Fact based stock research
Taiwan Cement (TSEC:1101)

TW0001101004

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Taiwan Cement stock research in summary

taiwancement.com

ANALYSIS: With an Obermatt Combined Rank of 22 (worse than 78% compared with investment alternatives), Taiwan Cement (Construction Materials, Taiwan) shares have lower financial characteristics compared with similar stocks. Shares of Taiwan Cement are low in value (priced high) with a consolidated Value Rank of 41 (worse than 59% of alternatives), show below-average growth (Growth Rank of 15), and are riskily financed (Safety Rank of 46), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 22, is a sell recommendation based on Taiwan Cement's financial characteristics. As the company Taiwan Cement's key financial metrics all exhibit below-average performance, such as low value (Obermatt Value Rank of 41), low growth (Obermatt Growth Rank of 15), and risky financing practices (Obermatt Safety Rank of 46), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. Such poor financial performance sometimes indicates that the company's business is all concentrated in some distant future. This is sometimes the case for high-tech or biotechnology companies. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and risky today. In such cases, the Obermatt Method has limited value as it is based on facts we can observe today. If the facts are all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that should only amount to a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	41
Growth Rank	15
Safety Rank	46
Combined Rank	22

Country	Taiwan
Industry	Construction Materials
Index	Low Emissions, Water Tech, FTSE Taiwan
Size class	Medium

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

Multiple opinions. One number.

Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Taiwan Cement

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	19	22	21	41
GROWTH
GROWTH	47	72	73	15
SAFETY
SAFETY	49	24	21	46
SENTIMENT
SENTIMENT	55	21	88	^new
360° VIEW
360° VIEW	27	15	51	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Taiwan Cement is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	19	22	21	41
GROWTH
GROWTH	47	72	73	15
SAFETY
SAFETY	49	24	21	46
COMBINED
COMBINED	20	30	27	22

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Taiwan Cement the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 41 (worse than 59% compared with alternatives), Taiwan Cement shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for Taiwan Cement. Expected dividend yields are higher than for 85% of comparable companies (a Dividend Yield rank of 85), making the stock attractive. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 50, which means that the stock price is lower compared with invested capital than for 50% of comparable investments. But in respect to sales and profits, the picture is reversed. Price-to-Sales is 30 which means that the stock price compared with what market professionals expect for future profits is higher than for 70% of comparable companies, indicating a low value concerning Taiwan Cement's sales levels. The Price-to-Profit ratio (also referred to as price-earnings (P/E) ratio) is also unfavorable for Taiwan Cement with a rank of 26. This means that the stock price, compared with what market professionals expect for future profits, is higher than for 74% of comparable companies, indicating a low value concerning Taiwan Cement's profit levels. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 41, is a hold recommendation based on Taiwan Cement's stock price compared with the company's operational size and dividend yields. The company seems confident that it can generate a reasonable return on invested capital, because it pays an above-average dividend while profits are below what you would expect for a company with this stock price. If you agree with this practice and believe that profits will return to higher levels, as the current dividend policy suggests, Taiwan Cement may be an attractive investment. If this is not the case, you may want to be careful with this stock as it is also expensive compared with its expected revenue levels. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	19	23	26	30
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	26	14	10	26
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	44	47	41	50
DIVIDEND YIELD
DIVIDEND YIELD	32	31	48	85
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	19	22	21	41

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Taiwan Cement; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 15 (better than 15% compared with alternatives), Taiwan Cement shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below-average for Taiwan Cement. While Sales Growth ranks at 54, professionals currently expect the company to grow more than 54% of its competitors, while all other growth ranks are below the market median. Profit Growth has a rank of 15, which means that, currently, professionals expect the company to grow its profits less than 85% of its competitors, and Capital Growth has a low rank of 46. Historic stock returns were also below average with a current Stock Returns rank of 9 which means that the stock returns have recently been below 91% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 15, is a sell recommendation for growth and momentum investors. If revenues are expected to increase, but all other growth indicators are negative, the company may be investing in future growth through means not visible in the balance sheet and thus not reflected in capital growth. The fact that Stock Returns have been below market doesn't mean that much, as it may be due to overly optimistic investor behavior in the past, which has been corrected to a more reasonable level recently. If that were the case, a positive Value Rank would be a reason to invest because the company is still expected to grow, while stock prices are now at a more reasonable level. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance isn't stellar here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	57	100	73	54
PROFIT GROWTH
PROFIT GROWTH	17	74	71	15
CAPITAL GROWTH
CAPITAL GROWTH	75	42	46	46
STOCK RETURNS
STOCK RETURNS	53	21	55	9
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	47	72	73	15

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Taiwan Cement.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 46 (better than 46% compared with alternatives), the company Taiwan Cement has financing practices on the riskier side, which means that their overall debt burden is above the industry average. This doesn't mean that the business of Taiwan Cement is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for Taiwan Cement and the other two below average. Refinancing is at 59, meaning the portion of the debt about to be refinanced is below average. It has less debt in the refinancing stage than 59% of its competitors. But Leverage is high with a rank of 36, meaning the company has an above-average debt-to-equity ratio. It has more debt than 64% of its competitors. Liquidity is also on the riskier side with a rank of 36, meaning the company generates less profit to service its debt than 64% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 46 (worse than 54% compared with alternatives), Taiwan Cement has a financing structure that is riskier than that of its competitors. A good Refinancing Rank means that the problems of the company may not be around the corner. But high Leverage is only good if things go well, and low Liquidity is a signal for caution. The financing signals for Taiwan Cement are on the riskier side, requiring the company's future to be on the safer side. Investors may want to look at Growth and Sentiment ranks before making an investment decision. In the long-term, investors may have a debt challenge with Taiwan Cement and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	32	28	26	36
REFINANCING
REFINANCING	57	53	51	59
LIQUIDITY
LIQUIDITY	50	10	23	36
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	49	24	21	46

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Taiwan Cement and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	27	55	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	6	50	^new
PRO HOLDINGS
PRO HOLDINGS	36	34	85	^new
MARKET PULSE
MARKET PULSE	79	86	76	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	55	21	88	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Taiwan Cement.
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