Pacific Image Electronics Co., Ltd. (6228) AI Stock Analysis

Pacific Image Electronics Co., Ltd.

(TPEx:6228)

Select Model

Rating:40Underperform

Price Target:TWD 16.50▼(-10.57% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held down primarily by weak financial performance: six straight years of losses, persistent cash burn, and revenue still roughly half its 2021 peak, despite genuine recent progress in revenue growth, gross margin (56.4%) and a near-breakeven operating cash flow. A reasonably capitalized balance sheet (equity at ~59% of assets, debt-to-equity 0.58) provides a buffer, but rising debt and shrinking equity bear watching. Technicals reinforce caution, with the price below all major moving averages and well under its 200-day line, while neutral RSI and Stochastic readings offer no clear reversal signal. Valuation adds no support, as negative earnings render the P/E meaningless and there is no dividend. The result is a high-risk turnaround candidate that needs sustained revenue scaling before the outlook materially improves.

Positive Factors

Revenue RecoveryThe strong 2025 revenue rebound indicates improving demand, market reach, or product execution after prior weakness. If maintained, higher sales can improve operating leverage, support fixed-cost absorption, and provide a foundation for restoring sustainable profitability over the next several quarters.

Negative Factors

Persistent LossesContinued net and operating losses show that the revenue and gross-margin recovery has not yet translated into a viable earnings model. Persistent losses can consume resources, limit reinvestment capacity, and make the turnaround dependent on further execution improvements before earnings become durable.

Pacific Image Electronics Co., Ltd. (6228) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 522.00M
Dividend Yield: ―
Average Volume (3M): 12.65K
Price to Earnings (P/E): -76.9
Beta (1Y): -0.16
Revenue Growth: 14.18%
EPS Growth: 73.64%
Country: TW
Employees: 80
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Pacific Image Electronics Co., Ltd. Business Overview & Revenue Model

Company Description

Pacific Image Electronics Co., Ltd. provides advanced scanning and imaging technologies to customers both within Taiwan and globally. The company's product portfolio encompasses high-fidelity film scanners. Additionally, they offer specialized diagno...

Pacific Image Electronics Co., Ltd. Financial Statement Overview

Summary

Pacific Image Electronics remains a sub-scale, loss-making hardware maker. Revenue grew roughly 17-20% to NT$51.3 million and gross margin nearly doubled to 56.4%, while net loss narrowed to NT$-12.1 million and operating cash burn shrank to just NT$-1.4 million — all directionally encouraging. However, the company has posted operating and net losses in all six reported years, burned cash in five of six, and revenue is still about half its 2021 peak. The balance sheet is the relative strength, with equity funding ~59% of assets and debt-to-equity at 0.58, but leverage rose and equity declined in the latest year, and ROE remains negative at -5.0%. Overall: a fragile, pre-profitability profile improving from a weak base.

Income Statement

33Negative

Balance Sheet

54Neutral

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	47.68M	51.27M	42.74M	34.18M	45.96M	98.43M
Gross Profit	26.59M	28.90M	12.32M	12.09M	14.46M	50.05M
EBITDA	1.82M	-4.96M	-16.44M	-24.24M	-15.40M	2.24M
Net Income	-1.91M	-12.13M	-22.13M	-33.44M	-25.58M	-5.24M
Balance Sheet
Total Assets	408.75M	411.80M	414.33M	403.89M	396.19M	471.29M
Cash, Cash Equivalents and Short-Term Investments	98.88M	105.73M	89.37M	62.02M	54.10M	98.75M
Total Debt	146.28M	140.96M	116.14M	148.70M	164.08M	181.13M
Total Liabilities	172.94M	168.59M	139.47M	181.73M	191.12M	243.70M
Stockholders Equity	235.82M	243.21M	274.87M	222.16M	205.08M	227.60M
Cash Flow
Free Cash Flow	-14.49M	-2.66M	-15.40M	-27.62M	-33.91M	-9.61M
Operating Cash Flow	-14.37M	-1.41M	-14.73M	-27.23M	-33.67M	-6.41M
Investing Cash Flow	-25.38M	-33.35M	-1.65M	-9.76M	6.49M	-6.73M
Financing Cash Flow	13.67M	25.01M	39.03M	36.18M	-17.05M	40.66M

Pacific Image Electronics Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6228 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:6103	44Neutral	TWD 417.67M	-13478.26	―	0.61%	-4.14%	-100.17%
TW:6512	43Neutral	TWD 503.94M	-10.00	―	―	-51.46%	-136.41%
TW:6228	40Underperform	TWD 519.10M	-76.88	―	―	14.18%	73.64%
TW:3494	30Underperform	TWD 663.60M	-3.86	―	―	2.94%	-31.91%

* General Sector Average

Performance Comparison

TW:6228 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6228	Pacific Image Electronics Co., Ltd.	18.45	-9.05	-32.91%
TW:3494	HiTi Digital Inc.	6.94	-2.51	-26.56%
TW:5248	Pixon Technologies Corporation	19.10	-3.95	-17.14%
TW:6103	Avid Electronics Corp.	31.95	-6.70	-17.34%
TW:6512	GoMax Electronics, Inc.	19.90	-1.25	-5.91%
TW:6858	IPEVO Corporation	22.70	-7.40	-24.58%

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

Pacific Image Electronics Co., Ltd. AI Stock Analysis