TRK Corporation (1432) AI Stock Analysis

TRK Corporation

(TWSE:1432)

Select Model

Rating:57Neutral

Price Target:TWD 14.50▲(0.35% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a severe disconnect between accounting profits and cash generation. While the balance sheet has improved and valuation metrics (P/E 2.82, 14% yield) are exceptionally attractive, the negative operating and free cash flow is a critical red flag. Technicals are deeply bearish, with the stock in a sustained downtrend and oversold, reflecting market skepticism likely tied to the cash flow weakness.

Positive Factors

Revenue and Profit RecoveryA 78% 2025 revenue rebound and net margin near 49% show substantial operating recovery after the 2024 loss. If sales and profitability remain elevated, the stronger earnings base can support reinvestment and improve the company’s capacity to manage development-cycle demands over the next several quarters.

Negative Factors

Negative Cash GenerationNegative operating cash flow and deeply negative free cash flow in 2025 create a significant disconnect from reported earnings. This may reflect working-capital or cash-collection pressure and can increase reliance on financing, limiting the company’s ability to fund development activity internally over the next several quarters.

TRK Corporation (1432) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.56B
Dividend Yield: 13.84%
Average Volume (3M): 90.27K
Price to Earnings (P/E): 2.8
Beta (1Y): 0.28
Revenue Growth: -30.10%
EPS Growth: ―
Country: TW
Employees: 20
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

TRK Corporation Business Overview & Revenue Model

Company Description

TRK Corporation, alongside its associated companies, primarily focuses on the development and oversight of commercial property assets throughout Taiwan. Its diverse operations encompass the management of various retail shopping centers and the operat...

TRK Corporation Financial Statement Overview

Summary

Mixed financials: Strong income statement (72) and balance sheet (78) recovery are offset by critically weak cash flow (25). High net income is not converting to operating cash, creating a liquidity risk despite improved leverage and profitability metrics.

Income Statement

72Positive

Balance Sheet

78Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.06B	1.34B	1.28B	1.32B	1.11B	778.05M
Gross Profit	322.30M	555.32M	504.15M	574.22M	420.58M	254.87M
EBITDA	103.00M	1.21B	444.46M	538.94M	416.73M	271.32M
Net Income	551.64M	651.48M	-46.73M	60.18M	-36.92M	-208.86M
Balance Sheet
Total Assets	3.72B	4.36B	5.49B	4.87B	4.90B	4.89B
Cash, Cash Equivalents and Short-Term Investments	602.75M	1.47B	659.23M	491.89M	498.50M	564.79M
Total Debt	1.44B	1.65B	3.71B	3.51B	3.60B	3.57B
Total Liabilities	2.21B	2.51B	4.41B	4.08B	4.17B	4.13B
Stockholders Equity	1.33B	1.67B	995.19M	778.81M	715.33M	763.74M
Cash Flow
Free Cash Flow	-958.81M	-379.23M	-344.82M	277.79M	181.39M	72.87M
Operating Cash Flow	-696.83M	-64.64M	42.83M	426.33M	367.42M	259.89M
Investing Cash Flow	1.19B	642.43M	-287.60M	-350.90M	-259.42M	-145.34M
Financing Cash Flow	-443.33M	-303.42M	411.32M	-76.82M	-158.39M	165.29M

TRK Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1432 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2756	62Neutral	TWD 1.60B	17.43	―	5.38%	21.77%	16.89%
TW:1432	57Neutral	TWD 1.51B	2.83	―	13.84%	-30.10%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8941	51Neutral	TWD 1.53B	13.90	―	5.71%	-3.28%	18.48%
TW:6542	44Neutral	TWD 1.37B	50.89	―	0.07%	20.18%	―
TW:2926	40Underperform	TWD 1.42B	47.62	―	1.53%	3.57%	-20.86%

* General Sector Average

Performance Comparison

TW:1432 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1432	TRK Corporation	14.45	-0.97	-6.30%
TW:2756	Lian Fa International Dining Business Corp.	65.00	-18.97	-22.59%
TW:2926	Eslite Spectrum Corporation	30.00	-9.52	-24.10%
TW:6542	Gamesparcs Co., Ltd.	30.75	-12.13	-28.29%
TW:6595	Juliens International Entertainment Group	29.30	-5.39	-15.53%
TW:8941	Grand Hall Enterprise Co., Ltd.	43.80	1.92	4.57%

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

TRK Corporation AI Stock Analysis