Taiwan Acceptance Corporation (9941) AI Stock Analysis

Taiwan Acceptance Corporation

(TWSE:9941)

Select Model

Rating:59Neutral

Price Target:TWD 77.00▲(6.50% Upside)

Action:initiatedcoverage

Date:11/09/26

Taiwan Acceptance Corporation earns a middling score. Financial fundamentals carry the most weight and are mixed: a materially stronger balance sheet (leverage down to 5.4x, equity doubled) and a decisive swing to positive operating and free cash flow are offset by three straight years of falling net income, sharp margin compression, a halved ROE and a shrinking asset base. Technicals are the main drag, with the price below all key moving averages and a negative MACD, although deeply oversold RSI and Stochastic readings suggest downside may be stretched near term. Valuation provides the strongest support: a 9.5x P/E, a near-6% dividend yield and very low beta make this an income-oriented, defensive proposition — but a re-rating likely requires evidence that profits can re-accelerate on the enlarged capital base and that credit quality and funding costs remain contained.

Positive Factors

2025 Revenue AccelerationRevenue rose 90.46% year over year in 2025, showing a sharp improvement in the scale of the company’s financing activity. If sustained, this growth can broaden the earnings base and improve operating leverage over the next several quarters, although consistency remains important.

Negative Factors

High Financial LeverageDebt-to-equity of 5.43x leaves the company heavily reliant on borrowed funding despite improvement from levels above 8x in 2020–2021. This structure increases sensitivity to credit conditions and funding costs, while limiting financial flexibility during weaker operating periods.

Taiwan Acceptance Corporation (9941) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 42.39B
Dividend Yield: 6.06%
Average Volume (3M): 1.09M
Price to Earnings (P/E): 9.4
Beta (1Y): 0.16
Revenue Growth: -1.02%
EPS Growth: 8.05%
Country: TW
Employees: 1,159
Sector: General
Sector Strength: 55
Industry: Financial - Credit Services

Taiwan Acceptance Corporation Business Overview & Revenue Model

Company Description

Established in Taipei, Taiwan, in 1990, Yulon Finance Corporation operates as a comprehensive financial services provider with a significant presence across Taiwan, mainland China, and other international markets. The company organizes its extensive...

Taiwan Acceptance Corporation Financial Statement Overview

Summary

A mixed but stabilizing profile. Strengths: operating profit turned clearly positive (NT$5.55B, 15% margin), gross margin expanded from 16.5% to 44.0%, equity more than doubled since 2020 to NT$40.5B, leverage fell from 8.5x to 5.4x, and the company swung from heavy cash burn to NT$17.1B operating cash flow and NT$15.3B free cash flow — well above net income, signalling high-quality earnings. Weaknesses: net income has declined three consecutive years to NT$4.58B, net margin compressed from 36.8% to 11.6%, ROE halved from 22.8% (2021) to 11.3%, the asset base is shrinking, and the ~90% revenue jump appears presentation-driven rather than organic. Cash flow strength is also tied to slower loan origination and may not be a stable run-rate. Balance sheet and liquidity are improving while the earnings engine slows.

Income Statement

56Neutral

Balance Sheet

58Neutral

Cash Flow

66Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	62.42B	39.54B	19.35B	17.06B	15.03B	14.69B
Gross Profit	36.80B	17.40B	3.20B	3.16B	2.84B	2.73B
EBITDA	13.75B	15.85B	3.96B	3.52B	3.00B	3.43B
Net Income	4.68B	4.58B	5.10B	6.27B	5.80B	5.15B
Balance Sheet
Total Assets	289.67B	284.60B	290.34B	299.86B	273.67B	232.11B
Cash, Cash Equivalents and Short-Term Investments	13.24B	11.55B	9.88B	9.25B	9.00B	8.16B
Total Debt	222.09B	220.22B	228.36B	235.01B	218.22B	188.86B
Total Liabilities	248.91B	243.68B	251.13B	260.41B	237.74B	206.58B
Stockholders Equity	40.44B	40.52B	38.66B	36.38B	33.19B	22.61B
Cash Flow
Free Cash Flow	9.56B	15.28B	11.80B	-14.54B	-31.44B	-23.99B
Operating Cash Flow	9.93B	17.12B	16.94B	-11.18B	-30.41B	-23.50B
Investing Cash Flow	-6.19B	-5.32B	-5.64B	-5.04B	-2.03B	-908.43M
Financing Cash Flow	-4.46B	-10.81B	-14.14B	17.64B	32.77B	23.62B

Taiwan Acceptance Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:9941 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2849	63Neutral	TWD 28.48B	14.95	―	3.46%	9.63%	40.11%
TW:9941	59Neutral	TWD 42.69B	9.40	―	6.06%	-1.02%	8.05%
TW:2845	58Neutral	TWD 61.30B	12.45	―	4.08%	-13.12%	18.06%
TW:6592	57Neutral	TWD 35.62B	10.71	―	5.40%	-5.16%	34.90%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2889	55Neutral	TWD 57.76B	13.10	―	3.13%	65.79%	174.93%
TW:2897	52Neutral	TWD 28.84B	12.26	―	5.05%	―	20.11%

* General Sector Average

Performance Comparison

TW:9941 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:9941	Taiwan Acceptance Corporation	72.30	-16.14	-18.25%
TW:2845	Far Eastern International Bank	12.60	0.52	4.33%
TW:2849	Entie Commercial Bank	14.75	2.01	15.78%
TW:2889	IBF Financial Holdings Co., Ltd.	15.95	0.68	4.49%
TW:2897	O-Bank Co. Ltd.	10.30	1.62	18.70%
TW:6592	Hotai Finance Co., Ltd.	55.60	-1.68	-2.93%

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

Taiwan Acceptance Corporation AI Stock Analysis