Great Taipei Gas Corporation (9908) AI Stock Analysis

Great Taipei Gas Corporation

(TWSE:9908)

Select Model

Rating:55Neutral

Price Target:TWD 29.00▲(1.22% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by significant operational headwinds. The primary risk is the severe revenue contraction and deteriorating free cash flow, which undermines an otherwise fortress-like balance sheet. Bearish technical trends further weigh on the near-term outlook, though a reasonable valuation and high dividend yield provide some support.

Positive Factors

Very conservative balance sheetNegligible debt materially reduces financial risk and interest burden, giving the company resilience through operating fluctuations. This conservative balance sheet also preserves flexibility to maintain network investment, support customers, and sustain distributions without relying heavily on external financing.

Negative Factors

Weak and inconsistent revenue growthUneven revenue performance, including the recent sharp decline, indicates limited top-line momentum for the next several quarters. Slower growth can constrain operating leverage and reduce the resources available for expansion, making future earnings progress more dependent on efficiency and stable regulation.

Great Taipei Gas Corporation (9908) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 14.32B
Dividend Yield: 4.19%
Average Volume (3M): 320.18K
Price to Earnings (P/E): 12.8
Beta (1Y): -0.02
Revenue Growth: 0.38%
EPS Growth: 30.67%
Country: TW
Employees: 337
Sector: General
Sector Strength: 55
Industry: Regulated Gas

Great Taipei Gas Corporation Business Overview & Revenue Model

Company Description

The Great Taipei Gas Corporation, headquartered in Taipei, Taiwan, since its establishment in 1964, primarily operates as a natural gas provider across the nation. Beyond its core utility offering, the company also engages in the production and suppl...

Great Taipei Gas Corporation Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is exceptionally strong with negligible debt and a $14.1B equity base, but this is offset by a sharp 66.8% revenue decline and a 38.4% drop in free cash flow, indicating significant operational and cash flow deterioration.

Income Statement

35Negative

Balance Sheet

85Very Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.37B	3.37B	3.32B	3.47B	3.32B	3.17B
Gross Profit	750.73M	775.37M	749.56M	892.38M	863.40M	827.69M
EBITDA	1.26B	944.28M	1.33B	1.77B	1.34B	1.41B
Net Income	1.05B	863.87M	856.38M	1.16B	775.19M	875.30M
Balance Sheet
Total Assets	23.13B	21.37B	20.58B	20.14B	18.91B	18.54B
Cash, Cash Equivalents and Short-Term Investments	8.61B	7.28B	6.75B	6.37B	6.14B	5.96B
Total Debt	24.72M	9.23M	4.43M	8.54M	4.53M	4.93M
Total Liabilities	6.67B	5.74B	5.51B	5.45B	5.34B	5.19B
Stockholders Equity	14.87B	14.12B	13.65B	13.34B	12.27B	12.09B
Cash Flow
Free Cash Flow	1.39B	582.61M	542.94M	808.41M	260.61M	772.25M
Operating Cash Flow	1.84B	1.03B	979.83M	1.29B	818.78M	1.28B
Investing Cash Flow	-1.87B	-1.31B	-1.14B	-828.79M	-182.61M	-967.00K
Financing Cash Flow	-760.02M	-633.49M	-651.71M	-584.25M	-593.23M	-593.48M

Great Taipei Gas Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9908 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:9911	74Outperform	TWD 16.72B	11.68	―	6.61%	5.32%	8.99%
TW:9937	58Neutral	TWD 16.60B	20.94	―	4.07%	2.10%	6.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:9908	55Neutral	TWD 14.35B	12.80	―	4.19%	0.38%	30.67%

* General Sector Average

Performance Comparison

TW:9908 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9908	Great Taipei Gas Corporation	28.65	-0.15	-0.50%
TW:8908	Shinhsiung Natural Gas Inc.	39.30	-1.89	-4.59%
TW:9911	Taiwan Sakura Corporation	75.60	-3.44	-4.35%
TW:9937	National Petroleum Co., Ltd.	54.10	-0.70	-1.27%

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

Great Taipei Gas Corporation AI Stock Analysis