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Taiwan motorcycle and scooter manufacturer that also assembles Hyundai vehicles in Taiwan under license.
Taiwan motorcycle and scooter manufacturer that also assembles Hyundai vehicles in Taiwan under license.
Sells scooters through a dealer network in Taiwan, a mature market, and abroad, while the Hyundai assembly under licence adds car volumes on top of two-wheelers.
Moat: narrow (brand, distribution). Established SYM brand and dealer network in Taiwan's scooter market, plus a Hyundai assembly licence.
Headquarters: Taipei, Taiwan
Size Sanyang Motor (2206.TW) is a Taiwan Consumer Discretionary company (Motor Vehicles) with a market value of $1.43B, the 210th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$61.80 on 6 Nov 2026.
Performance Over six months the shares gained 7.8%, against -18.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue fell 3.4% over the last twelve months (peer median +11.5%); the operating margin is 7.9% (peer median 1.7%).
Valuation It trades at 1.4× enterprise value to sales against a peer median of 1.7× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$60.9B | NT$62.6B | NT$65.6B | NT$64.5B | NT$50.9B |
| Revenue growth | — | -5% | +2% | +27% | — |
| Gross profit | NT$11.8B | NT$12.3B | NT$12.8B | NT$12.8B | NT$9.17B |
| EBITDA | NT$6.64B | NT$7.16B | NT$7.35B | NT$7.52B | NT$4.80B |
| Net income | NT$4.54B | NT$4.53B | NT$4.77B | NT$6.30B | NT$3.12B |
| Free cash flow | NT$4.27B | NT$2.38B | NT$4.09B | NT$4.97B | -NT$188M |
| Capital expenditure | NT$2.13B | NT$2.14B | NT$2.61B | NT$2.05B | NT$2.29B |
| Total debt | NT$31.4B | NT$33.2B | NT$24.9B | NT$22.9B | NT$23.8B |
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 |
|---|---|---|---|---|---|---|
| Sanyang Motor 2206.TW | $1.43B | +8% | -3% | 8% | 1.4× | 1.2% |
| Yamaha Motor 7272.T | $10.1B | +54% | +10% | 6% | 0.8× | 4.2% |
| Honda Motor 7267.T | $45.2B | +45% | +4% | -1% | 0.7× | 18.2% |
| HyundaiMtr 005380.KS | $47.5B | -47% | +1% | 5% | 0.3× | 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 | 2206.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | -3.9% | 10th highest of 21 |
| 6-month return | +7.8% | -18.2% | 2nd highest of 20 |
| Distance from 52-week high | -7.3% | -43.2% | highest of 21 |
| Revenue growth (TTM) | -3.4% | +11.5% | 4th lowest of 21 |
| Operating margin | 7.9% | 1.7% | 7th highest of 21 |
| EV / Sales | 1.4× | 1.7× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 3.7% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +9.0% | -0.4% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -7.7 pp | +6.0 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +0.2 pp | -2.6 pp | 7th highest of 20 |
| EV / EBITDA | 13.1× | 11.2× | 2nd most expensive of 6 |
| Net debt / EBITDA | 3.6× | -0.2× | most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sanyang Motor 2206.TW | Taiwan | $1.43B | +8% | -3% | 8% | 1.4× | 1.2% | +9.0% |
| Dongfeng Automobile 600006.SS | China | $1.53B | -24% | -5% | -13% | 1.3× | n/a | n/a |
| Lucid LCID | United States | $1.30B | -48% | +67% | -259% | 4.6× | n/a | n/a |
| Xuzhou Handler Special Vehicle 300201.SZ | China | $1.64B | -9% | +18% | 22% | 5.4× | 22.0% | -3.3% |
| Jiangling Motors 000550.SZ | China | $1.70B | -12% | +7% | 1% | n/a | n/a | n/a |
| Tianjin FUJI-TA Bicycle Industrial 603468.SS | China | $1.19B | n/a | +3% | 8% | 1.1× | 13.5% | +4.9% |
| Brilliance China Automotive 1114.HK | Hong Kong | $1.15B | -40% | +18% | -30% | 1.9× | n/a | n/a |
| Tianrun Industry Technology 002283.SZ | China | $1.14B | -39% | +31% | 9% | 1.7× | 6.1% | -1.7% |
| Ola Electric Mobility OLAELEC.NS | India | $1.81B | -3% | -49% | -83% | 9.1× | n/a | n/a |
| Blue Bird BLBD | United States | $1.82B | -18% | +13% | 12% | 1.1× | 3.7% | +11.0% |
| Aerosun 600501.SS | China | $1.10B | -28% | +10% | -5% | 3.3× | n/a | n/a |
| Zhejiang Taotao Vehicles 301345.SZ | China | $1.91B | -54% | +53% | 25% | 2.3× | 2.2% | +23.3% |
| Giant Manufacturing 9921.TW | Taiwan | $1.06B | +29% | -15% | 2% | 0.6× | 1.3% | -3.0% |
| Xiamen King Long Motor 600686.SS | China | $967M | -42% | -3% | 2% | 0.4× | -1.1% | +12.0% |
| China Railway Materials 000927.SZ | China | $2.20B | -14% | +1% | 2% | 0.6× | 6.3% | -5.0% |
| Breton Technology 1333.HK | Hong Kong | $915M | +5% | +16% | -24% | 9.1× | n/a | n/a |
| Shanghai New Power Automotive Technology 600841.SS | China | $914M | -39% | +15% | -5% | 0.7× | 2.1% | -23.6% |
| Zhejiang Qianjiang Motorcycle 000913.SZ | China | $896M | -16% | 0% | 2% | 0.8× | n/a | n/a |
| Olectra Greentech OLECTRA.NS | India | $891M | -19% | +38% | 12% | 3.3× | n/a | n/a |
| Guangdong Lvtong New Energy Electric Vehicle Tech 301322.SZ | China | $869M | +5% | +63% | -3% | 4.3× | n/a | n/a |
| China Motor 2204.TW | Taiwan | $867M | -4% | +6% | 4% | 0.9× | 3.7% | +0.8% |