Asia Cement Corp

Asia Cement Corp maintains a conservative capital structure with a debt-to-equity ratio of 0.53 and a current ratio of 1.6, indicating adequate short-term liquidity coverage. The balance sheet shows total assets of TWD 324.0 billion against total liabilities of TWD 143.8 billion, resulting in total equity of TWD 180.3 billion. Long-term debt stands at TWD 96.4 billion, while cash and equivalents are TWD 8.1 billion, leading to a net cash position that is negative after subtracting total debt, a key flag in the risk assessment. The company generates TWD 16.8 billion in operating cash flow, which supports its capital expenditure of TWD 4.6 billion, resulting in free cash flow of TWD 2.0 billion.

Profitability metrics indicate modest returns, with a return on equity (ROE) of 5.85% and a return on assets (ROA) of 3.26%. The company reports a net income of TWD 10.0 billion on revenue of TWD 71.0 billion, yielding a net margin of approximately 14.1%. Operating income is TWD 8.4 billion, reflecting an operating margin of roughly 11.8%. Without cohort median data for direct comparison, these returns must be evaluated against general industry standards for capital-intensive materials firms, where ROE above 10% is often considered robust. The valuation snapshot shows a price-to-earnings ratio of 12.0 and a price-to-book ratio of 0.7, suggesting the market values the company below its book value.

Segment and geographic revenue mix data is not provided in the available input, preventing a detailed analysis of revenue concentration or regional exposure. The company’s activity is broadly classified as unclassified within the specific activity field, though the sector classification industry code confirms its placement in Construction Materials.

Historical period data for revenue and net income trends is absent from the input, limiting the ability to assess growth trajectory or cyclicality over the past five years. The current financial snapshot provides a single-period view of performance, with revenue of TWD 71.0 billion and net income of TWD 10.0 billion.

Risk assessment highlights medium liquidity risk and low dilution risk. The key flag notes that net cash is negative after subtracting total debt, which may constrain financial flexibility in downturns. Dilution risk is low, supported by the fact that basic and diluted shares outstanding are identical at 3.55 billion shares, indicating no significant in-the-money options or convertible securities impacting the share count.

Recent IR observations show a mean analyst price target of TWD 40.87, with a median target of TWD 39.00, implying upside potential from the current market price of TWD 35.70. The mean recommendation is 2.60, leaning towards a hold rating, with one strong buy, one buy, and two hold recommendations. No specific filing, news, or transcript observations are provided in the input data.

Analysts project 22.9% upside to the mean price target of TWD 40.87 from the current market price.

Cash conversion ratio of 1.6 exceeds the cohort median of 1.2, demonstrating strong ability to convert earnings to cash.

Debt-to-equity ratio of 0.53 is below the cohort median of 0.40, suggesting a conservative leverage profile.

Revenue declined at a 5.8% CAGR over four years, falling from TWD 90.3 billion in 2022 to TWD 71.0 billion in 2026.

The company carries a high credit risk flag, indicating significant concerns regarding its ability to meet debt obligations.

Revenue TWD 14.83B, −10,6% YoY; Operating income −25,8% YoY.

• ▍Revenue TWD 14.83B, −10,6% YoY
• ▍Operating income −25,8% YoY
• ▍Net income +38,3% YoY
• ▍Free cash flow −1,7% YoY
• ▍Net margin 12.7%

Revenue TWD 17.89B, −14,2% YoY; Operating income −43,8% YoY.

• ▍Revenue TWD 17.89B, −14,2% YoY
• ▍Operating income −43,8% YoY
• ▍Net income −48,9% YoY
• ▍Free cash flow −68,7% YoY
• ▍Net margin 10.9%

Revenue TWD 17.89B, −10,3% YoY; Operating income +25,2% YoY.

• ▍Revenue TWD 17.89B, −10,3% YoY
• ▍Operating income +25,2% YoY
• ▍Net income +99,9% YoY
• ▍Free cash flow +132,9% YoY
• ▍Net margin 21.2%

Revenue TWD 18.67B, −1,7% YoY; Operating income +43,1% YoY.

• ▍Revenue TWD 18.67B, −1,7% YoY
• ▍Operating income +43,1% YoY
• ▍Net income −31,0% YoY
• ▍Free cash flow −18,6% YoY
• ▍Net margin 15.7%

Revenue TWD 16.59B; Operating income TWD 1.60B.

• ▍Revenue TWD 16.59B
• ▍Operating income TWD 1.60B
• ▍Net margin 8.2%

Revenue TWD 20.86B; Operating income TWD 3.20B.

• ▍Revenue TWD 20.86B
• ▍Operating income TWD 3.20B
• ▍Net margin 18.2%

Revenue TWD 19.95B; Operating income TWD 1.93B.

• ▍Revenue TWD 19.95B
• ▍Operating income TWD 1.93B
• ▍Net margin 9.5%

Revenue TWD 18.98B; Operating income TWD 1.81B.

• ▍Revenue TWD 18.98B
• ▍Operating income TWD 1.81B
• ▍Net margin 22.4%

Revenue TWD 71.04B, −6,9% YoY; Operating income +5,6% YoY.

• ▍Revenue TWD 71.04B, −6,9% YoY
• ▍Operating income +5,6% YoY
• ▍Net income −22,2% YoY
• ▍Free cash flow −66,0% YoY
• ▍Net margin 14.1%

Revenue TWD 76.30B, −4,8% YoY; Operating income +6,8% YoY.

• ▍Revenue TWD 76.30B, −4,8% YoY
• ▍Operating income +6,8% YoY
• ▍Net income +18,4% YoY
• ▍Free cash flow +62,0% YoY
• ▍Net margin 16.9%

Revenue TWD 80.18B, −11,2% YoY; Operating income −13,0% YoY.

• ▍Revenue TWD 80.18B, −11,2% YoY
• ▍Operating income −13,0% YoY
• ▍Net income −9,4% YoY
• ▍Free cash flow +35,3% YoY
• ▍Net margin 13.6%

Revenue TWD 90.34B, +0,0% YoY; Operating income −50,6% YoY.

• ▍Revenue TWD 90.34B, +0,0% YoY
• ▍Operating income −50,6% YoY
• ▍Net income −20,2% YoY
• ▍Free cash flow −62,2% YoY
• ▍Net margin 13.3%