Munsin Garment Corporation (2916) AI Stock Analysis

Munsin Garment Corporation

(TPEx:2916)

Select Model

Rating:70.5Outperform

Price Target:TWD 42.00▲(6.60% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong profitability, balance-sheet quality, and attractive valuation are the main positives. These are tempered by declining revenue, inconsistent cash conversion, and bearish technical momentum, resulting in an overall score of 70.5.

Positive Factors

Conservative Balance SheetLow leverage gives Munsin financial flexibility in a cyclical consumer category and reduces dependence on external financing. A stronger equity base also provides capacity to absorb weaker demand, maintain operations, and fund selective growth without placing heavy pressure on cash flow.

Negative Factors

Revenue ContractionA roughly 15% revenue decline signals that demand, pricing, or channel and inventory conditions may be weakening. Continued contraction would reduce operating leverage, make fixed retail and brand costs harder to absorb, and challenge the durability of recent profitability.

Munsin Garment Corporation (2916) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.48B
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

Strong profitability and an exceptionally conservative balance sheet support the score, but the 2025 revenue decline and inconsistent cash conversion are meaningful weaknesses.

Income Statement

78Positive

Balance Sheet

90Very Positive

Cash Flow

68Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2916 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2916	71Outperform	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

TW:2916 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2916	Munsin Garment Corporation	39.40	-6.44	-14.04%
TW:1473	Tainan Enterprises Co., Ltd.	16.80	-7.99	-32.24%
TW:6504	Nan Liu Enterprise Co., Ltd	37.20	-5.88	-13.65%
TW:7895	Yuan Jin Chuang Enterprise Co., Ltd.	60.20	-19.03	-24.01%
TW:8411	Kingcan Holdings Ltd	10.65	-1.80	-14.46%
TW:8433	Bon Fame Co., Ltd.	49.15	0.43	0.89%

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

Munsin Garment Corporation AI Stock Analysis