SHUI-MU International Co., Ltd. (8443) AI Stock Analysis

SHUI-MU International Co., Ltd.

(TWSE:8443)

Select Model

Rating:46Neutral

Price Target:TWD 10.50▼(-3.67% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by declining revenue, recurring losses, negative returns, and weak technical momentum. Positive operating and free cash flow and manageable leverage provide some support, while the negative P/E limits the valuation outlook.

Positive Factors

Positive Free Cash FlowPositive operating and free cash flow despite reported net losses provides a meaningful source of internal funding. This supports near-term financial flexibility, helps the company fund operations without relying entirely on external capital, and offers some resilience while profitability remains under pressure.

Negative Factors

Persistent Revenue ContractionMulti-year revenue contraction points to sustained pressure on demand and/or pricing rather than a single-period fluctuation. A shrinking top line reduces operating leverage, limits the scale available to absorb fixed costs, and makes a durable return to profitability more difficult.

SHUI-MU International Co., Ltd. (8443) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 728.12M
Dividend Yield: 1.84%
Average Volume (3M): 22.67K
Price to Earnings (P/E): -6.9
Beta (1Y): 0.06
Revenue Growth: -8.69%
EPS Growth: -40.73%
Country: TW
Employees: 569
Sector: General
Sector Strength: 55
Industry: Apparel - Footwear & Accessories

SHUI-MU International Co., Ltd. Business Overview & Revenue Model

Company Description

SHUI-MU International Co., Ltd. engages in the manufacture and retail of shoes and bags in Taiwan. The company sells socks and leather products. It also offers repair services. It operates approximately 107 stores. The company was founded in 1941 and...

SHUI-MU International Co., Ltd. Financial Statement Overview

Summary

Financial performance is mixed but weak overall: positive operating cash flow and free cash flow, plus manageable leverage, are offset by declining revenue, widening operating and net losses, falling equity, and negative returns.

Income Statement

27Negative

Balance Sheet

56Neutral

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	1.07B	1.12B	1.14B	1.18B	1.24B	1.08B
Gross Profit	582.46M	631.78M	621.29M	690.09M	578.09M	492.10M
EBITDA	27.40M	85.08M	153.16M	215.98M	70.90M	-9.26M
Net Income	-104.86M	-97.26M	-48.48M	17.02M	-210.63M	-260.68M
Balance Sheet
Total Assets	1.52B	1.60B	1.71B	1.76B	1.75B	1.98B
Cash, Cash Equivalents and Short-Term Investments	301.36M	294.76M	338.64M	365.77M	202.48M	252.52M
Total Debt	385.04M	405.69M	419.58M	411.49M	402.63M	431.61M
Total Liabilities	891.13M	930.37M	934.78M	927.31M	932.97M	959.27M
Stockholders Equity	626.37M	666.97M	777.58M	831.75M	814.75M	1.02B
Cash Flow
Free Cash Flow	84.98M	106.84M	110.95M	307.36M	70.48M	117.78M
Operating Cash Flow	116.40M	138.80M	127.51M	318.40M	89.28M	142.29M
Investing Cash Flow	-31.69M	-1.98M	-37.38M	-53.94M	5.63M	24.18M
Financing Cash Flow	-156.14M	-157.86M	-140.10M	-140.88M	-141.94M	-165.35M

SHUI-MU International Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8443 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4432	52Neutral	TWD 784.13M	3.26	―	2.58%	-14.51%	742.90%
TW:8443	46Neutral	TWD 724.78M	-6.94	―	1.84%	-8.69%	-40.73%
TW:2911	41Neutral	TWD 556.12M	1.35	―	―	-23.53%	―
TW:2929	39Underperform	TWD 629.94M	-2.56	―	―	-15.89%	-1071.95%
TW:8929	39Underperform	TWD 629.73M	34.38	―	―	-3.17%	36.93%

* General Sector Average

Performance Comparison

TW:8443 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8443	SHUI-MU International Co., Ltd.	10.90	-0.80	-6.84%
TW:2911	Les Enphants Co. Ltd.	5.39	0.61	12.79%
TW:2929	TOPBI International Holdings Limited	5.71	-2.74	-32.43%
TW:2940	Sun Own Industrial Co., Ltd.	23.95	-0.44	-1.78%
TW:4432	Hakers Enterprise Co., Ltd.	15.50	-0.11	-0.72%
TW:8929	Fu Burg Industrial Co., Ltd.	12.45	-4.15	-25.00%

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

SHUI-MU International Co., Ltd. AI Stock Analysis