TSG Development Co., Ltd. (3521) AI Stock Analysis

TSG Development Co., Ltd.

(TPEx:3521)

Select Model

Rating:56Neutral

Price Target:TWD 12.00▲(7.14% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily supported by the improving balance sheet and cash flow, but remains constrained by continuing net losses and weak technical momentum. The low P/E ratio provides a meaningful valuation offset.

Positive Factors

Revenue and Gross-Margin RecoveryRevenue rose about 185% in 2025 and gross margin recovered to roughly 19% after being negative in 2024. If maintained, this recovery can improve operating leverage, rebuild earnings capacity, and provide a stronger base for growth over the next several quarters.

Negative Factors

Continued Net and Operating LossesDespite the revenue and gross-margin rebound, 2025 operating profit and net income remained negative, with net margin around -3.7%. Continued losses mean the improved sales base has not yet translated into durable earnings, limiting reinvestment capacity and weakening returns.

TSG Development Co., Ltd. (3521) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.02B
Dividend Yield: ―
Average Volume (3M): 48.42K
Price to Earnings (P/E): 6.7
Beta (1Y): 0.39
Revenue Growth: -90.52%
EPS Growth: ―
Country: TW
Employees: 53
Sector: General
Sector Strength: 55
Industry: Computer Hardware

TSG Development Co., Ltd. Business Overview & Revenue Model

Company Description

TSG Development Co., Ltd. specializes in the innovation, design, production, and commercialization of integrated software and hardware systems for sales terminals, in addition to general computer equipment and ancillary peripheral parts. The company'...

TSG Development Co., Ltd. Financial Statement Overview

Summary

Financial performance improved substantially, with strong revenue growth, positive operating and free cash flow, and sharply lower leverage. However, EBIT, EBITDA, and net income remain negative.

Income Statement

25Negative

Balance Sheet

72Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	59.42M	246.81M	155.90M	276.12M	255.45M	363.92M
Gross Profit	-9.40M	47.09M	-18.51M	31.39M	35.62M	44.73M
EBITDA	-19.91M	-19.41M	-58.41M	-145.95M	-46.45M	-36.11M
Net Income	316.96M	-9.17M	-81.99M	-192.00M	-85.77M	-79.31M
Balance Sheet
Total Assets	2.30B	1.80B	1.70B	1.21B	1.23B	1.26B
Cash, Cash Equivalents and Short-Term Investments	1.01B	822.23M	724.69M	285.17M	99.62M	121.14M
Total Debt	24.05M	284.19M	300.44M	509.03M	674.78M	802.22M
Total Liabilities	48.73M	328.64M	431.84M	569.03M	718.78M	859.31M
Stockholders Equity	2.25B	1.47B	1.27B	644.55M	501.48M	399.45M
Cash Flow
Free Cash Flow	-515.06M	69.94M	-72.44M	-2.52M	-10.62M	-202.44M
Operating Cash Flow	-514.59M	70.87M	-68.05M	7.68M	-372.00K	-199.29M
Investing Cash Flow	129.20M	-211.15M	13.58M	-7.51M	-13.30M	1.43M
Financing Cash Flow	390.64M	159.70M	499.86M	189.54M	22.27M	226.23M

TSG Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3521 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2070	60Neutral	TWD 2.26B	14.89	―	2.77%	24.08%	90.56%
TW:5438	58Neutral	TWD 2.12B	-5.62	―	3.99%	-32.73%	-411.13%
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:3437	35Underperform	TWD 2.44B	-6.19	―	―	-22.27%	-58.73%
TW:5484	33Underperform	TWD 2.03B	22.36	―	―	77.09%	―

* General Sector Average

Performance Comparison

TW:3521 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3521	TSG Development Co., Ltd.	11.20	-0.70	-5.88%
TW:2070	Ching Chan Optical Technology Co., Ltd.	54.20	14.31	35.86%
TW:3437	Advanced Optoelectronic Technology, Inc.	16.85	2.05	13.85%
TW:5438	Teco Image Systems Co., Ltd.	18.80	-1.90	-9.17%
TW:5484	EverFocus Electronics Co. Ltd.	30.35	-7.85	-20.55%
TW:7772	Morrison Opto Electronics Ltd.	89.10	21.05	30.94%

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

TSG Development Co., Ltd. AI Stock Analysis