J.D Development Co. Ltd. (4402) AI Stock Analysis

J.D Development Co. Ltd.

(TPEx:4402)

Select Model

Rating:41Neutral

Price Target:TWD 11.00▼(-11.65% Downside)

Action:initiatedcoverage

Date:11/09/26

J.D Development scores low primarily because its operating business has shrunk dramatically — revenue is down about 86% from the 2022 peak, operating margins are near -37%, and the company has posted losses and burned cash in most of the past six years. Technicals reinforce the caution: the stock trades below all key moving averages with negative MACD, and valuation provides no help given a negative P/E and no dividend. The offsetting strength is a fortress balance sheet — essentially debt-free with NT$597.1 million of equity backing NT$610.6 million of assets — alongside improving gross margins, narrowing losses and a shrinking cash burn. This is an asset-rich, earnings-poor situation where capital preservation is credible but a genuine operational turnaround is still unproven.

Positive Factors

Very Low LeverageVery low leverage gives the company greater financial flexibility than a heavily indebted peer and reduces sensitivity to interest costs or refinancing pressure. This balance-sheet capacity could support restructuring, investment, or recovery efforts if operating performance improves over the coming quarters.

Negative Factors

Deep Ongoing LossesPersistent operating losses and a deeply negative net margin show that improved revenue and gross profit are not yet translating into a viable earnings model. Continued losses can erode equity, restrict reinvestment capacity, and make a durable recovery dependent on substantial operational improvement.

J.D Development Co. Ltd. (4402) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 849.90M
Dividend Yield: ―
Average Volume (3M): 20.69K
Price to Earnings (P/E): -69.9
Beta (1Y): 0.26
Revenue Growth: 66.21%
EPS Growth: -366.24%
Country: TW
Employees: 55
Sector: General
Sector Strength: 55
Industry: Manufacturing - Textiles

J.D Development Co. Ltd. Business Overview & Revenue Model

Company Description

J.D Development Co., LTD, along with its affiliated entities, engages in the production and global distribution of diverse textile goods. Their extensive textile portfolio encompasses a variety of fabrics, including cotton, wool, nylon, polyester, an...

J.D Development Co. Ltd. Financial Statement Overview

Summary

A classic 'strong balance sheet, weak business' profile. The balance sheet is excellent (score 73): debt has been cut to NT$4.4 million for a debt-to-equity of roughly 0.007, and NT$597.1 million of equity funds about 98% of the NT$610.6 million asset base, giving the company a long survival runway. However, the income statement is very weak (score 19): revenue has collapsed roughly 86% from the 2022 peak of NT$171.7 million to NT$23.7 million, operating profit is deeply negative at -NT$17.7 million (margin near -37%), and the company has lost money every year shown. Cash flow is also weak (score 27), with operating and free cash flow at -NT$8.6 million and a second straight year of burn. Directional improvements — gross margin up to 17.3%, net loss narrowed to NT$8.8 million, shrinking cash burn, and a modest revenue rebound — temper but do not offset the structural earnings problem and negative return on a large equity base.

Income Statement

19Very Negative

Balance Sheet

73Positive

Cash Flow

27Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.27M	23.72M	18.41M	76.96M	171.70M	153.41M
Gross Profit	3.22M	4.11M	2.67M	-1.78M	21.66M	-42.00K
EBITDA	-12.82M	-2.78M	3.46M	-2.60M	15.35M	-37.25M
Net Income	-11.89M	-8.76M	-6.21M	-19.89M	-7.97M	-39.35M
Balance Sheet
Total Assets	619.55M	610.55M	620.53M	507.44M	541.40M	603.79M
Cash, Cash Equivalents and Short-Term Investments	176.19M	259.28M	263.43M	273.06M	243.87M	257.48M
Total Debt	4.24M	4.37M	4.62M	21.07M	245.06M	296.33M
Total Liabilities	45.79M	13.42M	14.64M	32.85M	266.91M	321.34M
Stockholders Equity	573.76M	597.13M	605.89M	474.59M	274.48M	282.45M
Cash Flow
Free Cash Flow	50.28M	-8.55M	-14.08M	32.10M	24.00M	-63.52M
Operating Cash Flow	50.28M	-8.55M	-10.24M	42.92M	25.83M	-30.85M
Investing Cash Flow	-96.24M	4.66M	216.00K	215.65M	24.16M	-32.95M
Financing Cash Flow	-253.00K	-252.00K	397.00K	-7.74M	-50.91M	69.30M

J.D Development Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4402 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8077	64Neutral	TWD 886.61M	5.90	―	5.00%	3.19%	40.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8455	55Neutral	TWD 793.14M	76.63	―	―	7.44%	―
TW:6264	43Neutral	TWD 819.50M	-10.07	―	―	52.16%	-21.07%
TW:4402	41Neutral	TWD 866.90M	-69.90	―	―	66.21%	-366.24%
TW:5345	40Underperform	TWD 718.10M	-274.61	―	―	229.58%	90.01%
TW:2736	39Underperform	TWD 786.93M	-6.40	―	―	13.62%	-10.62%

* General Sector Average

Performance Comparison

TW:4402 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4402	J.D Development Co. Ltd.	12.45	-5.25	-29.66%
TW:2736	HOYA Resort Hotel Group	9.86	-5.89	-37.40%
TW:5345	Fullhome Development Co., Ltd.	19.25	-5.60	-22.54%
TW:6264	KINGLAND PROPERTY CORPORATION LTD	6.03	-1.29	-17.62%
TW:8077	Green World Hotels Co., Ltd.	40.00	-3.47	-7.99%
TW:8455	Daito Me Holdings Co. Ltd.	30.70	6.55	27.12%

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

J.D Development Co. Ltd. AI Stock Analysis