Tidehold Development Co., Ltd. (9902) AI Stock Analysis

Tidehold Development Co., Ltd.

(TWSE:9902)

Select Model

Rating:51Neutral

Price Target:TWD 13.00▼(-2.26% Downside)

Action:initiatedcoverage

Date:11/09/26

Tidehold Development scores in the below-average range, driven primarily by weak profitability: despite revenue nearly doubling, margins collapsed and the company posted a NT$46.0M net loss with negative return on equity, continuing a multi-year pattern of swinging between profit and loss. This is partly offset by a fortress balance sheet — essentially no debt, with equity covering 93% of assets — and strong free cash flow of NT$103.4M, which together mean minimal solvency risk. Technicals add to the caution, with the price below all key moving averages and a negative MACD, though an oversold Stochastic reading hints at near-term stabilisation. Valuation is a further drag, as a 23x P/E is hard to justify against loss-making results, with the 2.29% dividend yield providing modest support. The investment case hinges on management converting project revenue into consistent margins.

Positive Factors

Conservative balance sheetExtremely low leverage and a substantial equity base give Tidehold financial flexibility through property-market cycles. This conservative funding structure can reduce solvency pressure, support continued project investment, and leave management better positioned to absorb operating volatility.

Negative Factors

Unstable profitabilityThe reversal from strong 2024 profitability to a 2025 net loss shows that earnings are highly dependent on uneven project timing or operating outcomes. Such instability makes results harder to forecast and can weaken confidence in the durability of near-term earnings power.

Tidehold Development Co., Ltd. (9902) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.30B
Dividend Yield: 2.25%
Average Volume (3M): 106.50K
Price to Earnings (P/E): 23.4
Beta (1Y): 0.28
Revenue Growth: 63.00%
EPS Growth: 1800.55%
Country: TW
Employees: 14
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Tidehold Development Co., Ltd. Business Overview & Revenue Model

Company Description

Tidehold Development Co., Ltd., based in Taipei, Taiwan, actively participates in international trade operations across the island nation. The company also possesses a substantial real estate portfolio, encompassing the construction, sale, and leasin...

Tidehold Development Co., Ltd. Financial Statement Overview

Summary

A tale of two halves. The balance sheet is exceptionally strong (score 84): total debt of just NT$2.7M against NT$1.20B of equity, with equity funding roughly 93% of assets — a rare, near debt-free structure for a property developer. Cash flow is solid (score 64), with operating cash flow rising to NT$103.4M and almost all of it converting to free cash flow given minimal capex, though cash generation has been negative in three of the past six years. The income statement is the clear weak link (score 31): revenue jumped ~86% to NT$378.5M, but gross margin collapsed to 7.2% from 19.0%, operating profit swung to a loss, and the bottom line flipped to a NT$46.0M net loss (-12.2% margin, -3.8% ROE). Earnings have alternated between profit and loss repeatedly, reflecting lumpy project-based revenue recognition. Low solvency risk, but weak and unpredictable profitability.

Income Statement

31Negative

Balance Sheet

84Very Positive

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	308.25M	378.51M	241.91M	291.89M	171.59M	424.22M
Gross Profit	24.37M	27.07M	46.00M	15.47M	10.93M	19.02M
EBITDA	-44.90M	-1.10M	64.21M	38.04M	-40.17M	123.06M
Net Income	56.91M	-46.01M	56.86M	31.35M	-48.80M	112.90M
Balance Sheet
Total Assets	1.39B	1.29B	1.40B	1.37B	1.32B	1.40B
Cash, Cash Equivalents and Short-Term Investments	613.60M	507.41M	414.64M	361.69M	385.88M	492.34M
Total Debt	822.00K	2.68M	991.00K	1.88M	11.99M	1.84M
Total Liabilities	83.38M	86.81M	117.26M	117.14M	100.02M	80.59M
Stockholders Equity	1.30B	1.20B	1.28B	1.25B	1.22B	1.31B
Cash Flow
Free Cash Flow	72.72M	103.38M	64.84M	-67.13M	-39.34M	50.39M
Operating Cash Flow	72.72M	103.43M	65.04M	-66.92M	-38.67M	50.66M
Investing Cash Flow	-34.15M	-23.74M	9.45M	-11.16M	-47.07M	220.08M
Financing Cash Flow	-30.89M	-27.87M	-29.83M	-8.15M	-38.26M	-60.81M

Tidehold Development Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9902 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5548	68Neutral	TWD 1.25B	10.40	―	5.02%	11.28%	2.68%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:9902	51Neutral	TWD 1.31B	23.42	―	2.25%	63.00%	1800.55%
TW:6219	45Neutral	TWD 1.29B	11.22	―	6.44%	9.98%	-32.64%
TW:1805	44Neutral	TWD 1.31B	71.02	―	―	-59.33%	-94.38%
TW:2712	43Neutral	TWD 1.29B	-47.13	―	―	25.09%	72.18%
TW:1453	38Underperform	TWD 1.21B	15.21	―	―	4.78%	―

* General Sector Average

Performance Comparison

TW:9902 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9902	Tidehold Development Co., Ltd.	13.30	-3.90	-22.67%
TW:1453	Ta Jiang Co., Ltd.	10.40	-1.59	-13.26%
TW:1805	Better Life Group Co., Ltd.	9.70	-2.00	-17.09%
TW:2712	Far Glory Hotel Co., Ltd.	12.35	-6.90	-35.84%
TW:5548	Ancang Construction Co., Ltd	20.50	1.57	8.28%
TW:6219	Full Wang International Development Co. Ltd.	10.40	-9.55	-47.87%

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

Tidehold Development Co., Ltd. AI Stock Analysis