Toplus Global Co., Ltd. (3522) AI Stock Analysis

Toplus Global Co., Ltd.

(TPEx:3522)

Select Model

Rating:39Underperform

Price Target:TWD 9.00▼(-15.89% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by persistent losses, high leverage, and weak balance-sheet quality. Bearish technical trends add risk, while oversold momentum provides only limited offset. The negative P/E and absent dividend yield provide no meaningful valuation support.

Positive Factors

Revenue recoveryThe return to faster revenue growth indicates improving demand or business activity after a subdued 2024. If sustained, stronger sales can improve operating leverage, support better capacity utilization, and provide a foundation for restoring profitability over the next several quarters.

Negative Factors

Persistent operating lossesOngoing operating and net losses show that revenue growth has not yet translated into a sustainable earnings model. Persistent losses can consume equity, restrict internally funded investment, and make the company more dependent on improvement in costs, pricing, or sales execution.

Toplus Global Co., Ltd. (3522) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.13B
Dividend Yield: ―
Average Volume (3M): 112.11K
Price to Earnings (P/E): -4.6
Beta (1Y): 0.48
Revenue Growth: 12.29%
EPS Growth: 6.98%
Country: TW
Employees: 150
Sector: General
Sector Strength: 55
Industry: Restaurants

Toplus Global Co., Ltd. Business Overview & Revenue Model

Company Description

Toplus Global Co., Ltd., a company founded in New Taipei City, Taiwan, in 2001, is a significant player in the nation's food and beverage sector. Its diverse operations include the ownership and management of seafood restaurants operating under the D...

Toplus Global Co., Ltd. Financial Statement Overview

Summary

Revenue and cash flow improved, but persistent net losses, declining margins, high leverage, falling equity, and weak debt coverage indicate a fragile financial profile. The underlying financial score is below the permitted range, so the component is assigned the floor score of 37.

Income Statement

25Negative

Balance Sheet

30Negative

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	1.21B	1.15B	900.03M	734.17M	654.35M	613.33M
Gross Profit	441.65M	508.29M	425.79M	355.77M	86.84M	-42.60M
EBITDA	75.85M	66.58M	69.21M	116.58M	148.28M	-93.16M
Net Income	-208.19M	-223.39M	-189.01M	-110.95M	-104.67M	-472.01M
Balance Sheet
Total Assets	2.37B	2.26B	2.33B	2.16B	1.68B	2.08B
Cash, Cash Equivalents and Short-Term Investments	375.74M	382.51M	380.83M	551.94M	64.53M	144.04M
Total Debt	1.23B	1.28B	1.22B	1.14B	1.16B	1.43B
Total Liabilities	1.65B	1.81B	1.71B	1.41B	1.42B	1.71B
Stockholders Equity	713.02M	449.53M	595.94M	747.52M	263.48M	370.74M
Cash Flow
Free Cash Flow	-20.22M	37.61M	-144.83M	112.17M	-50.33M	-32.68M
Operating Cash Flow	69.49M	84.40M	20.52M	133.66M	-13.66M	-26.43M
Investing Cash Flow	-95.01M	-22.37M	-231.04M	-189.36M	306.65M	15.12M
Financing Cash Flow	244.60M	-68.64M	-138.62M	528.65M	-359.61M	-73.75M

Toplus Global Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3522 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2751	70Outperform	TWD 1.04B	10.29	―	8.56%	24.76%	15.78%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8940	51Neutral	TWD 968.50M	19.32	―	―	5.63%	-3.32%
TW:7723	39Underperform	TWD 878.27M	-2.13	―	―	-18.41%	-1763.71%
TW:3522	39Underperform	TWD 1.07B	-4.57	―	―	12.29%	6.98%

* General Sector Average

Performance Comparison

TW:3522 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3522	Toplus Global Co., Ltd.	10.70	-4.96	-31.66%
TW:1269	Kanpai Co. Ltd.	50.90	-4.52	-8.16%
TW:2751	Kingza International Co Ltd	52.50	-8.90	-14.49%
TW:7723	Jhu Jian Catering Co Ltd	17.75	-17.45	-49.57%
TW:7789	Casual Restaurants, Inc.	46.50	5.00	12.05%
TW:8940	New Palace International Co., Ltd.	14.30	-6.10	-29.90%

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

Toplus Global Co., Ltd. AI Stock Analysis