Shin Shin Natural Gas Co., Ltd. (9918) AI Stock Analysis

Shin Shin Natural Gas Co., Ltd.

(TWSE:9918)

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Rating:64Neutral

Price Target:TWD 44.00▲(5.64% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by an exceptionally strong, low-leverage balance sheet and reasonable valuation. These strengths are offset by weakening profitability and cash generation, while technical indicators remain broadly bearish despite oversold readings.

Positive Factors

Very Low LeverageThe exceptionally low debt burden reduces financial strain and gives the company substantial flexibility through changing operating conditions. A strong equity-funded balance sheet can support infrastructure needs, protect resilience during earnings volatility, and preserve capacity for future investment or shareholder returns.

Negative Factors

Sharp Revenue DeclineThe latest revenue contraction interrupts the company's previously broad stability and raises concern about the durability of near-term demand, pricing, or customer mix. If the weaker top-line trend persists, it could reduce operating leverage, constrain reinvestment, and weaken the earnings base supporting the utility business.

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

The low-debt balance sheet is a major strength, supported by positive operating cash flow and continued profitability. However, declining net income, return on equity, operating cash flow, and free cash flow limit the score.

Income Statement

65Positive

Balance Sheet

90Very Positive

Cash Flow

55Neutral

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9918 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8917	66Neutral	TWD 8.43B	20.80	―	4.05%	-0.67%	16.86%
TW:9918	64Neutral	TWD 7.41B	15.24	―	3.60%	-1.20%	39.54%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:9918 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:9918	Shin Shin Natural Gas Co., Ltd.	41.65	3.17	8.25%
	TW:8917	Hsin Tai Gas Co., Ltd.	51.80	-4.33	-7.71%

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

Shin Shin Natural Gas Co., Ltd. AI Stock Analysis