Ta-Yuan Cogeneration Co. Ltd. (8931) AI Stock Analysis

Ta-Yuan Cogeneration Co. Ltd.

(TPEx:8931)

Select Model

Rating:50Neutral

Price Target:TWD 41.00▼(-1.09% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weakening financial momentum, higher leverage, and negative free cash flow. Weak technical momentum adds pressure, while the elevated P/E limits valuation support despite the moderate dividend yield.

Positive Factors

Stable ProfitabilityStable net margins of roughly 9–13% and EBITDA margins near 20–25% indicate a resilient operating model. For a regulated utility, this profitability base can support ongoing operations and help preserve earnings capacity even as growth has weakened.

Negative Factors

Multi-Year Revenue DeclineSeveral consecutive years of revenue decline point to weakening business momentum rather than a temporary quarterly fluctuation. If the trend persists, it could reduce operating scale, constrain earnings growth, and make it harder to sustain the company’s current profitability profile.

Ta-Yuan Cogeneration Co. Ltd. (8931) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.09B
Dividend Yield: 3.86%
Average Volume (3M): 65.03K
Price to Earnings (P/E): 36.0
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

The company remains profitable and generates positive operating cash flow, but declining revenue and margins, increased leverage, and persistent negative free cash flow weaken its financial profile.

Income Statement

60Neutral

Balance Sheet

52Neutral

Cash Flow

45Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8931 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1535	69Neutral	TWD 5.55B	12.21	―	6.73%	-23.64%	-8.34%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8931	50Neutral	TWD 5.12B	35.98	―	3.86%	0.74%	-57.93%
TW:6179	37Underperform	TWD 6.25B	53.25	―	2.92%	23.71%	-25.55%

* General Sector Average

Performance Comparison

TW:8931 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8931	Ta-Yuan Cogeneration Co. Ltd.	41.45	-4.63	-10.05%
TW:1535	China Ecotek Corp.	44.55	-6.79	-13.23%
TW:6179	ATE Energy International Co. Ltd.	34.30	5.60	19.53%
TW:7740	Seetel New Energy Co., Ltd.	91.00	-55.14	-37.73%
TW:7752	Century Huaxin Wind Energy Co Ltd	22.35	-38.75	-63.42%
TW:7911	Apollo Power Co. Ltd.	90.00	-41.84	-31.74%

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

Ta-Yuan Cogeneration Co. Ltd. AI Stock Analysis