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Associated Industries China, Inc. (9912) AI Stock Analysis

TW:9912

Associated Industries China, Inc.

(TWSE:9912)

Select Model
Rating:45Neutral
Price Target:TWD 13.00â–¼(-1.52% Downside)
Action:initiatedcoverage
Date:11/10/26

Poor financial performance with ongoing losses and negative cash flows is the primary drag. Mildly positive technical signals offer limited support, while negative earnings make valuation unattractive.

Positive Factors
Revenue Stability and Modest GrowthRevenue stability, followed by modest growth in 2025, indicates the company continues to retain an established demand base despite weak profitability. Maintaining the top line provides a foundation for operational improvements and gives management an opportunity to convert existing sales into stronger earnings over time.
Negative Factors
Persistent Losses and Deteriorating MarginsRepeated annual losses and a worsening net margin indicate that revenue is not currently translating into sustainable shareholder returns. Continued operating losses can erode equity, restrict internal funding for growth, and make any improvement in gross margin insufficient unless operating expenses are structurally reduced.

Associated Industries China, Inc. (9912) vs. SPDR S&P 500 ETF (SPY)

-10%-5%0%5%10%15%20%TW:9912+10.00%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 710.41M
Dividend Yield
―
Average Volume (3M)
86.02K
Price to Earnings (P/E)
-20.0
Beta (1Y)
0.10
Revenue Growth
2.36%
EPS Growth
54.38%
Country
TW
Employees
40
Sector
General
Sector Strength
55
Industry
Hardware, Equipment & Parts

Associated Industries China, Inc. Business Overview & Revenue Model

Company Description

Associated Industries China, Inc. (AIC) specializes in the creation, advancement, and global distribution of LCD display units and their complementary components. The company's diverse product portfolio features a range of monitors tailored for speci...

Associated Industries China, Inc. Financial Statement Overview

Summary

Persistent net losses of 60 million, negative cash flows over 36 million, and rising leverage to 0.87 highlight weak profitability and liquidity risks.

Income Statement

38Negative

Balance Sheet

45Neutral

Cash Flow

29Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue500.08M506.37M504.53M510.59M594.42M632.26M
Gross Profit210.24M210.36M197.82M198.48M188.98M215.59M
EBITDA-14.99M-38.45M-37.94M-28.19M-2.37M46.46M
Net Income-35.95M-59.68M-51.65M-29.82M-30.93M18.24M
Balance Sheet
Total Assets808.86M817.20M835.06M720.52M770.95M764.08M
Cash, Cash Equivalents and Short-Term Investments98.34M93.24M76.58M112.67M101.58M91.37M
Total Debt360.67M336.45M283.47M198.35M274.85M217.45M
Total Liabilities445.47M420.78M383.67M314.12M339.77M343.50M
Stockholders Equity352.70M387.64M440.92M401.72M419.44M420.58M
Cash Flow
Free Cash Flow-17.30M-38.83M-121.73M63.30M-42.63M-48.02M
Operating Cash Flow-15.29M-36.02M-111.66M68.21M-33.67M-47.31M
Investing Cash Flow-4.77M-5.60M-10.63M-5.40M-8.08M-2.50M
Financing Cash Flow-2.26M41.83M83.35M-59.40M42.85M48.13M

Associated Industries China, Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:9912 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:4702TW:470248NeutralTWD 676.32M3.56―5.36%-30.82%387.63%
TW:2073TW:207346NeutralTWD 710.88M-36.76―1.16%9.64%-632.75%
TW:9912TW:991245NeutralTWD 650.08M-19.95――2.36%54.38%
TW:1340TW:134040UnderperformTWD 730.97M-2.13――-84.09%50.07%
TW:2064TW:206432UnderperformTWD 766.23M562.50――8.38%―
TW:3018TW:301829UnderperformTWD 745.49M-2.58――-56.49%-244.54%

* General Sector Average

Performance Comparison

-20%0%20%40%TW:9912TW:1340TW:2064TW:2073TW:3018TW:4702Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:9912 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:9912Associated Industries China, Inc.13.201.2010.00%
TW:1340Victory New Materials Ltd. Co.4.83-2.20-31.29%
TW:2064Camellia Metal Co., Ltd.11.25-0.95-7.79%
TW:2073Syong Shun Metal CO., Ltd.25.85-1.36-4.98%
TW:3018Lung Ming Green Energy Technology Engineering Co Ltd.9.15-3.05-25.00%
TW:4702Allied Industrial Corp., Ltd.9.32-0.48-4.87%
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