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Size Pan-International Industrial (2328.TW) is a Taiwan Information Technology company (Electronic Production Equipment) with a market value of $667M, the 353rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$42.55 on 6 Nov 2026.
Performance Over six months the shares fell 22.8%, against -24.3% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 13.8% over the last twelve months (peer median +9.3%); the operating margin is 2.5% (peer median 2.9%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 3.5× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (5.9% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$20.0B | NT$21.8B | NT$21.8B | NT$25.6B | NT$26.3B |
| Revenue growth | — | 0% | -15% | -2% | — |
| Gross profit | NT$2.10B | NT$2.66B | NT$2.95B | NT$3.18B | NT$3.28B |
| EBITDA | NT$1.19B | NT$1.81B | NT$1.97B | NT$2.23B | NT$2.42B |
| Net income | NT$224M | NT$808M | NT$1.04B | NT$1.26B | NT$1.32B |
| Free cash flow | NT$129M | NT$1.25B | NT$292M | NT$3.02B | NT$126M |
| Capital expenditure | NT$837M | NT$670M | NT$1.00B | NT$1.27B | NT$998M |
| Total debt | NT$1.29B | NT$1.25B | NT$2.21B | NT$1.71B | NT$2.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2328.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -22.7% | 8th highest of 21 |
| 6-month return | -22.8% | -24.3% | 11th highest of 21 |
| Distance from 52-week high | -34.0% | -50.5% | highest of 21 |
| Revenue growth (TTM) | -13.8% | +9.3% | 3rd lowest of 21 |
| Operating margin | 2.5% | 2.9% | 10th lowest of 21 |
| EV / Sales | 1.0× | 3.5× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.3% | 22.8% | 6th least demanding of 12 |
| Growth delivered (Del g) | +1.2% | +6.3% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +17.1 pp | +13.5 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -3.1 pp | -4.6 pp | 10th highest of 21 |
| EV / EBITDA | 16.0× | 11.0× | 2nd most expensive of 7 |
| Net debt / EBITDA | -4.7× | -0.0× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pan-International Industrial 2328.TW | Taiwan | $667M | -23% | -14% | 2% | 1.0× | 18.3% | +1.2% |
| Dongguan Mentech Optical & Magnetic 002902.SZ | China | $670M | -38% | +30% | -6% | 2.4× | n/a | n/a |
| JNTC 204270.KS | South Korea | $663M | -18% | -13% | -47% | 7.0× | n/a | n/a |
| Chicony Power Technology 6412.TW | Taiwan | $680M | -38% | +62% | -128% | 0.4× | -5.2% | -0.2% |
| Shenzhen Yanmade Technology 688312.SS | China | $682M | -56% | +1% | 17% | 6.5× | 26.6% | +12.0% |
| Evertz Technologies ET.TO | Canada | $689M | -21% | +4% | 13% | 1.9× | 5.0% | +8.5% |
| Kohoku Kogyo 6524.T | Japan | $644M | -28% | +22% | 29% | 4.7× | 22.8% | +9.3% |
| Frencken E28.SI | Singapore | $642M | -42% | +1% | 6% | 0.9× | 3.1% | +6.9% |
| JVCKENWOOD 6632.T | Japan | $694M | -34% | +2% | 7% | 0.3× | -17.0% | +5.5% |
| YaGuang Technology 300123.SZ | China | $629M | +2% | -45% | -264% | 12.2× | n/a | n/a |
| Guoguang Electric Co., Ltd.Chengdu 688776.SS | China | $709M | -46% | -38% | -89% | 21.2× | n/a | n/a |
| Shenzhen Longli Technology 300752.SZ | China | $627M | -28% | +17% | 2% | 2.6× | n/a | n/a |
| Hangzhou Jizhi Mechatronic 300553.SZ | China | $626M | -15% | -4% | -4% | 12.9× | n/a | n/a |
| Shenzhen S-king Intelligent Equipment 688328.SS | China | $718M | -7% | +31% | 11% | 5.8× | 29.2% | +0.7% |
| Thinking Electronic Industrial 2428.TW | Taiwan | $721M | 0% | +11% | 23% | 2.1× | 0.8% | +6.3% |
| Techshine Electronics 301379.SZ | China | $617M | -21% | +12% | 4% | 2.0× | n/a | n/a |
| Suzhou Wanxiang Technology 301180.SZ | China | $724M | -32% | +8% | 2% | 3.5× | 25.2% | +4.4% |
| Beijing Bayi Space LCD Technology 688181.SS | China | $609M | -14% | +12% | 11% | 4.8× | n/a | n/a |
| Minami Acoustics 301383.SZ | China | $604M | -14% | -11% | -4% | 1.8× | 48.1% | +8.2% |
| SHENZHEN SEA STAR TECHNOLOGY 002137.SZ | China | $603M | -16% | +26% | 3% | 5.1× | 38.0% | -2.8% |
| Vanjee Technology 300552.SZ | China | $601M | -29% | +16% | -13% | 3.5× | n/a | n/a |