Shin Shin Co. Ltd. (2901) AI Stock Analysis

Shin Shin Co. Ltd.

(TWSE:2901)

Select Model

Rating:73Outperform

Price Target:TWD 28.00▲(12.45% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong financial performance is the primary support, reinforced by favorable technical positioning. The main constraint is the high P/E ratio relative to the modest dividend yield, resulting in a moderately positive overall score.

Positive Factors

Conservative Balance SheetA conservative capital structure gives Shin Shin resilience across the next several quarters by limiting fixed financial obligations and preserving borrowing capacity. The large equity base can also support investment or operational needs without relying heavily on external financing, strengthening durability.

Negative Factors

Uneven Revenue TrajectoryThe uneven top-line pattern signals that Shin Shin has not established consistently compounding revenue over the reported period. The 2025 decline is particularly relevant for the next several quarters because continued softness could limit operating leverage, reinvestment capacity, and future earnings growth.

Shin Shin Co. Ltd. (2901) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.83B
Dividend Yield: 1.50%
Average Volume (3M): 52.42K
Price to Earnings (P/E): 56.6
Beta (1Y): 0.10
Revenue Growth: 1.66%
EPS Growth: 24.15%
Country: TW
Employees: 33
Sector: General
Sector Strength: 55
Industry: Department Stores

Shin Shin Co. Ltd. Business Overview & Revenue Model

Company Description

Shin Shin Co Ltd. manages a network of department stores and subterranean shopping districts across Taiwan. These retail locations offer a diverse array of merchandise, encompassing fashion apparel, footwear, leather goods, and accessories for men an...

Shin Shin Co. Ltd. Financial Statement Overview

Summary

Strong financial foundation, with very low leverage, high profitability, and healthy cash generation. The score is tempered by weaker 2025 earnings and margins versus 2024 and low return on equity.

Income Statement

78Positive

Balance Sheet

91Very Positive

Cash Flow

85Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	133.14M	130.75M	133.63M	133.32M	113.31M	92.86M
Gross Profit	102.64M	99.21M	114.72M	112.32M	92.10M	75.00M
EBITDA	46.24M	54.13M	59.46M	58.18M	44.24M	26.91M
Net Income	32.14M	27.75M	29.89M	29.62M	16.75M	4.88M
Balance Sheet
Total Assets	1.10B	1.08B	1.01B	1.01B	994.00M	980.15M
Cash, Cash Equivalents and Short-Term Investments	509.77M	483.05M	465.07M	452.43M	420.79M	399.20M
Total Debt	69.85M	71.90M	2.48M	5.52M	8.52M	10.58M
Total Liabilities	225.25M	196.05M	124.81M	132.43M	127.62M	125.56M
Stockholders Equity	873.04M	884.32M	883.73M	880.35M	866.38M	854.60M
Cash Flow
Free Cash Flow	63.37M	51.57M	35.67M	44.94M	40.09M	6.35M
Operating Cash Flow	67.79M	53.41M	42.25M	48.29M	44.01M	16.53M
Investing Cash Flow	3.06M	2.96M	168.00K	1.63M	-14.21M	-7.43M
Financing Cash Flow	-31.10M	-30.50M	-29.38M	-18.43M	-7.60M	-15.49M

Shin Shin Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2901 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2901	73Outperform	TWD 1.80B	56.59	―	1.50%	1.66%	24.15%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2743	54Neutral	TWD 1.93B	11.29	―	7.72%	2.46%	1.89%
TW:2702	47Neutral	TWD 1.83B	17.39	―	―	7.84%	―
TW:5905	38Underperform	TWD 1.77B	-25.77	―	―	162.96%	63.44%

* General Sector Average

Performance Comparison

TW:2901 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2901	Shin Shin Co. Ltd.	24.90	0.30	1.21%
TW:2702	Hotel Holiday Garden	11.65	0.05	0.43%
TW:2743	Richmond International Travel & Tours Co Ltd	41.45	-42.08	-50.38%
TW:2942	Jing-Jan Retail Business Co., Ltd.	34.30	5.56	19.37%
TW:5905	Nan Ren Lake Leisure Amusement Co. Ltd.	6.23	-3.60	-36.62%
TW:7705	Mercuries F&B Co Ltd	28.20	-10.76	-27.61%

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

Shin Shin Co. Ltd. AI Stock Analysis