HTM International Holding Ltd. (4924) AI Stock Analysis

HTM International Holding Ltd.

(TPEx:4924)

Select Model

Rating:51Neutral

Price Target:TWD 17.50▼(-9.56% Downside)

Action:initiatedcoverage

Date:11/09/26

HTM International scores modestly below average. The dominant factor is financial performance: although revenue has reached a record level and margins and profits have improved for two consecutive years after the 2023 loss, operating profit remains near breakeven, returns on capital are weak, debt is roughly four times its 2020 level, and free cash flow fell sharply as capex consumed most operating cash. Dependable positive operating cash flow and an adequately capitalized balance sheet provide some support. Technicals are the brightest spot, with the stock trading well above its 50-, 100- and 200-day averages in an established uptrend, albeit pausing near term. Valuation is the main drag — a 23.7x P/E with no dividend leaves little margin for error given thin margins and a 3.8% ROE. Sustained margin expansion and improved cash conversion would be needed to justify a higher rating.

Positive Factors

Profitability RecoveryThe recovery from 2023 losses to positive earnings in 2024–2025 indicates improved operating performance and provides a stronger base for the next several quarters. Higher gross and EBITDA margins also suggest better profitability before the remaining pressure from below-the-line costs.

Negative Factors

Declining Revenue and Thin Net MarginThe combination of lower 2025 revenue and an approximately 2% net margin shows that the earnings recovery has not yet become a consistently strong growth engine. Thin bottom-line profitability leaves less buffer for weaker demand or higher costs and limits the durability of earnings expansion.

HTM International Holding Ltd. (4924) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 637.58M
Dividend Yield: ―
Average Volume (3M): 462.12K
Price to Earnings (P/E): 23.6
Beta (1Y): 0.49
Revenue Growth: -5.15%
EPS Growth: -74.64%
Country: TW
Employees: 80
Sector: General
Sector Strength: 55
Industry: Computer Hardware

HTM International Holding Ltd. Business Overview & Revenue Model

Company Description

HTM International Holding Ltd. and its affiliated companies are primarily involved in the production of high-precision plastic components and the biomass industry. Beyond these core areas, the company also manufactures and markets a diverse range of...

HTM International Holding Ltd. Financial Statement Overview

Summary

A recovery story that is still fragile. Revenue hit a six-year high of ~NT$721M (+4% YoY) and gross margin has expanded three years running to 22.9%, with net income rebounding from a NT$42.8M loss in 2023 to NT$14.2M. However, earnings quality is weak: operating profit is barely above breakeven (NT$1.2M), net margin of 2.0% is far below the 4.8%-6.6% achieved in 2020-2022, and ROE of just 3.8% trails the 10%-11% of prior years. The balance sheet is adequate (equity 51% of assets, debt/equity easing to 0.65), but total debt has nearly quadrupled since 2020, reflecting debt-funded expansion. Operating cash flow remains reliably positive (NT$61.8M, ~4x net income), yet it fell 13% YoY and free cash flow dropped ~78% to NT$8.8M as heavy capital spending absorbed most operating cash — leaving little buffer against a downturn.

Income Statement

42Neutral

Balance Sheet

56Neutral

Cash Flow

50Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	769.41M	720.93M	693.28M	499.83M	683.28M	545.25M
Gross Profit	194.31M	165.24M	146.10M	97.14M	168.22M	149.95M
EBITDA	82.16M	79.84M	65.27M	18.52M	74.81M	74.21M
Net Income	29.77M	14.23M	1.71M	-42.78M	32.60M	36.25M
Balance Sheet
Total Assets	752.46M	723.53M	733.45M	721.66M	769.86M	562.09M
Cash, Cash Equivalents and Short-Term Investments	62.19M	41.87M	81.45M	32.98M	46.65M	49.05M
Total Debt	211.22M	241.50M	246.11M	244.42M	195.20M	92.45M
Total Liabilities	355.21M	350.99M	378.93M	383.59M	379.75M	212.38M
Stockholders Equity	397.24M	372.54M	354.52M	338.07M	390.12M	349.71M
Cash Flow
Free Cash Flow	9.27M	8.75M	39.56M	-83.56M	-57.71M	-48.83M
Operating Cash Flow	66.17M	61.77M	71.17M	13.89M	72.81M	59.83M
Investing Cash Flow	-33.66M	-52.06M	-17.30M	-73.49M	-141.48M	-91.72M
Financing Cash Flow	-43.59M	-39.01M	-10.62M	49.73M	62.26M	37.08M

HTM International Holding Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4924 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8176	59Neutral	TWD 580.85M	33.71	―	―	-46.30%	-54.49%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3150	51Neutral	TWD 633.25M	-47.75	―	3.50%	-9.79%	-169.85%
TW:4924	51Neutral	TWD 719.13M	23.59	―	―	-5.15%	-74.64%
TW:2424	44Neutral	TWD 709.06M	-7.29	―	―	-12.97%	8.82%
TW:3499	42Neutral	TWD 632.16M	-9.05	―	―	-25.84%	-68.45%

* General Sector Average

Performance Comparison

TW:4924 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4924	HTM International Holding Ltd.	19.35	7.20	59.26%
TW:2424	Lung Hwa Electronics Co., Ltd.	11.90	-27.90	-70.10%
TW:3150	Syncomm Technology Corp.	14.30	-4.66	-24.57%
TW:3499	Globalsat Worldcom Corp.	11.50	-2.90	-20.14%
TW:8119	Clientron Corp.	10.00	1.19	13.51%
TW:8176	Z-Com, Inc.	10.30	-2.59	-20.09%

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

HTM International Holding Ltd. AI Stock Analysis