Ta-Yuan Cogeneration Co. Ltd. AI Stock Analysis
Ta-Yuan Cogeneration Co. Ltd. (8931) AI Stock Analysis
Ta-Yuan Cogeneration Co. Ltd.
(TPEx:8931)
The score reflects a stable but pressured utility. Dependable operating cash flow and double-digit return on equity (11.3%) are genuine strengths, but three consecutive years of revenue decline, clear margin erosion, rising leverage (1.37x debt-to-equity) and persistently negative free cash flow weigh on the financial profile. Technicals add to the caution, with the price below all key moving averages and a negative MACD indicating weak momentum. Valuation is mixed: a near-4% dividend yield is appealing, but a 35.5x P/E looks rich relative to declining earnings. Low beta suggests defensive characteristics, yet the fundamental and technical trends keep the overall assessment near the middle of the range.
Ta-Yuan Cogeneration Co. Ltd. (8931) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 5.17B
- Dividend Yield
- 3.82%
- Average Volume (3M)
- 65.40K
- Price to Earnings (P/E)
- 36.4
- Beta (1Y)
- 0.22
- Revenue Growth
- 0.74%
- EPS Growth
- -57.93%
- Country
- TW
- Employees
- 195
- Sector
- General
- Sector Strength
- 55
- Industry
- Regulated Electric
Ta-Yuan Cogeneration Co. Ltd. Business Overview & Revenue Model
Company Description
Based in Taoyuan City, Taiwan, Ta-Yuan Cogeneration Company Ltd. specializes in the cogeneration business. Established in 1993, its operations also extend to equipment maintenance and management, waste disposal services, the oversight of incinerators...
Ta-Yuan Cogeneration Co. Ltd. Financial Statement Overview
Summary
Ta-Yuan Cogeneration is consistently profitable and generates strong operating cash flow of about NT$679 million (up ~42% and nearly 3x net income), reflecting high earnings quality typical of a capital-intensive power producer. However, revenue has declined for three straight years to roughly NT$2.47 billion, and margins have compressed across the board (gross 21.9% to 16.7%, net 11.3% to 9.2%), cutting net income ~19% to about NT$229 million. Leverage has risen materially, with debt-to-equity climbing from 0.89 to 1.37 against a flat-to-lower equity base, while heavy capital spending keeps free cash flow slightly negative at about -NT$27 million. The result is a steady but moderately strained financial profile.
Income Statement
53NeutralBalance Sheet
52NeutralCash Flow
58Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.56B | 2.47B | 2.52B | 2.72B | 2.86B | 2.00B |
| Gross Profit | 327.73M | 413.14M | 551.05M | 536.91M | 602.03M | 363.76M |
| EBITDA | 507.89M | 568.10M | 632.40M | 624.89M | 701.09M | 435.27M |
| Net Income | 142.59M | 228.70M | 283.83M | 283.34M | 368.07M | 170.37M |
Balance Sheet | ||||||
| Total Assets | 5.19B | 5.12B | 4.93B | 4.57B | 4.46B | 4.42B |
| Cash, Cash Equivalents and Short-Term Investments | 318.00M | 346.53M | 324.97M | 313.43M | 348.76M | 520.31M |
| Total Debt | 2.72B | 2.78B | 2.49B | 2.06B | 1.93B | 2.11B |
| Total Liabilities | 3.22B | 3.10B | 2.87B | 2.40B | 2.28B | 2.37B |
| Stockholders Equity | 1.98B | 2.03B | 2.06B | 2.17B | 2.18B | 2.04B |
Cash Flow | ||||||
| Free Cash Flow | -33.67M | -27.11M | -48.18M | 202.95M | 264.13M | -162.94M |
| Operating Cash Flow | 511.78M | 678.97M | 479.23M | 713.87M | 541.76M | 216.80M |
| Investing Cash Flow | -555.13M | -693.69M | -626.65M | -571.33M | -352.08M | -138.18M |
| Financing Cash Flow | 42.06M | 36.28M | 158.96M | -177.87M | -361.23M | -172.42M |
Ta-Yuan Cogeneration Co. Ltd. Peers Comparison
Overall Rating
TW:153569Neutral- TW:893150Neutral
TW:617937Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:1535 | 69Neutral | TWD 5.55B | 12.29 | ― | 6.69% | -23.64% | -8.34% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:8931 | 50Neutral | TWD 5.12B | 36.41 | ― | 3.82% | 0.74% | -57.93% |
| TW:6179 | 37Underperform | TWD 6.25B | 54.68 | ― | 2.84% | 23.71% | -25.55% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:8931 | Ta-Yuan Cogeneration Co. Ltd. | 41.85 | -6.25 | -13.00% | |
| TW:1535 | China Ecotek Corp. | 44.85 | -6.59 | -12.81% | |
| TW:6179 | ATE Energy International Co. Ltd. | 35.25 | 4.99 | 16.51% | |
| TW:7740 | Seetel New Energy Co., Ltd. | 97.00 | -42.14 | -30.29% | |
| TW:7752 | Century Huaxin Wind Energy Co Ltd | 23.45 | -45.25 | -65.87% | |
| TW:7911 | Apollo Power Co. Ltd. | 90.00 | -41.84 | -31.74% |
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