Bedding World Co., Ltd. (2938) AI Stock Analysis

Bedding World Co., Ltd.

(TPEx:2938)

Select Model

Rating:46Neutral

Price Target:TWD 17.00▼(-2.86% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained primarily by broad deterioration in profitability and cash-flow generation, followed by weak technical momentum and a leveraged balance sheet. The relatively low P/E ratio and 3.53% dividend yield provide some support but do not offset the fundamental weaknesses.

Positive Factors

Healthy Gross MarginA gross margin of about 52.5% indicates the company retains meaningful product-level economics despite weaker overall profitability. This provides a foundation for recovery if operating costs stabilize, while supporting continued investment in branded retail channels and sleep-related product offerings.

Negative Factors

Revenue and Margin ContractionFalling revenue combined with sharp net and EBIT margin compression points to a broad deterioration in earnings power rather than a narrowly isolated issue. If sustained, this can reduce reinvestment capacity, weaken operating leverage, and make future results more volatile.

Bedding World Co., Ltd. (2938) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 390.56M
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

Financial performance is below average. 2025 revenue, margins, earnings, and free cash flow declined materially. The company remains profitable with positive operating cash flow, while leverage has improved over time, but debt remains high relative to equity.

Income Statement

35Negative

Balance Sheet

55Neutral

Cash Flow

42Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2938 against its peers
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	46Neutral	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

TW:2938 and its peers over the selected period
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	0.50	10.22%
TW:2940	Sun Own Industrial Co., Ltd.	23.95	-0.24	-1.00%
TW:4406	Hsin Sin Textile Co., Ltd.	10.00	0.19	1.94%
TW:4413	EST GLOBAL APPAREL Co., Ltd.	18.00	-0.91	-4.82%

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

Bedding World Co., Ltd. AI Stock Analysis