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Desiccant Technology Corporation (5292) AI Stock Analysis

TW:5292

Desiccant Technology Corporation

(TWSE:5292)

Select Model
Rating:74Outperform
Price Target:TWD 245.00â–²(10.36% Upside)
Action:initiatedcoverage
Date:11/10/26

Strong financials with cash flow strength and balance sheet quality are the primary positives, tempered by short-term technical weakness at a reasonable valuation.

Positive Factors
Multi-year revenue growthThe substantial increase in revenue over multiple years indicates successful business scaling and sustained demand for the company’s products. Continued expansion provides a broader operating base, supports reinvestment, and can strengthen earnings durability if the company maintains its market position.
Negative Factors
2025 margin compressionThe decline across key margin measures suggests that higher costs or pricing pressure reduced the benefit of sales growth. If this persists, weaker operating leverage could limit profit expansion, reduce cash generation relative to revenue, and make future earnings more sensitive to changes in demand or costs.

Desiccant Technology Corporation (5292) vs. SPDR S&P 500 ETF (SPY)

-20%0%20%40%60%80%100%TW:5292+72.07%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 10.24B
Dividend Yield
2.48%
Average Volume (3M)
222.17K
Price to Earnings (P/E)
22.4
Beta (1Y)
0.71
Revenue Growth
4.76%
EPS Growth
8.43%
Country
TW
Employees
345
Sector
General
Sector Strength
55
Industry
Industrial - Machinery

Desiccant Technology Corporation Business Overview & Revenue Model

Company Description

Desiccant Technology Corporation, together with its subsidiaries, manufactures and sells industrial dehumidification, drying, and pollution control equipment in Taiwan and China. The company also offers air purification and processing, air treatment...

Desiccant Technology Corporation Financial Statement Overview

Summary

Robust performance with revenue growth, margin expansion, low leverage, and excellent cash flow conversion supporting high-quality earnings.

Income Statement

84Very Positive

Balance Sheet

89Very Positive

Cash Flow

93Very Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Mar 2023Dec 2021
Income Statement
Total Revenue2.75B2.86B2.25B2.09B2.02B1.47B
Gross Profit673.17M676.66M570.75M517.43M411.00M282.20M
EBITDA513.75M512.40M508.52M419.78M328.02M191.03M
Net Income435.55M418.32M377.31M305.14M241.97M145.34M
Balance Sheet
Total Assets4.59B4.31B3.37B2.76B2.28B1.62B
Cash, Cash Equivalents and Short-Term Investments2.88B2.48B1.86B1.39B859.84M411.25M
Total Debt322.30M362.71M390.48M183.90M293.24M254.43M
Total Liabilities2.68B2.39B1.69B1.30B1.35B960.98M
Stockholders Equity1.91B1.92B1.68B1.45B926.89M662.71M
Cash Flow
Free Cash Flow1.28B804.51M567.00M326.04M463.38M26.17M
Operating Cash Flow1.29B808.48M611.67M360.40M471.13M148.35M
Investing Cash Flow-1.10B-1.30B-47.23M-172.10M-34.29M-95.25M
Financing Cash Flow-222.29M-179.60M-106.57M205.21M-16.81M-36.24M

Desiccant Technology Corporation Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:5292 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:5292TW:529274OutperformTWD 10.28B22.39―2.48%4.76%8.43%
TW:6199TW:619969NeutralTWD 10.34B61.72――576.89%1351.04%
TW:6509TW:650969NeutralTWD 9.02B12.96―3.23%2.00%57.23%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:4707TW:470745NeutralTWD 11.15B21.39―0.92%-9.16%67.21%
TW:4989TW:498941NeutralTWD 10.18B-37.53――63.30%87.48%
TW:1727TW:172739UnderperformTWD 11.75B121.53―0.18%20.16%962.24%

* General Sector Average

Performance Comparison

0%100%200%300%TW:5292TW:1727TW:4707TW:4989TW:6199TW:6509Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:5292 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:5292Desiccant Technology Corporation222.0092.9872.07%
TW:1727Chung Hwa Chemical Industrial Works Ltd.84.1047.31128.60%
TW:4707Pan Asia Chemical Corp.27.3017.83188.22%
TW:4989LCY Technology Corp.60.9014.9632.57%
TW:6199TienPin United Enterprise Co., Ltd.168.5083.2097.54%
TW:6509Taiwan Hopax Chemicals Manufacturing Co. Ltd.43.2011.0434.33%
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 10, 2026