Who are Taiwan Cogeneration's main competitors?

Named competitors: Taiwan Power Company (private or unlisted), Formosa Plastics Group power units (private or unlisted). The cockpit's measured peer set (industry) also includes Zhejiang Communications Technology (002061.SZ), Kumagai Gumi (1861.T), Lloyds Engineering Works (LLOYDSENGG.NS), Shenzhen Urban Transport Technology (301091.SZ), Nippon Densetsu Kogyo (1950.T), CTCI (9933.TW).

Is Taiwan Cogeneration expensive compared with its peers?

On ev / sales it trades at 2.1× against a peer median of 1.3×, 8th most expensive of 21 in its peer set.

How has Taiwan Cogeneration stock performed?

Over six months to 6 Nov 2026 the shares returned +9.2% against -15.7% for the median peer; over one year +6.5%.

← CockpitCompetitor Analysis › 8926.TW Taiwan Cogeneration CorporationOpen in the cockpit ↗

Taiwan Cogeneration Corporation8926.TWCompetitor analysis, valuation and peers

Taiwan · TWD·Industrials›Engineering & Construction

Taiwanese operator of cogeneration (combined heat and power) plants, supplying steam and electricity mainly to industrial parks.

≈ A regional combined-heat-and-power utility operatorMomentum neutral 59

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.30B

US dollars, full cap

Free float

64%

of shares outstanding

$/day

$4.09M

20-day average traded

Fwd P/E

n/m

no positive forecast

ROIC−WACC

-1.3 pp

WACC 5.0%

Hurdle

n/a

no reverse DCF

Close · TWDNT$51.90

1D-2.3%

1W-8.1%

1M-12.2%

3M-17.1%

6M+9.2%

YTD+30.9%

1Y+6.5%

ATR %2.8%

52w lowhigh38.4% off high

What Taiwan Cogeneration does

Taiwanese operator of cogeneration (combined heat and power) plants, supplying steam and electricity mainly to industrial parks.

In one line: A regional combined-heat-and-power utility operator.

Products and services

Steam supply
Electricity generation

Customers

Industrial park tenants (petrochemical plants)
Taipower (grid)

Where it sits in the supply chain

Utilities/Industrials
Power generation
Cogeneration (steam & electricity)

What could go right

Industrial energy demand, natural gas cogeneration expansion

What could go wrong

Natural gas fuel-cost swings
Regulatory tariff changes

Moat: narrow (regulatory licence, installed base). Licensed cogeneration operator with long-term supply contracts to industrial park tenants.

Headquarters: Taiwan

Named competitors

Taiwan Power Company private or unlisted
Formosa Plastics Group power units private or unlisted

Taiwan Cogeneration at a glance

Size Taiwan Cogeneration (8926.TW) is a Taiwan Industrials company (Engineering & Construction) with a market value of $1.30B, the 222nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$51.90 on 6 Nov 2026.

Performance Over six months the shares gained 9.2%, against -15.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 21 in its peer set.

Growth Revenue grew 324.3% over the last twelve months (peer median +3.9%); the operating margin is 7.8% (peer median 6.3%).

Valuation It trades at 2.1× enterprise value to sales against a peer median of 1.3× (8th most expensive of 21).

Capital Return on invested capital runs 1.3 points below its cost of capital (5.0% WACC).

Relative performance

Six months, rebased to 100: Taiwan Cogeneration against the median of its 20 peers (local-currency closes).

Taiwan Cogeneration financials

Reported figures in TWD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	NT$38.2B	NT$7.64B	NT$9.16B	NT$5.26B	NT$4.68B
Revenue growth	—	-17%	+74%	+12%	—
Gross profit	NT$3.67B	NT$1.00B	NT$699M	NT$420M	NT$553M
EBITDA	NT$3.72B	NT$1.06B	NT$893M	NT$397M	NT$608M
Net income	NT$3.02B	NT$1.79B	NT$1.35B	NT$1.25B	NT$907M
Free cash flow	-NT$214M	NT$2.24B	NT$902M	-NT$1.11B	NT$1.24B
Capital expenditure	NT$1.06B	NT$775M	NT$372M	NT$1.02B	NT$656M
Total debt	NT$33.1B	NT$8.95B	NT$5.56B	NT$5.79B	NT$8.12B

Quarterly statements and history in the cockpit →

Taiwan Cogeneration competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Taiwan Cogeneration is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Taiwan Cogeneration is the large dot.

Taiwan Cogeneration competitors and peer comparison

How Taiwan Cogeneration compares with its peers

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.

