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Pan Jit International Inc. (2481) AI Stock Analysis

TW:2481

Pan Jit International Inc.

(TWSE:2481)

Select Model
Rating:56Neutral
Price Target:TWD 111.00â–¼(-9.39% Downside)
Action:initiatedcoverage
Date:11/09/26

Pan Jit scores in the middle of the range. The strongest support comes from its financial profile: cash generation has improved sharply, free cash flow nearly tripled, leverage continues to fall and gross margins are at a multi-year best as the business emerges from a cyclical trough. However, the stock's technical picture is a significant drag, with the share price trading well below all major moving averages and momentum indicators deeply negative. Valuation adds further caution, as a P/E near 31 is high for a cyclical chipmaker still earning only 8.1% on equity, with a modest 1.67% dividend yield. Improving fundamentals are therefore being offset by a weak price trend and a demanding multiple.

Positive Factors
Revenue RecoveryThe return to revenue growth in 2025 indicates that demand and commercial execution improved after several weaker years. If sustained, renewed top-line expansion can support operating leverage, strengthen the company’s market position, and provide a foundation for further earnings growth.
Negative Factors
Cyclical Earnings PatternThe multi-year pattern shows that revenue, margins, and profits remain cyclical and uneven rather than consistently compounding. Such variability can make future earnings less predictable, complicate capacity and investment planning, and leave results exposed to renewed weakness in semiconductor demand.

Pan Jit International Inc. (2481) vs. SPDR S&P 500 ETF (SPY)

-50%0%50%100%150%200%TW:2481+52.13%SPY+12.79%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 44.80B
Dividend Yield
1.47%
Average Volume (3M)
26.56M
Price to Earnings (P/E)
26.2
Beta (1Y)
1.36
Revenue Growth
18.24%
EPS Growth
72.28%
Country
TW
Employees
20,637
Sector
General
Sector Strength
55
Industry
Semiconductors

Pan Jit International Inc. Business Overview & Revenue Model

Company Description

PANJIT International Inc. manufactures, processes, assembles, imports, and exports semiconductors in Taiwan, Asia, the Americas, Europe, and internationally. It manufactures and sells wafers, power components, and control modules. The company also en...

Pan Jit International Inc. Financial Statement Overview

Summary

Solid and improving fundamentals. Revenue returned to growth (+4% to NT$13.1bn) after three years of decline, gross margin expanded to a multi-year high of 31.3% and net income rose ~30% to NT$1.19bn. Cash flow is the clear strength (score 76): operating cash flow more than doubled to NT$2.71bn and free cash flow jumped to NT$2.30bn, funding steady deleveraging (debt-to-equity down to 0.65x from 1.03x in 2020). Offsetting this, the income statement (63) and balance sheet (64) show operating margin slipping to 8.5% and ROE of just 8.1%, both well below the 2021–2022 peak, with part of the earnings gain coming from non-operating items and free cash flow flattered by reduced capex.

Income Statement

63Positive

Balance Sheet

64Positive

Cash Flow

76Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue14.00B13.09B12.54B12.71B13.23B13.86B
Gross Profit4.55B4.09B3.60B3.21B4.00B4.40B
EBITDA1.94B2.12B2.36B2.27B3.00B3.28B
Net Income1.44B1.19B918.52M820.78M1.76B1.93B
Balance Sheet
Total Assets31.48B29.52B28.74B28.68B29.17B26.65B
Cash, Cash Equivalents and Short-Term Investments6.12B8.41B6.91B6.40B6.03B6.66B
Total Debt10.47B9.59B9.85B10.51B10.26B8.96B
Total Liabilities15.03B13.39B13.22B14.05B14.26B13.54B
Stockholders Equity15.06B14.67B14.12B13.25B13.62B12.90B
Cash Flow
Free Cash Flow641.84M2.30B786.81M985.34M-194.63M-1.59B
Operating Cash Flow1.19B2.71B1.31B2.05B1.78B1.04B
Investing Cash Flow-945.13M-735.41M-1.02B-749.55M-2.18B-4.26B
Financing Cash Flow-275.05M-839.98M-1.26B-1.25B-210.05M4.78B

Pan Jit International Inc. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:2481 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:2428TW:242869NeutralTWD 24.85B13.78―3.04%19.78%25.02%
TW:2441TW:244168NeutralTWD 61.72B16.59―2.77%24.12%55.55%
TW:6271TW:627168NeutralTWD 42.48B20.55―1.47%4.90%41.69%
TW:2481TW:248156NeutralTWD 46.72B26.23―1.47%18.24%72.28%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:2466TW:246653NeutralTWD 62.62B229.95――-18.81%―
TW:3016TW:301644NeutralTWD 34.46B62.18―0.42%29.78%22824.42%

* General Sector Average

Performance Comparison

0%200%400%600%TW:2481TW:2428TW:2441TW:2466TW:3016TW:6271Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:2481 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:2481Pan Jit International Inc.122.5039.9148.33%
TW:2428Thinking Electronic Industrial Co., Ltd.194.006.503.46%
TW:2441Greatek Electronics, Inc.108.5033.9545.54%
TW:2466Cosmo Electronics Corporation361.00309.50600.97%
TW:3016Episil-Precision, Inc.117.5065.19124.61%
TW:6271Tong Hsing Electronic Industries ,Ltd.203.5077.1061.00%
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