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Taiwan Glass Ind.

1802.TW
44
Construction Materials · Basic Materials
Price
NT$63.50
-0.40 (-0.63%)
Market Cap
NT$184.66B
Exchange
Taiwan Stock Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Mixed
5/20
Cash Flow
Mixed
4/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Strong
4/5

44 of 100 counted points = Winston Score 44.

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Share count rising — dilution

+1.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.92B (2021) → 2.95B (2025)

§Winston Score History

The full picture

Taiwan Glass Industrial Corporation makes glass products used in buildings, cars, and electronics. Its main products include flat glass, fiberglass, and specialty glass for applications like solar panels and display screens. It is one of the largest glass manufacturers in Taiwan and has been operating since 1964.

The company earns revenue by selling glass materials to construction firms, automakers, electronics manufacturers, and energy companies. It operates factories across Taiwan, China, and other parts of Asia. Its long history and large-scale production give it a cost advantage in the region. Key growth opportunities include demand for solar panel glass and energy-efficient building materials, but the business faces risks from volatile raw material costs and cyclical demand in the construction sector.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+246.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

NT$879M/ year

↓ Declining (-8% vs prior year)

2.1% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

30.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 years

NT$16.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Taiwan Glass Ind. is growing revenue at 17% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
23.3%
Thin — 23.3% gross margin
Profit after running costs
Operating Margin
12.6%
Healthy — 12.6% operating margin
Return on the money invested
ROCE
3.3%
Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+5.3%
Slow sales growth (+5.3% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
91%
Modest — 91% of profit becomes cash
Spare cash per sale
FCF Margin
-10.3%
Burning cash (-10.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.49
Conservative — low debt load (0.49)
Covers its interest
Interest Cover
4.23x
Adequate interest coverage (4.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
73.0x
Expensive — P/E 73.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+46.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (73.0 → 26.4)

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Dividends

Dividend
Dividend Yield
3.12%
Moderate income — 3.12% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+171.8%
Dividend growing fast (171.8% YoY)
Payout Ratio
0%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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