TSG Development Co (3521) Fair Value & Analysis
Industrials · TW · Market cap 2.3B TWD
Fair value as of: Jul 21, 2026
From 8 valuation models · updated 20 days ago
Share price −9.9% over the past month.
A solid business, but screening 85% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (2.64 TWD). The favourable scenario is already priced in.
- The model range is unusually wide (0.9350 TWD to 2.64 TWD). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 21, 2026.
How to read this chart
60‑month range 10.50 TWD – 28.65 TWD · fair‑value band 0.9350 TWD – 2.64 TWD · the 12.25 TWD price screens above the 1.79 TWD fair value. Dashed = 300-day average. As of Jul 21, 2026.
Analysis
TSG Development Co (3521) currently trades at 12.25 TWD, while our model-based Fair Value estimate is 1.79 TWD, implying the stock looks roughly 85.4% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Trailing-twelve-month revenue stands at 239M TWD. Revenue declined 41.5% year over year. It earns a return on equity of 22.6%. Net debt stands at 227M TWD. Fundamentals as of Jul 21, 2026
Our scenario range runs from 0.9350 TWD (bear case) to 2.64 TWD (bull case); at 12.25 TWD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -85%, 3521 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 8 models by family
Widest divergence: Growth DCF (7.81 TWD) versus Asset-Based (5.31 TWD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 37
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
TSG Development Co., Ltd., together with its subsidiaries, provides POS terminals in Asia, Europe, and internationally. It operates through Technology and Construction segments.
Full company description
TSG Development Co., Ltd., together with its subsidiaries, provides POS terminals in Asia, Europe, and internationally. It operates through Technology and Construction segments. The company engages in the research, design, development, manufacture, and sale of computer information equipment, and terminal sales system hardware and software; import and export of computer information equipment and its peripheral equipment parts and accessories; residential and building development, leasing, and sales; investment in the construction of public buildings; repair and maintenance; and real estate construction, sales, and management activities. It also offers POS touch terminals, kiosk self-service systems, modular POS, and industrial PCs; desktop POS; smart retail management and service systems; mobile payment terminals; box PCs; panel PCs; contactless access control solutions; digital signage; POS peripherals, including thermal printers, cash drawers, barcode scanners, and facelook attachment products; and POS extension kits, such as VIVA, SATURN, ARC, TANGO, WONDER, and GLAMOR extension kits. The company was formerly known as DataVan International Corporation and changed its name to TSG Development Co., Ltd. in November 2025. TSG Development Co., Ltd. was founded in 1986 and is based in Kaohsiung, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
TSG Development Co reported revenue of 247M TWD in FY2025 versus 364M TWD in FY2021, a compound −9.3%/yr. Reported net income was −9.2M TWD in FY2025.
3521 screens 85% overvalued. Compare with Larsen & Toubro Limited →
Peer Group
Engineering & Construction · 839 stocks
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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Larsen & Toubro Limited LT | ₹3,815 | ₹1,994 | -48% |
| Samsung C&T Corporation 028260 | 346,000 KRW | 268,779 KRW | -22% |
| Hyundai Engineering & Construction Co 000720 | 99,000 KRW | 63,993 KRW | -35% |
| United Integrated Services Co 2404 | 1,250 TWD | 925.62 TWD | -26% |
| Samsung E&A Co 028050 | 42,550 KRW | 44,840 KRW | +5% |
| Rail Vikas Nigam Limited RVNL | ₹232.67 | ₹61.46 | -74% |
| Daewoo Engineering & Construction Co 047040 | 16,240 KRW | 6,507 KRW | -60% |
| NBCC (India) Limited NBCC | ₹96.32 | ₹48.22 | -50% |
| Cemindia Projects Limited CEMPRO | ₹1,330 | ₹730.69 | -45% |
| KEPCO Engineering & Construction Company 052690 | 92,700 KRW | 20,172 KRW | -78% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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