Far Eastern Department Stores Ltd. (2903) AI Stock Analysis

Far Eastern Department Stores Ltd.

(TWSE:2903)

Select Model

Rating:51Neutral

Price Target:TWD 21.50▲(1.90% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is constrained primarily by elevated leverage, deteriorating revenue and earnings momentum, and weak technical conditions. Reasonable valuation and a high dividend yield provide partial support.

Positive Factors

Strong Retail MarginsConsistently strong gross and EBITDA margins indicate that the department-store model retains meaningful profitability despite recent growth pressure. This margin base can support ongoing operations, customer services, and reinvestment while providing some cushion against normal retail cyclicality.

Negative Factors

Revenue ContractionConsecutive revenue weakness, including a very sharp annual decline in 2025, signals reduced top-line momentum and pressures the operating leverage of a physical retail network. If sustained, lower sales can constrain reinvestment, weaken earnings quality, and limit recovery in the next several quarters.

Far Eastern Department Stores Ltd. (2903) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 29.94B
Dividend Yield: 5.92%
Average Volume (3M): 1.61M
Price to Earnings (P/E): 14.3
Beta (1Y): 0.02
Revenue Growth: -0.95%
EPS Growth: 0.72%
Country: TW
Employees: 10,183
Sector: General
Sector Strength: 55
Industry: Department Stores

Far Eastern Department Stores Ltd. Business Overview & Revenue Model

Company Description

Far Eastern Department Stores, Ltd., along with its affiliated entities, maintains a significant retail presence across Taiwan and Mainland China, primarily through its network of department stores and supermarkets. Its diverse range of merchandise s...

Far Eastern Department Stores Ltd. Financial Statement Overview

Summary

Profitability and cash generation remain positive, but declining revenue and margins, weakening free cash flow, and elevated leverage materially constrain financial quality.

Income Statement

52Neutral

Balance Sheet

38Negative

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.02B	34.07B	35.01B	36.73B	35.86B	35.31B
Gross Profit	18.24B	19.69B	19.83B	20.55B	19.32B	17.41B
EBITDA	9.97B	10.26B	10.98B	11.33B	9.98B	8.54B
Net Income	2.10B	2.20B	2.33B	2.75B	1.93B	1.21B
Balance Sheet
Total Assets	129.68B	140.55B	142.26B	133.83B	126.90B	130.73B
Cash, Cash Equivalents and Short-Term Investments	18.09B	22.88B	23.49B	22.81B	20.59B	21.41B
Total Debt	63.59B	69.11B	68.88B	59.48B	49.85B	55.61B
Total Liabilities	94.72B	104.19B	104.87B	96.36B	86.35B	90.89B
Stockholders Equity	30.04B	31.11B	31.57B	31.32B	31.54B	31.05B
Cash Flow
Free Cash Flow	5.85B	5.67B	6.23B	8.81B	8.76B	7.74B
Operating Cash Flow	9.23B	8.27B	7.59B	10.72B	10.68B	10.37B
Investing Cash Flow	-3.77B	-7.38B	-2.27B	-607.41M	-3.57B	-3.01B
Financing Cash Flow	-6.80B	-5.23B	-5.98B	-7.39B	-9.39B	-2.63B

Far Eastern Department Stores Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2903 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1232	74Outperform	TWD 25.44B	15.23	―	4.53%	13.49%	29.82%
TW:1215	68Neutral	TWD 30.51B	13.08	―	6.76%	4.50%	-22.41%
TW:1736	65Neutral	TWD 34.02B	10.17	―	4.00%	13.49%	23.95%
TW:1231	62Neutral	TWD 22.72B	14.39	―	2.17%	1.38%	29.12%
TW:1227	57Neutral	TWD 23.66B	16.28	―	5.14%	3.12%	-6.89%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2903	51Neutral	TWD 29.72B	14.26	―	5.92%	-0.95%	0.72%

* General Sector Average

Performance Comparison

TW:2903 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2903	Far Eastern Department Stores Ltd.	21.10	0.34	1.65%
TW:1215	Charoen Pokphand Enterprise (Taiwan) Co., Ltd.	103.50	-28.67	-21.69%
TW:1227	Standard Foods Corporation	26.05	-3.37	-11.46%
TW:1231	Lian Hwa Foods Corporation	69.20	-18.95	-21.49%
TW:1232	TTET Union Corporation	159.00	21.89	15.97%
TW:1736	Johnson Health Tech Co. Ltd.	112.50	-32.79	-22.57%

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

Far Eastern Department Stores Ltd. AI Stock Analysis