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Operates and maintains Taiwan's single high-speed rail line linking Taipei and Kaohsiung.
Operates and maintains Taiwan's single high-speed rail line linking Taipei and Kaohsiung.
Earns almost all revenue from ticket sales on its single line, so income follows passenger numbers and fares, with retail and property at stations as a minor extra. It operates the line under a fixed-term government concession on a build-operate-transfer model, after which the line passes to the state.
In one line: Taiwan's Amtrak Acela, but privately built.
Moat: wide (regulatory licence, installed base, scale). Sole operator of Taiwan's only HSR corridor under an exclusive BOT concession.
Headquarters: Taoyuan, Taiwan · Founded: 1998
Size Taiwan High Speed Rail (2633.TW) is a Taiwan Industrials company (Other Transportation) with a market value of $4.36B, the 98th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$25.60 on 6 Nov 2026.
Performance Over six months the shares fell 3.0%, against -0.5% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +5.5%); the operating margin is 39.2% (peer median 15.4%).
Valuation It trades at 19.2× forward earnings against a peer median of 15.5× (7th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$55.7B | NT$54.6B | NT$53.2B | NT$49.8B | NT$37.1B |
| Revenue growth | — | +3% | +7% | +34% | — |
| Gross profit | NT$24.0B | NT$23.6B | NT$23.3B | NT$22.2B | NT$11.2B |
| EBITDA | NT$35.8B | NT$35.3B | NT$36.0B | NT$34.2B | NT$23.6B |
| Net income | NT$6.85B | NT$6.58B | NT$6.45B | NT$7.82B | NT$3.77B |
| Free cash flow | NT$21.7B | NT$20.6B | NT$16.6B | NT$27.7B | NT$9.78B |
| Capital expenditure | NT$9.43B | NT$9.95B | NT$8.22B | NT$6.13B | NT$5.24B |
| Total debt | NT$279B | NT$229B | NT$284B | NT$301B | NT$318B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Taiwan High Speed Rail 2633.TW | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% |
| China Airlines 2610.TW | $3.94B | +17% | +8% | 8% | 9.9× | n/a |
| Eva Airways 2618.TW | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% |
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 | 2633.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +3.1% | 6th lowest of 21 |
| 6-month return | -3.0% | -0.5% | 10th lowest of 21 |
| Distance from 52-week high | -12.3% | -18.0% | 8th highest of 21 |
| Revenue growth (TTM) | +4.3% | +5.5% | 11th highest of 21 |
| Operating margin | 39.2% | 15.4% | 4th highest of 21 |
| Forward P/E | 19.2× | 15.5× | 7th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | -3.5% | 5th most demanding of 16 |
| Growth delivered (Del g) | +6.9% | +10.9% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -6.1 pp | -12.4 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +0.5 pp | +0.1 pp | 11th highest of 21 |
| EV / EBITDA | 11.0× | 10.1× | 3rd most expensive of 9 |
| Net debt / EBITDA | 7.0× | 1.5× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% | +18.0% |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Liaoning Port 2880.HK | Hong Kong | $4.53B | -26% | +1% | 21% | n/a | -9.0% | -2.0% |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |