+1.48%)
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Volume Profile
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Liquidity & share structure
Average Volume
249.1K
Beta
0.14
Float Shares
64.67M
Free Float %
71.2%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-0.66% -0.33% -1.62% -9.82% -10.36% -6.19% -22.31% -22.31% -5.02% +43.60% +51.50%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
171.00
DCF (Unlevered) 140.32 -17.9%
DCF (Levered) 563.26 +229.4%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 100% Bullish
Rating 2026-05 Change
Strong Buy 1 0
Buy 1 0
Hold 0 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
4.12
Safe zone
Piotroski F-Score
5 / 9
Average
MOAT Score
4 / 10
Developing
Composite Rating
A+
Overall Score
4 / 5
High
DCF Score
5 / 5
High
ROE Score
4 / 5
High
ROA Score
5 / 5
High
D/E Score
3 / 5
Medium
P/E Score
4 / 5
High
P/Book Score
3 / 5
Medium
Operational MOAT
✗ Below peers
  • Revenue growth Leisure: +7.6%
    -2.9% Q1'26: -3.5% (vs Q1'25)
  • EPS growth Leisure: +13.2%
    -21.0% Q1'26: -28.9% (vs Q1'25)
  • FCF margin FCF growth · Leisure: +30.4%
    +19.6% Q1'26: +16.2% (vs Q1'25)
  • EBIT margin Leisure: +11.0%
    +18.7% Q1'26: +17.1% (vs Q1'25)
  • ROIC Leisure: +6.9%
    +22.2% Q1'26: +21.5% (vs Q1'25)
  • Share dilution Leisure: +0.0%
    +8.2% Q1'26: +10.9% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Leisure: -0.39×
    0.77× Q1'26: 1.04× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.11) × ERP
WACC = 90% × Ke + 10% × Kd (4.1%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 139.17 Current price: 171.00
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2015
actual
Dec 2016
actual
Dec 2017
actual
Dec 2018
actual
Dec 2019
actual
Dec 2020
actual
Dec 2021
actual
Dec 2022
actual
Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Dec 2026
2 Rev. Ana.
2 EPS Ana.
Revenue
6.65B
est: 6.79B (-2.1%)
6.22B
est: 6.45B (-3.7%)
6.32B
est: 6.32B (0.0%)
7.40B
est: 7.40B (0.0%)
7.22B
est: 7.22B (+0.1%)
7.23B
est: 7.23B (+0.0%)
8.69B
est: 8.69B (0.0%)
10.97B
est: 10.97B (+0.0%)
9.27B
est: 8.23B (+12.6%)
9.48B
est: 9.48B (0.0%)
9.20B
est: 9.38B (-1.8%)
9.68B
9.57B – 9.78B
+3.2% YoY
EBITDA
962.90M
est: 1.83B (-47.4%)
1.48B
est: 1.74B (-15.0%)
969.65M
est: 1.70B (-43.1%)
1.39B
est: 2.00B (-30.5%)
1.91B
est: 1.95B (-1.7%)
1.70B
est: 1.95B (-13.1%)
1.73B
est: 2.34B (-26.4%)
3.73B
est: 2.96B (+26.1%)
2.49B
est: 2.06B (+21.1%)
2.91B
est: 2.37B (+22.8%)
2.15B
est: 2.34B (-8.1%)
2.42B
2.39B – 2.44B
+3.2% YoY
EBIT
821.29M
est: 1.50B (-45.2%)
1.05B
est: 1.42B (-26.4%)
581.99M
est: 1.39B (-58.2%)
965.50M
est: 1.63B (-40.9%)
1.28B
est: 1.59B (-19.4%)
1.24B
est: 1.60B (-22.0%)
1.49B
est: 1.92B (-22.4%)
3.27B
est: 2.42B (+34.9%)
2.09B
est: 1.73B (+21.2%)
2.50B
est: 1.99B (+25.6%)
1.72B
est: 1.97B (-12.4%)
2.03B
2.01B – 2.05B
+3.2% YoY
Net Income
610.95M
est: 586.91M (+4.1%)
779.03M
est: 628.32M (+24.0%)
483.15M
est: 575.95M (-16.1%)
845.17M
est: 842.23M (+0.3%)
865.78M
est: 927.79M (-6.7%)
679.02M
est: 683.13M (-0.6%)
831.65M
est: 850.91M (-2.3%)
2.26B
est: 2.27B (-0.5%)
1.42B
est: 1.52B (-7.0%)
1.71B
est: 1.70B (+0.6%)
1.35B
est: 1.53B (-11.6%)
1.55B
1.55B – 1.56B
+1.5% YoY
SGA
812.80M
est: 662.40M (+22.7%)
811.11M
est: 629.47M (+28.9%)
742.79M
est: 616.07M (+20.6%)
797.71M
est: 721.61M (+10.5%)
816.57M
est: 704.15M (+16.0%)
773.21M
est: 705.63M (+9.6%)
871.91M
est: 847.83M (+2.8%)
932.99M
est: 1.07B (-12.8%)
874.34M
est: 807.41M (+8.3%)
957.97M
est: 930.32M (+3.0%)
1.01B
est: 920.02M (+9.9%)
949.61M
939.48M – 959.73M
+3.2% YoY
EPS
6.73
est: 6.43 (+4.7%)
8.58
est: 6.88 (+24.7%)
5.32
est: 6.31 (-15.6%)
9.31
est: 9.22 (+1.0%)
9.53
est: 10.16 (-6.2%)
7.48
est: 7.48 (+0.0%)
9.16
est: 9.32 (-1.7%)
24.89
est: 24.88 (+0.1%)
15.58
est: 15.41 (+1.1%)
18.86
est: 17.24 (+9.4%)
14.92
est: 15.51 (-3.8%)
15.73
15.66 – 15.80
+1.5% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-11 A+ 4/5 5/5 4/5 5/5 3/5 4/5 3/5
2026-05-08 A+ 4/5 5/5 4/5 5/5 3/5 4/5 3/5
2026-05-07 A+ 4/5 5/5 4/5 5/5 3/5 4/5 3/5
2026-05-06 A+ 4/5 5/5 4/5 5/5 3/5 4/5 3/5
2026-05-05 A+ 4/5 5/5 4/5 5/5 3/5 4/5 3/5
2026-05-04 A+ 4/5 5/5 4/5 5/5 3/5 4/5 3/5
2026-04-30 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-29 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-28 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-27 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-24 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-23 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-22 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-21 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-20 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-17 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5
2026-04-16 A 4/5 5/5 4/5 5/5 2/5 4/5 3/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
1.63B
OE per share TTM
17.79
Owner's Yield
10.65%
Maintenance CapEx ratio
190.37%
Maint CapEx / Avg PPE
42.3%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 34 ETFs in our universe

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
211.3K
Shares Outstanding
90.82M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Pei-Ni Shen General Manager & Director 16M
Ren-Di Chang Chief Financial Officer 6M
Jing-Wei Chang General Manager of Safety Products Business Group 5M
Qing-Zheng Wu Chief Operating Officer of Safety Products Business Group 4M
Qing-Long Huang Deputy General Manager
Curtis Wu Chief Operating Officer of Business Group
Qiusen Zhang Head of Accounting
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits