Lin Horn Technology Co., Ltd. (5464) AI Stock Analysis

Lin Horn Technology Co., Ltd.

(TPEx:5464)

Select Model

Rating:39Underperform

Price Target:TWD 40.00▼(-14.26% Downside)

Action:initiatedcoverage

Date:11/09/26

Lin Horn Technology scores near the bottom of the range. The dominant factor is weak financial performance: multi-year revenue decline, razor-thin gross margins, recurring operating losses, a net loss and negative free cash flow in the latest year, combined with high leverage (debt about 2.3x equity) and a shrinking equity cushion. Technicals reinforce the caution, with the share price far below all key moving averages and strongly negative MACD momentum, though extremely oversold RSI and stochastic readings hint at potential for a short-term relief rally. Valuation adds little support, as the near-95x trailing P/E rests on low-quality earnings, and the 2.36% dividend yield is of uncertain sustainability. Debt reduction since 2022 and minimal capital spending are modest positives, but a sustained recovery in revenue and operating profitability is needed before the risk profile improves.

Positive Factors

Recent Revenue GrowthThe return to revenue growth in 2025 provides evidence that the business can still expand its top line after a period of contraction. If sustained, this can support operating recovery, improve scale economics, and help rebuild earnings capacity over the next several quarters.

Negative Factors

Profitability DeteriorationThe shift from solid profits through 2024 to a sizable 2025 loss materially weakens financial resilience. Negative operating results reduce the ability to fund growth internally, while the -18.9% net margin indicates that revenue is currently producing insufficient returns.

Lin Horn Technology Co., Ltd. (5464) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.31B
Dividend Yield: 2.13%
Average Volume (3M): 711.34K
Price to Earnings (P/E): 103.2
Beta (1Y): 1.34
Revenue Growth: 11.78%
EPS Growth: ―
Country: TW
Employees: 163
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Lin Horn Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Lin Horn Technology Co. Ltd. engages in the manufacture and distribution of printed circuit boards (PCBs). It provides double-sided printed circuit boards and multilayer printed circuit boards, which are applied in electronic component packaging and...

Lin Horn Technology Co., Ltd. Financial Statement Overview

Summary

All three statements are weak. Revenue has fallen more than 40% since 2021 to roughly NT$0.97bn, gross margin has compressed to about 3.2%, and core operations have been loss-making in five of the last six years, producing an operating loss and a net loss of about NT$184m (-18.9% net margin) in the latest year. Prior profits were driven largely by non-operating items, so earnings quality is low. Leverage is high with debt at roughly 2.3x equity and the equity base eroding to NT$1.16bn, while cash flow turned negative (operating cash outflow of about NT$96m, free cash flow of -NT$111m) after a strong 2024. Partial offsets include meaningful debt reduction from the 2022 peak and low capital spending, but the overall profile remains fragile and high-risk.

Income Statement

23Negative

Balance Sheet

31Negative

Cash Flow

29Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.12B	973.93M	1.05B	1.09B	1.38B	1.66B
Gross Profit	38.09M	31.08M	53.64M	81.39M	41.97M	42.69M
EBITDA	72.29M	-58.76M	311.42M	207.52M	447.88M	389.54M
Net Income	33.49M	-183.97M	123.55M	57.03M	287.60M	341.94M
Balance Sheet
Total Assets	4.15B	4.18B	4.20B	5.10B	5.55B	4.84B
Cash, Cash Equivalents and Short-Term Investments	1.39B	1.73B	1.70B	1.53B	1.44B	1.32B
Total Debt	2.45B	2.71B	2.48B	3.42B	3.76B	3.23B
Total Liabilities	2.83B	3.02B	2.78B	3.76B	4.11B	3.55B
Stockholders Equity	1.32B	1.16B	1.41B	1.35B	1.43B	1.28B
Cash Flow
Free Cash Flow	-13.97M	-110.78M	1.02B	466.63M	-113.38M	-1.35B
Operating Cash Flow	21.01M	-96.03M	1.05B	732.64M	85.94M	-1.11B
Investing Cash Flow	-1.11B	-1.31B	47.67M	-165.73M	-452.01M	-178.81M
Financing Cash Flow	-159.23M	120.01M	-946.79M	-470.77M	478.76M	1.23B

Lin Horn Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5464 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6136	62Neutral	TWD 2.95B	34.55	―	4.58%	22.95%	-41.61%
TW:3038	60Neutral	TWD 2.87B	15.37	―	6.43%	-9.99%	1.97%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3060	44Neutral	TWD 3.31B	18.89	―	0.76%	25.49%	―
TW:5464	39Underperform	TWD 3.34B	103.15	―	2.13%	11.78%	―
TW:3552	38Underperform	TWD 3.08B	-9.48	―	1.57%	-3.76%	-661.55%

* General Sector Average

Performance Comparison

TW:5464 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5464	Lin Horn Technology Co., Ltd.	46.65	20.35	77.38%
TW:3038	Emerging Display Technologies Corp	18.65	-1.56	-7.73%
TW:3060	Min Aik Technology Co., Ltd.	26.45	-2.39	-8.28%
TW:3552	Tung Thih Electronic Co., Ltd.	31.85	-37.81	-54.28%
TW:6136	Fullerton Technology Co., Ltd.	25.35	2.89	12.84%
TW:6775	Entire Technology Co Ltd	28.60	-0.73	-2.51%

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

Lin Horn Technology Co., Ltd. AI Stock Analysis