Thai Kin Co. Ltd. (6629) AI Stock Analysis

Thai Kin Co. Ltd.

(TPEx:6629)

Select Model

Rating:53Neutral

Price Target:TWD 96.00▼(-4.00% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is heavily pressured by the company's alarming cash flow deterioration, which is the single most significant risk. While the balance sheet is stable and the valuation appears cheap with a high dividend yield, the stock is in a clear technical downtrend. The core operational issue of converting profits to cash overshadows all other factors, making this a high-risk profile despite superficial value and income appeal.

Positive Factors

Strong Revenue GrowthThe latest revenue expansion indicates improving demand and a stronger top-line trajectory after the prior rebound. If maintained, this growth can support operating scale, fund investment, and strengthen the company’s earnings base over the next several quarters.

Negative Factors

Weak Cash ConversionThe sharp deterioration in cash generation means reported profitability is not currently translating into equivalent operating liquidity. Persistently weak conversion could constrain reinvestment, dividends, or debt reduction, while increasing the importance of restoring cash flow quality.

Thai Kin Co. Ltd. (6629) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.91B
Dividend Yield: 6.20%
Average Volume (3M): 19.43K
Price to Earnings (P/E): 8.9
Beta (1Y): 0.44
Revenue Growth: 53.83%
EPS Growth: 64.59%
Country: TW
Employees: 1,300
Sector: General
Sector Strength: 55
Industry: Furnishings, Fixtures & Appliances

Thai Kin Co. Ltd. Business Overview & Revenue Model

Company Description

Thai Kin Co., Ltd. is primarily engaged in the manufacturing and global distribution of diverse cast products for the furniture sector, serving markets across Europe, the Americas, and Asia. The company's comprehensive product portfolio encompasses d...

Thai Kin Co. Ltd. Financial Statement Overview

Summary

Financial performance is deeply contradictory. Revenue growth is strong, and the balance sheet is conservatively financed with low leverage. However, these positives are overwhelmed by a collapse in profitability and a near-total evaporation of operating cash flow, which has plunged the company into negative free cash flow. The severe disconnect between reported profits and cash generation is a critical risk.

Income Statement

65Positive

Balance Sheet

72Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.38B	1.74B	1.62B	1.18B	1.35B	1.36B
Gross Profit	538.75M	459.30M	528.85M	278.24M	281.66M	371.94M
EBITDA	522.03M	420.11M	529.98M	267.40M	262.70M	338.25M
Net Income	438.41M	247.80M	416.92M	166.55M	161.68M	231.72M
Balance Sheet
Total Assets	2.58B	2.60B	2.28B	1.48B	1.51B	1.55B
Cash, Cash Equivalents and Short-Term Investments	820.85M	827.08M	1.02B	390.89M	412.10M	463.90M
Total Debt	492.02M	528.56M	320.01M	197.85M	373.69M	474.23M
Total Liabilities	842.50M	888.00M	638.67M	416.48M	520.59M	703.83M
Stockholders Equity	1.74B	1.71B	1.64B	1.07B	990.83M	842.00M
Cash Flow
Free Cash Flow	-18.28M	-123.29M	252.17M	239.21M	143.36M	189.57M
Operating Cash Flow	119.08M	11.30M	329.41M	260.47M	171.47M	264.57M
Investing Cash Flow	-85.67M	-197.70M	-76.64M	-22.49M	-90.20M	-72.06M
Financing Cash Flow	-159.16M	-152.61M	340.36M	-260.15M	-218.05M	-272.66M

Thai Kin Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6629 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4580	63Neutral	TWD 3.77B	13.24	―	4.99%	-2.83%	2.78%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6629	53Neutral	TWD 3.90B	8.92	―	6.20%	53.83%	64.59%
TW:2062	52Neutral	TWD 3.41B	36.52	―	5.80%	7.34%	-34.07%
TW:6220	44Neutral	TWD 3.54B	19.14	―	2.91%	14.67%	64.02%
TW:9934	43Neutral	TWD 3.85B	13.36	―	1.08%	2.25%	309.21%
TW:3631	42Neutral	TWD 3.24B	-59.05	―	―	-46.72%	16.78%

* General Sector Average

Performance Comparison

TW:6629 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6629	Thai Kin Co. Ltd.	100.00	-24.64	-19.77%
TW:2062	Sunspring Metal Corporation	17.25	-2.06	-10.66%
TW:3631	Chernan Metal Industrial Corp.	39.50	16.55	72.11%
TW:4580	Value Valves Co., Ltd.	80.20	1.99	2.55%
TW:6220	YFC-BonEagle Electric Co., Ltd.	24.05	1.22	5.35%
TW:9934	Globe Union Industrial Corp.	9.28	-0.59	-6.00%

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

Thai Kin Co. Ltd. AI Stock Analysis