Asec International Corporation (6113) AI Stock Analysis

Asec International Corporation

(TPEx:6113)

Select Model

Rating:46Neutral

Price Target:TWD 19.00▼(-4.76% Downside)

Action:initiatedcoverage

Date:11/09/26

Asec International scores below average. The dominant drag is a steep multi-year revenue contraction and back-to-back losses, which keep returns on shareholder capital negative despite a meaningful improvement in gross margin. Technicals compound the caution: the stock sits below all key moving averages with negative MACD, reflecting a persistent downtrend. Valuation offers little cushion, with a P/E above 32 on loss-making operations, partly softened by a 2.56% dividend yield. The main offsets are a conservative, deleveraged balance sheet (debt-to-equity near 0.20) and positive free cash flow generation, which give the company room to ride out the cycle. A stabilisation in revenue is the key catalyst needed for a higher score.

Positive Factors

Lower LeverageThe sharp reduction in debt relative to equity materially improves financial resilience through the semiconductor cycle. Lower leverage should reduce balance-sheet risk, preserve borrowing capacity, and give ASEC greater flexibility to fund operations or respond to changing demand.

Negative Factors

Persistent Revenue DeclineRepeated revenue contraction signals sustained pressure on demand across ASEC's semiconductor backend activities rather than a single weak quarter. A smaller revenue base can reduce operating leverage, limit investment capacity, and make a durable earnings recovery more difficult.

Asec International Corporation (6113) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.02B
Dividend Yield: 2.51%
Average Volume (3M): 124.53K
Price to Earnings (P/E): 32.4
Beta (1Y): 1.08
Revenue Growth: 56.38%
EPS Growth: ―
Country: TW
Employees: 108
Sector: General
Sector Strength: 55
Industry: Semiconductors

Asec International Corporation Business Overview & Revenue Model

Company Description

ASEC International Corporation, headquartered in Taipei City, Taiwan, is a key player in the distribution of semiconductor components. The company, which adopted its current name in 1998 after operating as ASEC Company since its founding in 1986, ser...

Asec International Corporation Financial Statement Overview

Summary

A tale of two halves. The income statement is weak (score 34): revenue has collapsed more than 70% from its 2021 peak to roughly NT$641 million, and the company posted an operating loss of about NT$8 million and a net loss of roughly NT$13 million — a second consecutive annual loss. The encouraging detail is gross margin expansion to about 18.1% from under 7% in 2020, pointing to a richer business mix. The balance sheet is the clear strength (score 68): total debt was slashed to roughly NT$106 million from NT$349 million, debt-to-equity fell to about 0.20, and equity funds over 70% of assets — though the asset and equity base is shrinking and ROE is negative at about -2.5%. Cash flow is adequate (score 58): roughly NT$80 million of operating and free cash flow despite the net loss, with negligible capex, but free cash flow fell sharply from about NT$223 million and has been highly cyclical, including cash burn in 2020 and 2021. Net: low financial risk, but earnings power is still contracting.

Income Statement

34Negative

Balance Sheet

68Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	807.64M	641.37M	712.72M	1.26B	2.22B	2.23B
Gross Profit	117.70M	116.03M	88.60M	105.71M	180.12M	147.59M
EBITDA	25.73M	11.85M	48.73M	67.17M	133.38M	98.06M
Net Income	32.02M	-13.24M	-6.97M	12.12M	76.48M	42.31M
Balance Sheet
Total Assets	909.33M	741.57M	1.08B	1.22B	1.10B	1.27B
Cash, Cash Equivalents and Short-Term Investments	218.32M	228.41M	503.64M	311.07M	177.11M	172.37M
Total Debt	238.43M	105.63M	348.86M	429.41M	305.99M	529.12M
Total Liabilities	375.63M	208.86M	504.32M	623.02M	518.14M	769.22M
Stockholders Equity	533.71M	532.71M	580.00M	600.92M	579.35M	500.88M
Cash Flow
Free Cash Flow	-92.29M	79.41M	223.10M	190.93M	244.21M	-217.93M
Operating Cash Flow	-92.09M	79.56M	224.11M	192.21M	251.70M	-217.62M
Investing Cash Flow	-42.78M	-3.86M	-19.02M	-1.55M	-6.37M	-1.30M
Financing Cash Flow	28.47M	-271.02M	-108.69M	-77.96M	-225.60M	207.70M

Asec International Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6113 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6573	51Neutral	TWD 1.03B	8.59	―	―	-15.11%	―
TW:6113	46Neutral	TWD 1.05B	32.42	―	2.51%	56.38%	―
TW:5488	43Neutral	TWD 989.13M	-304.84	―	0.56%	10.71%	-129.15%
TW:3434	42Neutral	TWD 1.04B	74.32	―	4.11%	-18.46%	-26.62%

* General Sector Average

Performance Comparison

TW:6113 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6113	Asec International Corporation	19.95	-0.05	-0.25%
TW:3434	Acula Technology Corp.	29.20	-3.63	-11.06%
TW:5488	Sunf Pu Technology Co. Ltd.	10.80	1.24	12.97%
TW:6407	Mutual-Tek Industries Co., Ltd.	15.20	-2.39	-13.58%
TW:6573	HY Electronic (Cayman) Limited	12.75	-5.25	-29.17%
TW:6833	T-Conn Precision Corporation	17.50	-6.23	-26.26%

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

Asec International Corporation AI Stock Analysis