Tze Shin International Co., Ltd. (2611) AI Stock Analysis

Tze Shin International Co., Ltd.

(TWSE:2611)

Select Model

Rating:57.3Neutral

Price Target:TWD 15.50▲(2.31% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by declining profitability and weak, negative cash flow, despite a conservatively leveraged balance sheet. Attractive valuation provides support, while mixed-to-weak technical momentum limits the upside assessment.

Positive Factors

Conservative leverageConservative leverage gives the company a stronger financial buffer in a cyclical shipping environment. Lower debt dependence can reduce financing pressure, preserve borrowing capacity, and leave more flexibility to manage downturns or fund future operating needs.

Negative Factors

Weak cash conversionRepeated negative operating and free cash flow weakens the quality and flexibility of reported earnings. It can limit internally funded investment, increase reliance on financing or asset movements, and make the company less resilient if weak cash conversion persists.

Tze Shin International Co., Ltd. (2611) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.87B
Dividend Yield: 3.43%
Average Volume (3M): 1.07M
Price to Earnings (P/E): 8.6
Beta (1Y): 0.42
Revenue Growth: 38.02%
EPS Growth: ―
Country: TW
Employees: 552
Sector: General
Sector Strength: 55
Industry: Marine Shipping

Tze Shin International Co., Ltd. Business Overview & Revenue Model

Company Description

Tze Shin International Co. Ltd. is a key provider of a wide range of transportation and logistics services within Taiwan. Its core business encompasses cargo freight, container management, truck transportation, and terminal operations, along with spe...

Tze Shin International Co., Ltd. Financial Statement Overview

Summary

The balance sheet is a relative strength due to low leverage, but declining revenue, sharply lower net income, and negative operating and free cash flow materially weaken financial performance.

Income Statement

55Neutral

Balance Sheet

76Positive

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	956.86M	672.11M	687.14M	617.33M	729.97M	791.84M
Gross Profit	271.86M	212.73M	194.61M	145.88M	158.16M	157.30M
EBITDA	215.10M	196.81M	420.44M	563.51M	-154.96M	231.15M
Net Income	340.05M	98.64M	310.37M	467.96M	-245.16M	291.20M
Balance Sheet
Total Assets	3.79B	4.03B	4.43B	4.20B	3.59B	4.23B
Cash, Cash Equivalents and Short-Term Investments	1.69B	1.70B	2.27B	2.11B	1.64B	2.23B
Total Debt	641.53M	847.85M	939.32M	790.60M	693.06M	754.19M
Total Liabilities	841.08M	1.13B	1.26B	960.45M	879.68M	962.07M
Stockholders Equity	2.78B	2.71B	2.97B	3.00B	2.47B	3.03B
Cash Flow
Free Cash Flow	374.58M	-144.02M	37.47M	-104.64M	60.55M	307.37M
Operating Cash Flow	383.89M	-126.15M	70.83M	-18.30M	104.63M	338.20M
Investing Cash Flow	612.97M	21.83M	585.07M	370.49M	-462.70M	955.28M
Financing Cash Flow	-794.12M	-463.05M	-347.98M	35.84M	-190.79M	-803.93M

Tze Shin International Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2611 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2745	72Outperform	TWD 2.71B	8.11	―	9.36%	15.68%	15.90%
TW:5902	67Neutral	TWD 3.19B	15.52	―	4.88%	0.07%	3.67%
TW:2611	57Neutral	TWD 2.86B	8.56	―	3.43%	38.02%	―
TW:2945	57Neutral	TWD 2.60B	20.88	―	3.89%	23.01%	-26.72%
TW:2613	56Neutral	TWD 2.80B	15.41	―	4.88%	4.44%	57.27%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2906	48Neutral	TWD 2.70B	15.57	―	4.65%	1.13%	81.63%

* General Sector Average

Performance Comparison

TW:2611 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2611	Tze Shin International Co., Ltd.	15.15	0.55	3.76%
TW:2613	China Container Terminal Corp	20.50	-3.78	-15.58%
TW:2745	Life Travel & Tourist Service Co. Ltd.	80.10	-25.60	-24.22%
TW:2906	Collins Co., Ltd.	12.90	-0.17	-1.29%
TW:2945	Simple Mart Retail Co., Ltd.	38.55	2.13	5.86%
TW:5902	Tait Marketing & Distribution Co., Ltd.	33.80	-8.97	-20.98%

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

Tze Shin International Co., Ltd. AI Stock Analysis