TTET Union Corporation (1232) AI Stock Analysis

TTET Union Corporation

(TWSE:1232)

Select Model

Rating:74Outperform

Price Target:TWD 180.00▲(13.21% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by a strong balance sheet, solid profitability, favorable technical positioning, and attractive valuation. Declining revenue and weaker cash-flow conversion limit the score despite the company's financial stability and dividend yield.

Positive Factors

Stable ProfitabilityConsistent profitability across multiple years provides a durable earnings base for the packaged-foods business. Stable net margins and high-single-digit operating margins indicate that the company has maintained economic resilience even as revenue weakened, while supporting ongoing operations and shareholder returns.

Negative Factors

Multi-Year Revenue DeclineThe extended revenue contraction is the clearest fundamental weakness because it points to a weaker top-line trajectory despite stable net income. If sustained, lower sales can restrict operating leverage, limit growth investment, and make future earnings expansion more dependent on margins rather than business volume.

TTET Union Corporation (1232) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 25.52B
Dividend Yield: 4.53%
Average Volume (3M): 144.09K
Price to Earnings (P/E): 15.2
Beta (1Y): -0.13
Revenue Growth: 13.49%
EPS Growth: 29.82%
Country: TW
Employees: 140
Sector: General
Sector Strength: 55
Industry: Packaged Foods

TTET Union Corporation Business Overview & Revenue Model

Company Description

Founded in 1982 and based in Tainan City, Taiwan, TTET Union Corporation is a prominent entity primarily focused on soybean processing, with operations spanning Taiwan, India, and global markets. The company is extensively involved in the manufacturi...

TTET Union Corporation Financial Statement Overview

Summary

Strong balance sheet quality, including 0.25 debt-to-equity and 22.4% ROE, offsets declining revenue and weaker free-cash-flow conversion. Profitability remains solid, but 2025 revenue fell 6.3% and free cash flow declined 9.1%.

Income Statement

62Positive

Balance Sheet

85Very Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.49B	21.51B	22.07B	23.56B	24.68B	20.48B
Gross Profit	3.04B	2.89B	2.75B	2.53B	2.40B	2.36B
EBITDA	2.17B	2.06B	2.03B	1.83B	1.82B	1.80B
Net Income	1.44B	1.32B	1.32B	1.20B	1.23B	1.24B
Balance Sheet
Total Assets	10.72B	9.98B	9.13B	8.18B	7.39B	7.00B
Cash, Cash Equivalents and Short-Term Investments	3.18B	2.69B	2.24B	1.58B	981.11M	1.93B
Total Debt	1.49B	1.50B	1.51B	1.06B	407.47M	348.54M
Total Liabilities	4.97B	3.85B	3.27B	2.63B	2.12B	2.05B
Stockholders Equity	5.51B	5.90B	5.68B	5.40B	5.15B	4.86B
Cash Flow
Free Cash Flow	1.32B	1.63B	1.82B	1.74B	179.57M	103.57M
Operating Cash Flow	1.73B	2.06B	2.09B	1.98B	324.84M	286.18M
Investing Cash Flow	-439.25M	-420.06M	-273.87M	-271.94M	-175.57M	-212.26M
Financing Cash Flow	-1.07B	-1.19B	-1.16B	-1.10B	-1.10B	-994.59M

TTET Union Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1232 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1232	74Outperform	TWD 25.44B	15.23	―	4.53%	13.49%	29.82%
TW:1215	68Neutral	TWD 30.51B	13.08	―	6.76%	4.50%	-22.41%
TW:2727	68Neutral	TWD 18.12B	12.44	―	7.20%	12.28%	20.10%
TW:1231	62Neutral	TWD 22.72B	14.39	―	2.17%	1.38%	29.12%
TW:2905	58Neutral	TWD 18.69B	6.49	―	1.70%	-5.93%	―
TW:1227	57Neutral	TWD 23.66B	16.28	―	5.14%	3.12%	-6.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:1232 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1232	TTET Union Corporation	159.00	22.37	16.37%
TW:1215	Charoen Pokphand Enterprise (Taiwan) Co., Ltd.	105.00	-23.37	-18.20%
TW:1227	Standard Foods Corporation	25.65	-3.92	-13.24%
TW:1231	Lian Hwa Foods Corporation	69.90	-13.96	-16.64%
TW:2727	Wowprime Corp.	223.50	21.48	10.63%
TW:2905	Mercuries & Associates, Holding Ltd.	16.70	2.60	18.41%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

TTET Union Corporation AI Stock Analysis