TienPin United Enterprise Co., Ltd. (6199) AI Stock Analysis

TienPin United Enterprise Co., Ltd.

(TPEx:6199)

Select Model

Rating:69Neutral

Price Target:TWD 179.00▲(6.23% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported most by the exceptionally strong balance sheet, robust revenue growth, and positive technical trend. Margin deterioration and weakening cash generation materially offset these strengths, while the high P/E ratio limits the valuation score.

Positive Factors

Minimal LeverageExtremely low leverage gives the company substantial financial flexibility and reduces refinancing and interest-burden risk. A conservative balance sheet can help preserve investment capacity, support resilience during weaker periods, and provide greater freedom to allocate cash toward operations or growth.

Negative Factors

Volatile ProfitabilityThe wide swings in net profitability, including a loss year and a steep margin decline in 2025, indicate that earnings power has not been consistently dependable. Such volatility makes future returns harder to forecast and may limit the durability of the recent revenue-led improvement.

TienPin United Enterprise Co., Ltd. (6199) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 10.41B
Dividend Yield: ―
Average Volume (3M): 4.99M
Price to Earnings (P/E): 61.7
Beta (1Y): 0.38
Revenue Growth: 576.89%
EPS Growth: 1351.04%
Country: TW
Employees: 29
Sector: General
Sector Strength: 55
Industry: Computer Hardware

TienPin United Enterprise Co., Ltd. Business Overview & Revenue Model

Company Description

TienPin United Enterprise Co. Ltd. operates primarily within the funeral services industry, providing comprehensive support for funerals, including facilities, ceremony planning, ritual execution, and etiquette guidance. In addition to its core funer...

TienPin United Enterprise Co., Ltd. Financial Statement Overview

Summary

The balance sheet is exceptionally strong with very low leverage, while revenue grew 61.6% and remained profitable. However, substantial margin compression, declining cash flow, and low return on equity limit the score.

Income Statement

65Positive

Balance Sheet

92Very Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	694.17M	263.88M	94.77M	102.83M	89.92M	75.42M
Gross Profit	290.94M	120.43M	74.40M	83.51M	73.58M	60.73M
EBITDA	256.23M	60.80M	52.02M	40.84M	10.76M	49.78M
Net Income	171.23M	18.87M	37.18M	28.51M	-2.13M	41.91M
Balance Sheet
Total Assets	1.93B	1.10B	958.47M	899.18M	910.02M	901.56M
Cash, Cash Equivalents and Short-Term Investments	1.04B	441.17M	380.77M	326.19M	263.88M	247.63M
Total Debt	560.94M	6.01M	5.55M	3.88M	36.69M	10.29M
Total Liabilities	850.82M	199.90M	153.11M	130.49M	150.79M	101.19M
Stockholders Equity	1.06B	888.08M	802.75M	766.35M	749.44M	787.64M
Cash Flow
Free Cash Flow	-89.14M	15.19M	32.88M	65.16M	-14.66M	-101.22M
Operating Cash Flow	-85.21M	18.85M	34.97M	65.16M	18.76M	-98.05M
Investing Cash Flow	-34.67M	64.18M	-3.29M	8.17M	-31.98M	-57.75M
Financing Cash Flow	631.91M	12.96M	-4.81M	-34.00M	32.04M	12.49M

TienPin United Enterprise Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6199 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3078	72Outperform	TWD 9.10B	11.18	―	10.20%	-30.54%	-40.78%
TW:6199	69Neutral	TWD 10.34B	61.72	―	―	576.89%	1351.04%
TW:6189	57Neutral	TWD 11.54B	11.23	―	6.30%	-2.75%	36.35%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:5386	52Neutral	TWD 10.20B	3.06	―	0.79%	223.02%	1417.06%
TW:2331	51Neutral	TWD 8.70B	26.78	―	1.35%	9.67%	-52.16%
TW:3701	50Neutral	TWD 13.61B	-24.81	―	0.35%	-16.41%	-435.36%

* General Sector Average

Performance Comparison

TW:6199 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6199	TienPin United Enterprise Co., Ltd.	168.50	83.20	97.54%
TW:2331	Elitegroup Computer Systems Co., Ltd.	15.35	-5.15	-25.12%
TW:3078	Channel Well Technology Co., Ltd.	39.20	-29.19	-42.68%
TW:3701	FIC Global, Inc.	63.20	30.80	95.06%
TW:5386	Albatron Technology Co., Ltd	189.50	140.10	283.58%
TW:6189	Promate Electronic Co., Ltd.	42.85	0.03	0.07%

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

TienPin United Enterprise Co., Ltd. AI Stock Analysis