GTM Holdings Corporation (1437) AI Stock Analysis

GTM Holdings Corporation

(TWSE:1437)

Select Model

Rating:61Neutral

Price Target:TWD 32.00▲(6.67% Upside)

Action:initiatedcoverage

Date:11/09/26

GTM Holdings scores modestly above the midpoint. The financial profile carries the most weight and is mixed: steady revenue growth, very wide margins and a conservatively leveraged balance sheet are offset by a ~26% drop in net income, sharp gross margin compression, ROE below 6%, and notably weaker cash conversion, with operating cash flow covering less than half of reported earnings. The cheap 6.9x P/E and 1.6% dividend yield provide valuation support. The main drag is technical: the stock trades below all key moving averages with a negative MACD, reflecting a sustained downtrend, though an RSI near 30 indicates the sell-off is becoming stretched. Overall, a financially stable but earnings-lumpy developer that looks inexpensive while momentum remains unfavourable.

Positive Factors

Steady Revenue GrowthSustained revenue expansion indicates ongoing business activity and supports a durable base for future earnings. The 2025 pickup after a 2024 dip suggests the company retained growth capacity, although development timing may still influence the pace of reported progress.

Negative Factors

Earnings VolatilityThe decline in net income despite revenue growth shows that reported earnings are not moving consistently with the top line. In real estate development, timing, revaluations, or one-off items can materially affect results, making future profitability less predictable across reporting periods.

GTM Holdings Corporation (1437) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 6.02B
Dividend Yield: 1.60%
Average Volume (3M): 129.85K
Price to Earnings (P/E): 7.0
Beta (1Y): 0.21
Revenue Growth: >-0.01%
EPS Growth: 75.39%
Country: TW
Employees: 944
Sector: General
Sector Strength: 55
Industry: Real Estate - Development

GTM Holdings Corporation Business Overview & Revenue Model

Company Description

Established in Taipei City, Taiwan, in 1951, GTM Holdings Corporation operates a multifaceted business through its subsidiaries, focusing on real estate, textiles, electronics, and investment. The company's real estate division is responsible for dev...

GTM Holdings Corporation Financial Statement Overview

Summary

Blending the Income Statement (68), Balance Sheet (66) and Cash Flow (55) scores gives a moderately above-average profile. Strengths: revenue grew ~10% to NT$926.7 million and has compounded near 9% annually over five years, margins are exceptionally wide (71.9% operating, 52.8% net), and leverage is conservative for a developer with debt-to-equity of 0.53 and equity funding ~60% of the NT$13.70 billion asset base. Weaknesses are the direction of travel: gross margin has compressed from 74.2% to 54.5%, net income fell ~26% to NT$489.8 million, ROE slipped to 5.9%, and cash generation weakened materially with operating cash flow down to NT$220.4 million and covering only ~45% of reported earnings, highlighting non-cash and inventory-tied profits.

Income Statement

68Positive

Balance Sheet

66Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	946.96M	926.71M	845.76M	863.65M	801.87M	698.04M
Gross Profit	569.02M	505.11M	497.74M	537.90M	486.16M	475.71M
EBITDA	662.50M	846.90M	726.99M	846.45M	638.70M	676.88M
Net Income	872.63M	489.75M	661.33M	573.78M	407.48M	458.32M
Balance Sheet
Total Assets	14.11B	13.70B	13.75B	12.90B	12.58B	11.95B
Cash, Cash Equivalents and Short-Term Investments	2.36B	2.25B	2.37B	1.97B	2.03B	1.55B
Total Debt	4.32B	4.40B	4.41B	4.26B	4.43B	3.97B
Total Liabilities	5.53B	5.43B	5.43B	5.27B	5.47B	5.15B
Stockholders Equity	8.57B	8.26B	8.31B	7.64B	7.11B	6.79B
Cash Flow
Free Cash Flow	312.85M	181.96M	311.55M	350.64M	317.30M	253.73M
Operating Cash Flow	314.36M	220.44M	389.32M	351.11M	341.29M	254.01M
Investing Cash Flow	-11.30M	48.87M	-386.95M	-117.72M	-750.06M	-447.31M
Financing Cash Flow	-367.30M	-335.25M	-88.18M	-348.24M	263.46M	104.61M

GTM Holdings Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1437 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:1437	61Neutral	TWD 5.94B	6.98	―	1.60%	>-0.01%	75.39%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8916	55Neutral	TWD 5.91B	18.35	―	7.68%	4.11%	-25.92%
TW:8404	53Neutral	TWD 5.08B	14.77	―	4.20%	3.76%	-76.04%
TW:4438	50Neutral	TWD 6.34B	8.95	―	4.24%	9.45%	132.67%
TW:1444	42Neutral	TWD 5.96B	-20.94	―	―	1.94%	28.28%

* General Sector Average

Performance Comparison

TW:1437 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1437	GTM Holdings Corporation	30.00	-0.94	-3.04%
TW:1444	LeaLea Enterprise Co., Ltd.	6.16	-0.17	-2.69%
TW:4438	Quang Viet Enterprise Co., Ltd.	54.30	-24.89	-31.43%
TW:6585	DingZing Advanced Materials, Inc.	93.50	-1.30	-1.37%
TW:8404	Paiho Shih Holdings Corporation	11.90	-12.54	-51.32%
TW:8916	Kwong Lung Enterprise Co., Ltd.	39.50	-5.23	-11.68%

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

GTM Holdings Corporation AI Stock Analysis