International Carbide Technology Co Ltd
International Carbide Technology Co Ltd is a specialty chemicals company that produces and sells chemical products, primarily serving industrial and manufacturing sectors.
Business. International Carbide Technology Co Ltd (4754.TWO) is a specialty chemicals company listed on the Taiwan Premium Exchange. The firm operates within the Basic Materials sector, focusing on the production and sale of chemical products. Specific details regarding its operating segments, headquarters location, and geographic revenue mix are not available in the provided data. Consequently, the company is described at the industry level as a participant in the specialty chemicals market.
At a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
International Carbide Technology Co Ltd (4754.TWO) is a specialty chemicals company listed on the Taiwan Premium Exchange. The firm operates within the Basic Materials sector, focusing on the production and sale of chemical products. Specific details regarding its operating segments, headquarters location, and geographic revenue mix are not available in the provided data. Consequently, the company is described at the industry level as a participant in the specialty chemicals market.
The company maintains a strong liquidity position, with cash and equivalents amounting to TWD 175,829,000, which is significantly higher than its long-term debt of TWD 177,357,000. The price-to-book ratio of 2.26 and a current ratio of 3.27 indicate a solid balance sheet with low leverage. However, the company is net cash negative after subtracting total debt, which introduces a medium liquidity risk.
Profitability metrics show a return on equity of 5.51% and a return on assets of 3.46%, which are below the typical thresholds for high-performing specialty chemical firms. The gross margin of 45.06% (calculated from gross profit of TWD 76,243,000 and revenue of TWD 169,162,000) is in line with industry norms, but the operating margin of 19.27% (calculated from operating income of TWD 32,603,000) suggests room for improvement in cost control.
The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and regulatory changes.
Looking ahead, the company is expected to maintain a stable revenue trajectory, with no significant growth or decline projected in the next fiscal year. Capital expenditures are minimal, with a negative value of TWD 1,833,000, indicating a conservative approach to reinvestment.
The risk assessment highlights a medium liquidity risk and a low dilution risk. The company has not issued additional shares recently, and the diluted shares outstanding are equal to the basic shares, suggesting no imminent dilution pressure.
Recent filings and transcripts do not indicate any major strategic shifts or operational disruptions. The company continues to operate within its core specialty chemicals business, with no new product lines or market expansions disclosed in the latest financial reports.
- The company has a strong liquidity position with a current ratio of 3.27 and a price-to-book ratio of 2.26.
- Profitability metrics are below industry benchmarks, with a return on equity of 5.51% and a return on assets of 3.46%.
- Revenue is concentrated in a single business segment, increasing exposure to regional and sector-specific risks.
- The company is expected to maintain a stable revenue trajectory with minimal capital expenditures.
- Liquidity risk is medium, and dilution risk is low, with no recent share issuance activity.
Bull / Bear case
Generated · model-assistedOperating income surged 31.2% year-over-year to TWD 110.25 million, demonstrating strong top-line operational leverage.
Net income grew 27.7% to TWD 87.02 million, outpacing the modest 0.4% revenue decline over four years.
Debt-to-equity ratio of 0.35 is below the 0.23 cohort median, suggesting higher relative leverage risk.
Cash conversion of 0.87 trails the 1.08 cohort median, indicating less efficient translation of earnings to cash.
Medium liquidity risk flags potential challenges in meeting short-term obligations or trading fluidity.
In focus — financials by report
Revenue TWD 631.7M, −1,9% YoY; Operating income +13,6% YoY.
- ▍Revenue TWD 631.7M, −1,9% YoY
- ▍Operating income +13,6% YoY
- ▍Net income +16,8% YoY
- ▍Free cash flow −55,6% YoY
- ▍Net margin 12.6%
Valuation FY
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Estimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
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- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- International Carbide Technology Co Ltd Market data — financials · 2026-05-26
Ownership & reference
Leadership
- Dongguang HeChairman of the Board, Chief Executive Officer