Pili International Multimedia Co., Ltd. (8450) AI Stock Analysis

Pili International Multimedia Co., Ltd.

(TPEx:8450)

Select Model

Rating:40Underperform

Price Target:TWD 13.50▼(-5.92% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is driven primarily by severely weak financials: five straight years of revenue decline, a negative gross margin in the latest year, losses exceeding annual revenue, and six consecutive years of negative operating and free cash flow that have eroded equity by roughly 70% while pushing leverage above 1.0x. Technicals reinforce the caution, with the price below all key moving averages and a negative MACD. Valuation provides no offset given negative earnings and no dividend. Partial mitigants — reduced debt in the latest year, disciplined capital spending, and a still-positive equity base — keep the score from falling further, but the overall profile carries elevated liquidity and solvency risk.

Positive Factors

Established intellectual propertyThe Pili brand and its established story universes provide an identifiable intellectual-property base that can support recurring content creation and audience recognition. Licensing, derivative products, and multimedia applications also offer ways to monetize characters beyond individual serialized productions over the next several quarters.

Negative Factors

Severe revenue and profitability deteriorationA sharp revenue contraction combined with negative gross profit and losses exceeding revenue indicates that the core operating model is currently under substantial strain. The reversal from healthier gross profit in 2024 suggests weak earnings visibility and makes durable margin recovery a central business risk.

Pili International Multimedia Co., Ltd. (8450) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 738.86M
Dividend Yield: ―
Average Volume (3M): 26.14K
Price to Earnings (P/E): -4.7
Beta (1Y): 0.24
Revenue Growth: 25.50%
EPS Growth: 22.27%
Country: TW
Employees: 24
Sector: General
Sector Strength: 55
Industry: Entertainment

Pili International Multimedia Co., Ltd. Business Overview & Revenue Model

Company Description

Pili International Multimedia Co.,Ltd. produces and distributes dramas, TV shows, video tapes, and movies in Taiwan. The company also engages in product and portrait authorization merchandising business. The company was formerly known as Da Chih Ente...

Pili International Multimedia Co., Ltd. Financial Statement Overview

Summary

Financials are deeply distressed. Revenue has declined five consecutive years (down 31.8% in the latest year to roughly NT$238 million), and gross margin turned negative at -11.7%, meaning content production costs now exceed sales. Net loss of about NT$274 million exceeded total revenue (net margin -115%), and operating cash flow has been negative every year, with the burn widening to roughly NT$186 million. Shareholders' equity has eroded ~70% since 2020 while debt-to-equity climbed to 1.04x, and return on equity fell to -66%. Mitigating factors are limited: debt was reduced from NT$570 million to NT$430 million, capital spending has been cut back, and equity remains positive at about 38% of assets. Without a sharp turnaround, liquidity and solvency risk is material.

Income Statement

5Very Negative

Balance Sheet

25Negative

Cash Flow

6Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	303.88M	237.82M	262.22M	319.60M	400.07M	428.03M
Gross Profit	23.84M	-27.73M	83.01M	14.05M	67.10M	18.60M
EBITDA	-153.53M	-214.63M	-17.75M	-138.92M	-52.68M	-179.06M
Net Income	-159.18M	-274.15M	-79.67M	-190.24M	-121.74M	-236.07M
Balance Sheet
Total Assets	944.27M	1.08B	1.45B	1.61B	1.74B	1.81B
Cash, Cash Equivalents and Short-Term Investments	240.76M	282.13M	513.61M	618.98M	699.59M	739.18M
Total Debt	389.29M	430.37M	569.94M	607.78M	507.06M	472.77M
Total Liabilities	532.32M	669.29M	745.84M	801.15M	722.68M	674.43M
Stockholders Equity	408.09M	414.53M	698.07M	802.43M	1.02B	1.13B
Cash Flow
Free Cash Flow	-106.66M	-191.57M	-131.95M	-165.25M	-44.39M	-537.62M
Operating Cash Flow	-98.55M	-186.28M	-113.49M	-146.13M	-18.46M	-70.18M
Investing Cash Flow	112.36M	196.13M	6.58M	48.62M	-62.73M	-271.98M
Financing Cash Flow	-138.08M	-139.52M	340.00K	85.02M	35.50M	406.16M

Pili International Multimedia Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8450 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6482	73Outperform	TWD 648.20M	15.99	―	8.57%	-30.59%	-48.40%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4946	54Neutral	TWD 802.95M	40.35	―	―	34.01%	―
TW:8450	40Underperform	TWD 736.30M	-4.67	―	―	25.50%	22.27%
TW:4806	36Underperform	TWD 755.18M	-29.35	―	―	102.99%	-54.69%

* General Sector Average

Performance Comparison

TW:8450 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8450	Pili International Multimedia Co., Ltd.	14.35	-2.80	-16.33%
TW:4806	Kuei Tien Cultural & Creative Entertainment	11.10	-8.91	-44.53%
TW:4946	Cayenne Entertainment Technology Co., Ltd.	89.00	-24.00	-21.24%
TW:6482	Fun Yours Technology Co., Ltd.	23.35	-13.19	-36.10%
TW:6650	Art Emperor Co., Ltd.	25.55	-13.01	-33.74%
TW:7753	Star Asia Vision Corporation	34.20	-6.10	-15.14%

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

Pili International Multimedia Co., Ltd. AI Stock Analysis