This research explores the possibility of a new anti-analysis technique, carefully designed to attack weaknesses of the existing program analysis approaches. It encodes a program code snippet to hide, and its decoding process is implemented by a sophisticated state machine that produces multiple outputs depending on inputs. The key idea of the proposed technique is to ambiguously decode the program code, resulting in multiple decoded code snippets that are challenging to distinguish from each other. Our approach is stealthier than previous similar approaches as its execution does not exhibit different behaviors between when it decodes correctly or incorrectly. This paper also presents analyses of weaknesses of existing techniques and discusses potential improvements. We implement and evaluate the proof of concept approach, and our preliminary results show that the proposed technique imposes various new unique challenges to the program analysis technique. It also suggests a need for hybrid analysis that can complement the limitations of existing techniques to handle the proposed technique.