1. Taiwan, Province of China Stocks

  2. •

    Consumer Cyclical

  3. •

    Specialty Retail
North-Star International Co., Ltd.

North-Star International Co., Ltd.

8927.TWO
North-Star International Co., Ltd.TW flagTaipei Exchange
22.35
TWD
+0.25
- -
9.37BMarket Cap
North-Star International Co., Ltd.
8927.TWO
(Taipei Exchange)

Recent

price

22.35

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
22.1
26.73
23.49
22.56
20.19
15.6
11.47
13.53
16.65
16.33
13.99
16.99
16.99
18.23
33.98
- -
23.7
Revenue per Share
0.04
0.51
0.06
-0.04
-0.34
-0.07
0.18
0.26
0.24
0.17
0.38
0.48
0.33
0.27
1.29
- -
0.34
Basic EPS, GAAP
-1.14
0.05
1.36
-0.25
-2.02
-4.25
-0.21
-0.5
-0.69
-0.06
-0.79
-2.28
-11.67
-17.36
-7.32
- -
-1.77
Free Cash Flow per Basic Share
0.12
0.03
0.25
0.01
- -
- -
- -
- -
0.07
0.12
0.12
0.29
0.37
0.46
0.62
- -
- -
Dividend per Share
5.17
6.68
6.54
6.84
6.35
8.34
5.91
6.16
6.33
6.35
6.91
8.54
7.77
8.45
11.76
- -
10.14
Book Value per Share
5.76
6.76
6.76
6.48
7.18
8.76
6.23
6.49
6.71
6.94
7.4
11.09
10.86
18.5
22.55
- -
18.51
Tangible Book Value per Share
215
184
181
188
193
217
315
315
315
315
315
326
398
422
369
- -
452
Basic Weighted Avg Shares
4,756
4,910
4,256
4,248
3,893
3,381
3,616
4,267
5,252
5,150
4,412
5,531
6,754
7,698
12,541
10,723
10,723
Sales/Revenue/Turnover
0.76
0.05
0.05
0.12
-1.65
-1.32
1.54
2.21
1.96
1.89
2.5
1.5
-0.59
3.36
12.5
6.57
6.57
Operating Margin (%)
39
34
33
33
39
56
62
62
65
155
180
238
252
450
695
822
822
Depreciation Expense
9
94
11
-7
-65
-16
57
81
76
53
120
155
131
113
475
152
152
Net Income, GAAP
54.71
1.98
26.46
- -
- -
- -
- -
12.73
18.97
33.61
20.48
17.58
14.79
29.78
20.41
62.44
62.44
Effective Tax Rate (%)
0.18
1.91
0.25
-0.16
-1.67
-0.47
1.59
1.9
1.46
1.03
2.73
2.8
1.95
1.46
3.79
1.42
1.42
Profit Margin (%)
-87
-273
-168
-530
-318
-639
-766
-226
-151
-152
-959
112
-893
-5,476
1,534
-6,028
-6,028
Working Capital
382
116
379
- -
165
388
480
1,021
1,147
2,003
2,281
3,799
8,399
7,620
17,653
11,633
11,633
LT Debt
1,242
1,246
1,228
1,222
1,386
1,983
2,037
2,113
2,167
2,197
2,377
3,794
4,601
8,102
8,605
8,660
8,660
Total Equity
1.09
0.13
0.09
- -
- -
- -
- -
2.52
2.31
1.49
1.6
0.93
-0.28
0.88
4.49
0.85
0.85
Return on Invested Capital (%)
0.75
6.07
0.72
- -
- -
- -
- -
3.14
2.73
1.95
2.95
3.12
2
1.21
0.85
1.32
1.32
Return on Capital (%)
0.79
8.01
0.87
-0.54
-5.17
-1.06
3.13
4.25
3.88
2.64
5.76
6.24
4.48
3.38
12.02
3.42
3.42
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
8,394
14,284
11,590
LT Borrowings
11,620
6,011
8,417
LT Finance Leases
3,328
3,288
3,215
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
432
432
428
Market Capitalization
19,840
17,552
10,879

