Mega International Development Co., Ltd. (5529) AI Stock Analysis

Mega International Development Co., Ltd.

(TPEx:5529)

Select Model

Rating:59Neutral

Price Target:TWD 23.50▲(7.06% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is anchored by a markedly improved but inherently lumpy financial profile: revenue and profits rebounded sharply, cash flow turned positive and leverage fell, yet five of the past six years delivered losses and negative operating cash flow, and debt still exceeds equity. An unusually low P/E of 2.78 is supportive and provides re-rating potential, though the lack of a dividend limits the appeal for income investors. Weighing on the score, technical signals are clearly negative — the stock trades below all key moving averages with a negative MACD — suggesting the market remains sceptical that the current earnings level is repeatable.

Positive Factors

2025 Cash Flow RecoveryThe return to positive operating and free cash flow improves the company’s ability to fund operations internally and supports the quality of reported earnings. Free cash flow tracking net income also indicates that the 2025 recovery was not solely an accounting result.

Negative Factors

Volatile Earnings HistoryThe extended history of losses makes the latest recovery less demonstrably durable than a steady multi-year earnings record. Volatile profitability can complicate project planning, weaken retained capital, and leave results exposed to fluctuations in development timing and operating scale.

Mega International Development Co., Ltd. (5529) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.33B
Dividend Yield: ―
Average Volume (3M): 131.59K
Price to Earnings (P/E): 2.7
Beta (1Y): 0.16
Revenue Growth: 5393.35%
EPS Growth: ―
Country: TW
Employees: 102
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Mega International Development Co., Ltd. Business Overview & Revenue Model

Company Description

Established in 1970 and based in Taipei, Taiwan, MEGA International Development Co.,Ltd. focuses its operations on real estate, encompassing the development, leasing, and sale of residential and commercial properties throughout Taiwan. The company fu...

Mega International Development Co., Ltd. Financial Statement Overview

Summary

A strong turnaround year: revenue jumped more than tenfold to roughly NT$972 million, the company swung from multi-year losses to NT$205 million of net income, and margins reached healthy levels (34% gross, 20% operating, 21% net). Cash flow also flipped positive, with NT$232 million of free cash flow covering nearly all reported profit, confirming good earnings quality. Leverage improved meaningfully, with debt-to-equity falling from 1.80x to 1.37x and return on equity reaching 13.8%. However, the balance sheet remains stretched — equity funds only about 31% of assets — and the business is deeply cyclical: five of the last six years produced losses and negative operating cash flow, making the current earnings power project-dependent rather than a reliable run-rate.

Income Statement

66Positive

Balance Sheet

52Neutral

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.52B	972.44M	80.00M	147.28M	162.05M	46.77M
Gross Profit	526.38M	325.89M	46.74M	55.83M	39.84M	13.73M
EBITDA	304.34M	220.80M	-48.89M	-39.22M	-22.01M	-80.96M
Net Income	378.92M	204.85M	-81.80M	-79.37M	-87.84M	-116.99M
Balance Sheet
Total Assets	5.13B	4.77B	4.60B	3.65B	3.19B	1.53B
Cash, Cash Equivalents and Short-Term Investments	457.74M	373.76M	581.82M	275.19M	186.06M	185.22M
Total Debt	2.22B	2.03B	2.30B	2.05B	1.94B	447.65M
Total Liabilities	3.53B	3.29B	3.32B	2.85B	2.31B	566.16M
Stockholders Equity	1.61B	1.48B	1.28B	804.65M	872.17M	960.01M
Cash Flow
Free Cash Flow	338.54M	231.98M	-436.42M	-118.91M	-1.72B	-655.80M
Operating Cash Flow	341.71M	235.77M	-435.44M	-111.80M	-1.68B	-595.88M
Investing Cash Flow	-5.87M	-95.61M	349.00K	-7.76M	-51.14M	78.91M
Financing Cash Flow	-366.66M	-308.19M	630.33M	52.91M	1.70B	681.23M

Mega International Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5529 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6171	65Neutral	TWD 2.49B	13.39	―	8.13%	-55.77%	-74.32%
TW:1439	62Neutral	TWD 2.66B	9.30	―	1.75%	160.15%	33.83%
TW:5529	59Neutral	TWD 2.35B	2.67	―	―	5393.35%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1438	50Neutral	TWD 2.59B	8.34	―	0.93%	41.65%	―
TW:8411	39Underperform	TWD 2.34B	41.47	―	0.94%	16.10%	―
TW:5324	27Underperform	TWD 2.78B	-188.82	―	―	-39.07%	-150.68%

* General Sector Average

Performance Comparison

TW:5529 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5529	Mega International Development Co., Ltd.	21.95	-3.90	-15.09%
TW:1438	SanDi Properties Co. Ltd.	21.60	-9.98	-31.60%
TW:1439	Ascent Development Co Ltd	28.55	1.62	6.02%
TW:5324	Shihlin Development Co., Ltd.	12.50	1.85	17.37%
TW:6171	Tacheng Real Estate Co.,Ltd.	24.60	-1.21	-4.70%
TW:8411	Kingcan Holdings Ltd	10.65	-1.85	-14.80%

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

Mega International Development Co., Ltd. AI Stock Analysis