Apex International Co., Ltd. (4927) AI Stock Analysis

Apex International Co., Ltd.

(TWSE:4927)

Select Model

Rating:40Underperform

Price Target:TWD 43.00▼(-27.73% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is 40, driven primarily by severely deteriorating financial performance, including persistent losses, negative cash flow, and rising leverage. Weak technical momentum and an unfavorable negative P/E further weigh on the score.

Positive Factors

Historical ProfitabilityHistorical profitability shows the business has previously converted operations into positive earnings, demonstrating that its model is not inherently loss-making. If operating conditions recover, that record provides a foundation for restoring margins, though it does not remove current execution risk.

Negative Factors

Revenue and Profit DeclineShrinking revenue combined with sustained losses and negative gross profit indicates that the company is facing material pricing, demand, or cost pressure. Persistent deterioration reduces operating leverage, weakens reinvestment capacity, and makes a durable earnings recovery less certain.

Apex International Co., Ltd. (4927) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 15.76B
Dividend Yield: ―
Average Volume (3M): 8.45M
Price to Earnings (P/E): -6.4
Beta (1Y): 1.45
Revenue Growth: 3.80%
EPS Growth: -22.08%
Country: TW
Employees: 3,325
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Apex International Co., Ltd. Business Overview & Revenue Model

Company Description

Apex International Co., Ltd. manufactures, processes, trades, and sells printed circuit boards in Singapore, Thailand, Vietnam, South Korea, Hong Kong, and internationally. The company provides single-sided, double-sided, and multi-layer printed circ...

Apex International Co., Ltd. Financial Statement Overview

Summary

Financial performance is at the minimum score because revenue and profitability continue to deteriorate, gross profit is negative, operating and free cash flow are negative, leverage is rising, and return on equity is deeply negative.

Income Statement

8Very Negative

Balance Sheet

28Negative

Cash Flow

15Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.29B	11.61B	12.46B	12.63B	14.91B	14.80B
Gross Profit	-1.01B	-149.00M	303.80M	1.03B	2.83B	3.12B
EBITDA	-1.10B	-237.86M	-169.57M	816.88M	2.24B	2.35B
Net Income	-2.89B	-2.02B	-1.79B	-796.94M	874.48M	1.38B
Balance Sheet
Total Assets	19.06B	19.54B	19.44B	18.09B	20.02B	19.80B
Cash, Cash Equivalents and Short-Term Investments	521.25M	715.04M	563.07M	665.45M	735.02M	669.66M
Total Debt	9.26B	10.03B	9.33B	8.36B	8.60B	6.75B
Total Liabilities	14.84B	13.65B	12.66B	11.16B	11.99B	12.37B
Stockholders Equity	4.20B	5.87B	6.76B	6.90B	8.00B	7.40B
Cash Flow
Free Cash Flow	-1.56B	-1.17B	-1.81B	591.33M	-659.33M	-2.62B
Operating Cash Flow	-1.03B	-415.57M	-463.43M	2.10B	1.65B	1.13B
Investing Cash Flow	-553.55M	-781.07M	-1.39B	-1.47B	-2.32B	-3.73B
Financing Cash Flow	1.20B	1.22B	1.60B	-744.16M	498.43M	2.82B

Apex International Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:4927 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4771	74Outperform	TWD 10.63B	11.11	―	3.87%	31.09%	33.78%
TW:4908	59Neutral	TWD 13.26B	72.71	―	0.57%	4.39%	9.57%
TW:3135	56Neutral	TWD 11.92B	4.77	―	2.64%	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6209	52Neutral	TWD 13.55B	33.30	―	0.63%	66.86%	―
TW:3545	45Neutral	TWD 10.24B	-9.02	―	1.79%	-20.71%	-280.66%
TW:4927	40Underperform	TWD 14.33B	-6.36	―	―	3.80%	-22.08%

* General Sector Average

Performance Comparison

TW:4927 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:4927	Apex International Co., Ltd.	59.50	35.80	151.05%
TW:3135	Goldkey Technology Corp	123.50	76.76	164.24%
TW:3545	FocalTech Systems Co., Ltd.	45.55	-8.55	-15.81%
TW:4771	Vizionfocus, Inc.	180.00	6.94	4.01%
TW:4908	APAC Opto Electronics Inc.	175.50	99.20	130.03%
TW:6209	Kinko Optical Co. Ltd.	78.50	30.15	62.34%

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

Apex International Co., Ltd. AI Stock Analysis