ICP Das Co., Ltd. (3577) AI Stock Analysis

ICP Das Co., Ltd.

(TPEx:3577)

Select Model

Rating:68Neutral

Price Target:TWD 91.00▲(8.33% Upside)

Action:initiatedcoverage

Date:11/10/26

The score is supported primarily by strong financial condition and profitability, especially the very conservative balance sheet. However, bearish price trends and negative momentum indicators materially weigh on the score, while valuation is only moderately supportive.

Positive Factors

De-risked Balance SheetThe sharp reduction in debt materially lowers financial risk and interest burden, while negligible leverage gives ICP DAS flexibility to withstand demand fluctuations and fund operations. Equity of about 1.39B against 1.65B of assets also provides a substantial buffer for long-term resilience.

Negative Factors

Declining Free Cash FlowThe decline in free cash flow and weaker conversion from earnings reduce confidence that reported profitability will consistently become available for reinvestment or distributions. Persistent pressure on cash conversion could constrain strategic flexibility even though absolute cash generation remains positive.

ICP Das Co., Ltd. (3577) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 5.37B
Dividend Yield: 2.38%
Average Volume (3M): 292.38K
Price to Earnings (P/E): 16.4
Beta (1Y): 0.78
Revenue Growth: 32.35%
EPS Growth: 164.06%
Country: TW
Employees: 385
Sector: General
Sector Strength: 55
Industry: Communication Equipment

ICP Das Co., Ltd. Business Overview & Revenue Model

Company Description

ICP Das Co., Ltd. is a global provider specializing in the manufacturing and distribution of industrial automation products and comprehensive solutions. Their diverse product portfolio includes a wide array of PC boards, such as data acquisition (DAQ...

ICP Das Co., Ltd. Financial Statement Overview

Summary

Strong financial profile, supported by an exceptionally low debt burden, improved profitability, and positive operating and free cash flow. The main weakness is the material decline in cash flow from 2024.

Income Statement

82Very Positive

Balance Sheet

94Very Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.40B	1.17B	1.07B	1.02B	1.22B	1.04B
Gross Profit	784.10M	629.57M	564.86M	532.89M	720.54M	625.00M
EBITDA	374.12M	243.54M	194.18M	164.69M	343.61M	266.49M
Net Income	278.06M	151.79M	103.78M	82.05M	231.35M	170.63M
Balance Sheet
Total Assets	2.04B	1.65B	1.64B	1.68B	1.68B	1.49B
Cash, Cash Equivalents and Short-Term Investments	292.50M	172.60M	153.43M	91.24M	87.18M	150.74M
Total Debt	1.44M	1.34M	45.19M	195.87M	107.51M	70.42M
Total Liabilities	565.23M	261.84M	308.91M	403.96M	410.98M	373.18M
Stockholders Equity	1.47B	1.39B	1.33B	1.27B	1.27B	1.12B
Cash Flow
Free Cash Flow	225.20M	159.11M	259.85M	22.69M	-1.54M	145.30M
Operating Cash Flow	262.89M	205.54M	287.07M	55.27M	123.36M	154.39M
Investing Cash Flow	-48.32M	-47.46M	-9.29M	-46.01M	-136.19M	-15.10M
Financing Cash Flow	-107.74M	-139.00M	-218.45M	-3.62M	-52.70M	-103.71M

ICP Das Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3577 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:5209	76Outperform	TWD 5.67B	11.38	―	5.94%	4.58%	32.53%
TW:2453	72Outperform	TWD 5.62B	18.32	―	4.84%	5.94%	4.48%
TW:3577	68Neutral	TWD 5.37B	16.44	―	2.38%	32.35%	164.06%
TW:2397	56Neutral	TWD 6.35B	16.95	―	4.31%	16.92%	-16.99%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6215	51Neutral	TWD 6.49B	20.70	―	1.26%	48.31%	106.93%
TW:3062	43Neutral	TWD 6.39B	-9.39	―	―	-1.21%	-212.49%

* General Sector Average

Performance Comparison

TW:3577 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3577	ICP Das Co., Ltd.	84.00	23.92	39.82%
TW:2397	DFI Inc.	56.90	-2.56	-4.30%
TW:2453	Syscom Computer Engineering Co., Ltd.	57.90	5.33	10.14%
TW:3062	CyberTAN Technology, Inc.	18.60	-7.60	-29.01%
TW:5209	CTCI Advanced Systems Inc.	218.00	59.87	37.86%
TW:6215	Aurotek Corporation	79.40	-30.05	-27.45%

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

ICP Das Co., Ltd. AI Stock Analysis