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Hocheng Corporation (1810) AI Stock Analysis

TW:1810

Hocheng Corporation

(TWSE:1810)

Select Model
Rating:54Neutral
Price Target:TWD 20.00â–¼(-3.38% Downside)
Action:initiatedcoverage
Date:11/09/26

Attractive valuation and balance sheet progress provide support, but declining revenues, volatile cash flows, and weak technical momentum limit the overall score.

Positive Factors
Low leverageThe declining debt-to-equity ratio gives Hocheng a conservative capital structure and greater financial flexibility during a weaker earnings period. Low leverage can reduce financing pressure, preserve borrowing capacity, and allow the company to sustain operations or fund opportunities without excessive balance-sheet risk.
Negative Factors
Persistent revenue declineA multi-year revenue decline signals sustained pressure on Hocheng’s demand environment and limits the company’s ability to expand earnings through volume growth. Continued top-line contraction can reduce operating leverage, weaken market presence over time, and make fixed-cost absorption increasingly difficult.

Hocheng Corporation (1810) vs. SPDR S&P 500 ETF (SPY)

-20%0%20%40%60%80%100%120%TW:1810+22.59%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 6.32B
Dividend Yield
0.97%
Average Volume (3M)
3.25M
Price to Earnings (P/E)
5.7
Beta (1Y)
0.62
Revenue Growth
-7.35%
EPS Growth
8334.19%
Country
TW
Employees
3,100
Sector
General
Sector Strength
55
Industry
Furnishings, Fixtures & Appliances

Hocheng Corporation Business Overview & Revenue Model

Company Description

Hocheng Corporation is an international provider of bathroom products, serving markets both in Taiwan and worldwide through its subsidiaries. Its extensive product portfolio encompasses a broad range of sanitary ceramics, including fixtures and their...

Hocheng Corporation Financial Statement Overview

Summary

Strong balance sheet from major debt reduction is offset by declining revenues, thin volatile margins, and inconsistent cash flows.

Income Statement

32Negative

Balance Sheet

76Positive

Cash Flow

38Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue4.36B4.56B4.86B4.87B5.00B5.31B
Gross Profit1.04B1.18B1.21B1.20B1.31B1.36B
EBITDA-116.41M143.41M344.57M355.48M533.12M2.27B
Net Income1.10B14.30M58.42M19.35M157.29M1.75B
Balance Sheet
Total Assets10.76B10.37B10.44B10.59B9.86B11.47B
Cash, Cash Equivalents and Short-Term Investments996.57M803.41M1.40B1.52B983.66M2.44B
Total Debt698.93M740.95M927.21M1.14B1.71B2.50B
Total Liabilities2.17B3.43B3.54B3.87B3.36B4.11B
Stockholders Equity8.54B6.87B6.84B6.67B6.45B7.26B
Cash Flow
Free Cash Flow147.77M354.95M-299.45M1.15B-143.96M116.82M
Operating Cash Flow240.49M448.07M-180.81M1.26B105.13M204.69M
Investing Cash Flow68.12M-340.41M-132.22M166.40M-214.67M1.83B
Financing Cash Flow-240.06M-243.05M-296.40M-735.18M-1.41B-900.51M

Hocheng Corporation Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:1810 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:2008TW:200858NeutralTWD 5.86B47.87―3.23%-3.73%39.65%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:1810TW:181054NeutralTWD 6.22B5.74―0.97%-7.35%8334.19%
TW:2020TW:202053NeutralTWD 5.94B10.58―8.18%2.35%1.68%
TW:1809TW:180947NeutralTWD 7.27B226.93―0.56%3.90%-23.90%
TW:5531TW:553139UnderperformTWD 5.87B55.18――-72.62%-9.86%
TW:1305TW:130527UnderperformTWD 6.51B-15.83―0.88%-7.05%63.06%

* General Sector Average

Performance Comparison

0%50%100%150%200%TW:1810TW:1305TW:1809TW:2008TW:2020TW:5531Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:1810 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:1810Hocheng Corporation20.703.4720.13%
TW:1305China General Plastics Corporation11.40-0.11-0.94%
TW:1809China Glaze Co., Ltd.44.5025.52134.46%
TW:2008Kao Hsing Chang Iron & Steel Corporation30.954.1315.40%
TW:2020Mayer Steel Pipe Corporation22.000.371.70%
TW:5531Shining Building Business Co. Ltd.6.17-3.00-32.72%
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