Munsin Garment Corporation AI Stock Analysis
Munsin Garment Corporation (2916) AI Stock Analysis
Munsin Garment Corporation
(TPEx:2916)
Munsin Garment scores well on fundamentals and valuation. Its strongest attributes are a very conservative balance sheet (debt-to-equity of 0.13, equity funding 77% of assets), industry-leading margins above 50% gross and 13% net, and a compelling combination of a ~10x P/E with a 9.35% dividend yield. Offsetting these strengths, revenue growth has flattened to low single digits, gross margins have compressed modestly, and free cash flow remains volatile due to heavy capital spending. The share price is also in a clear downtrend, sitting below all key moving averages with negative MACD, which caps the overall score despite the appealing fundamental and income profile.
Munsin Garment Corporation (2916) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 2.55B
- Dividend Yield
- 9.14%
- Average Volume (3M)
- 31.70K
- Price to Earnings (P/E)
- 9.9
- Beta (1Y)
- 0.11
- Revenue Growth
- 0.95%
- EPS Growth
- -8.03%
- Country
- TW
- Employees
- 697
- Sector
- General
- Sector Strength
- 55
- Industry
- Apparel - Manufacturers
Munsin Garment Corporation Business Overview & Revenue Model
Company Description
Munsin Garment Corporation manufactures and trades in various ready-made garments, knitwear, and fabrics in Taiwan. The company offers golf, sports, fashion, and retro nostalgia apparel, casual wear, club bags, protective accessories, clothing, femin...
Munsin Garment Corporation Financial Statement Overview
Summary
A financially sound niche apparel manufacturer. The balance sheet is the standout (score 86): debt-to-equity of just 0.13, equity funding ~77% of assets, and a healthy 15.7% return on equity. The income statement (78) shows strong profitability — gross margin above 50%, operating margin nearly doubled to 16.6%, and record net income of ~NT$256 million — but revenue growth has decelerated sharply to ~2%, with gross margin slipping from 54.2% to 51.2%. Cash flow (70) rebounded strongly, with operating cash flow of ~NT$273 million and free cash flow swinging positive to ~NT$138 million, though free cash flow remains erratic due to lumpy, heavy capital spending.
Income Statement
78PositiveBalance Sheet
86Very PositiveCash Flow
70Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.98B | 1.96B | 1.92B | 1.84B | 1.58B | 1.36B |
| Gross Profit | 1.02B | 1.00B | 1.04B | 973.83M | 812.60M | 675.33M |
| EBITDA | 333.23M | 379.85M | 373.08M | 344.85M | 267.19M | 187.84M |
| Net Income | 251.06M | 255.91M | 248.07M | 252.04M | 179.73M | 137.64M |
Balance Sheet | ||||||
| Total Assets | 1.97B | 2.13B | 2.09B | 1.60B | 1.40B | 1.30B |
| Cash, Cash Equivalents and Short-Term Investments | 159.66M | 199.10M | 267.67M | 70.43M | 119.05M | 62.44M |
| Total Debt | 146.37M | 219.40M | 194.27M | 166.12M | 101.28M | 113.78M |
| Total Liabilities | 427.81M | 500.89M | 479.61M | 463.92M | 343.49M | 308.09M |
| Stockholders Equity | 1.54B | 1.63B | 1.61B | 1.14B | 1.05B | 992.33M |
Cash Flow | ||||||
| Free Cash Flow | 178.35M | 137.97M | -35.19M | 28.07M | 182.53M | 71.34M |
| Operating Cash Flow | 293.83M | 273.38M | 58.36M | 246.83M | 226.53M | 91.91M |
| Investing Cash Flow | -113.79M | -134.79M | -93.28M | -218.84M | -43.00M | -21.93M |
| Financing Cash Flow | -324.63M | -207.16M | 232.15M | -76.61M | -126.92M | -53.38M |
Munsin Garment Corporation Peers Comparison
Overall Rating
- TW:291673Outperform
TW:843352Neutral
TW:147350Neutral
TW:650441Neutral
TW:841139Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:2916 | 73Outperform | TWD 2.57B | 9.90 | ― | 9.14% | 0.95% | -8.03% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:8433 | 52Neutral | TWD 2.68B | 7.66 | ― | 8.55% | 9.23% | 66.23% |
| TW:1473 | 50Neutral | TWD 2.45B | 717.95 | ― | 2.98% | -12.48% | -98.35% |
| TW:6504 | 41Neutral | TWD 2.58B | -547.06 | ― | 2.69% | -1.43% | 92.88% |
| TW:8411 | 39Underperform | TWD 2.34B | 41.47 | ― | 0.94% | 16.10% | ― |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2916 | Munsin Garment Corporation | 39.40 | -6.62 | -14.39% | |
| TW:1473 | Tainan Enterprises Co., Ltd. | 16.80 | -8.24 | -32.90% | |
| TW:6504 | Nan Liu Enterprise Co., Ltd | 37.20 | -4.91 | -11.66% | |
| TW:7895 | Yuan Jin Chuang Enterprise Co., Ltd. | 60.20 | -19.03 | -24.01% | |
| TW:8411 | Kingcan Holdings Ltd | 10.65 | -1.85 | -14.80% | |
| TW:8433 | Bon Fame Co., Ltd. | 49.15 | -0.50 | -1.00% |
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