Taiwan Ic Packaging Corporation (3372) AI Stock Analysis

Taiwan Ic Packaging Corporation

(TPEx:3372)

Select Model

Rating:37Underperform

Price Target:TWD 12.00▼(-11.11% Downside)

Action:initiatedcoverage

Date:11/09/26

Taiwan IC Packaging scores at the bottom of the range. The dominant issue is profitability and cash generation: the company has sold below cost for three straight years, losses widened to roughly NT$214 million, and free cash flow burn tripled to about NT$192 million as operating cash flow turned negative. A nearly debt-free balance sheet with equity covering over 80% of assets provides real staying power, and revenue is recovering (+22%) with gross margin improving off the 2024 trough — but equity has still shrunk about 30% since 2021. Technicals reinforce the caution, with the price well below all key moving averages and negative MACD momentum. With negative earnings (P/E -25.1) and no dividend, there is no valuation or income cushion. The investment case depends entirely on whether the revenue recovery can restore positive margins before further losses erode the capital base.

Positive Factors

Very Low LeverageVery low leverage gives Taiwan IC Packaging greater capacity to manage operating volatility than a highly indebted peer. Limited debt obligations can preserve funding flexibility for working capital, investment, or recovery initiatives while reducing refinancing pressure over the medium term.

Negative Factors

Persistent UnprofitabilityRepeated gross losses and three consecutive annual net losses show that revenue has not yet translated into sustainable economic returns. Continued negative margins can consume capital, restrict internal funding, and make any recovery dependent on materially better operating performance.

Taiwan Ic Packaging Corporation (3372) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.12B
Dividend Yield: ―
Average Volume (3M): 434.77K
Price to Earnings (P/E): -56.7
Beta (1Y): 1.17
Revenue Growth: 29.93%
EPS Growth: 64.60%
Country: TW
Employees: 488
Sector: General
Sector Strength: 55
Industry: Semiconductors

Taiwan Ic Packaging Corporation Business Overview & Revenue Model

Company Description

Taiwan IC Packaging Corporation is dedicated to developing advanced integrated circuit (IC) packaging technologies, particularly focusing on optical and ultra-slim designs. Its extensive product catalog features a wide array of IC package types, incl...

Taiwan Ic Packaging Corporation Financial Statement Overview

Summary

Weak overall, anchored only by the balance sheet. The income statement (score 19) shows three consecutive years of negative gross margin (-11.1%), an operating margin of -19.4% and a widening net loss of about NT$214 million, despite revenue recovering roughly 22% to NT$1.10 billion. Cash flow (score 21) deteriorated sharply, with operating cash flow swinging to a NT$85 million outflow and free cash flow burn tripling to roughly NT$192 million — the worst in six years. The balance sheet (score 63) is the offsetting strength: a virtually debt-free structure (debt/equity 0.04) with equity funding over 80% of assets, though equity has eroded about 30% since 2021 and ROE sits at -14.2%. Net result: ample survival runway, but capital is being consumed rather than compounded.

Income Statement

19Very Negative

Balance Sheet

63Positive

Cash Flow

21Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.24B	1.10B	904.16M	861.69M	1.22B	1.94B
Gross Profit	-20.87M	-122.04M	-146.61M	-107.59M	110.45M	513.80M
EBITDA	65.00M	-36.60M	-7.79M	-3.96M	173.23M	553.51M
Net Income	-93.86M	-213.69M	-185.38M	-176.99M	84.13M	411.64M
Balance Sheet
Total Assets	1.85B	1.85B	1.98B	2.13B	2.37B	2.63B
Cash, Cash Equivalents and Short-Term Investments	223.76M	286.72M	473.52M	558.07M	710.81M	617.52M
Total Debt	66.19M	63.99M	66.00M	67.39M	70.35M	82.06M
Total Liabilities	366.35M	343.22M	269.26M	247.41M	243.11M	458.10M
Stockholders Equity	1.48B	1.50B	1.71B	1.88B	2.13B	2.17B
Cash Flow
Free Cash Flow	-124.95M	-191.79M	-82.49M	-63.13M	270.70M	265.74M
Operating Cash Flow	-15.36M	-85.29M	87.00M	89.31M	363.89M	409.45M
Investing Cash Flow	-50.29M	59.90M	-279.29M	-92.49M	-13.30M	-103.58M
Financing Cash Flow	-2.06M	-2.01M	-2.15M	-90.16M	-178.10M	-2.65M

Taiwan Ic Packaging Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3372 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6799	68Neutral	TWD 2.93B	14.43	―	3.55%	5.45%	64.05%
TW:6568	62Neutral	TWD 3.20B	21.54	―	1.82%	14.19%	67.12%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6425	37Underperform	TWD 3.63B	81.33	―	1.27%	12.48%	―
TW:3372	37Underperform	TWD 3.15B	-56.66	―	―	29.93%	64.60%

* General Sector Average

Performance Comparison

TW:3372 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3372	Taiwan Ic Packaging Corporation	13.50	-6.18	-31.40%
TW:6425	Easy Field Corp.	77.70	8.25	11.88%
TW:6568	Rafael Microelectronics, Inc.	110.00	8.89	8.79%
TW:6775	Entire Technology Co Ltd	28.60	-0.73	-2.51%
TW:6799	M3 Technology Inc	70.50	-7.22	-9.29%
TW:6930	Taisic Materials Corp.	34.00	-22.80	-40.14%

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

Taiwan Ic Packaging Corporation AI Stock Analysis