2646.TW
Hot AirSTARLUX Airlines Co., Ltd. · Industrials · Taiwan · $1.9B cap · $2.2M/day traded
TWD 19.80 -1.2% · close 12 Nov · scored 13 Nov
Score down 1.0 since 12 Nov.
Hot Air: Strong momentum and nothing else: weak business, rich price.
As of 13 Nov 2026, the MoatMap Score for STARLUX Airlines Co., Ltd. (2646.TW) is 16/100, ranked against 25,000+ stocks in 38 markets (Quality 13, Value 29, Momentum 55, each scored against its sector).
Does the score work? Each tenth of the ranking, tracked monthly. See the record →
ABOUT STARLUX AIRLINES CO., LTD.
Read
STARLUX Airlines Co., Ltd. is a premium international airline based in Taiwan, focusing on high-end passenger and cargo transport services. The company differentiates itself through a luxury-oriented brand positioning, state-of-the-art fleet, and premium cabin services targeting discerning travelers. It is a rapidly growing challenger in the East Asian aviation market, aiming to establish Taipei as a major transit hub.
FINANCIAL SUMMARY (TWD)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | 3.4B | 22.5B | 35.5B | 44.1B | 135.8% | 50.3B | 61.6B | 71.2B | 27.2% |
| EPS (TWD) | -2.44 | -3.34 | 0.08 | 0.53 | 0.09 | 6.1% | -0.33 | 0.13 | — | 44.4% |
| Shares | — | 2.0B | 2.2B | 3.0B | 3.0B | +50.7% | 3.0B | — | — | — |
| Debt | — | 38.9B | 26.1B | 40.8B | 56.2B | 13.0% | 101.9B | — | — | — |
| Equity | — | 5.9B | 11.1B | 29.8B | 31.4B | 74.5% | — | — | — | — |
| Op CF | — | -1.1B | 8.2B | 11.0B | 8.1B | -0.8% | 11.7B | — | — | — |
| Inv CF | — | -10.0B | -16.3B | -30.0B | -20.8B | — | — | — | — | — |
| Fin CF | — | 10.0B | 12.5B | 29.4B | 12.1B | — | — | — | — | — |
No clear trend: not near its 52-week low, and not in a steady uptrend.
Calmer than 95% of stocks we rank over the past year (volatility 16% a year).
How this is worked out
The Price check reads only the chart, the price side of the Momentum score in words; it is not the MoatMap Score.
- Still falling: It set a new 52-week low in the last two weeks, after a deep fall.
- Finding a floor: It fell hard, but has set no new low for more than two weeks.
- Turning up: It has climbed off its low and is back above a rising 50-day average.
- In an uptrend: It is near its 52-week high and above its 200-day average.
- No clear trend (this stock): None of the above: no recent deep fall and no steady climb.
- No read yet: Not enough price history yet: it needs a year of trading.
In past US falls, waiting for Turning up cut the chance of another 20% drop from 42% to 33%. Returns were no better, and 33% of turns failed.
The exact rules
Still falling is a new 52-week low in the last two weeks, at least 25% below the high, with the low set after the high. Finding a floor is the same fall with no new low in the last two weeks. Turning up is 20 or more trading days without a new low, at least 10% off it, and back above a rising 50-day average. In an uptrend is above the 200-day average, with the 50-day average above the 200-day, and within 15% of the high. No clear trend is everything else. No read yet is under 252 trading days of history, or missing data. A new state shows once it has held for three trading days.
In 2,112 US drawdowns since 2001, buying while the price was still falling was followed by a further 20% drop 42% of the time. Waiting for a turn (the Turning up rule above) cut that to 33%, at about 7% higher prices and with no better returns. Part of that cut is simply not buying: 13% of falls never turned, and waiting kept those out. Among turns that were bought, 38% still fell another 20%, and 33% of turns were followed by a new low within six months. The benefit was largest in crashes such as 2008 and 2020.
What it measures: how much the price moved day to day over the past year, scaled to a yearly figure (annualised volatility) and ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Industrials, ranked by industry match, size, and score similarity. Cross-listings of 2646.TW are excluded.
| Ticker | Company | Mkt Cap | Score |
|---|---|---|---|
| 2646.TW | STARLUX Airlines Co., Ltd.(you) | $1.9B | 16 |
| 2610.TW | CHINA AIR LINES | $4.4B | 71 |
| 6757.TW | Tigerair Taiwan Co., Ltd. | $742M | 87 |
| 2618.TW | EVA Airways Corp. | $7.0B | 95 |
| 2371.TW | Tatung Co., Ltd. | $1.8B | 25 |
| 3376.TW | Shin Zu Shing Co., Ltd. | $1.0B | 14 |
| 2464.TW | Mirle Automation Corporation | $1.1B | 24 |
| 4585.TW | Techman Robot Inc. | $867M | 11 |
| 3718.TWO | CoreIntelligence Holdings Corporation | $690M | 17 |
| 6831.TW | Taiwan Microloops Corp. | $880M | 23 |
Peer medians: ROE 10.7% · P/E 15.6x · Gross margin 23.5%
Company Deep Dive
A 10,000-word report: the business and its segments, what management promised on earnings calls and whether it delivered, the competition, and how things could turn out.