An-Shin Food Services Co., Ltd. (1259) AI Stock Analysis

An-Shin Food Services Co., Ltd.

(TPEx:1259)

Select Model

Rating:56Neutral

Price Target:TWD 68.00▲(6.92% Upside)

Action:initiatedcoverage

Date:11/09/26

An-Shin Food Services scores in the mid-range, held back primarily by weak earnings quality: revenue has stalled around NT$6 billion, margins have steadily compressed, and the core business recorded a small operating loss in 2025 with return on equity of only 2.6%. Offsetting this are genuine financial strengths — consistently strong operating cash flow of NT$786 million, a sharp free cash flow rebound to NT$472 million, reduced debt and improved leverage at 0.74x equity. Technically the stock is constructive, trading above all key moving averages with neutral, non-extended momentum and very low volatility. Valuation is the secondary drag, with an 18.6x P/E that appears rich relative to flat growth and thin profitability, only partly cushioned by a 1.82% dividend yield. The investment case rests on management restoring pricing power and cost control to convert healthy cash flow back into operating profit.

Positive Factors

Consistent Operating Cash FlowConsistently solid operating cash generation provides liquidity and supports ongoing restaurant operations without relying solely on external financing. This resilience gives the company capacity to fund working capital, maintain its outlet base, and withstand periods of weaker profitability.

Negative Factors

Stagnant RevenueLittle revenue growth indicates limited recent expansion in customer demand, outlet productivity, or market reach. If this persists, the company may have less operating leverage and fewer opportunities to absorb cost inflation, making it harder to restore profitability through scale alone.

An-Shin Food Services Co., Ltd. (1259) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.02B
Dividend Yield: 1.89%
Average Volume (3M): 27.78K
Price to Earnings (P/E): 18.0
Beta (1Y): 0.02
Revenue Growth: 2.00%
EPS Growth: 298.30%
Country: TW
Employees: 299
Sector: General
Sector Strength: 55
Industry: Restaurants

An-Shin Food Services Co., Ltd. Business Overview & Revenue Model

Company Description

An-Shin Food Services Co., Ltd. engages in the operation of fast food chain restaurant under the name, MOS Burger. Its products include burgers, snacks, soups, and drinks. The company was founded on November 23, 1990 and is headquartered in Taipei, T...

An-Shin Food Services Co., Ltd. Financial Statement Overview

Summary

A mixed profile weighted toward weakness in earnings quality. The income statement is the main drag (score 38): revenue has plateaued near NT$6.06 billion with growth under 1% in each of the last two years, gross margin has eroded from 26.1% to 22.5% since 2020, and the core business slipped to a small operating loss (-0.2% margin) in 2025, with net profit of NT$79 million (1.3% margin) apparently aided by non-core items. The balance sheet is moderately healthy (score 57): equity rose to NT$3.01 billion, debt fell to NT$2.24 billion, and debt-to-equity improved to 0.74, though return on equity is a thin 2.6%. Cash flow is the standout (score 70): operating cash flow of NT$786 million is roughly ten times net income, and free cash flow rebounded to NT$472 million from NT$5 million as capex normalized, funding deleveraging — though FCF has been volatile with store investment cycles.

Income Statement

38Negative

Balance Sheet

57Neutral

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.16B	6.06B	6.05B	5.99B	5.73B	5.03B
Gross Profit	1.41B	1.37B	1.36B	1.43B	1.45B	1.24B
EBITDA	578.60M	715.18M	810.94M	922.84M	903.82M	847.17M
Net Income	114.55M	79.38M	66.33M	167.44M	130.14M	99.34M
Balance Sheet
Total Assets	7.18B	6.87B	6.41B	5.82B	5.32B	5.29B
Cash, Cash Equivalents and Short-Term Investments	1.51B	981.20M	1.09B	1.12B	1.73B	1.72B
Total Debt	2.77B	2.24B	2.40B	2.02B	2.05B	1.99B
Total Liabilities	4.37B	3.85B	3.91B	3.44B	3.32B	3.20B
Stockholders Equity	2.80B	3.01B	2.49B	2.37B	1.98B	2.07B
Cash Flow
Free Cash Flow	477.92M	472.48M	4.61M	23.27M	700.30M	566.81M
Operating Cash Flow	833.07M	785.61M	776.51M	826.69M	1.03B	749.60M
Investing Cash Flow	-595.11M	-627.85M	-751.66M	-541.78M	-405.01M	-633.37M
Financing Cash Flow	-91.03M	-564.57M	-39.34M	-598.13M	-591.55M	-570.13M

An-Shin Food Services Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1259 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:7708	73Outperform	TWD 2.29B	11.60	―	6.11%	13.10%	30.49%
TW:7757	72Outperform	TWD 2.17B	14.23	―	8.60%	―	―
TW:1236	56Neutral	TWD 2.33B	-383.57	―	6.15%	-2.79%	―
TW:1259	56Neutral	TWD 2.06B	17.98	―	1.89%	2.00%	298.30%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3313	33Underperform	TWD 2.05B	-64.47	―	―	106.25%	73.07%

* General Sector Average

Performance Comparison

TW:1259 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1259	An-Shin Food Services Co., Ltd.	63.60	0.83	1.32%
TW:1236	Hunya Foods Co. Ltd.	26.85	3.09	13.01%
TW:2942	Jing-Jan Retail Business Co., Ltd.	34.80	6.06	21.11%
TW:3313	Feei Cherng Enterprise Co., Ltd	9.27	-6.53	-41.33%
TW:7708	Family International Gourmet Co Ltd	90.00	-5.56	-5.82%
TW:7757	Lebledor F&B Co Ltd	90.10	-25.20	-21.86%

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 09, 2026

An-Shin Food Services Co., Ltd. AI Stock Analysis