I JANG INDUSTRIAL CO., LTD. (8342) AI Stock Analysis

I JANG INDUSTRIAL CO., LTD.

(TPEx:8342)

Select Model

Rating:67Neutral

Price Target:TWD 89.00▲(4.95% Upside)

Action:initiatedcoverage

Date:11/09/26

I Jang Industrial scores moderately well, anchored by a strong balance sheet and reliable cash generation — leverage is at a five-year low (0.35x debt-to-equity), equity funds roughly 60% of assets, and operating cash flow exceeds reported profits. Valuation adds meaningful support, with a modest 10.8x P/E and a well-covered 6.1% dividend yield. Offsetting these strengths, earnings momentum has deteriorated: revenue fell about 6%, margins compressed across the board, and net income dropped roughly 22%, leaving a top line that has been essentially flat for five years. Technicals are the clearest negative, with the share price below all major moving averages and a negative MACD signalling a persistent downtrend, albeit with RSI and stochastic readings near oversold levels. The result is a financially resilient, income-oriented holding where investors should look for revenue and margin stabilization before expecting renewed upside.

Positive Factors

Improving Balance SheetThe substantial reduction in debt-to-equity indicates improving financial flexibility and a stronger capital structure. Lower leverage can reduce balance-sheet pressure, support resilience through weaker demand periods, and leave the company better positioned to fund operations or pursue growth without excessive borrowing.

Negative Factors

Volatile Revenue GrowthRepeated revenue declines and an uneven recovery indicate exposure to demand cycles or volume and pricing swings. Without steadier top-line expansion, the company may have less operating leverage, reduced ability to scale earnings, and greater difficulty sustaining margins over multiple periods.

I JANG INDUSTRIAL CO., LTD. (8342) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.84B
Dividend Yield: 5.88%
Average Volume (3M): 4,086
Price to Earnings (P/E): 10.7
Beta (1Y): 0.14
Revenue Growth: 1.86%
EPS Growth: 24.56%
Country: TW
Employees: 5,471
Sector: General
Sector Strength: 55
Industry: Business Equipment & Supplies

I JANG INDUSTRIAL CO., LTD. Business Overview & Revenue Model

Company Description

I JANG INDUSTRIAL CO., LTD. manufactures metal commercial storage equipment, custom made and household products. Its products include shelves, hand truck, 1 & 2 handle platform hand truck, worktable, mobile cart, baggage trolley, working cart, show r...

I JANG INDUSTRIAL CO., LTD. Financial Statement Overview

Summary

A conservatively financed, cash-generative small-cap supplier in a cyclical soft patch. The balance sheet is the strongest pillar (score 72): debt-to-equity of just 0.35x — the lowest in five years — roughly 60% equity funding, and a steadily compounding capital base, though ROE has cooled from 24.8% to 18.8%. Cash flow is dependable (score 70): operating cash flow of NT$235M exceeded net income of NT$200M (1.17x) and free cash flow converted about 84% of profit, but both metrics fell from 2024 levels and the multi-year record is uneven. The income statement is the weak link (score 62): revenue fell about 6% to NT$1.64B, gross margin slipped to 24.3%, operating margin dropped to 13.1% from 18.0%, and net income declined roughly 22%. With the top line broadly flat over five years, the case rests on financial resilience rather than growth.

Income Statement

62Positive

Balance Sheet

72Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.68B	1.64B	1.74B	1.43B	1.70B	1.65B
Gross Profit	430.09M	398.85M	443.53M	334.68M	314.00M	301.93M
EBITDA	286.10M	261.63M	357.97M	247.33M	317.21M	209.16M
Net Income	254.30M	200.19M	256.21M	158.05M	219.03M	125.07M
Balance Sheet
Total Assets	1.87B	1.78B	1.79B	1.73B	1.52B	1.53B
Cash, Cash Equivalents and Short-Term Investments	625.94M	549.58M	560.83M	559.59M	392.11M	295.37M
Total Debt	398.59M	371.67M	383.93M	517.77M	364.16M	415.00M
Total Liabilities	814.27M	684.14M	721.52M	798.03M	612.98M	714.00M
Stockholders Equity	1.02B	1.06B	1.03B	897.85M	882.91M	791.69M
Cash Flow
Free Cash Flow	247.12M	196.74M	278.52M	153.45M	305.64M	57.89M
Operating Cash Flow	294.96M	234.55M	310.41M	177.87M	343.77M	85.33M
Investing Cash Flow	-27.89M	-22.56M	-66.40M	-84.53M	-124.31M	12.78M
Financing Cash Flow	-118.26M	-193.66M	-270.85M	-9.91M	-179.27M	-48.83M

I JANG INDUSTRIAL CO., LTD. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8342 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1817	71Outperform	TWD 2.88B	7.96	―	5.49%	-0.86%	21.67%
TW:1416	69Neutral	TWD 3.40B	17.22	―	2.83%	24.47%	91.63%
TW:8342	67Neutral	TWD 2.85B	10.74	―	5.88%	1.86%	24.56%
TW:1341	62Neutral	TWD 3.05B	11.66	―	6.96%	1.01%	22.95%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1506	44Neutral	TWD 2.72B	213.43	―	―	6.47%	-2.14%
TW:1806	42Neutral	TWD 2.89B	46.18	―	2.05%	-17.09%	-51.53%

* General Sector Average

Performance Comparison

TW:8342 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8342	I JANG INDUSTRIAL CO., LTD.	84.80	5.42	6.83%
TW:1341	Fulin Plastic Industry (Cayman) Holding Co., Ltd.	57.00	1.16	2.07%
TW:1416	Kwong Fong Industries Corporation	19.10	7.78	68.77%
TW:1506	Right Way Industrial Co., Ltd.	9.26	-2.79	-23.15%
TW:1806	Champion Building Materials Co., Ltd.	7.32	-1.61	-18.00%
TW:1817	Sanitar Co., Ltd.	40.10	3.05	8.23%

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

I JANG INDUSTRIAL CO., LTD. AI Stock Analysis