Shin Hai Gas Corporation (9926) AI Stock Analysis

Shin Hai Gas Corporation

(TWSE:9926)

Select Model

Rating:65Neutral

Price Target:TWD 53.00▲(7.83% Upside)

Action:initiatedcoverage

Date:11/10/26

The company's fortress-like balance sheet and attractive dividend yield are the primary strengths supporting the score. These are tempered by a clear downtrend in operating margins and free cash flow generation, which pose a risk to future dividend sustainability and growth. Technical indicators are neutral, adding little conviction to the near-term outlook.

Positive Factors

Conservative Balance SheetMinimal leverage materially lowers financial risk and reduces exposure to refinancing costs or debt-service pressure. The growing equity base and stable 11–13% ROE also show that Shin Hai generates healthy returns without depending on borrowing, supporting resilience through changing operating conditions.

Negative Factors

Declining Free Cash FlowWeaker free-cash-flow conversion reduces the cash available for dividends, investment, and balance-sheet strengthening even though operating cash flow remains positive. If the recent decline persists, higher capital spending or working-capital needs could constrain financial flexibility and make earnings less readily convertible into cash.

Shin Hai Gas Corporation (9926) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 8.80B
Dividend Yield: 4.27%
Average Volume (3M): 14.55K
Price to Earnings (P/E): 16.7
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

The balance sheet is exceptional with virtually no debt, providing high financial stability. However, declining gross and operating margins and weakening free cash flow conversion indicate growing operational pressures, resulting in a moderately positive score.

Income Statement

58Neutral

Balance Sheet

85Very Positive

Cash Flow

62Positive

Financial statement breakdown
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

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9926 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:9926	65Neutral	TWD 8.77B	16.72	―	4.27%	1.02%	11.37%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:9926 and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	TW:9926	Shin Hai Gas Corporation	49.15	1.89	3.99%
	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 Hai Gas Corporation AI Stock Analysis