TSRC Corporation (2103) AI Stock Analysis

TSRC Corporation

(TWSE:2103)

Select Model

Rating:50Neutral

Price Target:TWD 23.00▼(-3.56% Downside)

Action:initiatedcoverage

Date:11/10/26

The overall score is constrained by a significant and sustained decline in profitability, with net margins falling to just 1.2%, and a bearish technical picture with the stock in oversold territory below key moving averages. These primary weaknesses are partially offset by a recovering cash flow position and a low P/E ratio that may provide some valuation support.

Positive Factors

Manageable LeverageModerate leverage and a sizable equity base provide TSRC with financial flexibility to operate through weaker demand and fund essential investment. Although debt has risen, the balance sheet is not characterized by excessive leverage, supporting resilience over the next several quarters.

Negative Factors

Revenue DeclineThe recent top-line decline indicates that demand or realized business activity has not been consistently expanding. If weakness persists, lower sales would reduce operating leverage, limit reinvestment capacity, and make it harder for TSRC to rebuild earnings over the next several quarters.

TSRC Corporation (2103) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 19.45B
Dividend Yield: 1.13%
Average Volume (3M): 4.83M
Price to Earnings (P/E): 8.4
Beta (1Y): 0.67
Revenue Growth: 9.79%
EPS Growth: 2185.39%
Country: TW
Employees: 1,466
Sector: General
Sector Strength: 55
Industry: Chemicals - Specialty

TSRC Corporation Business Overview & Revenue Model

Company Description

TSRC Corporation, established in Kaohsiung, Taiwan, in 1973, operates internationally as a manufacturer, importer, and distributor of various synthetic rubber products and related materials. Its global footprint spans Taiwan, other parts of Asia, Nor...

TSRC Corporation Financial Statement Overview

Summary

Profitability is under severe pressure with net margin shrinking to 1.2% and gross margin halving since 2021, though a strong recovery in operating cash flow to NT$2.0B and a manageable debt-to-equity ratio of 0.67 provide some stability.

Income Statement

35Negative

Balance Sheet

55Neutral

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	39.18B	36.47B	37.21B	31.43B	33.84B	32.53B
Gross Profit	5.14B	3.36B	4.12B	3.31B	5.51B	6.80B
EBITDA	3.72B	2.00B	2.74B	2.67B	4.24B	6.15B
Net Income	2.05B	448.45M	862.26M	680.02M	1.78B	3.93B
Balance Sheet
Total Assets	48.02B	43.26B	43.22B	37.99B	36.57B	32.83B
Cash, Cash Equivalents and Short-Term Investments	7.15B	6.69B	6.35B	5.45B	6.33B	4.47B
Total Debt	14.65B	13.33B	12.35B	9.94B	9.76B	7.60B
Total Liabilities	24.13B	21.75B	21.43B	17.19B	15.84B	12.71B
Stockholders Equity	22.08B	19.96B	20.35B	19.42B	18.53B	18.03B
Cash Flow
Free Cash Flow	-1.11B	584.76M	-2.30B	1.08B	1.50B	1.84B
Operating Cash Flow	1.04B	1.99B	748.43M	2.72B	2.24B	2.70B
Investing Cash Flow	-1.82B	-889.33M	-1.98B	-1.39B	-871.92M	674.42M
Financing Cash Flow	884.39M	-446.26M	1.44B	-2.18B	-262.22M	-1.97B

TSRC Corporation Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2103 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:1723	63Neutral	TWD 16.23B	20.11	―	2.62%	7.82%	10.83%
TW:1714	60Neutral	TWD 15.46B	13.73	―	1.11%	48.25%	238.60%
TW:1709	57Neutral	TWD 21.75B	25.05	―	2.00%	13.74%	193.25%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2103	50Neutral	TWD 19.40B	8.40	―	1.13%	9.79%	2185.39%
TW:1313	40Underperform	TWD 15.17B	78.33	―	0.85%	-0.93%	―
TW:1312	30Underperform	TWD 19.04B	-3.05	―	―	40.97%	-18.15%

* General Sector Average

Performance Comparison

TW:2103 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2103	TSRC Corporation	23.85	9.19	62.69%
TW:1312	Grand Pacific Petrochemical Corp.	12.55	1.65	15.14%
TW:1313	UPC Technology Corporation	11.75	1.39	13.43%
TW:1709	Formosan Union Chemical Corp.	50.10	33.74	206.31%
TW:1714	Ho Tung Chemical Corp.	16.20	7.92	95.65%
TW:1723	China Steel Chemical Corporation	70.60	-7.71	-9.84%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 10, 2026

TSRC Corporation AI Stock Analysis