Horng Shiue Holding Co., Ltd. (2243) AI Stock Analysis

Horng Shiue Holding Co., Ltd.

(TWSE:2243)

Select Model

Rating:55Neutral

Price Target:TWD 45.00▼(-6.44% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is constrained primarily by materially weaker cash flow, weak technical momentum, and a high P/E ratio. Improved profitability and substantially lower leverage provide meaningful support, resulting in a moderate overall score.

Positive Factors

Profitability turnaroundThe return to positive earnings and healthier gross and EBITDA margins provides a stronger operating base than the loss-making 2020–2023 period. If maintained, this improvement can support reinvestment, strengthen resilience, and improve the company’s ability to fund operations internally.

Negative Factors

Weak and volatile cash conversionThe sharp decline in operating and free cash flow despite higher earnings raises concerns about earnings quality and repeatability. With free cash flow covering less than half of net income, working-capital or reinvestment demands may limit internally funded growth and reduce financial flexibility.

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

Profitability recovered strongly and leverage improved, but revenue declined and cash generation weakened materially. The 2025 operating cash flow and free cash flow declines limit the overall financial score.

Income Statement

72Positive

Balance Sheet

68Positive

Cash Flow

45Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2243 against its peers
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	55Neutral	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

TW:2243 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2243	Horng Shiue Holding Co., Ltd.	48.10	37.00	333.33%
TW:2241	Amulaire Thermal Technology, Inc.	36.90	0.80	2.22%
TW:3552	Tung Thih Electronic Co., Ltd.	31.85	-37.42	-54.02%
TW:4590	Fukuta Electric & Machinery Co. Ltd.	72.40	-7.25	-9.10%
TW:7955	Car Quality Automotive Co., Ltd.	169.50	-30.50	-15.25%
TW:9951	Macauto Industrial Co., Ltd	44.35	-10.27	-18.80%

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

Horng Shiue Holding Co., Ltd. AI Stock Analysis