Ingentec Corporation (4768) AI Stock Analysis

Ingentec Corporation

(TPEx:4768)

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Rating:42Neutral

Price Target:TWD 244.00▼(-15.57% Downside)

Action:initiatedcoverage

Date:11/09/26

Ingentec scores low primarily because strong revenue growth is not translating into profit — margins contracted by roughly two-thirds, net income fell 86%, and ROE sits near 1%. A debt-funded capacity build-out has lifted leverage above a 1:1 debt-to-equity ratio and driven free cash flow negative for a fifth year in six, raising financing and execution risk. Technicals compound the picture, with the share price far below all major moving averages and negative MACD confirming a persistent downtrend, even as oversold RSI and Stochastic readings hint at stretched selling. Valuation offers little cushion given negative earnings and a minimal 0.33% dividend yield. A re-rating would require evidence that new capacity restores margins and converts into positive free cash flow.

Positive Factors

Revenue GrowthThe strong 2025 revenue rebound indicates renewed demand for the company’s production equipment and technical solutions. If sustained, higher sales can expand customer reach, improve operating scale, and provide a foundation for rebuilding profitability over the next several quarters.

Negative Factors

Severe Margin CompressionThe sharp decline in gross and net margins shows that revenue growth is currently producing far less profit than before. Persistent margin pressure would reduce earnings resilience, limit reinvestment capacity, and make future results more sensitive to execution and cost conditions.

Ingentec Corporation (4768) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 14.29B
Dividend Yield: 0.29%
Average Volume (3M): 532.49K
Price to Earnings (P/E): -493.4
Beta (1Y): 1.44
Revenue Growth: 118.90%
EPS Growth: -282.44%
Country: TW
Employees: 1,939
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

Ingentec Corporation Business Overview & Revenue Model

Company Description

Ingentec Corp. engages in the manufacture and sale of fine chemicals, special materials and precision equipment. Its products include specialty gas, dry etching foundry service, semiconductor, flat panel display, printed circuit board, photovoltaic,...

Ingentec Corporation Financial Statement Overview

Summary

Revenue growth remains strong (NT$1.23bn, +21% YoY), but profitability has collapsed: gross margin fell from 40.6% to 24.6%, operating margin from 19.7% to 3.1%, and net income dropped 86% to NT$19 million. The balance sheet is increasingly stretched, with debt nearly doubling to NT$1.57bn and debt-to-equity rising to 1.05, while ROE fell to just 1.2%. Operating cash flow held steady at NT$244 million, but heavy capex of roughly NT$567 million left free cash flow deeply negative (-NT$323 million) for a fifth year in six, keeping the company reliant on external funding. Income statement (44), balance sheet (47), and cash flow (41) scores all point to an expansion phase carrying above-average earnings and leverage risk.

Income Statement

44Neutral

Balance Sheet

47Neutral

Cash Flow

41Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.71B	1.23B	1.02B	815.21M	1.09B	700.38M
Gross Profit	322.01M	302.74M	412.73M	357.49M	490.59M	267.78M
EBITDA	101.23M	149.15M	284.47M	223.14M	378.65M	173.54M
Net Income	-30.96M	18.69M	131.23M	108.31M	215.02M	67.76M
Balance Sheet
Total Assets	4.44B	3.81B	2.82B	2.37B	1.78B	1.37B
Cash, Cash Equivalents and Short-Term Investments	814.14M	549.57M	297.85M	391.74M	425.62M	269.44M
Total Debt	1.78B	1.57B	810.56M	411.66M	296.67M	527.47M
Total Liabilities	2.74B	2.10B	945.88M	512.49M	468.23M	639.61M
Stockholders Equity	1.42B	1.50B	1.66B	1.68B	1.15B	612.59M
Cash Flow
Free Cash Flow	-135.93M	-322.86M	-333.11M	-16.51M	73.39M	-194.39M
Operating Cash Flow	435.03M	243.94M	249.26M	239.78M	338.68M	21.72M
Investing Cash Flow	-529.33M	-552.60M	-537.22M	-843.89M	-267.84M	-217.50M
Financing Cash Flow	605.42M	572.58M	247.07M	504.42M	85.91M	325.30M

Ingentec Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4768 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4764	59Neutral	TWD 11.49B	42.72	―	0.76%	17.96%	211.40%
TW:4755	58Neutral	TWD 12.34B	27.45	―	3.05%	-11.09%	37.46%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4707	45Neutral	TWD 11.15B	21.39	―	0.92%	-9.16%	67.21%
TW:4768	42Neutral	TWD 14.22B	-493.44	―	0.29%	118.90%	-282.44%
TW:1710	39Underperform	TWD 13.95B	-20.30	―	―	-13.29%	-157.29%
TW:1727	39Underperform	TWD 11.75B	121.53	―	0.18%	20.16%	962.24%

* General Sector Average

Performance Comparison

TW:4768 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4768	Ingentec Corporation	289.00	64.49	28.72%
TW:1710	Oriental Union Chemical Corp.	16.95	4.20	32.94%
TW:1727	Chung Hwa Chemical Industrial Works Ltd.	84.10	47.51	129.83%
TW:4707	Pan Asia Chemical Corp.	27.30	17.85	188.80%
TW:4755	San Fu Chemical Co., Ltd.	121.50	17.34	16.65%
TW:4764	Double Bond Chemical Ind., Co., Ltd.	131.00	63.18	93.16%

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

Ingentec Corporation AI Stock Analysis