Complex Micro Interconnection Co., Ltd. (6835) AI Stock Analysis

Complex Micro Interconnection Co., Ltd.

(TWSE:6835)

Select Model

Rating:40Underperform

Price Target:TWD 29.00▼(-4.29% Downside)

Action:initiatedcoverage

Date:11/09/26

Complex Micro Interconnection scores low primarily because of deteriorating fundamentals: shrinking revenue, a roughly 76% drop in net income, severely weakened operating cash flow and deeply negative free cash flow from an aggressive capex cycle that has pushed debt-to-equity to 0.74. Technicals reinforce the caution, with the price below all key moving averages and negative MACD momentum. Valuation offers little support, as the P/E near 101 reflects depressed earnings, partially offset by a 3.29% dividend yield and a still-reasonable equity base. A recovery case depends on the current investment spending translating into renewed revenue growth and margin restoration; until then, leverage and weak cash generation remain the key risks.

Positive Factors

Advanced Packaging PositionParticipation in micro interconnection and advanced packaging gives the company exposure to technically demanding semiconductor and electronics applications. These capabilities can support durable customer relevance as chip architectures and electronic modules require increasingly dense, precise interconnection solutions.

Negative Factors

Profitability DeteriorationThe sharp contraction in revenue and net margin shows that recent earnings power is materially weaker than in the prior year. Lower profitability reduces internally generated funds for investment and dividends, while the size of the decline raises concern that margins may remain vulnerable over the next several quarters.

Complex Micro Interconnection Co., Ltd. (6835) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.00B
Dividend Yield: 3.32%
Average Volume (3M): 21.72K
Price to Earnings (P/E): 101.9
Beta (1Y): 0.43
Revenue Growth: -8.33%
EPS Growth: -88.19%
Country: TW
Employees: 742
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Complex Micro Interconnection Co., Ltd. Business Overview & Revenue Model

Company Description

Complex Micro Interconnection Co.,Ltd. is a Taiwanese enterprise dedicated to the production and distribution of a diverse array of electronic components. Its extensive portfolio includes flexible printed circuit boards (FPCBs) and their associated a...

Complex Micro Interconnection Co., Ltd. Financial Statement Overview

Summary

Fundamentals are the weakest link. Revenue slipped about 4% in 2025 to NT$2.38bn and remains below the 2021 peak, while margins compressed sharply (operating margin from 15.5% to 4.5%, net margin to 2.7%), cutting net income roughly 76% to NT$63.8m (Income Statement score 38). Cash generation deteriorated even more, with operating cash flow down about 78% and free cash flow swinging to -NT$552m on heavy capex (Cash Flow score 30). The balance sheet is the steadiest element (score 55): equity still funds roughly 45% of assets and the company stays profitable and cash-generative at the operating level, but debt rose nearly 28%, lifting debt-to-equity to 0.74 and dragging return on equity to just 3.4%.

Income Statement

38Negative

Balance Sheet

55Neutral

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.31B	2.38B	2.44B	2.20B	2.72B	2.79B
Gross Profit	404.98M	515.05M	638.62M	595.10M	554.13M	549.29M
EBITDA	131.61M	145.58M	425.30M	388.39M	387.18M	247.30M
Net Income	19.93M	63.76M	268.67M	236.13M	247.12M	162.16M
Balance Sheet
Total Assets	4.13B	4.11B	3.97B	2.88B	2.78B	2.66B
Cash, Cash Equivalents and Short-Term Investments	1.62B	1.71B	2.12B	1.20B	764.99M	291.84M
Total Debt	1.34B	1.37B	1.07B	448.07M	396.27M	506.65M
Total Liabilities	2.37B	2.26B	2.07B	1.25B	1.24B	1.47B
Stockholders Equity	1.76B	1.85B	1.89B	1.63B	1.54B	1.19B
Cash Flow
Free Cash Flow	-338.85M	-552.03M	341.71M	299.85M	418.11M	-225.72M
Operating Cash Flow	81.14M	83.78M	373.69M	344.68M	432.73M	-3.75M
Investing Cash Flow	-440.71M	-656.48M	-64.40M	264.57M	-14.59M	-277.77M
Financing Cash Flow	146.58M	130.95M	566.83M	-84.31M	-21.09M	191.34M

Complex Micro Interconnection Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6835 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:3021	45Neutral	TWD 2.01B	28.00	―	4.20%	-2.04%	―
TW:3092	40Underperform	TWD 1.92B	-4.39	―	―	-12.73%	15.16%
TW:6835	40Underperform	TWD 2.01B	101.94	―	3.32%	-8.33%	-88.19%
TW:3550	38Underperform	TWD 1.98B	1860.00	―	―	13.15%	―
TW:3207	34Underperform	TWD 1.96B	-12.71	―	―	17.17%	-859.04%
TW:3313	33Underperform	TWD 2.05B	-64.47	―	―	106.25%	73.07%

* General Sector Average

Performance Comparison

TW:6835 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6835	Complex Micro Interconnection Co., Ltd.	30.30	-7.73	-20.32%
TW:3021	Welltend Technology Corporation	21.50	4.09	23.50%
TW:3092	Hotron Precision Electronic Industrial Co. Ltd.	18.00	1.95	12.15%
TW:3207	Yao Sheng Electronic Co., Ltd.	29.50	-36.50	-55.30%
TW:3313	Feei Cherng Enterprise Co., Ltd	9.27	-6.53	-41.33%
TW:3550	Copartner Technology Corporation	18.45	5.05	37.69%

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

Complex Micro Interconnection Co., Ltd. AI Stock Analysis