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Builds and equips cleanrooms and factories for Taiwan's semiconductor and electronics manufacturers.
Builds and equips cleanrooms and factories for Taiwan's semiconductor and electronics manufacturers.
Fits out chip plants for a short list of makers under project contracts, with revenue booked as the build progresses. Work is lumpy and follows chipmaker capital spending; recurring cleanroom maintenance smooths results somewhat.
In one line: A specialized cleanroom/semiconductor-fab construction contractor.
Moat: narrow (process know-how, customer qualification). Specialized cleanroom expertise and long relationships with TSMC drive repeat fab-construction work.
Headquarters: Taipei, Taiwan · Founded: 1975 · Employees: 920
Size United Integrated Services (2404.TW) is a Taiwan Industrials company (Engineering & Construction) with a market value of $5.11B, the 89th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$886.00 on 6 Nov 2026.
Performance Over six months the shares fell 9.3%, against -8.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 72.0% over the last twelve months (peer median +8.1%); the operating margin is 17.7% (peer median 7.5%).
Valuation It trades at 9.7× forward earnings against a peer median of 15.9× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -24 pp: the price already allows for a slowdown.
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$86.2B | NT$66.1B | NT$47.4B | NT$68.9B | NT$48.2B |
| Revenue growth | — | +39% | -31% | +43% | — |
| Gross profit | NT$18.3B | NT$13.2B | NT$8.47B | NT$7.49B | NT$6.68B |
| EBITDA | NT$15.4B | NT$11.2B | NT$7.01B | NT$6.20B | NT$5.54B |
| Net income | NT$12.5B | NT$9.07B | NT$6.19B | NT$4.66B | NT$4.00B |
| Free cash flow | NT$28.9B | NT$29.2B | NT$17.6B | NT$4.48B | NT$6.64B |
| Capital expenditure | NT$1.32B | NT$57.6M | NT$21.5M | NT$7.96M | NT$129M |
| Total debt | NT$187M | NT$258M | NT$349M | NT$3.40B | NT$395M |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| United Integrated Services 2404.TW | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% |
| L&K Engineering 6139.TW | $3.81B | -23% | +78% | 17% | 6.5× | -9.1% |
| Kinden 1944.T | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% |
| Marketech International 6196.TW | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% |
| Acter 5536.TWO | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% |
| Taikisha 1979.T | $1.32B | -5% | -1% | 8% | 10.6× | -13.3% |
| Takasago Thermal Engineering 1969.T | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% |
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 | 2404.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.4% | -0.7% | lowest of 21 |
| 6-month return | -9.3% | -8.2% | 11th highest of 21 |
| Distance from 52-week high | -38.9% | -26.0% | 7th lowest of 21 |
| Revenue growth (TTM) | +72.0% | +8.1% | 2nd highest of 20 |
| Operating margin | 17.7% | 7.5% | highest of 21 |
| Forward P/E | 9.7× | 15.9× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -11.4% | 4.0% | least demanding of 15 |
| Growth delivered (Del g) | +13.0% | +7.2% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -24.4 pp | -4.3 pp | least demanding of 14 |
| EV / EBITDA | 6.8× | 11.3× | cheapest of 15 |
| Net debt / EBITDA | -4.2× | 1.4× | least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |