S&P raises Formosa Plastics rating to BBB+ for Formosa Plastics stock

Published on 10/22/2026 at 09:18 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

S&P raised the rating on October 19 as leverage fell. Formosa Plastics stock's third-quarter revenue fell 6.20 percent to TWD 44.30 billion.

Credit upgrade meets weaker quarter

S&P Global Ratings raised Formosa Plastics to BBB+ on October 19, 2026.
Third-quarter revenue fell 6.20 percent to TWD 44.30 billion in the October 12, 2026 report.
Formosa Plastics had a market capitalization of TWD 469.8 billion as of October 22, 2026.

Formosa Plastics, TW0001301000, Illustration mit AI erstellt.

Formosa Plastics (TW0001301000) reported third-quarter revenue of TWD 44.30 billion, down 6.20 percent from the second quarter. S&P Global Ratings raised the rating on Formosa Plastics and three related companies to BBB+ from BBB on October 19, 2026, with a stable outlook.

Three events shape the stock

On October 12, 2026, Formosa Plastics reported third-quarter revenue of TWD 44.30 billion and net income of TWD 5.70 billion through a filing carried by FinancialFilings. On October 13, 2026, Masterlink Securities upgraded the stock to Buy from Hold and set a TWD 65.00 price target, as reported by MarketScreener. The October 19, 2026 credit upgrade is the latest of the three events.

What supports the upgrade?

S&P's report projects combined revenue for the four Formosa companies at TWD 1,228 billion in 2026, compared with TWD 1,060 billion in 2025. It also forecasts the group's debt-to-EBITDA ratio below 0.5x over the next one to two years, while warning that commodity chemical oversupply and weaker spreads remain material risks.

The operating picture is mixed. Formosa Plastics' third-quarter operating result was a loss of TWD 4.20 billion after a profit of TWD 2.80 billion in the second quarter, even though sales volume increased by 68,000 metric tons. For investors, the rating upgrade therefore supports the balance sheet story more clearly than the near-term chemical margin story.

Stock price and market value

Formosa Plastics stock was last at TWD 73.80 on the Taiwan Stock Exchange on October 22, 2026 at 1:30 p.m. TST. The company had a market capitalization of TWD 469.8 billion and a 52-week range of TWD 36.50 to TWD 89.40 as of October 22, 2026.