Paiho Shih Holdings Corporation (8404) AI Stock Analysis

Paiho Shih Holdings Corporation

(TWSE:8404)

Select Model

Rating:53Neutral

Price Target:TWD 13.00▲(9.24% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by significant financial risks and weak technical momentum. The company's high debt and poor cash flow generation are major concerns, despite a recent operational recovery. The stock is in a clear technical downtrend, trading below all major moving averages. A reasonable valuation and attractive dividend yield provide some support but are not enough to offset the prevailing headwinds.

Positive Factors

Revenue and Margin RecoveryStrong revenue acceleration and recovered profitability indicate renewed demand and improved operating execution. The solid 2025 EBIT and gross margins provide an earnings base for reinvestment and support the potential for sustained improvement over the next several quarters.

Negative Factors

Elevated LeverageAlthough leverage has improved, debt remains high enough to constrain financial flexibility during a weaker earnings period. Interest and refinancing obligations could compete with investment or shareholder returns, making the recovery more vulnerable if demand softens.

Paiho Shih Holdings Corporation (8404) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.06B
Dividend Yield: 4.20%
Average Volume (3M): 330.30K
Price to Earnings (P/E): 14.8
Beta (1Y): 0.53
Revenue Growth: 3.76%
EPS Growth: -76.04%
Country: TW
Employees: 1,178
Sector: General
Sector Strength: 55
Industry: Apparel - Footwear & Accessories

Paiho Shih Holdings Corporation Business Overview & Revenue Model

Company Description

Paiho Shih Holdings Corporation, through its subsidiaries, engages in the production and sale of touch fastener, webbing, elastic, and jacquard engineered mesh products in China and Vietnam. The company offers touch fastener, easy tapes, and adhesive...

Paiho Shih Holdings Corporation Financial Statement Overview

Summary

Financial performance is mixed. The income statement shows a strong operational turnaround with robust revenue growth and expanding margins, but this is significantly offset by a weak balance sheet with high leverage and persistently negative free cash flow, indicating poor cash conversion.

Income Statement

72Positive

Balance Sheet

55Neutral

Cash Flow

40Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.67B	7.58B	7.00B	5.27B	8.07B	10.14B
Gross Profit	2.64B	2.92B	2.61B	1.55B	2.74B	3.80B
EBITDA	1.89B	2.07B	1.86B	691.55M	1.77B	2.87B
Net Income	350.56M	601.63M	368.32M	-627.25M	555.75M	1.25B
Balance Sheet
Total Assets	21.51B	20.05B	18.22B	17.94B	17.78B	15.21B
Cash, Cash Equivalents and Short-Term Investments	2.22B	2.23B	1.58B	1.78B	1.64B	1.71B
Total Debt	11.86B	10.76B	9.77B	11.18B	9.80B	5.79B
Total Liabilities	14.22B	12.85B	11.61B	13.11B	12.21B	9.28B
Stockholders Equity	7.30B	7.20B	6.61B	4.83B	5.57B	5.93B
Cash Flow
Free Cash Flow	-1.44B	-367.69M	479.88M	-1.34B	-2.20B	-424.40M
Operating Cash Flow	655.32M	1.03B	1.36B	-316.18M	692.11M	397.78M
Investing Cash Flow	-2.11B	-1.60B	-526.81M	-1.22B	-2.84B	-387.27M
Financing Cash Flow	1.98B	1.27B	-935.81M	1.38B	2.44B	-2.76B

Paiho Shih Holdings Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8404 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8467	78Outperform	TWD 4.53B	12.55	―	5.75%	-13.68%	-46.39%
TW:8482	59Neutral	TWD 4.81B	15.20	―	4.34%	-1.87%	-8.08%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8404	53Neutral	TWD 5.08B	14.77	―	4.20%	3.76%	-76.04%
TW:1455	43Neutral	TWD 4.56B	14.61	―	1.86%	-22.22%	―
TW:1444	42Neutral	TWD 5.96B	-20.94	―	―	1.94%	28.28%
TW:1447	32Underperform	TWD 4.86B	-16.14	―	―	-5.18%	45.33%

* General Sector Average

Performance Comparison

TW:8404 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8404	Paiho Shih Holdings Corporation	11.90	-12.64	-51.51%
TW:1444	LeaLea Enterprise Co., Ltd.	6.16	-0.18	-2.84%
TW:1447	Li Peng Enterprise Co., Ltd.	5.89	0.45	8.27%
TW:1455	Zig Sheng Ind. Co., Ltd	8.62	0.71	8.93%
TW:8467	Bonny Worldwide Ltd.	87.00	-49.78	-36.39%
TW:8482	Shane Global Holding, Inc.	45.15	0.47	1.06%

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

Paiho Shih Holdings Corporation AI Stock Analysis