Triocean Industrial Corporation Co., Ltd. (1472) AI Stock Analysis

Triocean Industrial Corporation Co., Ltd.

(TWSE:1472)

Select Model

Rating:72Outperform

Price Target:TWD 98.00▲(10.48% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is driven primarily by a strongly improving financial profile: rapid revenue growth, expanding margins, 14.6% ROE, and robust free cash flow that fully converts reported profits, alongside leverage reduced from over 5x to under 0.5x debt-to-equity. Valuation reinforces the case, with a modest 13.8 P/E and a high 6.8% dividend yield. Holding the score back is neutral price action — the stock is drifting flat around its short-term moving averages with no clear momentum — plus a short track record of profitability after severe losses in 2020-2021, thin construction-sector margins, and a renewed increase in borrowings to fund growth.

Positive Factors

Improved Revenue and ProfitabilityThe shift from earlier losses to consistent profitability, combined with stronger revenue and improved margins, indicates meaningful operating recovery. If maintained, this earnings improvement can support reinvestment, strengthen financial resilience, and provide a more durable base for shareholder returns over coming quarters.

Negative Factors

Historically Volatile ProfitabilityThe recovery in profitability is encouraging, but the prior losses show that earnings quality has been tested materially across the cycle. This history means current profits may remain vulnerable to operating conditions, making the durability of recent margins less certain than at a consistently profitable business.

Triocean Industrial Corporation Co., Ltd. (1472) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 4.65B
Dividend Yield: 6.76%
Average Volume (3M): 52.26K
Price to Earnings (P/E): 13.9
Beta (1Y): -0.02
Revenue Growth: 14.00%
EPS Growth: 6.69%
Country: TW
Employees: 168
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Triocean Industrial Corporation Co., Ltd. Business Overview & Revenue Model

Company Description

Triocean Industrial Corporation Co., Ltd., established in 1957 and headquartered in Kaohsiung, Taiwan, operates a diverse range of businesses. The company manufactures and distributes polypropylene filament yarns and fabrics globally. Beyond its text...

Triocean Industrial Corporation Co., Ltd. Financial Statement Overview

Summary

Triocean has staged a dramatic turnaround: revenue grew roughly 56% to NT$3.64 billion, net income more than doubled to NT$336 million, and net margin nearly doubled to 9.2%. Cash generation is the standout, with operating cash flow of NT$620 million (1.8x net income) and free cash flow of NT$617 million on minimal capex. The balance sheet has been repaired, with debt-to-equity down from 5.15x in 2021 to 0.49x and ROE at 14.6%. Offsetting these strengths are thin absolute margins typical of construction, a sharp step-up in borrowings this year (NT$1.14 billion from NT$646 million), and a short, volatile profitability record following heavy losses in 2020-2021.

Income Statement

79Positive

Balance Sheet

70Positive

Cash Flow

80Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	3.75B	3.64B	2.34B	1.95B	1.17B	601.94M
Gross Profit	495.41M	501.11M	287.24M	252.82M	108.19M	125.22M
EBITDA	405.37M	396.11M	225.60M	196.09M	71.49M	58.22M
Net Income	335.68M	335.98M	154.62M	141.98M	3.72M	-8.72M
Balance Sheet
Total Assets	5.22B	5.42B	4.54B	2.67B	2.76B	1.84B
Cash, Cash Equivalents and Short-Term Investments	1.66B	1.69B	2.59B	1.50B	977.91M	783.65M
Total Debt	1.12B	1.14B	645.93M	751.94M	1.12B	1.08B
Total Liabilities	2.97B	3.12B	2.51B	1.24B	1.98B	1.63B
Stockholders Equity	2.18B	2.30B	2.03B	1.42B	776.76M	209.60M
Cash Flow
Free Cash Flow	41.60M	616.82M	283.12M	162.44M	157.38M	-100.15M
Operating Cash Flow	48.43M	619.58M	288.40M	174.79M	165.39M	-98.48M
Investing Cash Flow	132.09M	-342.69M	-476.73M	345.29M	-247.55M	34.14M
Financing Cash Flow	-382.37M	389.53M	180.73M	14.78M	57.58M	155.97M

Triocean Industrial Corporation Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1472 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8467	78Outperform	TWD 4.53B	12.55	―	5.75%	-13.68%	-46.39%
TW:1472	72Outperform	TWD 4.68B	13.88	―	6.76%	14.00%	6.69%
TW:8482	59Neutral	TWD 4.81B	15.20	―	4.34%	-1.87%	-8.08%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1455	43Neutral	TWD 4.56B	14.61	―	1.86%	-22.22%	―
TW:1447	32Underperform	TWD 4.86B	-16.14	―	―	-5.18%	45.33%

* General Sector Average

Performance Comparison

TW:1472 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1472	Triocean Industrial Corporation Co., Ltd.	88.70	3.45	4.05%
TW:1447	Li Peng Enterprise Co., Ltd.	5.89	0.45	8.27%
TW:1455	Zig Sheng Ind. Co., Ltd	8.62	0.66	8.25%
TW:7798	Fabulous Global Holding Co., Ltd.	14.40	-2.22	-13.35%
TW:8467	Bonny Worldwide Ltd.	87.00	-53.52	-38.09%
TW:8482	Shane Global Holding, Inc.	45.15	-1.06	-2.30%

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

Triocean Industrial Corporation Co., Ltd. AI Stock Analysis