Skardin Industrial Corporation (3466) AI Stock Analysis

Skardin Industrial Corporation

(TPEx:3466)

Select Model

Rating:43Neutral

Price Target:TWD 26.00▼(-12.75% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is weighed down primarily by severe deterioration in the operating business: revenue has fallen more than 90% since 2022, gross margin is negative, and losses have persisted in five of the last six years, leaving no visible path to breakeven. A very strong, lowly-leveraged balance sheet (debt-to-equity of 0.14, equity rebuilt to NT$1.45bn) and a return to positive operating and free cash flow provide an important cushion, but the equity rebuild appears financing-driven and the cash inflow largely reflects a shrinking asset base. Valuation adds no support given negative earnings and no dividend, while technicals are neutral at best — short-term stabilisation above the 50-day average is set against a price still well below its 200-day trend. Overall, this is a high-risk turnaround candidate where balance-sheet strength is the main thing supporting the story.

Positive Factors

Positive 2025 Cash FlowThe return to positive operating and free cash flow in 2025 is a meaningful stabilization signal. If maintained, internally generated cash could reduce funding pressure, support ongoing operations, and provide greater flexibility for investment or balance-sheet management.

Negative Factors

Sharp Revenue DeclineA shrinking revenue base directly weakens the company’s ability to cover fixed costs and sustain investment. The steep 2025 decline suggests that rebuilding scale will be a central challenge, limiting operating leverage and making a durable recovery in earnings more difficult.

Skardin Industrial Corporation (3466) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.20B
Dividend Yield: ―
Average Volume (3M): 256.77K
Price to Earnings (P/E): -34.5
Beta (1Y): 0.98
Revenue Growth: 56.00%
EPS Growth: 9.29%
Country: TW
Employees: 140
Sector: General
Sector Strength: 55
Industry: Communication Equipment

Skardin Industrial Corporation Business Overview & Revenue Model

Company Description

Skardin Industrial Corp is a Taiwan-based company principally engaged in the manufacturing and sales of digital set-top box products and components. The company provides a wide array of solutions for the set-top box and broadband industries, distribu...

Skardin Industrial Corporation Financial Statement Overview

Summary

Skardin is a distressed-turnaround story. Revenue has collapsed over 90% from its 2022 peak (NT$1.17bn to NT$77m), gross margin has turned deeply negative (-38%), and the company has posted operating losses in five of the past six years, with the latest net margin at -107% (Income Statement score 7). The balance sheet is the clear offset: equity more than doubled to NT$1.45bn, debt was cut to NT$199m and debt-to-equity sits at a conservative 0.14, funding roughly 82% of assets (Balance Sheet score 46). Cash flow swung positive in the latest year (operating NT$81m, free cash flow NT$53m), but this largely reflects working capital release as the business shrinks rather than earnings-driven generation, and the multi-year record remains volatile (Cash Flow score 41). The capital cushion buys time, but at current sales levels and negative gross margins the operating model is not yet viable.

Income Statement

7Very Negative

Balance Sheet

46Neutral

Cash Flow

41Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	175.88M	76.70M	278.73M	781.75M	1.17B	1.04B
Gross Profit	14.71M	-29.11M	30.29M	198.98M	246.72M	209.49M
EBITDA	-43.33M	-31.67M	-105.07M	-143.83M	37.28M	-53.57M
Net Income	-66.83M	-81.78M	-157.54M	-184.23M	4.22M	-79.57M
Balance Sheet
Total Assets	1.80B	1.78B	1.31B	1.64B	1.83B	1.52B
Cash, Cash Equivalents and Short-Term Investments	1.09B	1.24B	536.05M	386.94M	524.01M	658.76M
Total Debt	269.19M	199.25M	470.77M	513.45M	257.98M	112.59M
Total Liabilities	384.69M	328.06M	602.74M	784.11M	790.97M	501.11M
Stockholders Equity	1.41B	1.45B	708.15M	852.32M	1.04B	1.02B
Cash Flow
Free Cash Flow	-39.69M	52.60M	-100.85M	-50.87M	-169.39M	109.29M
Operating Cash Flow	22.40M	81.14M	-43.20M	-19.20M	-160.60M	111.31M
Investing Cash Flow	76.57M	12.88M	-140.17M	-128.04M	-99.56M	-1.86M
Financing Cash Flow	-76.21M	533.00M	63.10M	168.74M	41.90M	-59.47M

Skardin Industrial Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3466 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4535	58Neutral	TWD 1.96B	22.41	―	3.09%	-11.46%	-28.88%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2065	53Neutral	TWD 2.15B	9.26	―	4.42%	8.17%	259.31%
TW:2066	49Neutral	TWD 2.08B	13.04	―	4.51%	-2.41%	82.10%
TW:1586	45Neutral	TWD 2.19B	45.26	―	1.63%	4.79%	―
TW:3466	43Neutral	TWD 2.32B	-34.46	―	―	56.00%	9.29%
TW:2239	40Underperform	TWD 2.09B	-1.93	―	―	-10.18%	-223.51%

* General Sector Average

Performance Comparison

TW:3466 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3466	Skardin Industrial Corporation	29.80	-11.70	-28.19%
TW:1586	China Fineblanking Technology Co., Ltd.	17.80	-9.44	-34.65%
TW:2065	Sheh Fung Screws Co., Ltd.	33.90	6.27	22.70%
TW:2066	Sumeeko Industries Co., Ltd.	47.65	-2.23	-4.47%
TW:2239	Cayman Engley Industrial Co., Ltd.	17.75	-11.60	-39.52%
TW:4535	Fine Blanking & Tool Co., Ltd.	25.85	-1.52	-5.56%

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

Skardin Industrial Corporation AI Stock Analysis