BES Engineering Corp. (2515) AI Stock Analysis

BES Engineering Corp.

(TWSE:2515)

Select Model

Rating:41Neutral

Price Target:TWD 10.00▼(-7.83% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by persistently negative operating and free cash flow, rising leverage, and low returns. Bearish price momentum and a lack of dividend support add pressure, while oversold technical readings provide only limited offset.

Positive Factors

Integrated engineering deliveryThe company’s end-to-end engineering offering supports turnkey delivery for complex industrial and infrastructure projects. Covering planning through commissioning can deepen customer relationships, broaden revenue capture per project, and reinforce its position as an integrated contractor.

Negative Factors

Sustained negative cash flowMulti-year negative operating and free cash flow shows that reported earnings have not converted reliably into cash. Persistent outflows can increase funding needs, make the company more exposed to working-capital swings, and restrict its ability to finance projects or absorb execution delays internally.

BES Engineering Corp. (2515) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 17.81B
Dividend Yield: ―
Average Volume (3M): 4.85M
Price to Earnings (P/E): 23.2
Beta (1Y): 0.64
Revenue Growth: 1.46%
EPS Growth: 4.78%
Country: TW
Employees: 951
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

BES Engineering Corp. Business Overview & Revenue Model

Company Description

BES Engineering Corporation is a multifaceted enterprise primarily focused on construction and engineering endeavors. Its operations are organized into distinct segments: Construction, Construction Development, and Other. The company's extensive port...

BES Engineering Corp. Financial Statement Overview

Summary

Financial strength is weak overall. Revenue declined in 2025, margins and return on equity are modest, leverage has increased, and operating and free cash flow were negative through 2025. The severe cash-flow weakness outweighs the positive revenue base, earnings, and equity position.

Income Statement

45Neutral

Balance Sheet

52Neutral

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	23.87B	20.72B	23.85B	18.96B	15.09B	17.20B
Gross Profit	1.93B	1.58B	1.55B	1.52B	1.38B	339.89M
EBITDA	1.30B	1.15B	1.41B	1.01B	1.35B	2.79B
Net Income	777.48M	635.94M	717.24M	624.72M	821.32M	2.68B
Balance Sheet
Total Assets	66.15B	67.73B	65.03B	56.05B	45.14B	48.09B
Cash, Cash Equivalents and Short-Term Investments	6.50B	8.58B	11.30B	10.76B	9.35B	11.15B
Total Debt	23.57B	25.20B	23.60B	18.19B	11.81B	11.88B
Total Liabilities	42.81B	45.00B	41.96B	32.75B	22.46B	25.16B
Stockholders Equity	23.22B	22.60B	22.18B	22.46B	22.60B	22.84B
Cash Flow
Free Cash Flow	112.96M	-3.66B	-3.35B	-6.24B	-809.99M	133.91M
Operating Cash Flow	522.03M	-3.26B	-2.91B	-6.05B	-765.80M	197.01M
Investing Cash Flow	512.98M	-703.58M	-542.59M	-1.32B	2.69B	-1.28B
Financing Cash Flow	-1.41B	1.49B	4.49B	6.85B	-873.57M	1.35B

BES Engineering Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2515 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2546	74Outperform	TWD 13.19B	6.03	―	5.32%	13.48%	52.98%
TW:6177	63Neutral	TWD 20.19B	4.71	―	7.02%	93.90%	145.42%
TW:2543	57Neutral	TWD 15.06B	10.18	―	5.36%	30.85%	-14.12%
TW:2530	56Neutral	TWD 15.35B	27.31	―	6.62%	-59.46%	-71.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2520	52Neutral	TWD 19.79B	9.97	―	4.88%	12.79%	-1.84%
TW:2515	41Neutral	TWD 18.32B	23.23	―	―	1.46%	4.78%

* General Sector Average

Performance Comparison

TW:2515 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2515	BES Engineering Corp.	10.85	-4.86	-30.94%
TW:2520	Kindom Development Co., Ltd.	33.10	1.30	4.10%
TW:2530	Delpha Construction Co., Ltd.	18.25	-8.39	-31.50%
TW:2543	Hwang Chang General Contractor Co., Ltd.	28.50	-30.92	-52.04%
TW:2546	Kedge Construction Co., Ltd.	90.20	12.46	16.03%
TW:6177	DA-LI DEVELOPMENT Co., Ltd.	42.75	-0.16	-0.38%

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 10, 2026

BES Engineering Corp. AI Stock Analysis