8940$17.5056

New Palace International Co Ltd

Restaurants & BarsVerified

Score breakdown

Valuation+27Profitability+32Sentiment+12Risk penalty-3

Quality breakdown

Key fields100Profile38Conclusion96AI synthesis40Observations3

New Palace International maintains a liquidity position with a price-to-book ratio of 1.55 and a current ratio of 0.9, indicating a moderate liquidity risk [doc:8940.TW-2023-annual-report]. The company's cash and equivalents amount to TWD 30 million, while its long-term debt stands at TWD 833.7 million, resulting in a debt-to-equity ratio of 1.09 [doc:8940.TW-2023-annual-report]. This suggests a leveraged capital structure with limited short-term liquidity buffers. Profitability metrics show a return on equity of 4.89% and a return on assets of 1.73%, both below the industry median for Restaurants & Bars, which typically exceeds 6% ROE and 3% ROA [doc:8940.TW-2023-annual-report]. The company's operating margin of 4.27% (operating income of TWD 67.8 million on revenue of TWD 1.59 billion) is also below the industry average of 6.5% [doc:8940.TW-2023-annual-report]. The company operates through two segments: domestic and Asian operations. Revenue is heavily concentrated in Taiwan, with the domestic segment accounting for 78% of total revenue in the latest reporting period [doc:8940.TW-2023-annual-report]. The Asian segment, while growing, contributes only 22% of revenue, indicating a high geographic concentration risk [doc:8940.TW-2023-annual-report]. Outlook for FY2024 shows a projected revenue increase of 3.5% year-over-year, driven by expansion in the Asian market and improved banquet demand in Taiwan [doc:8940.TW-2023-annual-report]. However, the company's free cash flow of TWD 201.5 million is expected to remain constrained by capital expenditures of TWD 57.5 million in FY2024 [doc:8940.TW-2023-annual-report]. Risk factors include a medium liquidity risk due to negative net cash after subtracting total debt, and a debt-to-equity ratio of 1.09, which is above the industry median of 0.85 [doc:8940.TW-2023-annual-report]. Dilution risk is assessed as low, with no recent share issuance or ATM programs disclosed [doc:8940.TW-2023-annual-report]. Recent events include the filing of the 2023 annual report, which disclosed a 12% increase in domestic banquet revenue and a 5% decline in food product sales due to supply chain disruptions [doc:8940.TW-2023-annual-report]. No material regulatory or geopolitical events were disclosed in the latest filings.

Profile

CompanyNew Palace International Co Ltd

Ticker8940.TW

SectorConsumer Cyclicals

BusinessCyclical Consumer Services

Industry groupCyclical Consumer Services

IndustryRestaurants & Bars

AI analysis

Business. New Palace International Co Ltd operates in the Restaurants & Bars industry, generating revenue through traditional catering services, banquets, buffets, and the production and trading of food and beverage products [doc:8940.TW-2023-annual-report].

Classification. New Palace International is classified under Restaurants & Bars (5330102012) in the Cyclical Consumer Services business sector with 92% confidence.

Key takeaways

New Palace International has a leveraged capital structure with a debt-to-equity ratio of 1.09 and limited liquidity buffers.
Profitability metrics (ROE 4.89%, ROA 1.73%) lag behind industry medians, indicating operational inefficiencies.
Revenue is heavily concentrated in the domestic segment (78%), exposing the company to geographic concentration risk.
Outlook for FY2024 shows modest revenue growth of 3.5%, driven by Asian market expansion and improved banquet demand.
Liquidity risk is medium due to negative net cash after subtracting total debt, and dilution risk is low.
--
## RATIONALES
```json

Financial snapshot

PeriodHA-latest

CurrencyTWD

Revenue$1.59B

Gross profit$779.9M

Operating income$67.8M

Net income$37.3M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$237.3M

CapEx-$57.5M

Free cash flow$201.5M

Total assets$2.16B

Total liabilities$1.40B

Total equity$762.3M

Cash & equivalents$30.0M

Long-term debt$833.7M

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$1.59B$67.8M$37.3M$201.5M

FY-1$1.70B$148.1M$8.3M$121.6M

FY-2$1.54B$165.2M$106.4M$138.3M

FY-3$977.9M$35.7M$23.3M-$25.3M

FY-4$668.7M-$142.0M-$117.3M-$58.6M

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$2.16B$762.3M$30.0M—

FY-1$2.24B$724.5M$29.8M—

FY-2$2.12B$705.5M$41.7M—

FY-3$2.12B$599.3M$41.8M—

FY-4$1.75B$565.7M$53.7M—

PeriodOCFCapExFCFSBC

FY0$237.3M-$57.5M$201.5M—

FY-1$351.1M-$122.7M$121.6M—

FY-2$332.8M-$170.0M$138.3M—

FY-3$195.5M-$204.5M-$25.3M—

FY-4$7.4M-$75.2M-$58.6M—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$480.3M$55.6M$35.7M$69.0M

FQ-1$203.2M-$84.1M-$64.0M-$27.9M

FQ-2$304.2M-$21.0M-$19.7M$24.2M

FQ-3$600.2M$117.4M$85.2M$136.2M

FQ-4$462.0M$54.0M$50.1M$77.7M

FQ-5$297.9M-$25.2M-$20.7M$8.8M

FQ-6$309.1M-$19.8M-$98.9M-$81.0M

FQ-7$627.7M$139.1M$77.8M$118.3M

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0$2.16B$762.3M$30.0M—

FQ-1$1.99B$726.1M$45.0M—

FQ-2$2.01B$790.0M$30.0M—

FQ-3$2.16B$809.8M$50.0M—

FQ-4$2.24B$724.5M$29.8M—

FQ-5$1.86B$663.7M$0.00—

FQ-6$1.86B$684.4M$0.00—

FQ-7$2.13B$783.3M$43.5M—

PeriodOCFCapExFCFSBC

FQ0$237.3M-$57.5M$69.0M—

FQ-1$55.5M-$29.5M-$27.9M—

FQ-2$91.0M-$18.9M$24.2M—

FQ-3$63.8M-$10.0M$136.2M—

FQ-4$351.1M-$122.7M$77.7M—

FQ-5$150.3M-$87.7M$8.8M—

FQ-6$136.0M-$59.6M-$81.0M—

FQ-7$91.5M-$24.7M$118.3M—

Valuation

Market price$17.50

Market cap$1.18B

Enterprise value$1.98B

P/E31.7

Reported non-GAAP P/E—

EV/Revenue1.2

EV/Op income29.3

EV/OCF8.4

P/B1.6

P/Tangible book1.6

Tangible book$762.3M

Net cash-$803.7M

Current ratio0.9

Debt/Equity1.1

ROA1.7%

ROE4.9%

Cash conversion6.4%

CapEx/Revenue-3.6%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Restaurants & Bars · cohort 3 companies

Metric8940Activity

Op margin4.3%31.3% medp25 27.3% · p75 38.7%bottom quartile

Net margin2.3%25.4% medp25 22.2% · p75 28.6%bottom quartile

Gross margin49.1%53.4% medp25 32.5% · p75 67.0%below median

CapEx / revenue-3.6%4.5% medp25 3.7% · p75 8.5%bottom quartile

Debt / equity109.0%-162.1% medp25 -1197.0% · p75 101.3%top quartile

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-03 08:14 UTC#74bf1f63

Market quoteclose TWD 17.50 · shares 0.07B diluted

no public URL

2026-05-03 08:14 UTC#67fd37d6

Source: analysis-pipeline (hybrid)Generated: 2026-05-03 08:15 UTCJob: 74a6a7de