Shen's Art Printing Co., Ltd. (8921) AI Stock Analysis

Shen's Art Printing Co., Ltd.

(TPEx:8921)

Select Model

Rating:46Neutral

Price Target:TWD 16.50▼(-2.65% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weak financial performance, especially declining revenue, ongoing losses, increased leverage, and deeply negative free cash flow. Mixed technical conditions and a modest dividend provide limited support, while the negative P/E weighs on valuation.

Positive Factors

Equity CushionA sizable equity base provides a meaningful cushion against recent earnings weakness and reduces the immediate severity of balance-sheet stress. Although leverage has risen, the company retains some financial capacity to absorb volatility and support operations while it works to restore profitability.

Negative Factors

Revenue ContractionThe sharp 2025 revenue contraction indicates weakening demand or pricing pressure after a period of relative stability. A smaller revenue base can reduce operating leverage, make fixed costs harder to absorb, and limit the company’s ability to rebuild sustainable profitability over the next several quarters.

Shen's Art Printing Co., Ltd. (8921) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 766.44M
Dividend Yield: 1.57%
Average Volume (3M): 3,534
Price to Earnings (P/E): -36.8
Beta (1Y): 0.22
Revenue Growth: 1.69%
EPS Growth: -114.61%
Country: TW
Employees: 3,923
Sector: General
Sector Strength: 55
Industry: Specialty Business Services

Shen's Art Printing Co., Ltd. Business Overview & Revenue Model

Company Description

Shen's Art Printing Co., Ltd., together with its subsidiaries, manufactures, processes, and sells various printed materials in Taiwan and internationally. The company offers creative design services, such as event execution and promotion campaign pla...

Shen's Art Printing Co., Ltd. Financial Statement Overview

Summary

Financial quality is weak overall: declining revenue, recurring losses, sharply negative free cash flow, and materially higher debt outweigh the substantial equity base and positive operating cash flow.

Income Statement

35Negative

Balance Sheet

63Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	645.81M	632.86M	633.00M	659.08M	655.13M	522.58M
Gross Profit	62.63M	73.84M	70.12M	70.24M	74.48M	79.54M
EBITDA	12.29M	32.50M	32.15M	37.40M	70.27M	42.08M
Net Income	-21.83M	-5.29M	-10.78M	-4.63M	23.82M	14.64M
Balance Sheet
Total Assets	2.07B	1.82B	1.24B	1.22B	1.24B	1.09B
Cash, Cash Equivalents and Short-Term Investments	97.94M	166.32M	145.77M	177.86M	177.38M	213.78M
Total Debt	612.16M	419.27M	65.74M	83.48M	105.00M	1.55M
Total Liabilities	821.86M	665.87M	253.23M	248.53M	303.80M	174.94M
Stockholders Equity	1.14B	1.03B	971.25M	954.61M	923.32M	912.45M
Cash Flow
Free Cash Flow	-474.02M	-427.81M	30.77M	-20.38M	14.78M	29.47M
Operating Cash Flow	-14.17M	29.94M	43.05M	34.66M	27.99M	35.49M
Investing Cash Flow	-464.49M	-458.89M	-41.59M	10.55M	1.93M	77.05M
Financing Cash Flow	400.30M	471.92M	-33.60M	-44.70M	-66.55M	-20.67M

Shen's Art Printing Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8921 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8410	64Neutral	TWD 841.55M	5.34	―	6.96%	-17.97%	34.57%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8921	46Neutral	TWD 789.74M	-36.76	―	1.57%	1.69%	-114.61%
TW:2380	42Neutral	TWD 810.34M	-2.40	―	―	24.06%	57.68%
TW:8421	38Underperform	TWD 816.24M	31.62	―	―	5.58%	―
TW:8488	35Underperform	TWD 652.68M	-22.45	―	―	28.79%	51.37%
TW:3494	30Underperform	TWD 651.28M	-3.78	―	―	2.94%	-31.91%

* General Sector Average

Performance Comparison

TW:8921 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8921	Shen's Art Printing Co., Ltd.	16.95	0.45	2.70%
TW:2380	Avision Inc.	13.55	-5.79	-29.95%
TW:3494	HiTi Digital Inc.	6.87	-3.01	-30.47%
TW:8410	Sentien Printing Factory Co., Ltd.	23.00	-15.09	-39.62%
TW:8421	Xu Yuan Packaging Technology Co., Ltd.	13.05	0.97	8.00%
TW:8488	Jiyuan Packaging Holdings Ltd.	8.88	-1.37	-13.37%

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

Shen's Art Printing Co., Ltd. AI Stock Analysis