HOYA Resort Hotel Group (2736) AI Stock Analysis

HOYA Resort Hotel Group

(TPEx:2736)

Select Model

Rating:38Underperform

Price Target:TWD 9.00▼(-8.44% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is critically low, driven primarily by a fundamentally weak financial profile. The company's inability to convert revenue growth into profits and its significant cash burn are major red flags. This is compounded by a deeply negative technical trend, with the stock in a strong downtrend and showing no momentum for recovery. The negative P/E ratio further confirms the lack of earnings power, leaving no pillar of support for the stock.

Positive Factors

Revenue ReboundRevenue recovery of 295% in 2025 indicates a meaningful rebound in demand after the 2024 decline. If sustained, higher occupancy and resort activity can improve fixed-cost absorption and provide a stronger base for restoring profitability over coming quarters.

Negative Factors

Persistent Operating and Net LossesLarge operating and net losses show that the revenue rebound has not yet translated into a viable earnings model. Continued losses can consume equity, weaken reinvestment capacity, and leave the company dependent on operational improvement before financial strength can recover.

HOYA Resort Hotel Group (2736) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 788.53M
Dividend Yield: ―
Average Volume (3M): 53.27K
Price to Earnings (P/E): -6.4
Beta (1Y): 0.41
Revenue Growth: 13.62%
EPS Growth: -10.62%
Country: TW
Employees: 500
Sector: General
Sector Strength: 55
Industry: Travel Lodging

HOYA Resort Hotel Group Business Overview & Revenue Model

Company Description

HOYA Resort Hotel Group manages and operates a portfolio of hotels, resorts, and spa facilities across Taiwan. Beyond its core hospitality offerings, the company also specializes in organizing comprehensive event packages for corporate clients, accom...

HOYA Resort Hotel Group Financial Statement Overview

Summary

Financial performance is weak. While revenue is recovering strongly, the company remains deeply unprofitable with a TTM EBIT margin of -24.1% and a net loss of TWD 131.4 million. Cash flow is a critical concern, with deeply negative free cash flow of -TWD 49.2 million, indicating the company is burning cash. The balance sheet shows reduced leverage, but a negative return on equity of -9.3% highlights ongoing value destruction.

Income Statement

35Negative

Balance Sheet

55Neutral

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	554.47M	524.17M	385.21M	529.08M	591.99M	493.42M
Gross Profit	255.79M	237.98M	171.92M	287.13M	329.67M	254.42M
EBITDA	-14.38M	659.00K	-11.29M	102.55M	154.38M	135.49M
Net Income	-129.85M	-131.35M	-98.08M	-19.90M	11.84M	-34.04M
Balance Sheet
Total Assets	2.30B	2.42B	2.41B	2.19B	2.20B	2.29B
Cash, Cash Equivalents and Short-Term Investments	238.12M	308.22M	227.55M	358.77M	443.02M	380.89M
Total Debt	690.25M	742.46M	878.65M	784.75M	806.47M	931.65M
Total Liabilities	883.98M	959.85M	1.09B	968.50M	1.01B	1.14B
Stockholders Equity	1.37B	1.41B	1.26B	1.14B	1.16B	1.16B
Cash Flow
Free Cash Flow	-10.88M	-49.22M	-402.24M	-117.38M	113.58M	98.97M
Operating Cash Flow	45.39M	25.92M	-55.56M	34.89M	127.48M	108.19M
Investing Cash Flow	-80.18M	-91.93M	-312.75M	-200.88M	307.00K	-5.70M
Financing Cash Flow	-137.85M	146.75M	267.66M	67.28M	-67.64M	-98.13M

HOYA Resort Hotel Group Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2736 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8077	64Neutral	TWD 886.61M	5.90	―	5.00%	3.19%	40.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2734	48Neutral	TWD 770.14M	-45.31	―	―	32.47%	81.75%
TW:7723	39Underperform	TWD 878.27M	-2.13	―	―	-18.41%	-1763.71%
TW:2736	38Underperform	TWD 786.93M	-6.40	―	―	13.62%	-10.62%

* General Sector Average

Performance Comparison

TW:2736 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2736	HOYA Resort Hotel Group	9.83	-6.07	-38.18%
TW:2734	Ezfly International Travel Agent Co., Ltd.	14.00	-5.85	-29.47%
TW:7723	Jhu Jian Catering Co Ltd	17.30	-17.90	-50.85%
TW:7756	Donutes International Co., Ltd.	38.50	-8.38	-17.87%
TW:8077	Green World Hotels Co., Ltd.	40.00	-3.47	-7.99%

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

HOYA Resort Hotel Group AI Stock Analysis