EST GLOBAL APPAREL Co., Ltd. (4413) AI Stock Analysis

EST GLOBAL APPAREL Co., Ltd.

(TPEx:4413)

Select Model

Rating:55Neutral

Price Target:TWD 19.00▲(5.56% Upside)

Action:initiatedcoverage

Date:11/09/26

The score reflects a financially stable but low-return business. The strong balance sheet — low leverage, high equity funding and minimal capital spending — plus a decisive swing back to positive free cash flow provide downside protection. These are offset by sharply compressed gross margins, a still-negative core operating result, profit dependent on non-operating items, and a weak 4.7% ROE, underscoring that volume growth is coming at the expense of profitability. Technicals are mildly negative in the short term, with price under its 20- and 50-day averages and negative MACD, though the longer-term uptrend holds. Valuation at 15.1x earnings with a 1.6% yield is fair but not a strong catalyst given the earnings volatility typical of this cyclical, order-driven apparel manufacturer.

Positive Factors

Revenue recoveryThe 2025 revenue recovery indicates renewed demand for the company’s apparel products and services after a weak prior year. If maintained, stronger sales can improve operating absorption, support customer relationships, and provide a broader base for rebuilding profitability over the next several quarters.

Negative Factors

Volatile business performanceThe uneven multi-year performance makes the 2025 recovery harder to view as a durable trend. Revenue has declined sharply in prior periods and earnings have varied substantially, indicating that demand and operating results may remain cyclical and could complicate planning, investment, and consistent shareholder returns.

EST GLOBAL APPAREL Co., Ltd. (4413) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 566.80M
Dividend Yield: 1.67%
Average Volume (3M): 47.57K
Price to Earnings (P/E): 14.6
Beta (1Y): 0.35
Revenue Growth: 44.06%
EPS Growth: ―
Country: TW
Employees: 61
Sector: General
Sector Strength: 55
Industry: Apparel - Manufacturers

EST GLOBAL APPAREL Co., Ltd. Business Overview & Revenue Model

Company Description

Est Global Apparel Co.,Ltd, headquartered in Taipei City, Taiwan, is an apparel manufacturer and retailer that operates both domestically and in international markets. Established in 1987, the company specializes in a diverse range of clothing catego...

EST GLOBAL APPAREL Co., Ltd. Financial Statement Overview

Summary

A mixed picture dominated by weak earnings quality. Revenue more than doubled to NT$862.2 million, but gross margin compressed to 12.6% from 18.8%, core operating income stayed negative (-NT$4.1 million), and the NT$16.4 million net profit (1.9% margin) relied on non-operating items. The balance sheet is the key strength: equity funds ~68% of assets, debt-to-equity is a conservative 0.26, and equity has grown steadily since 2020 — though ROE of just 4.7% signals under-utilized capital. Cash flow swung back to positive with NT$62.3 million operating and NT$61.1 million free cash flow versus large outflows in 2024, and cash conversion looks healthy, but history shows sharp swings between inflows and outflows tied to order cycles. Net: conservatively financed and recovering, yet still cyclical, low-margin and low-visibility.

Income Statement

47Neutral

Balance Sheet

69Positive

Cash Flow

63Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	789.50M	862.21M	401.47M	447.99M	692.68M	641.49M
Gross Profit	123.50M	108.52M	75.61M	96.82M	107.41M	68.66M
EBITDA	29.91M	26.36M	12.28M	26.26M	57.95M	20.83M
Net Income	38.68M	16.44M	1.77M	18.14M	53.98M	6.20M
Balance Sheet
Total Assets	497.34M	512.44M	477.42M	488.43M	479.52M	416.04M
Cash, Cash Equivalents and Short-Term Investments	218.85M	142.38M	92.72M	230.44M	192.06M	38.95M
Total Debt	88.71M	89.81M	93.67M	95.08M	83.86M	87.72M
Total Liabilities	155.39M	163.11M	138.24M	138.65M	131.31M	121.81M
Stockholders Equity	341.95M	349.33M	339.17M	349.78M	348.21M	294.23M
Cash Flow
Free Cash Flow	189.03M	61.08M	-123.13M	57.30M	156.02M	11.11M
Operating Cash Flow	190.03M	62.29M	-121.54M	68.40M	176.55M	35.59M
Investing Cash Flow	-1.02M	-1.65M	2.09M	-8.92M	-35.55M	-110.42M
Financing Cash Flow	-9.12M	-10.78M	-14.59M	-16.16M	-4.11M	81.52M

EST GLOBAL APPAREL Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4413 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4413	55Neutral	TWD 584.02M	14.57	―	1.67%	44.06%	―
TW:2911	41Neutral	TWD 556.12M	1.35	―	―	-23.53%	―
TW:2929	39Underperform	TWD 629.94M	-2.56	―	―	-15.89%	-1071.95%
TW:1441	38Underperform	TWD 542.12M	-4.37	―	―	-23.44%	-226.14%
TW:4406	32Underperform	TWD 519.12M	-12.99	―	―	-41.59%	33.73%

* General Sector Average

Performance Comparison

TW:4413 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4413	EST GLOBAL APPAREL Co., Ltd.	18.00	-0.62	-3.31%
TW:1441	Tah Tong Textile Co., Ltd.	8.70	-3.84	-30.64%
TW:2911	Les Enphants Co. Ltd.	5.39	0.61	12.79%
TW:2929	TOPBI International Holdings Limited	5.71	-2.74	-32.43%
TW:2940	Sun Own Industrial Co., Ltd.	23.95	-0.44	-1.78%
TW:4406	Hsin Sin Textile Co., Ltd.	10.00	0.19	1.94%

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 09, 2026

EST GLOBAL APPAREL Co., Ltd. AI Stock Analysis