Huang Long Development Co., Ltd. (3512) AI Stock Analysis

Huang Long Development Co., Ltd.

(TPEx:3512)

Select Model

Rating:58Neutral

Price Target:TWD 18.50▼(-2.37% Downside)

Action:initiatedcoverage

Date:11/09/26

Huang Long Development scores moderately. Financial performance carries the most weight and is mixed-to-positive: profitability rebounded sharply in 2025 with margins at multi-year highs and leverage at a five-year low, but revenue and earnings remain highly cyclical and cash conversion is poor, with operating cash flow equal to only about a fifth of net profit and negative in three of the last five years. Technicals are the biggest drag, with the price below all major moving averages and a negative MACD signalling a persistent downtrend. The clearest support comes from valuation — a single-digit P/E and a roughly 10% dividend yield provide meaningful value and income appeal, though the payout's durability depends on lumpy project timing.

Positive Factors

2025 Profitability ReboundThe sharp 2025 improvement in revenue and margins indicates stronger project economics and operating leverage. If the improved mix persists, higher profitability can strengthen internal funding capacity and provide a more durable earnings base over the next several quarters.

Negative Factors

Volatile Cash ConversionRepeated negative operating cash flow and very low debt coverage show that earnings do not consistently translate into funds available for obligations. This weakens financial flexibility and leaves the company more exposed to working-capital and project-timing swings.

Huang Long Development Co., Ltd. (3512) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.09B
Dividend Yield: 9.50%
Average Volume (3M): 32.44K
Price to Earnings (P/E): 9.7
Beta (1Y): 0.25
Revenue Growth: -6.81%
EPS Growth: 92.51%
Country: TW
Employees: 60
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Huang Long Development Co., Ltd. Business Overview & Revenue Model

Company Description

Huang Long Development Co.,Ltd. is primarily involved in the production and distribution of electronic components, conducting its business in both Taiwan and Mainland China. Additionally, the company participates in the real estate sector, focusing o...

Huang Long Development Co., Ltd. Financial Statement Overview

Summary

Fiscal 2025 marked a clear recovery: revenue rose about 40% to NT$1.43 billion, gross margin expanded to a six-year high of 35.0%, operating margin reached 24.1%, and net income jumped nearly fivefold to NT$267.7 million. The balance sheet also improved, with equity compounding to NT$2.65 billion and debt-to-equity falling to 0.89, the lowest since 2020. Offsetting these strengths, revenue remains far below the 2023 peak and swings violently year to year given the project-based development model, ROE of 10.1% is well short of prior peaks, borrowings still equal roughly 43% of assets, and cash flow is the clear weak point — operating cash flow of just NT$60.1 million converts only about 22% of reported profit into cash and has been negative in three of the past five years.

Income Statement

62Positive

Balance Sheet

61Positive

Cash Flow

41Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	945.32M	1.43B	879.89M	2.96B	2.24B	2.21B
Gross Profit	397.25M	501.55M	226.80M	616.04M	588.37M	572.22M
EBITDA	271.67M	350.80M	92.58M	637.59M	447.37M	404.36M
Net Income	213.67M	267.73M	54.78M	458.34M	326.06M	317.94M
Balance Sheet
Total Assets	6.33B	5.53B	4.95B	4.98B	6.10B	5.19B
Cash, Cash Equivalents and Short-Term Investments	658.24M	967.22M	545.06M	913.96M	955.83M	687.67M
Total Debt	3.30B	2.35B	2.23B	2.23B	3.14B	2.28B
Total Liabilities	3.83B	2.88B	2.85B	2.99B	4.31B	3.49B
Stockholders Equity	2.50B	2.65B	2.10B	1.99B	1.79B	1.70B
Cash Flow
Free Cash Flow	-1.26B	57.26M	-758.24M	1.20B	-391.62M	-630.66M
Operating Cash Flow	-1.26B	60.06M	-750.75M	1.20B	-389.89M	-601.61M
Investing Cash Flow	71.88M	35.26M	510.12M	-11.32M	-65.46M	-131.19M
Financing Cash Flow	1.28B	364.89M	-36.39M	-1.17B	570.27M	734.56M

Huang Long Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3512 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3512	58Neutral	TWD 2.14B	9.67	―	9.50%	-6.81%	92.51%
TW:3521	56Neutral	TWD 2.08B	6.73	―	―	-90.52%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5455	48Neutral	TWD 1.96B	-47.57	―	―	-99.39%	-109.36%
TW:2702	47Neutral	TWD 1.83B	17.46	―	―	7.84%	―
TW:3489	43Neutral	TWD 2.04B	7741.38	―	13.30%	-56.20%	―
TW:6222	39Underperform	TWD 2.09B	-63.25	―	―	-38.69%	20.60%

* General Sector Average

Performance Comparison

TW:3512 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3512	Huang Long Development Co., Ltd.	18.95	-0.29	-1.49%
TW:2702	Hotel Holiday Garden	11.70	0.10	0.86%
TW:3489	Sun Brothers Development Co., Ltd.	22.55	5.91	35.48%
TW:3521	TSG Development Co., Ltd.	11.20	-0.70	-5.88%
TW:5455	Sheng Yi Development Co.,Ltd	29.90	0.90	3.10%
TW:6222	Li Hsuan Development & Construction Co., Ltd.	18.90	-1.20	-5.97%

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

Huang Long Development Co., Ltd. AI Stock Analysis