International Carbide Technology Co. Ltd. (4754) AI Stock Analysis

International Carbide Technology Co. Ltd.

(TPEx:4754)

Select Model

Rating:71Outperform

Price Target:TWD 40.00▲(6.52% Upside)

Action:initiatedcoverage

Date:11/09/26

The score is anchored by healthy financials: rising margins, a five-year-high profit, low leverage at 0.37x equity and strong free cash flow of NT$121 million. An inexpensive 11.2x P/E and a well-covered 6.4% dividend yield add further support, with a near-zero beta making the shares defensive. These positives are partly offset by a weak technical picture, with the price below all major moving averages and negative MACD momentum, though the oversold RSI suggests downside may be stretched. The main fundamental risk is the stalled top line, as revenue has declined for two straight years, leaving earnings growth reliant on continued margin expansion.

Positive Factors

Strong ProfitabilityImproving gross, operating, and net margins show that the company is converting revenue into earnings efficiently. Higher net income despite limited top-line growth indicates durable execution through pricing, mix, or cost control, supporting profitability over the next several quarters.

Negative Factors

Soft Revenue TrendA declining or stagnant revenue base limits operating leverage and makes future earnings growth more dependent on further margin improvement. If weak demand persists, the company may have less room to expand profits, invest in growth, or offset competitive and industry pressures.

International Carbide Technology Co. Ltd. (4754) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.16B
Dividend Yield: 6.13%
Average Volume (3M): 31.61K
Price to Earnings (P/E): 12.0
Beta (1Y): 0.09
Revenue Growth: 0.78%
EPS Growth: 22.85%
Country: TW
Employees: 196
Sector: General
Sector Strength: 55
Industry: Chemicals

International Carbide Technology Co. Ltd. Business Overview & Revenue Model

Company Description

International Carbide Technology Co., Ltd. engages in the manufacture of fire safety equipment. Its products include fire barrier silicone sealant, fire barrier caulk, moldable firestop putty, firestop putty, intumescent strip and cramping collars, f...

International Carbide Technology Co. Ltd. Financial Statement Overview

Summary

International Carbide Technology shows solid fundamentals: margins have expanded consistently (gross margin from 37.7% to 45.8%, net margin to 14.0%), lifting net income to a five-year high of NT$87 million despite flat sales. The balance sheet is conservative, with equity rising every year to NT$536 million and debt at just 0.37x equity, while ROE has improved to 16.2%. Cash flow is a standout, with NT$131 million in operating cash flow and NT$121 million of free cash flow, representing high-quality conversion from earnings. The key drag is the stalled top line, with revenue down for two consecutive years to NT$623 million, leaving future profit growth dependent on further margin gains in a cyclical end market.

Income Statement

73Positive

Balance Sheet

77Positive

Cash Flow

76Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	623.50M	622.80M	643.95M	631.73M	477.01M	536.87M
Gross Profit	300.01M	285.28M	237.34M	279.71M	185.76M	212.96M
EBITDA	132.03M	125.64M	99.68M	117.35M	86.29M	89.03M
Net Income	97.92M	87.02M	68.17M	79.59M	57.23M	59.97M
Balance Sheet
Total Assets	1.06B	908.75M	812.18M	832.80M	738.80M	717.77M
Cash, Cash Equivalents and Short-Term Investments	381.70M	292.96M	155.83M	195.39M	136.74M	127.17M
Total Debt	243.45M	199.21M	182.91M	161.27M	190.71M	198.30M
Total Liabilities	523.34M	373.20M	331.38M	323.48M	303.02M	317.56M
Stockholders Equity	535.31M	535.55M	480.80M	509.33M	435.78M	400.21M
Cash Flow
Free Cash Flow	114.92M	120.73M	72.14M	112.94M	36.35M	-13.94M
Operating Cash Flow	122.18M	131.32M	78.93M	129.56M	40.13M	-7.90M
Investing Cash Flow	-185.14M	-136.80M	-6.80M	-115.71M	-363.00K	2.20M
Financing Cash Flow	24.82M	-24.77M	-51.59M	-75.72M	-33.80M	-30.06M

International Carbide Technology Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4754 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4754	71Outperform	TWD 1.14B	12.04	―	6.13%	0.78%	22.85%
TW:6730	68Neutral	TWD 1.17B	8.07	―	4.64%	―	―
TW:2235	64Neutral	TWD 1.02B	21.04	―	5.28%	-7.77%	4.84%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2063	53Neutral	TWD 1.16B	12.13	―	2.27%	-11.29%	-12.54%
TW:4528	45Neutral	TWD 1.18B	-20.70	―	1.42%	-3.33%	-515.57%
TW:1591	40Underperform	TWD 1.22B	-25.50	―	―	107.83%	-35.87%

* General Sector Average

Performance Comparison

TW:4754 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4754	International Carbide Technology Co. Ltd.	37.55	0.41	1.09%
TW:1591	Inmax Holding Co., Ltd.	32.50	-19.60	-37.62%
TW:2063	Sheh Kai Precision Co., Ltd.	22.00	-0.75	-3.30%
TW:2235	I Yuan Precision Industrial Co. Ltd.	28.40	-3.81	-11.83%
TW:4528	Chian Hsing Forging Industrial Co., Ltd.	14.05	-2.90	-17.11%
TW:6730	Lagis Enterprise Co., Ltd.	32.30	-9.06	-21.90%

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

International Carbide Technology Co. Ltd. AI Stock Analysis