Taiwan Taxi Co Ltd

The company maintains a relatively strong liquidity position, with cash and equivalents amounting to TWD 477.9 million, which is partially offset by long-term debt of TWD 553.6 million, resulting in a net cash position of negative TWD 75.7 million. The price-to-book ratio of 5.81 and a debt-to-equity ratio of 0.33 indicate a capital structure that is relatively equity-heavy, with limited leverage. The current ratio of 1.24 suggests the company has sufficient short-term assets to cover its short-term liabilities.

Profitability metrics show a return on equity (ROE) of 6.92% and a return on assets (ROA) of 3.16%, both of which are below the industry median for passenger transportation firms. The company's operating margin is 19.2%, and its net margin is 15.7%, which are in line with the industry average. However, the company's price-to-earnings (P/E) ratio of 83.94 is significantly higher than the industry median, suggesting potential overvaluation or high growth expectations.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification beyond Taiwan. This lack of diversification increases exposure to local economic conditions and regulatory changes. The company's revenue is entirely derived from its core transportation services, with no material contributions from other business lines.

The company's revenue for the latest period was TWD 729.5 million, and the analyst estimate for the next period is TWD 1.88 billion, indicating a projected growth rate of 158.4%. The company's capital expenditure of TWD -41.8 million suggests a reduction in investment in physical assets, which may indicate a shift toward maintenance or a more conservative capital strategy.

The company's risk profile is characterized by medium liquidity risk and low dilution risk. The net cash position is negative, which could limit the company's ability to fund operations without external financing. The company has not disclosed any recent share issuance or dilution events, and the diluted shares outstanding are equal to the basic shares, indicating no material dilution pressure.

The company has not disclosed any recent material events in its filings or transcripts. The absence of recent events suggests a stable operational environment, but also limits visibility into strategic initiatives or external pressures.

Operating and net margins exceed the 75th percentile of the ground transportation cohort, indicating superior profitability.

Net income grew at a 14.6% compound annual rate over four years, demonstrating consistent earnings expansion.

The debt-to-equity ratio of 0.33 is significantly lower than the cohort median of 0.68, suggesting low leverage risk.

Cash conversion of 1.99 exceeds the cohort median of 1.5, highlighting strong earnings quality.

Long-term debt increased to 870 million TWD in 2019, rising from 642 million TWD in 2018.

The company faces medium liquidity risk, which could constrain financial flexibility during periods of market stress.

Operating income growth slowed to 17.1% year-over-year, potentially indicating decelerating momentum in core operations.

Revenue TWD 843.0M, +5,8% YoY; Operating income −11,8% YoY.

• ▍Revenue TWD 843.0M, +5,8% YoY
• ▍Operating income −11,8% YoY
• ▍Net income −0,7% YoY
• ▍Free cash flow +43,0% YoY
• ▍Net margin 17.6%

Revenue TWD 770.5M, +2,5% YoY; Operating income −10,0% YoY.

• ▍Revenue TWD 770.5M, +2,5% YoY
• ▍Operating income −10,0% YoY
• ▍Net income −12,3% YoY
• ▍Free cash flow −15,4% YoY
• ▍Net margin 16.7%

Revenue TWD 767.9M, +3,2% YoY; Operating income +7,6% YoY.

• ▍Revenue TWD 767.9M, +3,2% YoY
• ▍Operating income +7,6% YoY
• ▍Net income +9,6% YoY
• ▍Free cash flow −6,5% YoY
• ▍Net margin 16.9%

Revenue TWD 772.9M, +6,0% YoY; Operating income +11,8% YoY.

• ▍Revenue TWD 772.9M, +6,0% YoY
• ▍Operating income +11,8% YoY
• ▍Net income +10,9% YoY
• ▍Free cash flow −55,9% YoY
• ▍Net margin 16.5%

Revenue TWD 796.6M; Operating income TWD 205.3M.

• ▍Revenue TWD 796.6M
• ▍Operating income TWD 205.3M
• ▍Net margin 18.7%

Revenue TWD 3.15B, +4,4% YoY; Operating income −1,1% YoY.

• ▍Revenue TWD 3.15B, +4,4% YoY
• ▍Operating income −1,1% YoY
• ▍Net income +0,9% YoY
• ▍Free cash flow −61,8% YoY
• ▍Net margin 16.9%

Revenue TWD 3.02B, +5,2% YoY; Operating income +29,5% YoY.

• ▍Revenue TWD 3.02B, +5,2% YoY
• ▍Operating income +29,5% YoY
• ▍Net income +26,1% YoY
• ▍Free cash flow +135,6% YoY
• ▍Net margin 17.5%

Revenue TWD 2.09B; Operating income TWD 308.8M.

• ▍Revenue TWD 2.09B
• ▍Operating income TWD 308.8M
• ▍Net margin 11.7%