Inmax Holding Co., Ltd. (1591) AI Stock Analysis

Inmax Holding Co., Ltd.

(TPEx:1591)

Select Model

Rating:40Underperform

Price Target:TWD 28.00▼(-14.63% Downside)

Action:initiatedcoverage

Date:11/09/26

Inmax Holding scores poorly, driven primarily by a broken earnings and cash engine: negative gross margins, a NT$104.1M net loss on just NT$121.1M of sales, and accelerating cash burn with free cash flow of -NT$128.8M. The low-debt balance sheet (debt-to-equity near 0.08) is the main mitigating factor, buying time for a turnaround, but equity is being eroded each year. Technicals reinforce the caution, with the price well below all key moving averages and a negative MACD, though oversold RSI and Stochastic readings leave room for a short-term bounce. Valuation provides no support given negative earnings and no dividend. The investment case depends entirely on management restoring volumes and pricing to return gross margins to positive territory.

Positive Factors

Low LeverageVery low leverage gives Inmax comparatively strong financial flexibility and limits the burden of interest and refinancing obligations. This provides a better base for absorbing operating volatility or funding a recovery than a similarly unprofitable company with substantial debt.

Negative Factors

Severe Profitability DeteriorationThe shift from earlier profitable years to deeply negative margins and operating losses signals a serious deterioration in the economics of the business. Persistent losses can consume the equity base, weaken reinvestment capacity, and make a durable recovery dependent on major operational improvement.

Inmax Holding Co., Ltd. (1591) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.23B
Dividend Yield: ―
Average Volume (3M): 260.73K
Price to Earnings (P/E): -25.5
Beta (1Y): 1.07
Revenue Growth: 107.83%
EPS Growth: -35.87%
Country: TW
Employees: 405
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

Inmax Holding Co., Ltd. Business Overview & Revenue Model

Company Description

Inmax Holding Co., Ltd. manufactures and sells a range of fasteners. It offers pneumatic and industrial nails; coil roofing nails for roofing, asphalt and fiberglass shingles, lathing, insulation board, vinyl siding, fiber cement roofing and siding,...

Inmax Holding Co., Ltd. Financial Statement Overview

Summary

Financials are very weak. Revenue has collapsed and remains erratic (NT$682M in 2022 to NT$121.1M latest), gross margin has turned negative at -13.7%, and the company posted a NT$104.1M net loss (-86% net margin) — a third consecutive loss-making year. Cash flow is the biggest concern: operating cash flow of -NT$120.9M and free cash flow of -NT$128.8M show the losses are real cash outflows, not accounting charges. The one offsetting strength is a conservatively financed balance sheet, with debt-to-equity near 0.08 and NT$481.9M of equity, which provides a cushion — but that cushion is eroding with ROE at -21.6% and debt creeping higher.

Income Statement

12Very Negative

Balance Sheet

58Neutral

Cash Flow

10Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	325.25M	121.09M	214.68M	71.74M	681.96M	572.79M
Gross Profit	86.79M	-16.62M	16.41M	-23.58M	164.83M	118.67M
EBITDA	-66.47M	-100.65M	-19.75M	-35.62M	145.41M	101.06M
Net Income	-49.88M	-104.07M	-44.30M	-49.41M	85.94M	49.77M
Balance Sheet
Total Assets	752.43M	701.80M	555.74M	491.03M	628.08M	632.73M
Cash, Cash Equivalents and Short-Term Investments	85.52M	121.64M	152.84M	75.87M	176.00M	40.57M
Total Debt	139.54M	40.29M	8.14M	33.44M	64.47M	173.69M
Total Liabilities	304.05M	219.88M	61.90M	64.11M	124.74M	221.73M
Stockholders Equity	448.39M	481.93M	493.84M	426.92M	503.34M	411.00M
Cash Flow
Free Cash Flow	-216.90M	-128.81M	643.00K	-50.44M	249.12M	104.14M
Operating Cash Flow	-187.63M	-120.92M	2.03M	-46.34M	251.37M	107.79M
Investing Cash Flow	-36.30M	-9.75M	13.34M	-4.50M	-719.00K	-8.67M
Financing Cash Flow	108.28M	96.66M	46.22M	-41.37M	-104.07M	-101.60M

Inmax Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:1591 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2235	64Neutral	TWD 1.02B	21.44	―	5.18%	-7.77%	4.84%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2063	53Neutral	TWD 1.16B	12.32	―	2.24%	-11.29%	-12.54%
TW:8928	46Neutral	TWD 1.04B	8.19	―	3.89%	-12.55%	122.09%
TW:4528	45Neutral	TWD 1.18B	-20.48	―	1.46%	-3.33%	-515.57%
TW:1591	40Underperform	TWD 1.22B	-25.54	―	―	107.83%	-35.87%
TW:3011	39Underperform	TWD 1.11B	-2.38	―	―	-41.95%	-52.80%

* General Sector Average

Performance Comparison

TW:1591 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:1591	Inmax Holding Co., Ltd.	32.80	-20.60	-38.58%
TW:2063	Sheh Kai Precision Co., Ltd.	22.30	-0.36	-1.59%
TW:2235	I Yuan Precision Industrial Co. Ltd.	28.95	-3.31	-10.25%
TW:3011	Ji-Haw Industrial Co., Ltd.	8.07	-5.38	-40.00%
TW:4528	Chian Hsing Forging Industrial Co., Ltd.	13.70	-3.40	-19.87%
TW:8928	Dynamic Precision Industry Corp.	20.55	-5.69	-21.68%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Inmax Holding Co., Ltd. AI Stock Analysis