Trigold Holdings Ltd. (3709) AI Stock Analysis

Trigold Holdings Ltd.

(TPEx:3709)

Select Model

Rating:52Neutral

Price Target:TWD 56.00▼(-10.97% Downside)

Action:initiatedcoverage

Date:11/09/26

Trigold scores modestly below average. The dominant drag is cash flow: despite record revenue (+44%) and a tripling of net income, the company burned NT$2.7B of free cash in 2025 while funding expansion with a balance sheet where equity is only ~12% of assets and interest-bearing debt rose two-thirds year over year — leaving little margin for error at a 2.1% net margin. Technicals reinforce caution, with the price well below all key moving averages and negative MACD momentum, though deeply oversold readings hint at potential for a short-term rebound. Offsetting these risks is an undemanding valuation: a 5.1x P/E and 3.89% dividend yield offer a cushion if working capital normalizes and cash generation turns positive.

Positive Factors

Accelerating Revenue and EBIT GrowthThe sharp 2025 improvement in revenue and operating profit indicates stronger business scale and potentially better cost absorption. If sustained, this earnings expansion can strengthen competitive positioning and provide greater capacity to reinvest, although future durability remains dependent on cash conversion.

Negative Factors

Deeply Negative Cash GenerationDeeply negative operating and free cash flow shows that reported earnings were not supported by cash generation in 2025. Persistent cash-conversion pressure can increase funding needs, reduce financial flexibility, and weaken the durability of the earnings rebound unless cash flow normalizes.

Trigold Holdings Ltd. (3709) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.82B
Dividend Yield: 3.43%
Average Volume (3M): 417.58K
Price to Earnings (P/E): 5.5
Beta (1Y): 1.08
Revenue Growth: 27.54%
EPS Growth: 192.59%
Country: TW
Employees: 476
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Trigold Holdings Ltd. Business Overview & Revenue Model

Company Description

Trigold Holdings Limited, a company established in 1988 and headquartered in Taipei, Taiwan, operates a diverse business portfolio. Through its various subsidiaries, it distributes computer hardware and related peripherals across both Taiwan and main...

Trigold Holdings Ltd. Financial Statement Overview

Summary

Mixed quality of growth. The income statement is the bright spot (score 72): revenue rose ~44% to NT$40.98B, gross margin widened to 6.1%, operating margin doubled to 3.2%, and net income more than tripled to NT$849M — a six-year best, though net margin of just 2.1% offers little cushion. The balance sheet is weaker (score 48): assets more than doubled to NT$31.5B while equity reached only NT$3.66B (~12% of assets), and interest-bearing debt climbed to NT$3.91B, pushing debt/equity back above 1.0x; ROE of 23.2% shows the capital is working hard, but the buffer is thin. Cash flow is the key weakness (score 22): operating cash flow of negative NT$2.70B and free cash flow of negative NT$2.72B despite record profits, the third cash-negative year in four, driven by working-capital intensity rather than capex. Earnings momentum is encouraging, but cash conversion and leverage are material risks.

Income Statement

72Positive

Balance Sheet

48Neutral

Cash Flow

22Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	47.58B	40.98B	28.39B	21.29B	20.38B	18.83B
Gross Profit	3.21B	2.49B	1.32B	1.13B	1.09B	1.24B
EBITDA	2.05B	1.37B	526.95M	410.77M	390.00M	608.92M
Net Income	1.42B	849.14M	244.60M	135.03M	186.53M	392.11M
Balance Sheet
Total Assets	40.24B	31.51B	15.21B	7.73B	8.00B	6.53B
Cash, Cash Equivalents and Short-Term Investments	1.98B	1.65B	1.35B	1.11B	1.58B	1.62B
Total Debt	10.64B	3.91B	2.34B	3.21B	3.46B	1.03B
Total Liabilities	36.01B	27.88B	12.90B	5.64B	5.91B	4.52B
Stockholders Equity	4.27B	3.66B	2.34B	2.11B	2.09B	2.00B
Cash Flow
Free Cash Flow	-4.57B	-2.72B	-33.69M	690.42M	-2.09B	1.32B
Operating Cash Flow	-4.55B	-2.70B	-7.25M	710.15M	-2.06B	1.33B
Investing Cash Flow	-21.68M	-36.69M	1.30B	-834.49M	-207.43M	-322.84M
Financing Cash Flow	4.97B	3.01B	-1.14B	-343.39M	2.12B	-405.66M

Trigold Holdings Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3709 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2414	59Neutral	TWD 8.50B	10.77	―	6.25%	35.65%	43.54%
TW:3479	59Neutral	TWD 7.72B	14.40	―	4.34%	10.71%	1.91%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3289	55Neutral	TWD 9.76B	24.38	―	4.26%	-1.90%	-10.19%
TW:2450	53Neutral	TWD 7.11B	15.14	―	5.63%	16.30%	14.23%
TW:3709	52Neutral	TWD 9.16B	5.52	―	3.43%	27.54%	192.59%
TW:2331	51Neutral	TWD 8.70B	15.45	―	1.35%	9.67%	-52.16%

* General Sector Average

Performance Comparison

TW:3709 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3709	Trigold Holdings Ltd.	62.90	5.57	9.71%
TW:2331	Elitegroup Computer Systems Co., Ltd.	15.60	-5.55	-26.24%
TW:2414	Unitech Computer Co., Ltd.	47.80	8.74	22.36%
TW:2450	Senao International Co. Ltd.	27.55	-0.14	-0.51%
TW:3289	Integrated Service Technology Inc.	118.00	16.36	16.10%
TW:3479	Avalue Technology Inc.	106.50	1.91	1.83%

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

Trigold Holdings Ltd. AI Stock Analysis