Thye Ming Industrial Co.,Ltd (9927) AI Stock Analysis

Thye Ming Industrial Co.,Ltd

(TWSE:9927)

Select Model

Rating:63Neutral

Price Target:TWD 62.00▲(9.15% Upside)

Action:initiatedcoverage

Date:11/09/26

Thye Ming scores in the moderate range. Its greatest strength is an exceptionally conservative balance sheet — virtually no debt and nearly 90% equity funding — paired with a cheap 9.7x P/E and a high 8.56% dividend yield that offer meaningful value and income appeal. These positives are held back by a clear cyclical downturn: two straight years of revenue decline, significant margin compression, a roughly 38% drop in net income, and a sharp fall in operating and free cash flow with sub-1x cash conversion. Technicals reinforce caution, with the price below all key moving averages and negative MACD, though deeply oversold momentum readings suggest much of the weakness may already be priced in. Stabilization in revenue, margins, and cash generation would be the key catalysts for a higher score.

Positive Factors

Conservative balance sheetExtremely low leverage and a strong equity base provide financial resilience through weaker operating periods. The conservative funding structure limits balance-sheet stress, preserves borrowing capacity, and gives management greater flexibility to sustain operations or pursue opportunities.

Negative Factors

Deteriorating cash conversionThe sharp 2025 decline in free cash flow and weaker operating-cash coverage show that accounting profits were converted into cash less effectively. Persistent deterioration could reduce internally generated funding, increase reliance on balance-sheet resources, and constrain capital allocation.

Thye Ming Industrial Co.,Ltd (9927) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 6.78B
Dividend Yield: 8.80%
Average Volume (3M): 158.65K
Price to Earnings (P/E): 11.3
Beta (1Y): 0.17
Revenue Growth: 17.87%
EPS Growth: -9.81%
Country: TW
Employees: 148
Sector: General
Sector Strength: 55
Industry: Industrial Materials

Thye Ming Industrial Co.,Ltd Business Overview & Revenue Model

Company Description

Operating throughout Asia, Thye Ming Industrial Co., Ltd. is engaged in the manufacturing and sale of lead alloys and lead oxide. The company's offerings encompass products like litharge, red lead, antimonial and calcium lead alloys, and lead ingots....

Thye Ming Industrial Co.,Ltd Financial Statement Overview

Summary

A fortress balance sheet (score 87) is the standout: essentially debt-free with NT$4 million of debt against NT$5.62 billion of equity, roughly 88% equity funding of assets, and an 11.6% ROE. That strength is offset by weakening operations. The income statement (57) shows a second consecutive year of revenue decline to NT$8.05 billion (-6%), gross margin compression from 14.4% to 12.3%, operating margin falling from 15.5% to 9.5%, and net income down about 38% to NT$653 million. Cash flow (50) is the softest element, with operating cash flow down to NT$293 million and free cash flow falling roughly 67% to NT$211 million, with cash conversion slipping below 1x net income. Solvency is excellent, but sales, margin, and cash momentum are clearly deteriorating.

Income Statement

57Neutral

Balance Sheet

87Very Positive

Cash Flow

50Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.73B	8.05B	8.55B	9.22B	9.06B	8.84B
Gross Profit	890.88M	991.18M	1.23B	1.40B	996.82M	1.30B
EBITDA	852.93M	834.58M	1.40B	1.35B	959.21M	1.10B
Net Income	714.98M	652.95M	1.05B	993.84M	680.54M	785.79M
Balance Sheet
Total Assets	6.75B	6.36B	7.36B	7.64B	7.17B	6.91B
Cash, Cash Equivalents and Short-Term Investments	2.83B	2.51B	3.84B	3.80B	2.29B	1.28B
Total Debt	203.26M	3.96M	35.41M	502.08M	453.70M	166.23M
Total Liabilities	1.42B	712.47M	759.88M	1.27B	1.08B	924.48M
Stockholders Equity	5.30B	5.62B	6.57B	6.34B	6.05B	5.94B
Cash Flow
Free Cash Flow	410.60M	210.90M	633.36M	2.23B	421.32M	755.13M
Operating Cash Flow	478.04M	292.56M	702.78M	2.33B	493.25M	794.88M
Investing Cash Flow	227.62M	-15.27M	-136.09M	-141.81M	864.87M	26.07M
Financing Cash Flow	-1.28B	-1.52B	-1.33B	-638.29M	-481.78M	-996.74M

Thye Ming Industrial Co.,Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9927 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:8390	73Outperform	TWD 7.76B	8.53	―	4.82%	31.85%	50.37%
TW:6894	67Neutral	TWD 8.26B	19.34	―	2.46%	57.62%	81.72%
TW:9927	63Neutral	TWD 6.96B	11.27	―	8.80%	17.87%	-9.81%
TW:2029	58Neutral	TWD 6.74B	17.65	―	2.84%	-11.60%	86.76%
TW:9905	58Neutral	TWD 6.33B	12.07	―	5.28%	21.06%	36.11%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2030	49Neutral	TWD 7.28B	9.38	―	1.95%	9.86%	784.60%

* General Sector Average

Performance Comparison

TW:9927 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9927	Thye Ming Industrial Co.,Ltd	56.80	-7.39	-11.51%
TW:2029	Sheng Yu Steel Co., Ltd.	21.15	0.80	3.93%
TW:2030	Froch Enterprise Co., Ltd.	25.60	12.02	88.57%
TW:6894	Waste Recovery Technology Inc	345.00	132.93	62.68%
TW:8390	Jiin Yeeh Ding Enterprise Co., Ltd.	78.80	13.31	20.32%
TW:9905	Great China Metal Industry Co., Ltd.	20.85	1.88	9.93%

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

Thye Ming Industrial Co.,Ltd AI Stock Analysis