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
7,628
7,815
7,990
Cash, Cash Equivalents & STI
1,123
1,130
1,221
Accounts Receivable, Net
169
342
644
Inventories
4,906
4,935
4,435
Total Current Liabilities
10,586
16,514
14,018
Payables & Accruals
- -
- -
- -
ST Debt
8,394
14,284
11,590
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.24%
32.77%
0.64%
Free Cash Flow
180.93%
129.77%
-70.41%
Net Income, GAAP
-7.25%
50.61%
-67.92%
Sales/Revenue/Turnover
14.16%
21.97%
-14.5%
Total Cash Common Dividend
- -
40.37%
-51.51%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1,741
1,817
2,104
2,033
7,698
2024
2,031
5,449
2,935
2,125
12,541
2025
2,591
2,463
2,487
3,182
10,723

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.05
0.08
0.15
- -
0.27
2024
0.04
0.79
0.26
- -
1.29
2025
0.04
0.03
0.06
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.46
2024
- -
- -
- -
- -
0.62
2025
- -
- -
- -
- -
- -
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Business
North-Star International Co., Ltd. (8927.TWO) operates gasoline stations, renewable energy projects, electric vehicle charging infrastructure, real estate development, and related services primarily in Taiwan. The company sells petroleum products including gasoline and diesel from CPC Corporation and Formosa Petrochemical Corporation franchises; provides vehicle cleaning, car washing, waxing, and self-service car care services through N-SPA branded stations; develops and sells residential real estate via subsidiaries such as Yang Ghie Co., Ltd. and North-Star International Development Industrial Co., Ltd., with projects like Shuiyunchuan, Shuianqing, and Shuiluchuan; generates solar power through 267MW of fishery-energy symbiosis systems, 99.5MW ground-mounted photovoltaic installations, and 11.5MW roof-mounted systems; operates energy storage facilities with 378MW total capacity including 192MW permitted projects such as transmission-grade (170MW in Kaohsiung), distribution-grade, and commercial sites; offers EV charging via the TAIL brand with superchargers, AC chargers, and exclusive distribution of GlobalTron E-Pass Model T battery-swapping stations; provides renewable energy trade, green certificates, and corporate electricity planning services; and operates restaurants, hotels, and catering. North-Star International conducts operations across Taiwan, with 72 gasoline stations holding 2.9% market share concentrated in northern (23 stations), southern (28 stations), middle (10 stations), and eastern (7 stations) districts, alongside green energy sites in locations including Pingtung, Tainan, Kaohsiung, and Hsinchu. Founded in 1988 and headquartered at No. 137, Xinhai Road, Banqiao District, New Taipei City, Taiwan, the company changed its name from North-Star Petroleum Co., Ltd. in 2012 to reflect business diversification. Recent developments include expanding to 68 operating stations (64 CPC, 8 Formosa) with plans for 7-10 additional stations by Q4 2024; completing grid connections for major solar projects such as Hefong Energy's 18MW Pingtung site, Nansun's 52.46MW Tainan fishery symbiosis site, and Sinotech's 30MW Tainan site in 2023, pushing cumulative capacity over 100MW; acquiring equity in Grand Energy Storage for 7MW distribution-level projects commencing construction; launching TAIL super-fast charging stations including the first at Xiluo Service Area and partnerships for 124+ chargers with bus operators like Capital Bus (51 stations), Kaohsiung Bus (33), and others, reaching 50 stations by mid-2023 with 25,000 members and 50% EV owner market share; securing nearly 118 Model T orders from nine operators; signing contracts for bus charging with Sanchong Bus, Xinying Bus (6 e-buses), Fucheng Bus (5 stations), and Puyuma Bus (3 stations); collaborating with PX Mart, Far Eastern Group (16 developments), and CPC for charging hubs; commissioning a 5MW AFC smart energy storage plant in Kaohsiung and partnering with Hermin, LIOTECH for Taiwan's largest 170MW facility; completing a 151kW rooftop PV at Tainan Bus Terminal; and planning Santi Energy's IPO on the Innovative Stock Board submitted November 13, 2023, alongside ESG initiatives like greenhouse gas reduction via LED upgrades, diverse energy supply, and community programs.