Taiwan Fu Hsing Industrial Co., Ltd. (9924) AI Stock Analysis

Taiwan Fu Hsing Industrial Co., Ltd.

(TWSE:9924)

Select Model

Rating:50Neutral

Price Target:TWD 37.00▼(-1.07% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score of 50 reflects a company with a strong balance sheet but significant operational headwinds. The primary risk is the severe deterioration in cash flow generation, which threatens the sustainability of the high dividend yield. This is compounded by a persistent downtrend in the stock price and declining revenue. The low P/E ratio and high dividend yield provide some valuation support, but the financial and technical weaknesses dominate the outlook.

Positive Factors

Conservative Balance SheetLow leverage and a substantial equity base provide resilience during a softer construction cycle. Limited debt exposure can reduce solvency pressure, preserve financing flexibility, and allow management to continue supporting operations while profitability works through its recent decline.

Negative Factors

Multi-Year Revenue DeclineA prolonged revenue contraction indicates weaker demand or reduced business volume rather than a single-quarter fluctuation. Continued top-line pressure can limit operating leverage, reduce reinvestment capacity, and make a durable recovery in earnings more difficult.

Taiwan Fu Hsing Industrial Co., Ltd. (9924) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.65B
Dividend Yield: 12.02%
Average Volume (3M): 112.26K
Price to Earnings (P/E): 10.8
Beta (1Y): 0.21
Revenue Growth: -6.41%
EPS Growth: -17.43%
Country: TW
Employees: 979
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

Taiwan Fu Hsing Industrial Co., Ltd. Business Overview & Revenue Model

Company Description

Taiwan Fu Hsing Industrial Co., Ltd. is a global provider specializing in the manufacture and distribution of a diverse range of door hardware and related accessories, serving markets across the United States, Asia, Europe, and other international re...

Taiwan Fu Hsing Industrial Co., Ltd. Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is a fortress with a 0.06 debt-to-equity ratio, but this is offset by a severe cash flow collapse (Score: 25) and declining revenue and margins on the income statement (Score: 38). The negative free cash flow and poor cash conversion are major red flags, dragging the overall financial health score down despite strong solvency.

Income Statement

38Negative

Balance Sheet

82Very Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.03B	7.38B	8.04B	9.07B	9.53B	9.69B
Gross Profit	1.42B	1.62B	1.91B	2.06B	1.85B	1.69B
EBITDA	813.61M	924.03M	1.45B	1.51B	1.43B	1.05B
Net Income	550.40M	533.49M	909.51M	947.27M	909.76M	667.48M
Balance Sheet
Total Assets	9.04B	9.10B	9.69B	9.64B	9.21B	8.82B
Cash, Cash Equivalents and Short-Term Investments	1.81B	2.55B	3.51B	3.08B	2.64B	2.15B
Total Debt	604.61M	442.50M	315.70M	381.99M	408.63M	390.17M
Total Liabilities	2.12B	2.01B	2.15B	2.60B	2.50B	2.71B
Stockholders Equity	6.87B	7.04B	7.49B	6.98B	6.65B	6.05B
Cash Flow
Free Cash Flow	-306.46M	-273.22M	1.16B	393.67M	822.44M	634.25M
Operating Cash Flow	408.19M	303.61M	1.44B	842.77M	1.37B	801.14M
Investing Cash Flow	-731.50M	-301.33M	-568.60M	-470.23M	-567.86M	-36.59M
Financing Cash Flow	-516.76M	-857.88M	-644.03M	-572.58M	-477.01M	-514.01M

Taiwan Fu Hsing Industrial Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9924 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6690	82Outperform	TWD 5.61B	17.36	―	4.71%	13.31%	14.02%
TW:8083	75Outperform	TWD 5.46B	12.96	―	6.37%	6.92%	36.21%
TW:1535	69Neutral	TWD 5.55B	12.21	―	6.73%	-23.64%	-8.34%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:9924	50Neutral	TWD 5.65B	10.79	―	12.02%	-6.41%	-17.43%

* General Sector Average

Performance Comparison

TW:9924 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9924	Taiwan Fu Hsing Industrial Co., Ltd.	37.40	-12.22	-24.63%
TW:1535	China Ecotek Corp.	44.90	-6.44	-12.55%
TW:6690	Acer Cyber Security, Inc.	193.00	31.34	19.39%
TW:6990	Plum-Monix Industry Co Ltd	104.00	79.50	324.51%
TW:7689	Climax Technology Co., Ltd.	95.50	-71.74	-42.90%
TW:8083	Pro-Hawk Corporation	157.50	11.51	7.89%

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

Taiwan Fu Hsing Industrial Co., Ltd. AI Stock Analysis