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Taiwanese flour-milling and animal-feed group, also involved in food products and biotech investments.
Taiwanese flour-milling and animal-feed group, also involved in food products and biotech investments.
In one line: A smaller Taiwanese Archer-Daniels-Midland.
Moat: none (scale). Commodity milling/feed business; scale and logistics are the main edge.
Headquarters: Kaohsiung, Taiwan · Employees: 1,628
Size Lien Hwa Industrial (1229.TW) is a Taiwan Consumer Staples company (Agricultural Commodities/Milling) with a market value of $2.12B, the 163rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$38.40 on 6 Nov 2026.
Performance Over six months the shares fell 5.8%, against -11.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 3.2% over the last twelve months (peer median +3.6%); the operating margin is 9.4% (peer median 5.9%).
Valuation It trades at 8.3× enterprise value to sales against a peer median of 1.5× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$12.1B | NT$13.6B | NT$12.9B | NT$13.6B | NT$12.3B |
| Revenue growth | — | +5% | -5% | +10% | — |
| Gross profit | NT$2.46B | NT$3.30B | NT$2.58B | NT$2.36B | NT$2.57B |
| EBITDA | NT$1.62B | NT$2.50B | NT$1.76B | NT$1.58B | NT$1.94B |
| Net income | NT$4.46B | NT$4.60B | NT$4.19B | NT$4.16B | NT$3.87B |
| Free cash flow | NT$6.30B | NT$5.95B | NT$3.80B | NT$2.85B | NT$3.51B |
| Capital expenditure | NT$761M | NT$828M | NT$352M | NT$709M | NT$197M |
| Total debt | NT$11.9B | NT$11.6B | NT$13.1B | NT$13.6B | NT$12.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Lien Hwa Industrial 1229.TW | $2.12B | -6% | -3% | 9% | 8.3× | 21.5% |
| Great Wall Enterprise 1210.TW | $1.28B | -4% | +2% | 4% | 0.7× | n/a |
| Uni-president Enterprises 1216.TW | $13.2B | +11% | +1% | 5% | 1.0× | 0.6% |
| Wilmar International F34.SI | $14.5B | -19% | +6% | 3% | 0.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1229.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.1% | -3.3% | 11th highest of 21 |
| 6-month return | -5.8% | -11.1% | 10th highest of 20 |
| Distance from 52-week high | -21.4% | -25.7% | 8th highest of 21 |
| Revenue growth (TTM) | -3.2% | +3.6% | 6th lowest of 21 |
| Operating margin | 9.4% | 5.9% | 8th highest of 21 |
| EV / Sales | 8.3× | 1.5× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 21.5% | 0.9% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +7.3% | +12.9% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | +14.2 pp | -5.3 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -4.1 pp | -1.0 pp | 6th lowest of 21 |
| EV / EBITDA | 62.3× | 10.3× | most expensive of 11 |
| Net debt / EBITDA | 2.8× | 1.3× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lien Hwa Industrial 1229.TW | Taiwan | $2.12B | -6% | -3% | 9% | 8.3× | 21.5% | +7.3% |
| Genus GNS.L | United Kingdom | $2.07B | +5% | -2% | 13% | 2.4× | 17.9% | +2.8% |
| Guangxi Yuegui Guangye 000833.SZ | China | $2.19B | -46% | +67% | 30% | 3.0× | 2.1% | -0.9% |
| Trulieve Cannabis TRLV | United States | $2.23B | +31% | -4% | 14% | 2.2× | 13.5% | +17.8% |
| B.F BFG.MI | Italy | $2.29B | +56% | +30% | -2% | 1.6× | n/a | n/a |
| AWL Agri Business AWL.NS | India | $2.30B | -21% | +18% | 2% | 0.4× | 13.4% | +15.0% |
| Bumitama Agri P8Z.SI | Singapore | $1.87B | -25% | +9% | 25% | 1.5× | -15.2% | +12.9% |
| Beijing Dbn Technology 002385.SZ | China | $1.86B | -23% | -1% | -6% | 0.9× | n/a | n/a |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 0.8× | 0.9% | +16.2% |
| BioMar Group A/S BIOMAR.CO | Denmark | $1.83B | -37% | 0% | 6% | 0.9× | -2.0% | -0.5% |
| Uie UIE.CO | Denmark | $1.81B | +5% | +12% | 37% | 3.3× | -13.0% | +13.1% |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | 2.6× | n/a | n/a |
| Yuan Longping High-Tech Agriculture 000998.SZ | China | $1.77B | -11% | -5% | 5% | 2.8× | n/a | n/a |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | 3.4× | n/a | n/a |
| Jiangsu Provincial Agricultural Reclamation & Dev 601952.SS | China | $1.72B | -16% | -5% | 4% | 1.4× | -2.2% | +3.2% |
| Tecon Biology 002100.SZ | China | $1.72B | +6% | -8% | -5% | 1.1× | n/a | n/a |
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 0.4× | -13.7% | +11.6% |
| Shenzhen Agricultural Products 000061.SZ | China | $1.63B | -22% | -22% | 12% | 3.2× | 4.2% | +15.6% |
| Liuliumei 6658.HK | Hong Kong | $1.58B | n/a | +6% | 12% | 6.8× | n/a | n/a |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 0.7× | -3.3% | +9.9% |
| LT Foods LTFOODS.NS | India | $1.55B | -3% | +24% | 8% | 1.2× | 25.7% | +18.2% |