Haiwan International Development Co., Ltd. (3252) AI Stock Analysis

Haiwan International Development Co., Ltd.

(TPEx:3252)

Select Model

Rating:51Neutral

Price Target:TWD 14.50▼(-1.02% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is constrained primarily by weak valuation and technical conditions. Improved profitability, lower debt, and stronger cash generation provide support, but declining revenue, low returns, high debt, negative earnings-based valuation, and a price below all major moving averages keep the overall assessment weak to moderate.

Positive Factors

2025 Profitability RecoveryThe return to positive net income and improved gross and EBITDA margins indicate meaningful operational stabilization after the 2024 loss. If these gains persist, stronger unit economics could support reinvestment and improve earnings quality over the next several quarters.

Negative Factors

Multi-Year Revenue ContractionThree consecutive years of revenue decline point to a persistent weakness in demand or business volume rather than a single-period fluctuation. Continued contraction would limit operating leverage, reduce the base for future earnings growth, and make margin improvement harder to sustain.

Haiwan International Development Co., Ltd. (3252) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 737.88M
Dividend Yield: ―
Average Volume (3M): 40.98K
Price to Earnings (P/E): -250.0
Beta (1Y): 0.14
Revenue Growth: -6.31%
EPS Growth: 17.70%
Country: TW
Employees: 20
Sector: General
Sector Strength: 55
Industry: Travel Services

Haiwan International Development Co., Ltd. Business Overview & Revenue Model

Company Description

Haiwan International Development Co., Ltd, a Taiwanese enterprise, primarily operates within the hospitality sector. The company's business model is structured around two key divisions: Real Estate Investment & Construction, and Hospitality Services....

Haiwan International Development Co., Ltd. Financial Statement Overview

Summary

Financial performance is moderate: profitability, debt levels, and cash generation improved in 2025, but revenue declined for a third consecutive year, net profitability and return on equity remained weak, and cash flow was volatile.

Income Statement

55Neutral

Balance Sheet

65Positive

Cash Flow

52Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	499.95M	495.92M	515.01M	539.38M	574.96M	446.07M
Gross Profit	176.49M	192.68M	177.17M	185.80M	223.79M	222.54M
EBITDA	120.54M	152.12M	119.41M	128.18M	120.70M	80.29M
Net Income	-1.63M	6.53M	-15.44M	513.00K	4.60M	35.71M
Balance Sheet
Total Assets	3.97B	3.91B	3.87B	3.86B	3.94B	4.08B
Cash, Cash Equivalents and Short-Term Investments	120.53M	82.27M	106.09M	97.47M	83.78M	132.86M
Total Debt	1.52B	1.52B	1.64B	1.47B	1.56B	1.63B
Total Liabilities	1.97B	1.90B	1.89B	1.86B	1.95B	2.07B
Stockholders Equity	1.96B	1.96B	1.96B	1.97B	1.97B	1.99B
Cash Flow
Free Cash Flow	-32.44M	19.35M	20.99M	16.42M	87.04M	38.13M
Operating Cash Flow	122.28M	133.22M	45.86M	30.59M	110.03M	49.68M
Investing Cash Flow	-183.40M	-139.93M	-35.66M	-1.62M	-31.48M	-18.54M
Financing Cash Flow	66.78M	-17.35M	-1.94M	-5.97M	-116.55M	20.80M

Haiwan International Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3252 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8077	64Neutral	TWD 886.61M	5.96	―	4.95%	3.19%	40.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3252	51Neutral	TWD 735.37M	-250.00	―	―	-6.31%	17.70%
TW:6264	43Neutral	TWD 819.50M	-10.02	―	―	52.16%	-21.07%
TW:4402	41Neutral	TWD 866.90M	-71.59	―	―	66.21%	-366.24%
TW:2736	39Underperform	TWD 786.93M	-6.39	―	―	13.62%	-10.62%

* General Sector Average

Performance Comparison

TW:3252 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3252	Haiwan International Development Co., Ltd.	14.65	-4.65	-24.09%
TW:2736	HOYA Resort Hotel Group	9.84	-5.91	-37.52%
TW:4402	J.D Development Co. Ltd.	12.75	-4.95	-27.97%
TW:6264	KINGLAND PROPERTY CORPORATION LTD	6.01	-1.31	-17.90%
TW:8077	Green World Hotels Co., Ltd.	40.40	-3.07	-7.07%

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

Haiwan International Development Co., Ltd. AI Stock Analysis