Taiwan Cogeneration against its 20 peers (data as of 6 Nov 2026)
Measure	8926.TW	Peer median	Rank in peer set
1-month return	-12.2%	-4.6%	4th lowest of 21
6-month return	+9.2%	-15.7%	4th highest of 21
Distance from 52-week high	-38.4%	-33.5%	9th lowest of 21
Revenue growth (TTM)	+324.3%	+3.9%	highest of 21
Operating margin	7.8%	6.3%	10th highest of 21
EV / Sales	2.1×	1.3×	8th most expensive of 21
ROIC minus cost of capital	-1.3 pp	-1.7 pp	10th highest of 20
EV / EBITDA	21.2×	10.6×	4th most expensive of 9
Net debt / EBITDA	6.7×	-0.2×	3rd most indebted of 10

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	EV / Sales	Req g	Delivered g
Taiwan Cogeneration 8926.TW	Taiwan	$1.30B	+9%	+324%	8%	2.1×	n/a	n/a
Zhejiang Communications Technology 002061.SZ	China	$1.30B	-15%	-12%	3%	0.4×	-6.5%	+4.8%
Kumagai Gumi 1861.T	Japan	$1.30B	-20%	-4%	6%	0.4×	-9.2%	+1.6%
Lloyds Engineering Works LLOYDSENGG.NS	India	$1.29B	+36%	+83%	11%	6.9×	n/a	n/a
Shenzhen Urban Transport Technology 301091.SZ	China	$1.29B	-23%	+17%	2%	5.8×	n/a	n/a
Nippon Densetsu Kogyo 1950.T	Japan	$1.29B	-30%	+10%	12%	0.9×	-0.1%	+3.2%
CTCI 9933.TW	Taiwan	$1.29B	+22%	-22%	9%	0.3×	n/a	n/a
VA Tech Wabag WABAG.NS	India	$1.32B	+33%	+20%	11%	3.0×	34.6%	+6.8%
Farglory Land Development 5522.TW	Taiwan	$1.34B	-18%	+164%	26%	1.9×	-13.6%	+3.0%
JiShi Media 601929.SS	China	$1.25B	-18%	-2%	-24%	6.7×	n/a	n/a
Kepco Kps 051600.KS	South Korea	$1.37B	-34%	+6%	9%	1.0×	-6.1%	+3.9%
Lendlease LLC.AX	Australia	$1.23B	-16%	-30%	0%	1.1×	n/a	n/a
Xinjiang Communications Construction 002941.SZ	China	$1.22B	-20%	+23%	5%	1.5×	n/a	n/a
Tianjin Capital Environmental Protection 1065.HK	Hong Kong	$1.22B	-13%	+2%	29%	3.1×	-16.4%	+6.5%
Beijing Gehua CATV Network 600037.SS	China	$1.40B	-16%	+24%	-5%	1.1×	n/a	n/a
Zhejiang Construction Investment 002761.SZ	China	$1.42B	-14%	-12%	0%	0.3×	13.0%	+0.4%
Jiangxi Ganyue Expressway 600269.SS	China	$1.44B	-7%	+3%	28%	3.0×	-11.6%	+4.4%
GenusPlus GNP.AX	Australia	$1.18B	-12%	+71%	6%	1.0×	6.2%	+32.1%
Shaanxi Construction Engineering 600248.SS	China	$1.45B	-25%	-25%	0%	0.7×	n/a	n/a
Hongrun Construction 002062.SZ	China	$1.45B	-11%	-12%	7%	1.8×	5.6%	-12.6%
EPIC Suisse EPIC.SW	Switzerland	$1.17B	+2%	+4%	78%	21.7×	7.1%	+4.3%

Questions

Who are Taiwan Cogeneration's main competitors?: Named competitors: Taiwan Power Company (private or unlisted), Formosa Plastics Group power units (private or unlisted). The cockpit's measured peer set (industry) also includes Zhejiang Communications Technology (002061.SZ), Kumagai Gumi (1861.T), Lloyds Engineering Works (LLOYDSENGG.NS), Shenzhen Urban Transport Technology (301091.SZ), Nippon Densetsu Kogyo (1950.T), CTCI (9933.TW).
Is Taiwan Cogeneration expensive compared with its peers?: On ev / sales it trades at 2.1× against a peer median of 1.3×, 8th most expensive of 21 in its peer set.
How has Taiwan Cogeneration stock performed?: Over six months to 6 Nov 2026 the shares returned +9.2% against -15.7% for the median peer; over one year +6.5%.