Shin Shin Natural Gas Co., Ltd. AI Stock Analysis
Shin Shin Natural Gas Co., Ltd. (9918) AI Stock Analysis
Shin Shin Natural Gas Co., Ltd.
(TWSE:9918)
Shin Shin Natural Gas scores in the middle of the range. The dominant positive is an exceptionally safe balance sheet — essentially no debt, equity funding 57% of assets — combined with the steady revenue and ~30% gross margins typical of a regulated gas distributor, plus a reasonable 15.4x P/E and a 3.62% dividend yield. The main drags are deteriorating profitability (net income -28%, net margin down to 13.9%, ROE at 8.6%), a 30% decline in operating cash flow, and thin, volatile free cash flow caused by sustained infrastructure spending. Technicals add further caution, with the shares below all major moving averages and MACD negative. This profile suits investors prioritising stability and income over growth, with earnings volatility and capital efficiency the key risks to monitor.
Shin Shin Natural Gas Co., Ltd. (9918) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 7.40B
- Dividend Yield
- 3.60%
- Average Volume (3M)
- 20.97K
- Price to Earnings (P/E)
- 15.2
- Beta (1Y)
- -0.15
- Revenue Growth
- -1.20%
- EPS Growth
- 39.54%
- Country
- TW
- Employees
- 184
- Sector
- General
- Sector Strength
- 55
- Industry
- Regulated Gas
Shin Shin Natural Gas Co., Ltd. Business Overview & Revenue Model
Company Description
Shin Shin Natural Gas Company Limited functions as a primary provider of natural gas services throughout Taiwan. Beyond its core distribution activities, the enterprise is also engaged in the manufacturing, sale, and international trade (import and e...
Shin Shin Natural Gas Co., Ltd. Financial Statement Overview
Summary
A blend of the Income Statement (64), Balance Sheet (82) and Cash Flow (63) scores. The balance sheet is the clear strength: total debt of just NT$60.8 million against NT$3.31 billion of equity (debt/equity of 0.02) leaves the company effectively debt-free with ample capacity to fund network investment. Revenue grew about 3% to NT$2.05 billion and gross margin of 29.8% was the best in five years, reflecting the predictability of regulated gas distribution. Offsetting this, profitability weakened sharply: net income fell roughly 28% to NT$285.8 million, net margin compressed from 19.9% to 13.9%, ROE slipped to 8.6%, and operating cash flow declined about 30% to NT$421.8 million. Free cash flow returned to positive at NT$104.4 million but converts only a quarter of net income due to heavy pipeline capex, and has been erratic year to year. Net result: very low financial risk and dependable revenue, but declining returns and modest capital efficiency.
Income Statement
64PositiveBalance Sheet
82Very PositiveCash Flow
63Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.02B | 2.05B | 1.99B | 1.93B | 1.95B | 1.79B |
| Gross Profit | 576.21M | 612.06M | 591.52M | 564.93M | 571.82M | 495.60M |
| EBITDA | 652.48M | 621.20M | 738.05M | 669.19M | 457.56M | 634.87M |
| Net Income | 474.76M | 285.84M | 397.41M | 355.88M | 143.86M | 342.39M |
Balance Sheet | ||||||
| Total Assets | 6.10B | 5.86B | 5.97B | 5.75B | 5.33B | 5.33B |
| Cash, Cash Equivalents and Short-Term Investments | 1.99B | 1.77B | 1.99B | 2.49B | 2.02B | 1.33B |
| Total Debt | 41.35M | 60.83M | 65.44M | 25.81M | 35.85M | 24.81M |
| Total Liabilities | 2.72B | 2.55B | 2.67B | 2.58B | 2.34B | 2.20B |
| Stockholders Equity | 3.38B | 3.31B | 3.31B | 3.17B | 2.99B | 3.13B |
Cash Flow | ||||||
| Free Cash Flow | 107.47M | 104.39M | -293.87M | 208.41M | 281.42M | 241.84M |
| Operating Cash Flow | 466.60M | 421.75M | 598.54M | 498.88M | 572.30M | 504.09M |
| Investing Cash Flow | -99.34M | -286.36M | -207.47M | -501.54M | -328.74M | -171.16M |
| Financing Cash Flow | -308.46M | -289.28M | -270.95M | -176.17M | -305.61M | -288.29M |
Shin Shin Natural Gas Co., Ltd. Peers Comparison
Overall Rating
TW:891766Neutral- TW:991863Neutral
Financial Indicators
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:9918 | Shin Shin Natural Gas Co., Ltd. | 41.65 | 3.27 | 8.52% | |
| TW:8917 | Hsin Tai Gas Co., Ltd. | 51.80 | -4.33 | -7.71% |
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