Taiwan Cogeneration Corporation (8926) AI Stock Analysis

Taiwan Cogeneration Corporation

(TWSE:8926)

Select Model

Rating:61.6Neutral

Price Target:TWD 55.00▲(4.56% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a significant disconnect between strong financial fundamentals and very weak technical momentum. The company's excellent profitability and cash flow are overshadowed by a bearish market trend, with the stock trading below all major moving averages and showing deeply oversold conditions. Attractive valuation and a high dividend yield provide some support, but the primary risk is the market's negative sentiment potentially signaling unaccounted-for headwinds.

Positive Factors

Improved ProfitabilityThe sharp improvement in gross and net margins indicates stronger recent earnings economics and better profitability from the company’s operations. If these gains persist, they can support reinvestment, strengthen returns, and provide greater resilience against moderate changes in revenue.

Negative Factors

Revenue ContractionThe revenue decline indicates that recent earnings improvement has not been accompanied by top-line expansion. Exposure to end-market or project cyclicality can make future growth less predictable and may pressure margins if the company must absorb lower activity through its fixed operating base.

Taiwan Cogeneration Corporation (8926) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 41.22B
Dividend Yield: 4.03%
Average Volume (3M): 2.39M
Price to Earnings (P/E): 12.3
Beta (1Y): 0.56
Revenue Growth: 324.33%
EPS Growth: 63.71%
Country: TW
Employees: 239
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Taiwan Cogeneration Corporation Business Overview & Revenue Model

Company Description

Taiwan Cogeneration Corporation, together with its subsidiaries, engages in the operation and management of cogeneration plants in Taiwan. It operates through Guantian Cogeneration Plant, and Construction and Consulting Services segments. The company...

Taiwan Cogeneration Corporation Financial Statement Overview

Summary

Financial performance is solid, driven by a surge in net income and margins, and robust cash flow generation. However, revenue contraction and rising leverage temper the overall score.

Income Statement

72Positive

Balance Sheet

65Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	38.17B	7.61B	9.13B	5.35B	4.67B	6.41B
Gross Profit	3.69B	1.08B	780.69M	543.26M	628.23M	776.50M
EBITDA	3.56B	1.02B	878.63M	1.84B	673.59M	797.54M
Net Income	3.50B	1.79B	1.35B	1.25B	906.77M	897.88M
Balance Sheet
Total Assets	81.11B	30.79B	27.28B	26.16B	24.98B	24.05B
Cash, Cash Equivalents and Short-Term Investments	8.19B	2.58B	2.33B	2.66B	3.75B	2.77B
Total Debt	33.11B	8.95B	5.56B	5.79B	8.12B	7.40B
Total Liabilities	50.47B	15.02B	11.90B	10.57B	13.13B	12.08B
Stockholders Equity	19.88B	15.78B	15.38B	15.45B	11.69B	11.83B
Cash Flow
Free Cash Flow	-217.09M	2.24B	897.55M	-1.12B	1.13B	1.18B
Operating Cash Flow	831.04M	3.01B	1.27B	-92.75M	1.79B	1.77B
Investing Cash Flow	-4.98B	-4.60B	-23.69M	-1.74B	-482.61M	-763.28M
Financing Cash Flow	6.25B	1.84B	-1.33B	20.11M	-343.01M	156.63M

Taiwan Cogeneration Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8926 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2211	73Outperform	TWD 31.31B	10.47	―	8.42%	5.27%	-13.78%
TW:8926	62Neutral	TWD 44.25B	12.33	―	4.03%	324.33%	63.71%
TW:1722	57Neutral	TWD 38.22B	128.47	―	5.14%	3.95%	-81.06%
TW:8422	57Neutral	TWD 32.47B	19.67	―	5.02%	25.08%	-12.23%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3576	44Neutral	TWD 28.22B	26.59	―	―	-32.61%	―
TW:1314	32Underperform	TWD 28.88B	-9.58	―	―	-34.68%	-40.38%

* General Sector Average

Performance Comparison

TW:8926 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8926	Taiwan Cogeneration Corporation	52.60	12.15	30.03%
TW:1314	China Petrochemical Development Corporation	7.56	-1.35	-15.15%
TW:1722	Taiwan Fertilizer Co., Ltd.	38.90	-6.54	-14.40%
TW:2211	Evergreen Steel Corporation	77.20	-24.28	-23.92%
TW:3576	United Renewable Energy Co., Ltd.	17.75	11.26	173.50%
TW:8422	Cleanaway Co., Ltd.	23.85	-0.09	-0.37%

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 09, 2026

Taiwan Cogeneration Corporation AI Stock Analysis