TSRC Corp (2103) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of TSRC Corp stock TWD 12.84, price TWD 23.05, that is 44.3% below the price, quality 50 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 13.43 TWD – 35.06 TWD · fair‑value band 9.56 TWD – 16.06 TWD · the 23.05 TWD price screens above the 12.84 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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TSRC Corporation, together with its subsidiaries, engages in the manufacture, import, transport, and sale of various synthetic rubber and related products in Taiwan, Asia, the United States, Europe, and internationally. It operates through two segments: Synthetic Rubber and Non-Synthetic Rubber.
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The company offers ESBR rubber for use in utomotive tires, shoe soles, conveyor belts, tow trucks tracks, sports equipment, and toys; SSBR rubber for use in low rolling resistance, high performance, and all-season tires; BR rubber that is used in the production of plastic modification for HIPS and high-speed radial tires; and NBR rubber for use in oil hoses and seals, rollers, industrial gaskets, belts, shoe soles, rubber plastic foam sheets, and conveyor belts.
It also provides styrene-butadiene-styrene, styrene-isoprene-styrene, styrene-ethylene/butylene-styrene copolymers, rTPE recycled thermoplastic elastomers, as well as T-BLEND applied materials for use in advance shoe and foam materials, soft touch and gel products, and overmolding materials.
The company was formerly known as Taiwan Synthetic Rubber Corporation and changed its name to TSRC Corporation in August 1999. The company was incorporated in 1973 and is headquartered in Kaohsiung, Taiwan.
Stock analysis
TSRC Corp (2103) currently trades at 23.05 TWD, while our model-based Fair Value estimate is 12.84 TWD, 44% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 10.07 TWD per share, and 1 of the 24 models we run sit above the 23.05 TWD price.
Bear case: the Asset-Based group reads lowest at 3.18 TWD, and 23 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 9.56 TWD (bear) to 16.06 TWD (bull), the price of 23.05 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
TSRC Corp reported revenue of 36.5B TWD in FY2025 versus 32.5B TWD in FY2021, a compound +2.9%/yr. Reported net income was 448M TWD in FY2025, compounding −41.9%/yr from FY2021.
Key figures
Market cap 19.0B TWD (≈ $581M) Small · P/E ratio 9.3 · P/S ratio 0.66 · EPS (TTM) 2.47 TWD · Dividend yield 1.2% · Net margin 5.2% · Return on equity 10.7% · Return on assets (EBIT) 6.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 72% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −44%, 2103 screens richer than that median.
Fair Value models
Bear9.56 TWDFair Value 12.84 TWDBull16.06 TWD
Price 23.05 TWD · Downside -44.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.88 TWD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF6.89 TWD8.85 TWD11.91 TWD80
Growth DCF7.06 TWD8.92 TWD11.64 TWD79
Owner Earnings6.11 TWD7.83 TWD10.51 TWD77
All 24 models by family
DCF Models
FCF DCF6.89 TWD8.85 TWD11.91 TWD80
Owner Earnings6.11 TWD7.83 TWD10.51 TWD77
5Y Revenue Exit6.87 TWD9.68 TWD13.49 TWD72
5Y EBITDA Exit10.06 TWD15.16 TWD21.46 TWD74
5Y P/E Exit6.75 TWD9.46 TWD12.46 TWD71
10Y Revenue Exit6.66 TWD9.03 TWD11.77 TWD67
10Y EBITDA Exit8.68 TWD12.46 TWD16.87 TWD68
10Y P/E Exit6.75 TWD8.89 TWD11.11 TWD64
Earnings-Based
Graham-Dodd3.69 TWD6.85 TWD8.50 TWD66
EPV3.77 TWD4.22 TWD4.60 TWD73
Dividend Discount
Gordon GGM3.81 TWD4.93 TWD6.00 TWD69
DDM Multi-Stage3.81 TWD5.04 TWD6.39 TWD67
Multiples
P/E Multiple6.92 TWD9.23 TWD11.54 TWD63
P/S Multiple6.92 TWD9.23 TWD11.54 TWD57
P/B Multiple24.49 TWD32.65 TWD40.81 TWD55
EV/EBIT1.80 TWD4.37 TWD6.95 TWD60
EV/EBITDA7.47 TWD11.94 TWD16.40 TWD65
EV/Revenue0.7700 TWD3.64 TWD6.51 TWD47
Asset-Based
NCAV (Graham)2.10 TWD3.18 TWD3.97 TWD54
Growth DCF
Growth DCF7.06 TWD8.92 TWD11.64 TWD79
Rev-Margin DCF6.87 TWD9.79 TWD13.20 TWD72
Economic Profit
Residual Income15.72 TWD15.92 TWD16.61 TWD76
ROIC Compounder3.77 TWD4.22 TWD4.60 TWD71
Growth Earnings
Growth-Adj P/E4.97 TWD7.11 TWD9.24 TWD67
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.7%
Start year 2020 (pandemic). Over 10 years: +3.4% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
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What shareholders gained per year (last 5 years), in TWD ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−13.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.9%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−14.9% vs −10.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 2%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+26.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Taiwan: IMF forecast 1.6% a year to 2030, 1.5% from 2016 to 2025) that is about +24.3% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 727 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside−44.3% · Below median
Profitability
Return on equity (12 months)10.7% · Above median
Return on assets1.4% · Below median
Net margin (12 months)7.1% · Above median
Operating margin (12 months)15.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)30.2% · Top 25%
Dividend yield (12 months)1.2% · Below median
Balance sheet
Debt / equity0.30× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TSRC Corp Fair Value". https://www.fairvalue-calculator.com/stock/2103
Frequently asked questions
Is TSRC Corp (2103) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 12.84 TWD versus a price of 23.05 TWD, about 44% lower (overvalued).
