Tah Hsin Industrial Corp. (1315) AI Stock Analysis

Tah Hsin Industrial Corp.

(TWSE:1315)

Select Model

Rating:56Neutral

Price Target:TWD 71.00▲(1.72% Upside)

Action:initiatedcoverage

Date:11/09/26

Tah Hsin Industrial scores in the mid-range, defined by safety rather than growth. The dominant drag is earnings quality: the core apparel business has been loss-making at the operating level for two straight years, margins are compressing and profits depend on non-operating income, with ROE barely above 1%. This is partly offset by an exceptionally strong, nearly debt-free balance sheet and operating cash flow that comfortably exceeds reported earnings. Technicals are mildly supportive — the price sits above its 50-, 100- and 200-day averages, though short-term momentum has softened. Valuation is mixed: a high 6.49% dividend yield is appealing, but a 28.6x P/E looks rich against shrinking profits and thin free cash flow. Overall, low financial risk is counterbalanced by weak operating performance and limited earnings visibility.

Positive Factors

Very Low LeverageVery low leverage reduces financial risk and preserves flexibility through industry cycles. Because the company is not dependent on debt markets for funding, it should retain more capacity to withstand weaker demand, fund operations, and pursue priorities without substantial financing pressure.

Negative Factors

Uneven Revenue TrendRepeated revenue declines after the stronger 2022 performance indicate an uneven demand environment rather than a consistently expanding business. Persistent top-line volatility can limit operating leverage, complicate planning, and make sustained earnings improvement more difficult over the next several quarters.

Tah Hsin Industrial Corp. (1315) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 6.74B
Dividend Yield: 6.45%
Average Volume (3M): 61.71K
Price to Earnings (P/E): 28.6
Beta (1Y): 0.21
Revenue Growth: -8.65%
EPS Growth: 262.92%
Country: TW
Employees: 370
Sector: General
Sector Strength: 55
Industry: Apparel - Manufacturers

Tah Hsin Industrial Corp. Business Overview & Revenue Model

Company Description

Tah Hsin Industrial Corporation, based in Taichung, Taiwan, functions as a diversified manufacturer and supplier of a wide array of products. The company specializes in the production and distribution of protective rain gear, a comprehensive range of...

Tah Hsin Industrial Corp. Financial Statement Overview

Summary

A fortress balance sheet (score 79) is offset by a weak operating engine (income statement score 34). Debt-to-equity is roughly 2% with equity funding ~94% of assets, leaving minimal solvency or refinancing risk. However, the core apparel business posted operating losses in each of the last two years, gross margin has eroded from 18.9% to ~14.5%, and net income of NT$148m relies on non-operating items while falling from NT$349m in 2023. Cash flow (score 57) is adequate — operating cash flow of NT$297m covers net income about 2x — but heavy capex left only NT$75m of free cash flow, and ROE of ~1.5% shows a large capital base generating minimal returns.

Income Statement

34Negative

Balance Sheet

79Positive

Cash Flow

57Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.09B	2.28B	2.15B	2.16B	2.67B	2.38B
Gross Profit	297.48M	331.43M	289.05M	324.51M	505.31M	366.39M
EBITDA	66.52M	70.47M	342.15M	429.37M	855.80M	340.63M
Net Income	233.09M	147.73M	205.57M	349.40M	708.17M	5.36M
Balance Sheet
Total Assets	14.21B	10.81B	10.24B	11.34B	11.53B	12.75B
Cash, Cash Equivalents and Short-Term Investments	8.75B	5.86B	5.25B	6.50B	6.71B	7.79B
Total Debt	127.52M	202.76M	283.96M	290.74M	318.98M	414.47M
Total Liabilities	672.28M	654.28M	828.31M	719.69M	895.80M	1.18B
Stockholders Equity	13.50B	10.13B	9.38B	10.59B	10.61B	11.54B
Cash Flow
Free Cash Flow	230.74M	74.90M	60.79M	412.62M	354.62M	-186.78M
Operating Cash Flow	346.24M	297.15M	271.55M	540.54M	526.28M	214.37M
Investing Cash Flow	-103.52M	384.86M	169.84M	332.35M	522.79M	-1.55B
Financing Cash Flow	-444.65M	-474.53M	-499.99M	-630.80M	-545.19M	-1.12B

Tah Hsin Industrial Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1315 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6585	63Neutral	TWD 6.76B	10.51	―	4.81%	9.62%	46.90%
TW:1713	57Neutral	TWD 6.13B	8.58	―	7.61%	2.77%	-51.96%
TW:1315	56Neutral	TWD 6.76B	28.61	―	6.45%	-8.65%	262.92%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1321	43Neutral	TWD 7.38B	548.33	―	1.14%	-7.33%	―
TW:1308	40Underperform	TWD 7.72B	-12.95	―	1.53%	-2.26%	36.82%
TW:1305	27Underperform	TWD 6.51B	-15.83	―	0.88%	-7.05%	63.06%

* General Sector Average

Performance Comparison

TW:1315 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1315	Tah Hsin Industrial Corp.	69.80	9.63	16.00%
TW:1305	China General Plastics Corporation	11.40	-0.26	-2.20%
TW:1308	Asia Polymer Corporation	13.05	-0.02	-0.14%
TW:1321	Ocean Plastics Co., Ltd.	32.90	-3.15	-8.74%
TW:1713	Cathay Chemical Works Inc.	40.75	-1.47	-3.47%
TW:6585	DingZing Advanced Materials, Inc.	93.50	-1.30	-1.37%

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

Tah Hsin Industrial Corp. AI Stock Analysis