Ikka Holdings (Cayman) Limited (2250) AI Stock Analysis

Ikka Holdings (Cayman) Limited

(TWSE:2250)

Select Model

Rating:55Neutral

Price Target:TWD 46.00▼(-2.65% Downside)

Action:initiatedcoverage

Date:11/09/26

Ikka Holdings scores in the mid-range, held back primarily by a weak operating trajectory and a pronounced price downtrend. Revenue has been flat for six years and declined in 2025, with margins compressing across the board and net income falling about a third — leaving returns on equity in the single digits. Technicals reinforce the caution: the stock trades below all key moving averages with negative MACD, and while oversold readings could spark a short-term bounce, the broader trend remains negative. Supporting the score are a conservatively financed balance sheet (debt-to-equity of 0.28, equity funding ~59% of assets), reliable free cash flow that exceeds reported earnings, and an attractive 6.73% dividend yield. The P/E of 18.57 is somewhat full given the lack of growth. Overall, this is a defensive, income-oriented holding where low financial risk is offset by stagnant growth and weak price momentum.

Positive Factors

Improving Balance SheetThe substantial decline in debt-to-equity indicates a stronger capital structure and greater resilience than in earlier years. Lower leverage should reduce balance-sheet strain, preserve financing flexibility, and improve the company’s ability to withstand weaker operating conditions over the coming quarters.

Negative Factors

Revenue DeclineFlat multi-year revenue followed by a 3.5% decline in 2025 signals weak top-line momentum and a less supportive demand or pricing environment. Without renewed growth, the company may have fewer opportunities to absorb costs, expand earnings, or improve shareholder returns.

Ikka Holdings (Cayman) Limited (2250) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.69B
Dividend Yield: 6.35%
Average Volume (3M): 64.81K
Price to Earnings (P/E): 27.8
Beta (1Y): 0.96
Revenue Growth: -7.94%
EPS Growth: -57.85%
Country: TW
Employees: 987
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Ikka Holdings (Cayman) Limited Business Overview & Revenue Model

Company Description

IKKA Holdings (Cayman) Limited engages in manufacturing, selling, importing, and exporting of plastic automotive parts and modules in Japan, China, Vietnam, Malaysia, and internationally. The company offers precision plastic injection molded parts fo...

Ikka Holdings (Cayman) Limited Financial Statement Overview

Summary

A mixed profile: the balance sheet is genuinely strong (score 71), with equity more than doubling since 2020 to NT$2.11 billion and debt-to-equity cut to a conservative 0.28, leaving low financial risk. Cash flow is solid (score 65) — free cash flow of NT$269 million comfortably exceeds net income of NT$128 million, indicating high earnings quality — though both operating and free cash flow have fallen for two straight years. The drag is the income statement (score 48): revenue has stagnated near NT$3.6 billion for six years and slipped roughly 7% to NT$3.39 billion in 2025, while gross, operating and net margins all compressed and net income fell about a third. Return on equity of 6.1% points to modest capital efficiency on a growing equity base.

Income Statement

48Neutral

Balance Sheet

71Positive

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	3.24B	3.39B	3.66B	3.65B	3.62B	3.66B
Gross Profit	530.08M	576.26M	721.89M	670.24M	607.07M	659.51M
EBITDA	297.08M	345.64M	470.82M	398.36M	382.50M	484.59M
Net Income	83.80M	128.13M	191.67M	119.16M	97.77M	150.97M
Balance Sheet
Total Assets	3.63B	3.57B	3.84B	3.66B	3.52B	3.20B
Cash, Cash Equivalents and Short-Term Investments	1.44B	1.42B	1.44B	1.06B	769.92M	865.87M
Total Debt	641.88M	580.31M	772.32M	924.87M	729.19M	723.79M
Total Liabilities	1.62B	1.46B	1.78B	1.99B	1.88B	1.73B
Stockholders Equity	2.02B	2.11B	2.06B	1.67B	1.65B	1.47B
Cash Flow
Free Cash Flow	234.01M	269.07M	349.61M	363.88M	53.19M	-79.60M
Operating Cash Flow	302.57M	345.54M	506.44M	437.26M	201.44M	71.35M
Investing Cash Flow	-56.27M	-54.70M	-165.01M	-17.06M	-270.77M	-152.31M
Financing Cash Flow	-302.81M	-258.93M	11.25M	-101.47M	-185.48M	104.25M

Ikka Holdings (Cayman) Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2250 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4581	62Neutral	TWD 1.61B	11.69	―	6.32%	8.55%	-19.58%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2250	55Neutral	TWD 1.72B	27.79	―	6.35%	-7.94%	-57.85%
TW:3607	47Neutral	TWD 1.46B	26.28	―	6.53%	-13.01%	―
TW:5014	40Underperform	TWD 1.67B	-12.21	―	5.49%	8.02%	14.29%
TW:1587	39Underperform	TWD 1.60B	90.68	―	2.51%	13.58%	-152.92%

* General Sector Average

Performance Comparison

TW:2250 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2250	Ikka Holdings (Cayman) Limited	47.25	-29.47	-38.41%
TW:1587	Cryomax Cooling System Corp.	19.95	-22.30	-52.78%
TW:2249	Young Shine Electric Co., Ltd.	62.50	-10.19	-14.02%
TW:3607	Coxon Precise Industrial Co., Ltd Class A	12.25	0.44	3.73%
TW:4581	World Known MFG (Cayman) Limited	47.50	-3.17	-6.25%
TW:5014	Chain Chon Industrial Co., Ltd.	9.11	-0.86	-8.64%

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

Ikka Holdings (Cayman) Limited AI Stock Analysis