Shin Hai Gas Corporation AI Stock Analysis
Shin Hai Gas Corporation (9926) AI Stock Analysis
Shin Hai Gas Corporation
(TWSE:9926)
Shin Hai Gas earns a solid score driven primarily by its financial strength: an essentially debt-free balance sheet, six consecutive years of earnings growth, ~20% net margins and operating cash flow at 1.9x net income make this a low-risk defensive holding. The principal drag is deteriorating core profitability — operating and EBITDA margins compressed sharply, a growing share of profit comes from non-operating sources, and rising capex has reduced free cash flow for a second straight year, pressuring longer-term dividend headroom. Technically, the stock trades above all key moving averages in a mild, low-volatility uptrend, though momentum is only modestly positive. Valuation is reasonable: a 17.1x P/E is fair for a slow-growth utility and is well supported by a 4.25% dividend yield. Overall, a stable income-oriented utility with limited downside risk but modest upside until core operating returns improve.
Shin Hai Gas Corporation (9926) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 8.80B
- Dividend Yield
- 4.30%
- Average Volume (3M)
- 14.62K
- Price to Earnings (P/E)
- 16.6
- Beta (1Y)
- 0.02
- Revenue Growth
- 1.02%
- EPS Growth
- 11.37%
- Country
- TW
- Employees
- 208
- Sector
- General
- Sector Strength
- 55
- Industry
- Regulated Gas
Shin Hai Gas Corporation Business Overview & Revenue Model
Company Description
Shin Hai Gas Corporation, established in 1966 and headquartered in New Taipei City, Taiwan, primarily operates as a natural gas supplier across the island. Beyond its core utility service, the company provides a variety of associated products, includ...
Shin Hai Gas Corporation Financial Statement Overview
Summary
Shin Hai Gas shows the dependable profile of a well-run regulated utility: six straight years of rising net income, net margins near 20%, and revenue up about 5.9% in the latest year. The balance sheet is the standout strength — effectively debt-free with total debt of NT$13.4 million against NT$4.23 billion of equity, leaving minimal refinancing or rate risk. Operating cash flow of NT$894 million is roughly 1.9x net income, confirming high-quality, cash-backed earnings. Offsetting these strengths, operating margin fell from about 24.7% to 18.2% and EBITDA margin from 40.8% to 34.3%, net income now exceeds operating profit (suggesting reliance on non-operating income), ROE has drifted from 12.8% to 11.4%, and heavy capex has cut free cash flow to NT$374 million, a second consecutive annual decline.
Income Statement
70PositiveBalance Sheet
76PositiveCash Flow
71Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.46B | 2.47B | 2.33B | 2.29B | 2.24B | 2.14B |
| Gross Profit | 629.60M | 638.64M | 629.91M | 651.38M | 632.71M | 620.60M |
| EBITDA | 888.72M | 847.82M | 950.63M | 919.95M | 885.60M | 860.24M |
| Net Income | 510.75M | 481.85M | 474.50M | 467.74M | 452.35M | 448.50M |
Balance Sheet | ||||||
| Total Assets | 9.73B | 8.85B | 8.67B | 8.30B | 7.64B | 7.42B |
| Cash, Cash Equivalents and Short-Term Investments | 3.71B | 3.07B | 3.14B | 2.89B | 2.45B | 2.37B |
| Total Debt | 10.01M | 13.38M | 6.96M | 10.00M | 7.79M | 3.69M |
| Total Liabilities | 5.30B | 4.62B | 4.55B | 4.40B | 4.11B | 3.82B |
| Stockholders Equity | 4.43B | 4.23B | 4.11B | 3.90B | 3.53B | 3.60B |
Cash Flow | ||||||
| Free Cash Flow | 521.34M | 373.80M | 436.64M | 569.24M | 583.10M | 501.54M |
| Operating Cash Flow | 1.04B | 893.59M | 914.52M | 1.01B | 961.50M | 883.07M |
| Investing Cash Flow | -545.80M | -888.21M | -402.34M | -610.66M | -698.40M | -418.01M |
| Financing Cash Flow | -360.20M | -352.88M | -359.53M | -358.76M | -359.17M | -322.52M |
Shin Hai Gas Corporation Peers Comparison
Overall Rating
- TW:992670Outperform
TW:891766Neutral
Financial Indicators
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:9926 | Shin Hai Gas Corporation | 48.85 | 1.16 | 2.43% | |
| 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