Taiwan Glass Industry Corp. (1802) AI Stock Analysis

Taiwan Glass Industry Corp.

(TWSE:1802)

Select Model

Rating:41Neutral

Price Target:TWD 55.00▼(-21.20% Downside)

Action:initiatedcoverage

Date:11/09/26

Taiwan Glass scores low primarily on financial performance: it remains loss-making with revenue well below its 2021 peak, operating cash flow has more than halved, and negative free cash flow is being funded by rising debt as equity erodes. Technicals reinforce the caution, with the price below all major moving averages and weak momentum readings. Valuation offers little relief given a 37x P/E on depressed earnings and no dividend. The main offsets are a solid, conservatively financed balance sheet (debt-to-equity of 0.56, half of assets equity-funded) and genuine signs of stabilization — improving gross margin, a near-breakeven operating result and a net loss that narrowed about 62% — which give the company room to ride out the trough. Best viewed as a turnaround candidate dependent on a recovery in glass pricing and tighter capital spending.

Positive Factors

Moderate LeverageModerate leverage and a substantial, relatively stable equity base provide Taiwan Glass with a serviceable financial foundation. This should preserve some capacity to manage operating volatility and support ongoing investment, even though current earnings are not yet producing satisfactory shareholder returns.

Negative Factors

Sustained LossesContinued operating and net losses show that Taiwan Glass is not converting its revenue base into durable earnings. This weakens internal funding capacity, reduces returns on the substantial equity base, and indicates that the recent gross-margin improvement has not yet overcome the broader profitability pressures.

Taiwan Glass Industry Corp. (1802) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 223.05B
Dividend Yield: ―
Average Volume (3M): 68.90M
Price to Earnings (P/E): 41.1
Beta (1Y): 1.12
Revenue Growth: 11.76%
EPS Growth: ―
Country: TW
Employees: 15,946
Sector: General
Sector Strength: 55
Industry: Construction Materials

Taiwan Glass Industry Corp. Business Overview & Revenue Model

Company Description

Taiwan Glass Ind. Corp. specializes in the manufacturing, processing, and distribution of a comprehensive range of glass products. Its offerings include various forms of flat glass, such as standard float glass, processed glass, automotive glass, ult...

Taiwan Glass Industry Corp. Financial Statement Overview

Summary

Weak but stabilizing. Revenue has declined to NT$41.5bn from the NT$56.1bn peak, and the company posted a NT$590m net loss — its third loss in four years — though the loss narrowed roughly 62% and gross margin improved to 10.8% from 8.6%, with the operating result near breakeven. The balance sheet is the key support: equity of NT$47.6bn funds about half of NT$90.8bn in assets and debt-to-equity is a manageable 0.56. However, cash flow deteriorated sharply — operating cash flow halved to NT$2.42bn and capital spending of NT$4.7bn pushed free cash flow to negative NT$2.29bn, forcing incremental borrowing while accumulated losses erode equity. A turnaround in progress rather than a healthy earnings story.

Income Statement

33Negative

Balance Sheet

57Neutral

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	43.82B	41.49B	42.50B	45.62B	43.86B	56.07B
Gross Profit	7.08B	4.47B	3.67B	4.57B	4.47B	17.71B
EBITDA	7.95B	4.45B	3.98B	4.91B	6.16B	18.24B
Net Income	2.51B	-590.33M	-1.57B	34.59M	-701.66M	11.48B
Balance Sheet
Total Assets	93.70B	90.83B	90.38B	90.48B	93.03B	99.46B
Cash, Cash Equivalents and Short-Term Investments	9.12B	11.83B	11.44B	11.82B	12.64B	16.84B
Total Debt	25.41B	26.65B	24.82B	24.65B	25.80B	25.29B
Total Liabilities	39.14B	40.50B	39.01B	39.77B	41.37B	41.68B
Stockholders Equity	51.69B	47.60B	48.44B	47.56B	48.44B	54.04B
Cash Flow
Free Cash Flow	-4.52B	-2.29B	1.22B	173.34M	2.38B	6.32B
Operating Cash Flow	2.29B	2.42B	5.26B	4.35B	6.71B	10.49B
Investing Cash Flow	-5.69B	-3.92B	-3.55B	-4.27B	-1.91B	-3.93B
Financing Cash Flow	52.75M	1.86B	-398.11M	-1.59B	-5.17B	-4.84B

Taiwan Glass Industry Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1802 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1229	76Outperform	TWD 69.58B	15.43	―	4.73%	-3.23%	11.13%
TW:2027	61Neutral	TWD 121.82B	9.96	―	3.08%	24.28%	173.07%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1815	55Neutral	TWD 78.68B	31.72	―	0.39%	48.55%	293.99%
TW:1101	53Neutral	TWD 205.60B	-20.16	-4.09%	2.93%	-6.00%	-228.12%
TW:1802	41Neutral	TWD 202.98B	41.06	―	―	11.76%	―
TW:2002	39Underperform	TWD 287.48B	-89.45	―	0.80%	1.12%	―

* General Sector Average

Performance Comparison

TW:1802 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1802	Taiwan Glass Industry Corp.	69.80	33.75	93.62%
TW:1101	Taiwan Cement Corp	27.30	6.13	28.95%
TW:1229	Lien Hwa Industrial Holdings Corporation	38.10	-6.36	-14.31%
TW:1815	Fulltech Fiber Glass Corp.	128.00	41.48	47.94%
TW:2002	China Steel Corporation	18.65	0.74	4.14%
TW:2027	TA Chen Stainless Pipe Co., Ltd.	48.70	12.43	34.28%

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

Taiwan Glass Industry Corp. AI Stock Analysis