Team Group Inc. (4967) AI Stock Analysis

Team Group Inc.

(TWSE:4967)

Select Model

Rating:69Neutral

Price Target:TWD 293.00▲(11.41% Upside)

Action:initiatedcoverage

Date:11/09/26

Team Group earns a solid score driven by record profitability and a deleveraged balance sheet during a powerful memory upcycle, paired with an exceptionally low P/E of 2.8 and a 3.2% dividend yield. The most significant risk is earnings quality: the company burned roughly NT$5.3bn of free cash flow over the trailing twelve months despite NT$9.1bn of reported profit, as working capital swells into rising memory prices — leaving the business reliant on external funding and exposed to inventory write-downs if pricing rolls over. Technicals are supportive but not decisive, with price above its 100- and 200-day averages while shorter-term indicators sit in neutral territory. The result is a company with outstanding current fundamentals and an attractive valuation, offset by material cycle and cash-conversion risk.

Positive Factors

Stronger Revenue and MarginsThe sharp TTM improvement in revenue and margins indicates stronger operating performance and potentially better product mix or operating leverage. If maintained, higher profitability can support reinvestment, strengthen the brand’s market position, and improve earnings capacity over the next several quarters.

Negative Factors

Negative Cash ConversionNegative operating and free cash flow show that reported profits are not currently converting into cash, creating a material earnings-quality concern. If working-capital or investment needs remain heavy, the company may have less internally generated funding for growth and greater dependence on financing.

Team Group Inc. (4967) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 25.87B
Dividend Yield: 3.28%
Average Volume (3M): 3.76M
Price to Earnings (P/E): 2.6
Beta (1Y): 0.90
Revenue Growth: 90.94%
EPS Growth: 3193.74%
Country: TW
Employees: 423
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Team Group Inc. Business Overview & Revenue Model

Company Description

Based in Taiwan, Team Group Inc. is a manufacturer and distributor of a broad array of electronic components. Its extensive product lineup features a variety of gaming-oriented items, including specialized memory, bundled packages, solid-state drives...

Team Group Inc. Financial Statement Overview

Summary

Team Group is in the midst of an exceptional memory upcycle: TTM revenue of NT$33.1bn is ~62% above fiscal 2025, gross margin expanded from 14.3% to 39.6%, and net income of NT$9.1bn is over eight times the prior full year (Income Statement 86). The balance sheet has strengthened in tandem — equity tripled to NT$16.0bn and debt-to-equity fell to 0.29 (Balance Sheet 78). The decisive offset is cash conversion: operating cash flow was negative NT$5.1bn and free cash flow negative NT$5.3bn despite record profits, as capital is absorbed by inventory and receivables built into rising prices (Cash Flow 24). With a cyclical history that includes a 2021 loss and near-breakeven 2022, current margins look cycle-peak rather than structural, creating inventory write-down and earnings-compression risk if memory pricing normalizes.

Income Statement

86Very Positive

Balance Sheet

78Positive

Cash Flow

24Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	33.12B	20.43B	19.94B	16.57B	6.72B	7.65B
Gross Profit	13.11B	2.91B	2.23B	1.30B	625.66M	451.56M
EBITDA	11.58B	1.46B	734.73M	338.39M	55.38M	-69.39M
Net Income	9.14B	1.11B	527.36M	236.84M	469.00K	-91.48M
Balance Sheet
Total Assets	28.43B	15.02B	9.99B	8.66B	4.35B	3.72B
Cash, Cash Equivalents and Short-Term Investments	3.01B	882.75M	2.61B	1.15B	700.97M	473.88M
Total Debt	4.67B	3.32B	1.10B	1.70B	668.02M	910.45M
Total Liabilities	12.38B	10.17B	6.00B	6.44B	2.30B	1.36B
Stockholders Equity	16.05B	4.85B	4.00B	2.22B	2.05B	2.35B
Cash Flow
Free Cash Flow	-5.35B	-3.63B	889.86M	-437.01M	664.72M	-36.17M
Operating Cash Flow	-5.09B	-3.52B	925.79M	-428.20M	827.21M	-23.40M
Investing Cash Flow	-328.93M	-144.56M	31.82M	-163.63M	-156.81M	176.08M
Financing Cash Flow	5.92B	1.91B	562.23M	976.27M	-518.40M	66.54M

Team Group Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4967 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4967	69Neutral	TWD 25.40B	2.58	―	3.28%	90.94%	3193.74%
TW:3515	67Neutral	TWD 25.14B	13.11	―	5.41%	24.91%	21.20%
TW:4915	64Neutral	TWD 23.90B	10.12	―	8.94%	13.42%	-25.09%
TW:2363	62Neutral	TWD 24.26B	27.35	―	1.29%	78.08%	21.15%
TW:8271	61Neutral	TWD 21.58B	3.07	―	2.67%	181.71%	1352.87%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5351	35Underperform	TWD 30.17B	14.13	―	―	245.54%	―

* General Sector Average

Performance Comparison

TW:4967 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4967	Team Group Inc.	263.00	118.67	82.22%
TW:2363	Silicon Integrated Systems Corp.	47.10	-3.89	-7.63%
TW:3515	ASRock Incorporation	203.50	-66.67	-24.68%
TW:4915	Primax Electronics Ltd.	51.10	-31.71	-38.29%
TW:5351	Etron Technology, Inc.	91.80	46.15	101.10%
TW:8271	Apacer Technology Inc.	166.50	51.69	45.02%

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

Team Group Inc. AI Stock Analysis