Nien Made Enterprise Co., Ltd. (8464) AI Stock Analysis

Nien Made Enterprise Co., Ltd.

(TWSE:8464)

Select Model

Rating:75Outperform

Price Target:TWD 390.00▲(12.23% Upside)

Action:initiatedcoverage

Date:11/09/26

Nien Made scores well on the strength of exceptional fundamentals: industry-leading margins, a virtually debt-free balance sheet, 23.8% ROE and cash generation that exceeds reported profits. Valuation reinforces the case, with a modest 14.8x P/E and a 4.6% dividend yield well covered by free cash flow. The main drags are technical and structural — the share price sits below all key moving averages with negative MACD, and revenue has been effectively flat for four years, leaving earnings growth dependent on further margin expansion. The result is a financially resilient, income-oriented holding currently facing near-term price weakness.

Positive Factors

High ProfitabilityExceptionally strong margins indicate meaningful operating efficiency and pricing or product economics in the window-covering business. If maintained, this profitability gives Nien Made resources to reinvest, withstand cost pressure, and convert revenue into durable earnings over the next several quarters.

Negative Factors

Uneven Revenue GrowthInconsistent revenue expansion makes the company’s growth trajectory less dependable than its profitability profile. A history of contraction and weak periods can limit operating leverage, complicate capacity planning, and make future earnings growth more dependent on renewed demand.

Nien Made Enterprise Co., Ltd. (8464) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 103.14B
Dividend Yield: 4.60%
Average Volume (3M): 428.49K
Price to Earnings (P/E): 15.0
Beta (1Y): 0.57
Revenue Growth: 3.77%
EPS Growth: 4.57%
Country: TW
Employees: 28,143
Sector: General
Sector Strength: 55
Industry: Furnishings, Fixtures & Appliances

Nien Made Enterprise Co., Ltd. Business Overview & Revenue Model

Company Description

Nien Made Enterprise Co., LTD. engages in the research, development, design, manufacture, and sale of various types of window coverings and related components in the United States, Europe, and internationally. The company operates through two segment...

Nien Made Enterprise Co., Ltd. Financial Statement Overview

Summary

Outstanding financial quality. TTM revenue of NT$31.4bn grew 3.9% with best-in-class margins (58% gross, 35% operating, 22% net) and record net income of NT$6.95bn. The balance sheet is a fortress — debt-to-equity of just 0.07, equity funding 74% of assets, and ROE of 23.8%. Operating cash flow of NT$8.77bn covers net income 1.39x, confirming high earnings quality, with NT$6.32bn of free cash flow supporting dividends and capex. The key limitation is growth: revenue has been largely flat and lumpy since 2021, so profit gains have come from margin expansion rather than volume, while rising capex has kept free cash flow flat and reduced cash conversion from 88% to 72%.

Income Statement

85Very Positive

Balance Sheet

93Very Positive

Cash Flow

86Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.39B	29.97B	29.54B	26.91B	28.95B	29.02B
Gross Profit	18.20B	17.62B	16.91B	14.93B	15.90B	15.80B
EBITDA	12.17B	9.98B	10.55B	8.99B	9.42B	8.36B
Net Income	6.95B	6.60B	6.90B	5.49B	6.17B	5.32B
Balance Sheet
Total Assets	41.56B	40.02B	37.86B	32.61B	30.55B	29.39B
Cash, Cash Equivalents and Short-Term Investments	16.17B	16.87B	15.86B	12.82B	9.37B	10.42B
Total Debt	2.08B	1.53B	1.14B	243.59M	260.11M	3.07B
Total Liabilities	10.44B	9.62B	9.78B	8.18B	8.77B	11.50B
Stockholders Equity	30.67B	30.00B	27.61B	23.97B	21.48B	17.50B
Cash Flow
Free Cash Flow	6.32B	5.48B	6.08B	6.06B	5.35B	4.95B
Operating Cash Flow	8.77B	7.05B	8.55B	6.88B	6.92B	6.04B
Investing Cash Flow	-2.87B	-2.05B	-2.48B	-119.26M	-1.78B	-1.13B
Financing Cash Flow	-4.22B	-4.05B	-3.01B	-3.33B	-6.16B	-5.28B

Nien Made Enterprise Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8464 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8464	75Outperform	TWD 102.41B	14.97	―	4.60%	3.77%	4.57%
TW:5904	73Outperform	TWD 81.75B	62.31	―	3.32%	13.02%	29.92%
TW:2504	72Outperform	TWD 35.89B	9.98	―	8.43%	-5.45%	-5.22%
TW:8454	59Neutral	TWD 57.90B	20.62	―	4.65%	1.08%	-12.59%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2542	49Neutral	TWD 79.00B	8.68	―	10.67%	111.39%	66.30%
TW:1802	41Neutral	TWD 202.98B	45.12	―	―	11.76%	―

* General Sector Average

Performance Comparison

TW:8464 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8464	Nien Made Enterprise Co., Ltd.	347.50	-4.17	-1.19%
TW:1802	Taiwan Glass Industry Corp.	76.70	40.65	112.76%
TW:2504	Goldsun Building Materials Co., Ltd.	30.85	-2.71	-8.07%
TW:2542	Highwealth Construction Corp.	37.50	2.98	8.64%
TW:5904	POYA International Co., Ltd.	76.80	33.88	78.94%
TW:8454	momo.com Incorporated	215.00	-19.66	-8.38%

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

Nien Made Enterprise Co., Ltd. AI Stock Analysis