TST Group Holding Ltd. (4439) AI Stock Analysis

TST Group Holding Ltd.

(TWSE:4439)

Select Model

Rating:55Neutral

Price Target:TWD 96.00▼(-2.04% Downside)

Action:initiatedcoverage

Date:11/10/26

Moderate score driven mainly by mixed financial performance with revenue and profit recovery tempered by higher leverage and negative free cash flow, plus weak technical momentum from price below DMAs and negative MACD. Attractive valuation provides notable support.

Positive Factors

Improving profitability and growthThe 2025 rebound in revenue growth and profitability indicates that operating performance is recovering from the weak 2024 base. If maintained, improved earnings can strengthen internal funding, support reinvestment, and provide a more durable foundation for shareholder returns over the next several quarters.

Negative Factors

Weak cash conversionOperating cash flow of only about 15% of net income indicates that reported earnings are not translating efficiently into cash. Persistent weak conversion can restrict internally funded investment, increase reliance on financing, and make future earnings less durable if working-capital pressure continues.

TST Group Holding Ltd. (4439) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.72B
Dividend Yield: 4.14%
Average Volume (3M): 31.30K
Price to Earnings (P/E): 10.5
Beta (1Y): 0.28
Revenue Growth: 19.84%
EPS Growth: 223.34%
Country: TW
Employees: 556
Sector: General
Sector Strength: 55
Industry: Manufacturing - Textiles

TST Group Holding Ltd. Business Overview & Revenue Model

Company Description

TST Group Holding Ltd. manufactures and sales of cotton fabric in textile industry. The company was founded in 1995 and is based in George Town, Cayman Islands.

TST Group Holding Ltd. Financial Statement Overview

Summary

Mixed results with revenue recovery to 7.0 billion and net income at 294 million, offset by rising debt to 1.54 billion, debt-to-equity of 0.46, and negative free cash flow of -12.8 million.

Income Statement

62Positive

Balance Sheet

48Neutral

Cash Flow

38Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.44B	7.00B	5.42B	5.19B	7.43B	7.42B
Gross Profit	1.38B	1.26B	882.39M	1.24B	1.26B	1.08B
EBITDA	761.84M	696.48M	411.87M	712.55M	699.40M	549.85M
Net Income	352.77M	294.08M	65.66M	408.20M	442.04M	336.13M
Balance Sheet
Total Assets	7.31B	6.20B	5.77B	4.98B	4.31B	4.86B
Cash, Cash Equivalents and Short-Term Investments	426.39M	537.86M	487.83M	503.44M	907.42M	740.50M
Total Debt	1.76B	1.54B	1.40B	833.40M	196.95M	787.72M
Total Liabilities	3.87B	2.85B	2.52B	1.82B	1.29B	2.36B
Stockholders Equity	3.44B	3.36B	3.25B	3.16B	3.03B	2.49B
Cash Flow
Free Cash Flow	-258.53M	-12.78M	-491.94M	-541.53M	380.90M	-425.22M
Operating Cash Flow	78.34M	322.80M	23.25M	522.49M	875.28M	-281.48M
Investing Cash Flow	-357.27M	-283.30M	-487.34M	-1.25B	-489.58M	-139.66M
Financing Cash Flow	126.76M	-21.69M	356.74M	313.26M	-331.20M	-61.24M

TST Group Holding Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4439 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1459	74Outperform	TWD 3.68B	7.00	―	22.28%	―	―
TW:1457	56Neutral	TWD 3.31B	10.37	―	7.14%	-20.14%	30.46%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4439	55Neutral	TWD 3.72B	10.54	―	4.14%	19.84%	223.34%
TW:1451	53Neutral	TWD 3.38B	10.12	―	5.85%	8.77%	-3.63%
TW:1464	47Neutral	TWD 3.96B	11.48	―	2.69%	-3.78%	110.06%
TW:1460	46Neutral	TWD 4.02B	-29.03	―	―	-17.70%	48.98%

* General Sector Average

Performance Comparison

TW:4439 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4439	TST Group Holding Ltd.	98.00	10.91	12.53%
TW:1451	Nien Hsing Textile Co., Ltd.	17.10	0.63	3.84%
TW:1457	Yi Jinn Industrial Co.,Ltd	14.00	-1.44	-9.33%
TW:1459	Lan Fa Textile Co., Ltd.	17.00	4.59	37.03%
TW:1460	Everest Textile Co., Ltd.	5.96	0.36	6.43%
TW:1464	De Licacy Industrial Co., Ltd.	9.30	-1.34	-12.61%

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

TST Group Holding Ltd. AI Stock Analysis