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2103.TW$20.25+4.11%
Fair $20.25+0.0%

2103.TW

TSRC Corporation

Basic Materials / Specialty ChemicalsTaiwan

$20.25

+0.80 (+4.11%)

Fairly Valued+0.0%Fair Value $20.25Fund rank 28/100 · Data gapFallback financials|
SA 45/C
F-Score: 3/9
Low Profitability

FCF base 3Y

n/d

n/d CAGR · yield n/d

FCF base 5Y

n/d

n/d base · n/d expected

Precio de entrada

n/d

MOS 34% · confianza 19%

FCF escenarios

weak_data · normalized FCF $362.5M · quality 48.0/100

Data gap 28/100
Bear 5Yn/dn/d
Base 5Yn/dn/d
Bull 5Yn/dn/d
Return 0/100Downside 20/100Model quality 23/100Data QA 20/100

Ranking barato/determinista: CAGR esperado 5Y + downside bear + calidad del modelo + balance + capital allocation + data gate. No entra en buy-candidate si la data es débil o el CAGR 5Y no compensa.

Quality + valuation scorecard

SA Score

45/100

C

Piotroski

3/9

balance/quality

Valuation

50/100

+0.0% upside

5Y CAGR

+0.0%

50/100

Data QA

16/100

SEC 0%

Latest source: unknownPeriods: 4Warnings: 1unknown: 4
No SEC-backed annual rows; valuation uses fallback financial data. Sector-specific commodity mid-cycle model required: targets are disabled until normalized cycle price/cost-curve/reserve data exists. ROE is 2.2%, below the 5% threshold
Thesis & Journal · 2103.TWLocal privado en este navegador · TSRC Corporation
Plantilla tipo buy-side: tesis, bull/base/bear, catalizadores, riesgos, kill criteria y fecha de revisión. Esto no gasta GPT-5.5; luego lo usamos como contexto del memo.

Sin guardar todavía.

Market Cap

$16.7B

P/E

37.5x

↑

EV/EBITDA

8.7x

↓

ROE

2.2%

↑

Gross Margin

9.8%

↓

Debt/Equity

0.67

↑
52-Week Range$20
$14$23

TradingView lightweight chart

2103.TW price, volumen y niveles de valoración

Último $20.25Periodo +177.9%
Fair value: $20.25

Price & Ratios

Absolute Values (Left Axis)

Ratios / Percentages (Right Axis)

Financial statement dashboard

Crecimiento, márgenes y provenance

2022–2025 · 3 años de histórico normalizado

Revenue CAGR

+2.5%

FCF CAGR

-37.7%

FCF margin

1.0%

FCF / Net income

0.81x

Latest source

Provider fallback

Margin decomposition

Último año: revenue $36.47B · net income $448.5M · FCF $362.5M

2022-FY → 2025-FY

Gross margin

9.8%-6.5% pts

Operating margin

2.7%-5.2% pts

Net margin

1.2%-4.0% pts

FCF margin

1.0%-3.4% pts
MetricTTM
2025
2024
2023
2022
Income Statement
Revenue$36.47B$36.47B$37.21B$31.43B$33.84B
Net Income$448.5M$448.5M$862.3M$680.0M$1.78B
EBITDA$2.68B$2.68B$3.40B$3.09B$4.55B
EPS0.540.541.040.822.14
Gross Margin9.8%9.8%11.1%10.5%16.3%
Operating Margin2.7%2.7%3.7%3.0%7.9%
Net Margin1.2%1.2%2.3%2.2%5.3%
Balance Sheet
Debt/Equity0.670.670.610.510.53
Current Ratio1.871.87———
Cash Flow
Free Cash Flow$362.5M$362.5M$-2.30B$1.08B$1.50B
Returns
ROE2.2%2.2%4.2%3.5%9.6%
Valuation
P/E37.5037.5018.9429.6312.90
EV/EBITDA8.728.726.577.985.80
P/B0.840.840.801.041.24
Growth & Yield
Revenue Growth-2.0%-2.0%18.4%-7.1%—
EPS Growth-48.1%-48.1%26.8%-61.7%—
Dividend Yield3.2%3.2%———

Revenue, Net Income & Free Cash Flow ($B)

Margins (%)

Returns (%)

Leverage & Liquidity

Reverse DCF · market-implied EPS growthterminal P/E 15.0x · COE 10.0%

3Y implied EPS CAGR

49.3%

muy exigente

EPS terminal req.

$1.80

Spread vs growth

-97.4%

5Y implied EPS CAGR

32.1%

muy exigente

EPS terminal req.

$2.17

Spread vs growth

-80.2%

10Y implied EPS CAGR

20.6%

exigente

EPS terminal req.

$3.50

Spread vs growth

-68.6%

Qué te dice: cuánto EPS CAGR está descontando el precio si sales al múltiplo terminal indicado. Si el growth observado queda por debajo, el mercado está pidiendo una ejecución muy fina.

Return attribution · 1Y approxreconcilia total +7.6%

Total return

+7.6%

Start / end P/E

18.7x → 37.5x

EPS bridge

1.04 → 0.54

Residual

-48.6%

EPS growth-48.1%
Multiple rerating+101.0%
Dividend+3.2%
Residual / FX / buybacks / cross-term-48.6%

Simple additive decomposition: total return = EPS growth contribution + P/E multiple contribution + dividend contribution + explicit residual. The residual captures cross-terms, buybacks/share-count effects, FX, special dividends, data noise and methodology mismatch so the bridge always reconciles.