Turvo International Co., Ltd. (2233) AI Stock Analysis

Turvo International Co., Ltd.

(TWSE:2233)

Select Model

Rating:57Neutral

Price Target:TWD 120.00▲(1.69% Upside)

Action:initiatedcoverage

Date:11/09/26

Turvo International scores in the low-to-mid range, weighed down by a weak technical trend and a visible step backwards in 2025 fundamentals. Earnings fell nearly 40% on compressed margins and flat revenue, while debt rose to a six-year leverage high, dragging ROE into the low double digits. The share price sits well below all major moving averages with strongly negative momentum, though deeply oversold readings suggest the selling may be stretched. Supporting the score are genuine strengths: free cash flow has been positive for six consecutive years, operating cash flow comfortably exceeds reported profit, equity funds roughly 60% of assets, and a 3.5% dividend yield offers income while the business works through its margin pressure. The investment case hinges on whether margins recover; until then, risk remains elevated.

Positive Factors

Underlying ProfitabilityHealthy gross and operating profitability in 2025 indicates the core business still generates earnings despite weaker year-over-year results. That underlying profitability provides resources to fund operations and investment, while generally strong margins through 2024 support a durable earnings base over the next several quarters.

Negative Factors

Revenue and Margin DeteriorationThe 2025 reversal from prior revenue growth and meaningful margin compression indicate that recent operating momentum has weakened. Less favorable pricing, product mix, or cost conditions could reduce earnings power if they persist, making recovery in sales and profitability important over coming quarters.

Turvo International Co., Ltd. (2233) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.11B
Dividend Yield: 3.39%
Average Volume (3M): 561.81K
Price to Earnings (P/E): 20.1
Beta (1Y): 1.38
Revenue Growth: -2.23%
EPS Growth: -20.63%
Country: TW
Employees: 1,297
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

Turvo International Co., Ltd. Business Overview & Revenue Model

Company Description

TURVO International Co., Ltd., founded in 1987 and headquartered in Taichung City, Taiwan, specializes in the development and manufacturing of high-precision metal parts and components. The company's meticulously engineered products are utilized glob...

Turvo International Co., Ltd. Financial Statement Overview

Summary

Turvo remains profitable and cash-generative, but 2025 showed clear deterioration. Revenue fell ~3.6% to NT$3.27B, gross margin compressed from 37.2% to 31.0%, and net income dropped ~39% to NT$404M, pulling ROE down to 10.2% from 16.3% (Income Statement: 55). The balance sheet is still conservative — equity funds ~60% of assets and debt-to-equity of 0.48 is manageable — though borrowings jumped 62% to a six-year leverage high (Balance Sheet: 66). Cash flow is the brightest spot, with operating cash flow of NT$648M comfortably exceeding net income and a sixth straight year of positive free cash flow at NT$410M, albeit trending lower (Cash Flow: 67). The key uncertainty is whether the margin squeeze is cyclical or structural.

Income Statement

55Neutral

Balance Sheet

66Positive

Cash Flow

67Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.26B	3.27B	3.66B	3.34B	3.35B	3.23B
Gross Profit	981.56M	1.02B	1.36B	1.09B	1.10B	1.15B
EBITDA	815.83M	846.39M	1.11B	892.03M	1.10B	950.05M
Net Income	409.55M	403.76M	661.03M	533.96M	622.35M	542.76M
Balance Sheet
Total Assets	7.39B	6.62B	6.09B	5.17B	4.98B	4.93B
Cash, Cash Equivalents and Short-Term Investments	2.59B	1.52B	1.18B	1.29B	1.21B	1.63B
Total Debt	2.12B	1.91B	1.17B	810.72M	717.11M	1.03B
Total Liabilities	3.23B	2.66B	2.03B	1.58B	1.53B	1.79B
Stockholders Equity	4.14B	3.96B	4.05B	3.57B	3.43B	3.12B
Cash Flow
Free Cash Flow	384.88M	410.08M	458.86M	843.07M	606.32M	611.75M
Operating Cash Flow	635.69M	648.38M	818.09M	894.65M	784.35M	838.82M
Investing Cash Flow	-905.31M	-248.14M	-1.40B	-495.82M	-441.53M	-436.13M
Financing Cash Flow	297.08M	236.29M	-44.01M	-311.35M	-672.97M	66.37M

Turvo International Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2233 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4571	71Outperform	TWD 7.65B	16.61	―	3.53%	-0.89%	-0.66%
TW:8938	58Neutral	TWD 7.36B	11.07	―	8.70%	-0.03%	-33.33%
TW:2233	57Neutral	TWD 6.87B	20.10	―	3.39%	-2.23%	-20.63%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2254	55Neutral	TWD 7.08B	-27.33	―	―	-78.81%	-761.63%
TW:4566	47Neutral	TWD 8.39B	29.03	―	0.90%	18.15%	370.19%
TW:1522	42Neutral	TWD 7.42B	-121.64	―	5.01%	34.53%	-119.38%

* General Sector Average

Performance Comparison

TW:2233 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2233	Turvo International Co., Ltd.	118.00	-91.87	-43.78%
TW:1522	TYC Brother Industrial Co, Ltd.	23.95	-21.94	-47.81%
TW:2254	Coplus Inc.	111.50	53.00	90.60%
TW:4566	GLOBAL TEK FABRICATION CO., Ltd.	76.20	25.01	48.85%
TW:4571	Khgears International Ltd.	149.50	-9.67	-6.08%
TW:8938	Advanced International Multitech Co. Ltd.	46.00	-15.67	-25.42%

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

Turvo International Co., Ltd. AI Stock Analysis