United Integrated Services Co., Ltd. (2404) AI Stock Analysis

United Integrated Services Co., Ltd.

(TWSE:2404)

Select Model

Rating:81.1Outperform

Price Target:TWD 1,024.00▲(3.02% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by excellent financial performance, including strong profitability, very low leverage, and robust cash generation. Attractive valuation provides additional support, while weak technical momentum and the price below all major moving averages are the main detractors.

Positive Factors

Very Low LeverageExtremely low debt relative to equity reduces financial risk and gives United Integrated Services greater flexibility through cyclical downturns. A conservative capital structure can also support continued investment, dividend capacity, and resilience when project activity or customer spending becomes less predictable.

Negative Factors

Cyclical Revenue PatternThe uneven revenue pattern indicates that business activity can vary materially between periods, consistent with project-based engineering and construction work. Such cyclicality makes forward workload and earnings less predictable, potentially creating uneven utilization and limiting the reliability of near-term growth assumptions.

United Integrated Services Co., Ltd. (2404) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 187.00B
Dividend Yield: 4.02%
Average Volume (3M): 1.44M
Price to Earnings (P/E): 15.0
Beta (1Y): 0.93
Revenue Growth: 71.98%
EPS Growth: 76.08%
Country: TW
Employees: 911
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

United Integrated Services Co., Ltd. Business Overview & Revenue Model

Company Description

United Integrated Services Co., Ltd. delivers a wide array of engineering and construction services across Taiwan. The company's expertise includes contracting for water infrastructure, instrumentation control, and heating, ventilation, and air condi...

United Integrated Services Co., Ltd. Financial Statement Overview

Summary

Strong profitability, excellent balance-sheet strength, minimal leverage, and very strong free-cash-flow conversion. Historical revenue and cash-flow volatility limit the score slightly.

Income Statement

91Very Positive

Balance Sheet

96Very Positive

Cash Flow

88Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	86.16B	66.09B	47.42B	68.89B	48.20B	25.61B
Gross Profit	18.28B	13.23B	8.51B	7.49B	6.72B	4.09B
EBITDA	15.99B	11.17B	8.22B	6.20B	5.56B	3.62B
Net Income	12.53B	9.07B	6.19B	4.66B	4.00B	2.77B
Balance Sheet
Total Assets	100.48B	78.82B	46.63B	46.46B	33.47B	23.75B
Cash, Cash Equivalents and Short-Term Investments	64.55B	53.55B	11.86B	19.22B	11.55B	7.63B
Total Debt	186.97M	257.70M	349.42M	3.40B	394.76M	333.94M
Total Liabilities	82.30B	59.96B	31.69B	34.04B	22.86B	13.98B
Stockholders Equity	17.91B	18.62B	14.72B	12.13B	10.41B	9.61B
Cash Flow
Free Cash Flow	28.94B	29.17B	17.50B	4.38B	6.52B	1.61B
Operating Cash Flow	30.25B	29.22B	17.52B	4.39B	6.62B	2.09B
Investing Cash Flow	-9.24B	-5.53B	-8.29B	-6.59B	669.64M	-365.73M
Financing Cash Flow	-5.37B	-5.36B	-7.23B	256.02M	-3.17B	-3.29B

United Integrated Services Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2404 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2404	81Outperform	TWD 180.68B	14.98	―	4.02%	71.98%	76.08%
TW:5434	74Outperform	TWD 97.59B	16.52	―	2.58%	21.35%	55.48%
TW:6139	73Outperform	TWD 142.05B	11.54	―	3.65%	67.60%	136.83%
TW:6691	71Outperform	TWD 75.85B	15.98	―	3.57%	92.72%	86.13%
TW:5536	69Neutral	TWD 89.71B	16.92	―	2.67%	25.59%	38.05%
TW:6196	59Neutral	TWD 92.54B	19.17	―	1.52%	86.15%	58.05%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

TW:2404 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2404	United Integrated Services Co., Ltd.	994.00	198.56	24.96%
TW:5434	Topco Scientific Co., Ltd.	520.00	216.02	71.06%
TW:5536	Acter Group Corporation Limited	748.00	76.55	11.40%
TW:6139	L&K Engineering Co. Ltd.	630.00	226.91	56.29%
TW:6196	Marketech International Corp.	424.50	182.42	75.36%
TW:6691	YANKEY ENGINEERING Co. LTD.	588.00	195.49	49.80%

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 10, 2026

United Integrated Services Co., Ltd. AI Stock Analysis