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:11/10/26

The score is supported by an exceptionally strong balance sheet and attractive valuation, but is constrained by declining profitability, substantially weaker cash flow, and bearish technical momentum. Oversold momentum indicators provide limited offsetting support.

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 6.82B
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

The company has an exceptionally strong balance sheet and remains profitable, but declining revenue, weaker margins and earnings, and sharply deteriorating operating and free cash flow materially reduce the score.

Income Statement

58Neutral

Balance Sheet

90Very Positive

Cash Flow

40Negative

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	1.04	5.19%
TW:2030	Froch Enterprise Co., Ltd.	25.60	11.98	87.90%
TW:6894	Waste Recovery Technology Inc	345.00	135.37	64.57%
TW:8390	Jiin Yeeh Ding Enterprise Co., Ltd.	78.80	12.64	19.11%
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