What is the fair value of 2103?
Our model-based fair value for TSRC Corp is 12.84 TWD (as of Nov 5, 2026), built from audited fundamentals. The current price: 23.05 TWD.
What is the quality score of 2103?
TSRC Corp has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TSRC Corp (2103)?
Our model-based price target is the fair value of 12.84 TWD (as of Nov 5, 2026) from 24 valuation models. Cautious scenario 9.56 TWD, optimistic scenario 16.06 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the TSRC Corp stock forecast for 2026?
Our models put fair value at 12.84 TWD, about 44% lower versus a price of 23.05 TWD (overvalued). Cautious scenario 9.56 TWD, optimistic scenario 16.06 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of TSRC Corp (2103)?
TSRC Corp reported trailing-twelve-month revenue of about 39.2B TWD (latest available figure, as of Nov 5, 2026).
Does TSRC Corp pay a dividend?
TSRC Corp currently shows a dividend yield of 1.17% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of TSRC Corp (2103) and when is the ex-dividend date?
TSRC Corp pays a dividend of 0.27 TWD per share a year, a dividend yield of 1.2%. The last ex-dividend date was Jun 24, 2026. A dividend has been paid every year since 2004. The payout ratio is 10.9% of earnings. Free cash flow covers the dividend 2.62 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into TSRC Corp (2103)?
For today's price to be fair in a discounted-cash-flow model, TSRC Corp would have to grow free cash flow by +26.3 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of 2103 use?
Our models discount TSRC Corp at 10.3 %: a base by market capitalisation (small), damped by beta 0.43, country premium for Taiwan. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TSRC Corp that is +26.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has TSRC Corp (2103) delivered so far?
Over the past 5 years revenue at TSRC Corp grew +8.7 % a year. The price currently implies free-cash-flow growth of +26.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TSRC Corp (2103) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into TSRC Corp (+26.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TSRC Corp (2103)?
The free-cash-flow yield on the price is 2.83 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow TSRC Corp produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TSRC Corp (2103)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TSRC Corp it is 12.84 TWD per share (as of Nov 5, 2026), against a price of 23.05 TWD. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is TSRC Corp stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2103 trades above its calculated fair value: price 23.05 TWD, fair value 12.84 TWD, a gap of about −44% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2103?
No. The price is what the market pays today (23.05 TWD); the fair value is what the company's own numbers justify (12.84 TWD). For TSRC Corp the two are 10.21 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is TSRC Corp worth?
The market values TSRC Corp at about 19.0B TWD (market capitalisation, as of Nov 5, 2026). Per share that is 23.05 TWD; our models calculate a fair value of 12.84 TWD per share.
What do the bullish and bearish scenarios say about 2103?
Our models span a range for TSRC Corp: cautious scenario 9.56 TWD, base 12.84 TWD, optimistic 16.06 TWD per share (as of Nov 5, 2026, price 23.05 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 2103?
TSRC Corp trades at a price-to-earnings ratio of 9.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 12.84 TWD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 27.3. Other multiples: PEG 1.2, P/B 1.0, P/S 0.7, EV/EBITDA 6.1.
What is the PEG ratio of 2103?
The PEG ratio of TSRC Corp is 1.22 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of TSRC Corp (2103)?
Balance-sheet figures for TSRC Corp (as of Nov 5, 2026): return on equity 10.7%, debt of 0.30 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 2103 from its 52-week high?
TSRC Corp trades at 23.05 TWD, about 23% below its 52-week high of 29.95 TWD and 72% above the low of 13.43 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 12.84 TWD is for.
Which stocks are comparable to TSRC Corp?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TSRC Corp stock attractive at the current price?
The data as of Nov 5, 2026: price 23.05 TWD, calculated fair value 12.84 TWD (−44%), Quality Score 50/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2103 calculated?
We run TSRC Corp through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 12.84 TWD builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. TSRC Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TSRC Corp (2103)?
The closing price on Nov 6, 2026 was 23.05 TWD. Our model-based fair value is 12.84 TWD, about 44% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TSRC Corp right now?
The price sits above even our optimistic bull case (16.06 TWD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of TSRC Corp (2103) come from?
Earnings per share at TSRC Corp grew −4.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.1 %, EBIT margin −8.2 %, tax rate −3.7 %, residual (interest, one-offs) +6.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of TSRC Corp
How large is the market capitalisation of TSRC Corp (2103)?
The market capitalisation of TSRC Corp is 19.0B TWD (≈ $581M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of TSRC Corp (2103)?
The price-to-sales ratio of TSRC Corp is 0.66 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TSRC Corp (2103)?
Earnings per share at TSRC Corp are 2.47 TWD (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TSRC Corp (2103)?
The dividend yield of TSRC Corp is 1.2% (payout 10.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of TSRC Corp (2103)?
The net margin of TSRC Corp is 5.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TSRC Corp (2103)?
The return on equity (ROE) of TSRC Corp is 10.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TSRC Corp (2103)?
On an EBIT basis the return on assets of TSRC Corp is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TSRC Corp (2103)?
The operating margin of TSRC Corp is 15.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TSRC Corp (2103)?
Revenue at TSRC Corp is growing +30.2% versus a year earlier (3y avg +2.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at TSRC Corp (2103)?
Earnings per share at TSRC Corp are growing +32.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TSRC Corp (2103) carry?
The net debt of TSRC Corp is 6.6B TWD (fiscal year 2025, ≈ 11.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 5, 2026