Trust-Search Corp.,Ltd. AI Stock Analysis
Trust-Search Corp.,Ltd. (3115) AI Stock Analysis
Trust-Search Corp.,Ltd.
(TPEx:3115)
The score is weighed down most heavily by financial performance: the company has effectively lost its revenue base, falling from NT$421 million in 2021 to NT$4.4 million in 2025, and has posted losses every year for at least six years with no visible path to break-even. Its main support is a fortress balance sheet — almost no debt and NT$543 million of equity after a large capital raise — but that capital is funding losses rather than generating returns. Technicals reinforce the caution, with the stock below all major moving averages and negative MACD, though deeply oversold readings hint at scope for a short-term bounce. Valuation provides no cushion, with a negative P/E and no dividend. Earnings call and corporate events were excluded for lack of data, with their weight redistributed across the remaining components.
Trust-Search Corp.,Ltd. (3115) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- TWD 380.03M
- Dividend Yield
- ―
- Average Volume (3M)
- 11.92K
- Price to Earnings (P/E)
- -47.1
- Beta (1Y)
- 0.08
- Revenue Growth
- 48.94%
- EPS Growth
- 76.27%
- Country
- TW
- Employees
- 31
- Sector
- General
- Sector Strength
- 55
- Industry
- Hardware, Equipment & Parts
Trust-Search Corp.,Ltd. Business Overview & Revenue Model
Company Description
Trust-Search Corp.,Ltd. provides automated optical laser inspection services for printed circuit boards and related support. The company also produces and offers specialized phosphor bronze and copper spherical products. Its extensive catalog of elec...
Trust-Search Corp.,Ltd. Financial Statement Overview
Summary
A deeply troubled operating profile offset only partially by balance sheet strength. Revenue has collapsed from roughly NT$421 million in 2021 to just NT$4.4 million in 2025, with losses in every year shown (NT$23 million in both 2024 and 2025) and a net margin near -515%. Cash flow has been erratic, swinging from outflows in 2023-2024 to a modest NT$18 million inflow in 2025, driven largely by working-capital and non-cash items rather than operating profit. The one clear positive is a virtually debt-free balance sheet, with NT$0.7 million of debt against NT$543 million of equity after a sizeable capital injection that tripled equity, though that cushion is being steadily eroded by ongoing losses and likely came with shareholder dilution.
Income Statement
8Very NegativeBalance Sheet
73PositiveCash Flow
34Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.06M | 4.38M | 3.90M | 1.62M | 57.44M | 421.25M |
| Gross Profit | 7.06M | 4.38M | 3.63M | 513.00K | 431.00K | 6.14M |
| EBITDA | -17.15M | -21.98M | -18.56M | -25.54M | -9.03M | -6.93M |
| Net Income | -11.48M | -22.55M | -23.38M | -29.86M | -14.76M | -14.35M |
Balance Sheet | ||||||
| Total Assets | 603.49M | 572.12M | 216.24M | 212.97M | 253.39M | 281.32M |
| Cash, Cash Equivalents and Short-Term Investments | 545.30M | 567.39M | 166.73M | 208.00M | 234.13M | 217.15M |
| Total Debt | 11.37M | 697.00K | 4.80M | 391.00K | 2.70M | 0 |
| Total Liabilities | 62.65M | 28.89M | 33.80M | 10.15M | 19.23M | 33.66M |
| Stockholders Equity | 540.84M | 543.23M | 182.44M | 202.83M | 234.17M | 247.65M |
Cash Flow | ||||||
| Free Cash Flow | -18.09M | 17.92M | -48.55M | -26.62M | 14.03M | 38.49M |
| Operating Cash Flow | -17.84M | 17.99M | -48.26M | -26.62M | 14.03M | 38.79M |
| Investing Cash Flow | -124.74M | -9.82M | -739.00K | 0 | -174.00K | 5.04M |
| Financing Cash Flow | 138.34M | 378.89M | -3.74M | -2.31M | -2.45M | -1.93M |
Trust-Search Corp.,Ltd. Peers Comparison
Overall Rating
TW:691072Outperform
TW:686566Neutral- TW:311539Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TW:6910 | 72Outperform | TWD 705.04M | 15.77 | ― | 7.58% | ― | ― |
| TW:6865 | 66Neutral | TWD 494.23M | -34.83 | ― | 4.50% | -37.97% | -138.87% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| TW:3115 | 39Underperform | TWD 537.87M | -47.07 | ― | ― | 48.94% | 76.27% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TW:3115 | Trust-Search Corp.,Ltd. | 7.49 | -3.41 | -31.28% | |
| TW:6865 | WebComm Technology Co., Ltd. | 31.20 | -14.95 | -32.39% | |
| TW:6868 | Iscom Online International Information Inc. | 23.45 | -4.55 | -16.25% | |
| TW:6910 | Grandsys Inc | 23.10 | -17.48 | -43.07% | |
| TW:7841 | CyberSoft Digital Services Corporation | 24.50 | -11.71 | -32.35% | |
| TW:7933 | Weblisher Data Tech Co.,Ltd. | 26.20 | -6.15 | -19.01% |
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 09, 2026