Unitech Printed Circuit Board Corp

Unitech Printed Circuit Board Corp maintains a debt-to-equity ratio of 0.83, indicating a moderate reliance on debt financing, while its current ratio of 1.05 suggests limited short-term liquidity cushion. The company's cash and equivalents of TWD 239.16 million are significantly lower than its long-term debt of TWD 9.05 billion, resulting in a negative net cash position. Free cash flow of TWD 782.05 million in the latest period reflects operational efficiency, though capital expenditures of TWD -1.25 billion highlight ongoing investment in infrastructure.

Profitability metrics show a return on equity of 5.13% and return on assets of 2.3%, both below the industry median for Semiconductors. Gross profit of TWD 1.07 billion and operating income of TWD 553.79 million indicate a healthy margin structure, but net income of TWD 559.97 million suggests some pressure from non-operating expenses or tax costs. These returns are consistent with the industry's capital-intensive nature and competitive pricing dynamics.

The company's revenue of TWD 5.13 billion is concentrated in a single business segment, with no disclosed geographic diversification. This lack of segment or geographic diversification increases exposure to sector-specific downturns and regional economic shifts. No material revenue concentration by customer is reported, but the absence of segment data limits visibility into operational resilience.

Outlook data is not available for the current or next fiscal year, but historical revenue growth is not disclosed. Analysts have issued one "Hold" recommendation with no "Buy" or "Strong Buy" ratings, suggesting cautious sentiment. The company's capital expenditures and free cash flow suggest a balance between reinvestment and shareholder returns, though the absence of growth guidance limits forward-looking clarity.

Risk assessment highlights medium liquidity risk due to the negative net cash position and high long-term debt. Dilution risk is rated as low, with no recent share issuance or dilutive events reported. The company's capital structure and leverage position it for moderate financial risk, though the debt load could constrain flexibility in a downturn.

Recent events include no disclosed earnings calls, regulatory filings, or material business developments. The absence of recent transcripts or filings limits insight into management's strategic direction or operational updates.

Operating and net margins exceed 10%, ranking above the 75th percentile of the semiconductor cohort.

Return on equity of 5.13% outperforms the semiconductor cohort median of 2.16%.

Cash conversion ratio of 1.52 surpasses the semiconductor cohort median of 0.91.

Revenue grew at a 2.6% CAGR over the four-year period ending in FY-2.

Dilution risk is assessed as low, suggesting limited pressure on existing shareholder equity.

Free cash flow turned negative at -880 million TWD, reversing previous positive generation.

Debt-to-equity ratio of 0.83 ranks in the bottom quartile of the semiconductor cohort.

Credit risk is flagged as high, posing potential challenges for financing and stability.

Revenue TWD 3.71B, −17,2% YoY; Operating income −165,3% YoY.

• ▍Revenue TWD 3.71B, −17,2% YoY
• ▍Operating income −165,3% YoY
• ▍Net income −105,3% YoY
• ▍Free cash flow −150,4% YoY
• ▍Net margin -0.6%

Revenue TWD 3.89B, −18,2% YoY; Operating income −116,6% YoY.

• ▍Revenue TWD 3.89B, −18,2% YoY
• ▍Operating income −116,6% YoY
• ▍Net income −96,1% YoY
• ▍Free cash flow −200,2% YoY
• ▍Net margin 0.4%

Revenue TWD 4.31B, −16,0% YoY; Operating income −44,9% YoY.

• ▍Revenue TWD 4.31B, −16,0% YoY
• ▍Operating income −44,9% YoY
• ▍Net income −89,6% YoY
• ▍Free cash flow −118,2% YoY
• ▍Net margin 1.4%

Revenue TWD 4.34B; Operating income TWD 410.3M.

• ▍Revenue TWD 4.34B
• ▍Operating income TWD 410.3M
• ▍Net margin 10.0%

Revenue TWD 4.48B; Operating income TWD 277.8M.

• ▍Revenue TWD 4.48B
• ▍Operating income TWD 277.8M
• ▍Net margin 8.9%

Revenue TWD 4.76B; Operating income TWD 470.1M.

• ▍Revenue TWD 4.76B
• ▍Operating income TWD 470.1M
• ▍Net margin 7.4%

Revenue TWD 5.13B; Operating income TWD 553.8M.

• ▍Revenue TWD 5.13B
• ▍Operating income TWD 553.8M
• ▍Net margin 10.9%

Revenue TWD 16.25B, −12,3% YoY; Operating income −70,8% YoY.

• ▍Revenue TWD 16.25B, −12,3% YoY
• ▍Operating income −70,8% YoY
• ▍Net income −69,5% YoY
• ▍Free cash flow −178,3% YoY
• ▍Net margin 3.0%

Revenue TWD 18.53B, +23,9% YoY; Operating income +502,1% YoY.

• ▍Revenue TWD 18.53B, +23,9% YoY
• ▍Operating income +502,1% YoY
• ▍Net income +561,2% YoY
• ▍Free cash flow +933,4% YoY
• ▍Net margin 8.6%

Revenue TWD 17.42B, +29,1% YoY; Operating income +115,2% YoY.

• ▍Revenue TWD 17.42B, +29,1% YoY
• ▍Operating income +115,2% YoY
• ▍Net income +270,7% YoY
• ▍Free cash flow +264,2% YoY
• ▍Net margin 2.4%

Revenue TWD 13.50B; Operating income -TWD 2.02B.

• ▍Revenue TWD 13.50B
• ▍Operating income -TWD 2.02B
• ▍Net margin -1.8%