Horng Shiue Holding Co., Ltd. AI Stock Analysis
Horng Shiue Holding Co., Ltd. (2243) AI Stock Analysis
Horng Shiue Holding Co., Ltd.
(TWSE:2243)
Horng Shiue scores below average overall. The dominant factor is an improving but still fragile financial profile: margins and net income rebounded strongly and leverage was cut sharply, yet revenue fell about 9%, free cash flow collapsed nearly 60% to NT$48.9M, and equity covers only a quarter of assets — leaving limited buffer if demand softens. Technicals add pressure, with the price below its 20-, 50- and 100-day averages and negative MACD, though the stock remains above its 200-day average and momentum readings are nearing oversold. A rich 37.9x P/E with no dividend further limits the appeal, as the valuation already prices in a sustained recovery that the cash flow data has yet to confirm.
Horng Shiue Holding Co., Ltd. (2243) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 3.69B
- Dividend Yield
- ―
- Average Volume (3M)
- 314.28K
- Price to Earnings (P/E)
- 41.1
- Beta (1Y)
- 1.00
- Revenue Growth
- 9.09%
- EPS Growth
- 167.63%
- Country
- TW
- Employees
- 616
- Sector
- General
- Sector Strength
- 55
- Industry
- Auto - Parts
Horng Shiue Holding Co., Ltd. Business Overview & Revenue Model
Company Description
Horng Shiue Holding Co., Ltd. engages in the manufacture of automotive sheet metal stamping dies. It designs and manufactures car bodies and parts, such as hoods outer and inner, roofs, fenders, doors, and body sides. The company was founded on March...
Horng Shiue Holding Co., Ltd. Financial Statement Overview
Summary
A turnaround in its early stages. Profitability improved sharply — gross margin expanded to 13.7% from 8.6%, operating margin doubled to 6.0%, and net income rose roughly five-fold to NT$84.6M, the best six-year showing (Income Statement 57). Leverage was materially repaired, with debt-to-equity down to 0.98x from 3.22x in 2021 and ROE recovering to 10.0%, though equity funds only about a quarter of the NT$3.38B asset base, leaving a thin cushion (Balance Sheet 49). Cash generation is the weakest link: operating cash flow fell to NT$112.9M from NT$329.8M and free cash flow dropped ~59% to just NT$48.9M against NT$830M of debt (Cash Flow 45). Revenue also contracted about 9%, meaning the earnings gain came from cost control rather than growth, and losses in four of the prior five years underline that the new margins are unproven across a cycle.
Income Statement
57NeutralBalance Sheet
49NeutralCash Flow
45Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.96B | 1.74B | 1.91B | 1.67B | 1.70B | 1.50B |
| Gross Profit | 246.43M | 238.54M | 165.07M | 11.17M | 136.89M | 76.75M |
| EBITDA | 194.83M | 200.27M | 160.99M | 22.95M | 163.59M | 116.81M |
| Net Income | 81.09M | 84.59M | 16.73M | -144.34M | -28.64M | -79.48M |
Balance Sheet | ||||||
| Total Assets | 3.51B | 3.38B | 3.22B | 3.21B | 3.37B | 4.09B |
| Cash, Cash Equivalents and Short-Term Investments | 591.05M | 478.16M | 479.66M | 232.12M | 215.76M | 252.29M |
| Total Debt | 698.29M | 830.17M | 923.02M | 742.66M | 835.06M | 1.58B |
| Total Liabilities | 2.44B | 2.57B | 2.48B | 2.53B | 2.88B | 3.60B |
| Stockholders Equity | 1.07B | 843.97M | 744.01M | 678.61M | 490.97M | 491.11M |
Cash Flow | ||||||
| Free Cash Flow | 175.48M | 48.87M | 315.31M | -4.26M | 31.19M | 264.62M |
| Operating Cash Flow | 213.84M | 112.86M | 329.77M | 40.91M | 46.22M | 317.86M |
| Investing Cash Flow | -127.44M | -71.88M | -33.38M | -42.15M | 9.39M | -33.03M |
| Financing Cash Flow | 115.73M | -24.82M | 59.45M | 19.75M | -111.15M | -124.37M |
Horng Shiue Holding Co., Ltd. Peers Comparison
Overall Rating
TW:995169Neutral- TW:224347Neutral
TW:224138Underperform
TW:355238Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:9951 | 69Neutral | TWD 3.20B | 9.05 | ― | 7.34% | 5.34% | 1.56% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:2243 | 47Neutral | TWD 3.80B | 41.11 | ― | ― | 9.09% | 167.63% |
| TW:2241 | 38Underperform | TWD 4.01B | -48.78 | ― | ― | 42.76% | 53.36% |
| TW:3552 | 38Underperform | TWD 3.08B | -9.48 | ― | 1.57% | -3.76% | -661.55% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2243 | Horng Shiue Holding Co., Ltd. | 48.10 | 36.85 | 327.56% | |
| TW:2241 | Amulaire Thermal Technology, Inc. | 36.90 | 1.45 | 4.09% | |
| TW:3552 | Tung Thih Electronic Co., Ltd. | 31.85 | -37.81 | -54.28% | |
| TW:4590 | Fukuta Electric & Machinery Co. Ltd. | 72.40 | -8.51 | -10.52% | |
| TW:7955 | Car Quality Automotive Co., Ltd. | 169.50 | -30.50 | -15.25% | |
| TW:9951 | Macauto Industrial Co., Ltd | 44.35 | -10.55 | -19.22% |
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