1. Taiwan, Province of China Stocks

  2. •

    Utilities

  3. •

    Regulated Electric
Ta-Yuan Cogeneration Company Ltd.

Ta-Yuan Cogeneration Company Ltd.

8931.TWO
Ta-Yuan Cogeneration Company Ltd.TW flagTaipei Exchange
43.20
TWD
+0.60
- -
5.28BMarket Cap
Ta-Yuan Cogeneration Company Ltd.
8931.TWO
(Taipei Exchange)

Recent

price

43.20

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
10.56
9.88
9.94
10.75
11.4
11.45
10.75
13.31
14.55
13.33
15.07
16.34
23.4
22.22
20.6
- -
20.83
Revenue per Share
0.84
0.55
1.12
0.98
1.1
0.74
0.76
0.94
1.13
1.2
1.49
1.39
3.01
2.32
2.32
- -
2.77
Basic EPS, GAAP
-1.01
1.4
0.76
-0.67
-1.11
3.17
0.23
1.82
-2.06
-5.26
-0.65
-1.33
2.16
1.66
-0.39
- -
0.31
Free Cash Flow per Basic Share
0.87
0.78
0.52
0.7
0.87
0.45
0.37
0.76
0.86
0.57
1.1
1.4
1.5
2.5
2.1
- -
- -
Dividend per Share
11.17
10.4
11.03
12.8
11.6
12.22
12.05
12.17
12.33
12.85
13.13
13.83
15.16
14.66
14.69
- -
13.15
Book Value per Share
12.04
11.93
12.54
12.87
13.21
13.86
13.69
14.77
14.38
14.9
16.27
16.71
17.8
17.76
16.86
- -
16.07
Tangible Book Value per Share
122
122
122
122
122
118
122
122
122
122
122
122
122
122
122
- -
122
Basic Weighted Avg Shares
1,291
1,208
1,215
1,314
1,393
1,346
1,314
1,627
1,779
1,630
1,843
1,998
2,861
2,717
2,518
2,475
2,546
Sales/Revenue/Turnover
10.26
7.34
9.17
10.76
11.69
9.07
9.13
8.45
9.46
11.03
14.08
11.48
15.27
13.57
15.07
10.9
16.38
Operating Margin (%)
123
133
134
140
157
192
146
146
152
160
147
206
233
241
249
281
257
Depreciation Expense
103
67
137
120
134
87
93
115
139
147
182
170
368
283
284
229
339
Net Income, GAAP
17.22
16.7
12.13
17.86
16.83
21.91
16.67
17.21
20.9
19.78
14.78
19.81
16.73
19.65
19.7
10
14.16
Effective Tax Rate (%)
7.96
5.52
11.25
9.15
9.65
6.48
7.05
7.08
7.79
9.01
9.89
8.53
12.87
10.43
11.27
9.24
13.31
Profit Margin (%)
314
215
299
55
146
159
425
430
23
515
-778
760
334
-158
-284
-295
-652
Working Capital
622
625
556
535
706
585
726
648
456
1,544
503
1,971
1,492
1,380
1,623
2,070
1,576
LT Debt
1,472
1,459
1,533
1,574
1,615
1,633
1,677
1,807
1,759
1,822
1,990
2,044
2,177
2,171
2,063
2,025
1,976
Total Equity
4.62
3.13
4.21
4.71
5.04
3.54
3.74
4.18
4.72
4.57
5.89
4.43
8.7
7.02
6.89
5.16
8.17
Return on Invested Capital (%)
4.98
3.43
6.84
5.41
5.5
3.96
4.17
5.1
5.8
5.28
5.53
4.9
10.28
8.07
7.56
5.92
9.18
Return on Capital (%)
7.46
5.06
10.43
8.26
9.01
6.11
6.37
7.78
9.25
9.54
11.47
10.34
20.77
15.54
15.82
13.23
20.95
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
865
827
845
LT Borrowings
1,616
1,571
1,571
LT Finance Leases
6
6
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
122
122
122
Market Capitalization
5,861
5,659
6,537

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
932
855
774
Cash, Cash Equivalents & STI
325
297
319
Accounts Receivable, Net
278
274
268
Inventories
177
65
8
Total Current Liabilities
1,216
1,171
1,425
Payables & Accruals
- -
- -
- -
ST Debt
865
827
845
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.27%
0.43%
-1.81%
Free Cash Flow
10.37%
-69.67%
-43.73%
Net Income, GAAP
14.81%
13.45%
-19.42%
Sales/Revenue/Turnover
7.3%
7.51%
-1.74%
Total Cash Common Dividend
24.4%
16.06%
-4.76%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
793
660
654
610
2,717
2024
573
615
678
652
2,518
2025
619
595
568
- -
2,475

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.78
0.33
0.77
- -
2.32
2024
0.41
0.58
0.71
- -
2.32
2025
0.74
0.7
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
2.5
2024
- -
- -
- -
- -
2.1
2025
- -
- -
- -
- -
- -
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Business
Ta-Yuan Cogeneration Company Ltd. (8931.TWO) operates cogeneration plants that supply steam and electricity primarily to industrial clients in Taiwan; its core services encompass the design, operation, and management of steam and electricity cogeneration facilities, maintenance and trading of related equipment, waste treatment, incinerator management, and advisory consultancy services. The company serves sectors including paper-making, dyeing and finishing, and pharmaceuticals through its steam and electricity segment as well as a renewable resources plant segment. Founded in 1993 and headquartered at No. 276 Chaoyin North Road, Beigang Village, Dayuan District, Taoyuan City, Taiwan, it employs 196 staff and focuses exclusively on domestic operations.