Unitech Printed Circuit Board Corp. (2367) AI Stock Analysis

Unitech Printed Circuit Board Corp.

(TWSE:2367)

Select Model

Rating:44Neutral

Price Target:TWD 32.00▼(-14.44% Downside)

Action:initiatedcoverage

Date:11/09/26

Unitech scores in the low range, driven primarily by deteriorating fundamentals: fiscal 2025 revenue fell about 12%, operating margin collapsed to 2.8% from 10.0%, net income dropped roughly 70%, and ROE fell to 3.8%, extending a highly cyclical track record with three loss years in six. Aggressive capex of NT$2.29 billion pushed free cash flow negative despite healthy NT$1.93 billion operating cash flow. Compounding this, the technical picture is firmly bearish, with the price well below all key moving averages and a deeply negative MACD, though oversold RSI and Stochastic readings hint at scope for a near-term bounce. Valuation provides no offset given the negative P/E and a token 0.61% dividend yield. The main mitigating strength is a steadily improving balance sheet, where equity funds about half of assets and debt-to-equity has fallen to 0.56, giving the company room to absorb a prolonged downcycle while awaiting a margin recovery from its current investment phase.

Positive Factors

Broad PCB ApplicationsServing multiple electronics end markets gives Unitech a broader demand base than reliance on one application would provide. Its range from rigid boards to higher-density interconnect and multilayer products also supports relevance across varied customer designs and device categories.

Negative Factors

Uneven Revenue DemandRepeated revenue declines after strong rebound years demonstrate meaningful cyclicality and uneven end-market demand. This makes the revenue base less predictable, complicates capacity and investment planning, and can reduce operating leverage when sales weaken across the company’s served applications.

Unitech Printed Circuit Board Corp. (2367) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 27.76B
Dividend Yield: 0.53%
Average Volume (3M): 6.41M
Price to Earnings (P/E): -57.5
Beta (1Y): 1.09
Revenue Growth: -4.29%
EPS Growth: -159.23%
Country: TW
Employees: 5,034
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Unitech Printed Circuit Board Corp. Business Overview & Revenue Model

Company Description

Unitech Printed Circuit Board Corp. is a Taiwanese enterprise specializing in the manufacturing and sale of advanced printed circuit boards (PCBs). The company's diverse product line encompasses multilayer, high-density interconnection (HDI), and rig...

Unitech Printed Circuit Board Corp. Financial Statement Overview

Summary

Financials are mixed and currently trending the wrong way. The income statement (38) is the weak link: fiscal 2025 revenue fell about 12% to NT$16.25 billion, gross margin narrowed to 14.9% from 19.3%, operating margin collapsed to 2.8% from 10.0%, and net income dropped roughly 70% to NT$484 million — against a six-year record that includes three loss years. The balance sheet (58) is the strongest pillar, with equity funding about 52% of assets and debt-to-equity improved to 0.56 from 0.98 in 2021, though ROE slipped to 3.8%. Cash flow (48) shows solid operating cash of NT$1.93 billion (about 4x net income), but capex of NT$2.29 billion pushed free cash flow to negative NT$357 million, continuing a pattern of inconsistent self-funding.

Income Statement

38Negative

Balance Sheet

58Neutral

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.61B	16.25B	18.53B	14.96B	17.42B	13.50B
Gross Profit	1.20B	2.41B	3.58B	1.24B	2.18B	-235.44M
EBITDA	810.59M	1.92B	3.38B	1.50B	2.18B	1.66B
Net Income	-458.83M	484.45M	1.59B	-344.24M	413.33M	-242.12M
Balance Sheet
Total Assets	28.03B	24.80B	23.34B	21.43B	23.39B	23.06B
Cash, Cash Equivalents and Short-Term Investments	648.29M	929.13M	1.12B	886.94M	851.37M	675.66M
Total Debt	8.95B	7.15B	6.43B	8.09B	8.65B	9.30B
Total Liabilities	15.71B	11.94B	10.66B	11.61B	12.67B	13.57B
Stockholders Equity	12.32B	12.86B	12.68B	9.82B	10.72B	9.49B
Cash Flow
Free Cash Flow	-3.20B	-357.03M	765.23M	126.54M	195.66M	-1.34B
Operating Cash Flow	120.01M	1.93B	2.72B	1.29B	1.07B	-455.29M
Investing Cash Flow	-3.29B	-2.21B	-1.95B	-396.14M	-913.55M	-746.91M
Financing Cash Flow	2.67B	153.03M	-634.33M	-742.75M	-108.73M	774.58M

Unitech Printed Circuit Board Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2367 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2328	61Neutral	TWD 24.34B	1.21	―	1.92%	-13.85%	-78.67%
TW:2329	56Neutral	TWD 24.47B	14.80	―	2.68%	10.61%	51.02%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2316	48Neutral	TWD 20.86B	8.04	―	1.74%	33.96%	31.36%
TW:2367	44Neutral	TWD 26.41B	-57.54	―	0.53%	-4.29%	-159.23%
TW:3715	40Underperform	TWD 33.75B	-105.26	―	0.91%	42.69%	-137.96%
TW:6269	38Underperform	TWD 24.68B	-12.02	―	―	0.61%	3.29%

* General Sector Average

Performance Comparison

TW:2367 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2367	Unitech Printed Circuit Board Corp.	37.40	11.54	44.65%
TW:2316	WUS Printed Circuit Co. Ltd.	115.00	16.06	16.23%
TW:2328	Pan-International Industrial Corp.	46.95	-3.01	-6.02%
TW:2329	Orient Semiconductor Electronics, Limited	37.30	-14.60	-28.13%
TW:3715	Dynamic Holding Co Ltd	119.00	-10.46	-8.08%
TW:6269	Flexium Interconnect, Inc.	78.60	24.90	46.37%

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

Unitech Printed Circuit Board Corp. AI Stock Analysis