Pan-International Industrial Corp. (2328) AI Stock Analysis

Pan-International Industrial Corp.

(TWSE:2328)

Select Model

Rating:61Neutral

Price Target:TWD 45.00▼(-4.15% Downside)

Action:initiatedcoverage

Date:11/09/26

Pan-International earns a middling score: a conservative, low-leverage balance sheet and a deeply discounted valuation are weighed against deteriorating operating performance and a decisively negative price trend. Fundamentally, minimal debt and equity funding over 60% of assets provide strong downside protection, but three years without revenue growth, across-the-board margin compression, a 22% drop in net income and a 5.4% return on equity point to weak business momentum, with capital spending keeping free cash flow thin. Technically, the stock sits below all key moving averages with weak momentum readings, signaling little buying support. The offsetting positive is valuation — an exceptionally low P/E plus a 2.1% dividend yield — which cushions the score but is not yet backed by an earnings or momentum catalyst.

Positive Factors

Conservative Balance SheetLow and improving leverage gives Pan-International financial flexibility through changing industry conditions. Rising equity strengthens its capital base, reduces balance-sheet stress, and leaves greater capacity to fund operations or pursue opportunities without relying heavily on additional borrowing.

Negative Factors

Declining Revenue TrendThree consecutive years of revenue contraction point to weakening demand, mix, or competitive conditions rather than a single isolated setback. Without a return to sustained top-line growth, operating scale may erode and the company may have less ability to absorb fixed costs or invest for expansion.

Pan-International Industrial Corp. (2328) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 24.18B
Dividend Yield: 1.92%
Average Volume (3M): 4.34M
Price to Earnings (P/E): 1.2
Beta (1Y): 0.91
Revenue Growth: -13.85%
EPS Growth: -78.67%
Country: TW
Employees: 14,035
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Pan-International Industrial Corp. Business Overview & Revenue Model

Company Description

Established in 1971 and based in New Taipei City, Taiwan, Pan-International Industrial Corp. delivers comprehensive electronic manufacturing services (EMS) to technology firms. The company specializes in end-to-end design and production, offering a d...

Pan-International Industrial Corp. Financial Statement Overview

Summary

A very strong balance sheet (score 79) is offset by soft earnings (income statement 54) and thin cash conversion (cash flow 58). Debt was cut to NT$1.25 billion from NT$2.21 billion, pushing debt-to-equity to just 0.08, with equity funding about 62% of assets — a low-risk, well-capitalized structure. However, revenue has stalled near NT$21.8 billion, roughly 17% below the 2022 peak, with gross, operating and net margins all compressing and net income down about 22% to NT$808 million. Return on equity fell to 5.4% from 10.3% in 2022. Operating cash flow improved to NT$1.07 billion and covers net income about 1.3x, but heavy capital spending leaves free cash flow at only about 2% of revenue and historically erratic.

Income Statement

54Neutral

Balance Sheet

79Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.96B	21.77B	21.82B	25.63B	26.26B	24.23B
Gross Profit	2.10B	2.66B	2.95B	3.18B	3.28B	2.65B
EBITDA	1.32B	2.00B	2.22B	2.53B	2.71B	2.04B
Net Income	223.90M	808.19M	1.04B	1.26B	1.32B	967.23M
Balance Sheet
Total Assets	25.22B	24.06B	24.64B	24.40B	25.40B	24.32B
Cash, Cash Equivalents and Short-Term Investments	6.93B	7.37B	7.71B	7.39B	6.72B	6.25B
Total Debt	1.02B	1.25B	2.21B	1.71B	2.65B	1.26B
Total Liabilities	7.96B	6.80B	8.15B	9.05B	10.64B	10.23B
Stockholders Equity	14.61B	14.91B	14.28B	13.41B	12.90B	12.41B
Cash Flow
Free Cash Flow	337.20M	408.75M	1.38M	3.61B	312.41M	-427.04M
Operating Cash Flow	1.16B	1.07B	973.46M	4.44B	1.27B	197.78M
Investing Cash Flow	-1.54B	-512.97M	-502.29M	-2.03B	-1.01B	-406.34M
Financing Cash Flow	-1.15B	-922.09M	-380.04M	-2.52B	177.06M	-963.44M

Pan-International Industrial Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2328 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4967	69Neutral	TWD 25.40B	2.58	―	3.28%	90.94%	3193.74%
TW:8271	61Neutral	TWD 21.58B	3.07	―	2.67%	181.71%	1352.87%
TW:2328	61Neutral	TWD 24.34B	1.21	―	1.92%	-13.85%	-78.67%
TW:6412	59Neutral	TWD 22.08B	9.26	―	6.72%	-13.69%	-25.90%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3033	53Neutral	TWD 19.77B	7.86	―	5.09%	19.40%	191.59%
TW:6282	49Neutral	TWD 30.18B	28.90	―	2.27%	24.20%	―

* General Sector Average

Performance Comparison

TW:2328 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2328	Pan-International Industrial Corp.	46.95	-3.70	-7.30%
TW:3033	Weikeng Industrial Co., Ltd.	37.70	7.90	26.50%
TW:4967	Team Group Inc.	263.00	119.16	82.84%
TW:6282	AcBel Polytech Inc.	35.25	-3.10	-8.08%
TW:6412	Chicony Power Technology Co., Ltd.	55.10	-32.03	-36.76%
TW:8271	Apacer Technology Inc.	166.50	47.29	39.67%

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

Pan-International Industrial Corp. AI Stock Analysis