Bedding World Co., Ltd. AI Stock Analysis
Bedding World Co., Ltd. (2938) AI Stock Analysis
Bedding World Co., Ltd.
(TPEx:2938)
The score is held down primarily by deteriorating fundamentals: a fourth year of declining revenue, a 16-point gross margin compression, a 72% drop in net income, and operating cash flow that halved, with ROE falling to 3.5%. Technicals reinforce the caution, as the stock trades below all key moving averages with negative MACD momentum. Offsetting these pressures are a steadily improving balance sheet with leverage down to 1.15x, consistently positive free cash flow, and an inexpensive valuation at 11.8x earnings with a 3.5% dividend yield. Until sales and margins stabilise, the risk-reward remains below average despite the low multiple.
Bedding World Co., Ltd. (2938) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 397.42M
- Dividend Yield
- 3.53%
- Average Volume (3M)
- 62.35K
- Price to Earnings (P/E)
- 11.9
- Beta (1Y)
- 0.07
- Revenue Growth
- ―
- EPS Growth
- ―
- Country
- TW
- Employees
- 1,178
- Sector
- General
- Sector Strength
- 55
- Industry
- Furnishings, Fixtures & Appliances
Bedding World Co., Ltd. Business Overview & Revenue Model
Company Description
Bedding World Co., Ltd. operates as a mattress and bedding distributor under the Bed World brand in Taiwan. The company offers its products through department stores, online platforms, and e-commerce platforms. Bedding World Co., Ltd. was founded in...
Bedding World Co., Ltd. Financial Statement Overview
Summary
Weak earnings trends dominate. Revenue fell 6.5% to roughly NT$725 million, a fourth consecutive soft year, while gross margin collapsed from 68.8% to 52.5%, operating margin dropped to 5.8%, and net income fell about 72% to NT$24 million (income statement score 34). The balance sheet is steadier (score 56) with leverage improving from 1.59x to 1.15x debt-to-equity and equity funding 43% of assets, though ROE has fallen to just 3.5% from double digits. Cash flow (score 55) remains positive with low capital intensity and free cash flow of NT$97 million, but operating cash flow halved year over year. The company is not distressed, yet earnings quality and growth are clearly deteriorating.
Income Statement
34NegativeBalance Sheet
56NeutralCash Flow
55Neutral| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 734.55M | 725.29M | 840.56M | 851.19M | 890.60M | 837.77M |
| Gross Profit | 506.69M | 380.90M | 578.13M | 572.73M | 583.41M | 535.59M |
| EBITDA | 148.04M | 176.48M | 247.62M | 234.81M | 267.60M | 255.91M |
| Net Income | 29.11M | 23.86M | 85.38M | 75.47M | 117.25M | 114.81M |
Balance Sheet | ||||||
| Total Assets | 1.56B | 1.60B | 1.66B | 1.65B | 1.70B | 1.65B |
| Cash, Cash Equivalents and Short-Term Investments | 424.24M | 391.79M | 457.09M | 399.14M | 441.70M | 379.41M |
| Total Debt | 713.20M | 783.10M | 795.89M | 852.44M | 878.28M | 889.48M |
| Total Liabilities | 874.64M | 914.78M | 956.01M | 992.99M | 1.05B | 1.05B |
| Stockholders Equity | 686.21M | 683.27M | 701.59M | 661.52M | 646.47M | 599.30M |
Cash Flow | ||||||
| Free Cash Flow | 153.37M | 97.00M | 217.57M | 172.38M | 218.32M | 234.77M |
| Operating Cash Flow | 180.19M | 121.37M | 243.97M | 189.32M | 247.11M | 253.12M |
| Investing Cash Flow | -13.63M | 33.79M | -74.07M | -27.96M | -29.48M | -17.28M |
| Financing Cash Flow | -120.77M | -170.46M | -159.95M | -205.92M | -155.34M | -137.34M |
Bedding World Co., Ltd. Peers Comparison
Overall Rating
TW:441355Neutral- TW:293848Neutral
TW:291141Neutral
TW:144138Underperform
TW:440632Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:4413 | 55Neutral | TWD 584.02M | 14.57 | ― | 1.67% | 44.06% | ― |
| TW:2938 | 48Neutral | TWD 397.42M | 11.88 | ― | 3.53% | ― | ― |
| TW:2911 | 41Neutral | TWD 556.12M | 1.35 | ― | ― | -23.53% | ― |
| TW:1441 | 38Underperform | TWD 542.12M | -4.37 | ― | ― | -23.44% | -226.14% |
| TW:4406 | 32Underperform | TWD 519.12M | -12.99 | ― | ― | -41.59% | 33.73% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:2938 | Bedding World Co., Ltd. | 17.50 | -7.41 | -29.74% | |
| TW:1441 | Tah Tong Textile Co., Ltd. | 8.70 | -3.84 | -30.64% | |
| TW:2911 | Les Enphants Co. Ltd. | 5.39 | 0.61 | 12.79% | |
| TW:2940 | Sun Own Industrial Co., Ltd. | 23.95 | -0.44 | -1.78% | |
| TW:4406 | Hsin Sin Textile Co., Ltd. | 10.00 | 0.19 | 1.94% | |
| TW:4413 | EST GLOBAL APPAREL Co., Ltd. | 18.00 | -0.62 | -3.31% |
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