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Taiwan precious-metal recycler and refiner that also makes sputtering targets for hard drives, chips and displays.
Taiwan precious-metal recycler and refiner that also makes sputtering targets for hard drives, chips and displays.
Most revenue comes from buying and selling precious metals, a low-margin business tied to gold and silver prices, while processing fees for refining scrap and making sputtering targets (coatings used on hard drives, chips and displays) supply most of the profit. It moved its semiconductor business into a separate company in October 2025.
Moat: narrow (process know-how, regulatory licence). Refining know-how and rare plating-waste recovery permits; targets need customer qualification, but metal trading is low-margin.
Headquarters: Tainan, Taiwan · Founded: 1978
Size Solar Applied Materials Technology (1785.TWO) is a Taiwan Materials company (Industrial Specialties) with a market value of $1.30B, the 223rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$71.90 on 6 Nov 2026.
Performance Over six months the shares fell 55.1%, against -10.6% for the median peer and -3.4% for the Taiwan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 54.3% over the last twelve months (peer median +7.7%); the operating margin is 10.4% (peer median 11.3%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 1.8× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.1 points above its cost of capital (7.2% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$51.9B | NT$39.4B | NT$29.8B | NT$22.6B | NT$25.8B |
| Revenue growth | — | +32% | +32% | -12% | — |
| Gross profit | NT$7.24B | NT$5.52B | NT$3.59B | NT$2.53B | NT$3.30B |
| EBITDA | NT$6.10B | NT$4.81B | NT$2.84B | NT$1.94B | NT$2.12B |
| Net income | NT$3.98B | NT$1.87B | NT$1.90B | NT$1.08B | NT$1.39B |
| Free cash flow | NT$215M | NT$695M | -NT$118M | NT$248M | -NT$364M |
| Capital expenditure | NT$491M | NT$284M | NT$557M | NT$841M | NT$1.39B |
| Total debt | NT$15.3B | NT$14.1B | NT$12.3B | NT$10.8B | NT$10.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Solar Applied Materials Technology 1785.TWO | $1.30B | -55% | +54% | 10% | 1.1× | -0.2% |
| Materion MTRN | $3.88B | -7% | +28% | 7% | 1.9× | 22.7% |
| JX Advanced Metals 5016.T | $14.6B | -49% | +30% | 11% | 2.8× | 22.2% |
| Mitsubishi Materials 5711.T | $3.21B | -24% | +7% | 5% | 0.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1785.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.9% | -9.4% | 2nd lowest of 21 |
| 6-month return | -55.1% | -10.6% | lowest of 21 |
| Distance from 52-week high | -61.1% | -25.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +54.3% | +7.7% | 2nd highest of 21 |
| Operating margin | 10.4% | 11.3% | 9th lowest of 21 |
| EV / Sales | 1.1× | 1.8× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.2% | 5.0% | 6th least demanding of 16 |
| Growth delivered (Del g) | +8.1% | +10.4% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | -8.3 pp | -5.4 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +8.1 pp | +3.2 pp | 4th highest of 21 |
| EV / EBITDA | 8.9× | 10.9× | 6th cheapest of 12 |
| Net debt / EBITDA | 1.8× | -1.1× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | 1.1× | -0.2% | +8.1% |
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 3.3× | n/a | n/a |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 2.6× | n/a | n/a |
| Nihon Parkerizing 4095.T | Japan | $1.26B | +16% | +5% | 12% | 1.1× | -1.6% | +6.7% |
| artience 4634.T | Japan | $1.25B | +18% | +7% | 6% | 0.6× | -3.9% | +6.3% |
| Sinosteel Engineering & Technology 000928.SZ | China | $1.22B | -13% | +4% | 5% | 0.3× | -15.6% | -1.3% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 1.9× | 10.1% | +11.1% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 3.0× | 9.6% | +12.5% |
| PCBL Chemical PCBL.NS | India | $1.16B | -8% | +6% | 8% | 1.8× | 27.6% | +25.1% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | 118.5× | 40.2% | -6.1% |
| Xinjiang Xuefeng Sci-Tech (Group) 603227.SS | China | $1.14B | -17% | -8% | 12% | 1.7× | -7.6% | +22.0% |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 3.6× | n/a | n/a |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 1.9× | 5.0% | +10.4% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 13.9× | 44.2% | -2.3% |
| Nitta 5186.T | Japan | $1.05B | +36% | +5% | 7% | 1.4× | 10.6% | +3.1% |
| Xinjiang Tianye 600075.SS | China | $1.04B | -41% | -10% | -3% | 1.1× | n/a | n/a |
| SK Kaken 4628.T | Japan | $1.04B | +2% | +9% | 13% | 0.5× | -19.4% | +5.2% |
| Chugoku Marine Paints,Ltd 4617.T | Japan | $1.04B | +4% | +10% | 13% | 1.0× | 0.0% | +11.1% |
| Kunshan Dongwei Technology 688700.SS | China | $1.64B | -40% | +56% | 13% | 7.0× | 23.1% | +14.5% |
| Intco Recycling Resources 688087.SS | China | $1.01B | -25% | +29% | 12% | 2.3× | 0.5% | +15.8% |
| ZJMI Environmental Energy 603071.SS | China | $1.00B | -15% | -4% | 3% | 0.3× | n/a | n/a |