Fact based stock research
TSRC (TSEC:2103)

TW0002103009

How to read the free ranks

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.

TSRC stock research in summary

tsrc.com.tw

ANALYSIS: With an Obermatt Combined Rank of 45 (worse than 55% compared with investment alternatives), TSRC (Commodity Chemicals, Taiwan) shares have somewhat below-average financial characteristics compared with similar stocks. Shares of TSRC are a good value (attractively priced) with a consolidated Value Rank of 51 (better than 51% of alternatives), show above-average growth (Growth Rank of 65) but are riskily financed (Safety Rank of 35), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 45, is a hold recommendation based on TSRC's financial characteristics. As the company TSRC's key financial metrics exhibit excellent performance in two areas, such as good value (Obermatt Value Rank of 51) and above-average growth (Obermatt Growth Rank of 65), it could be argued that the risk-taking in financing (Obermatt Safety Rank of only 35) indicates that the company is optimistic about the future and sees debt as an opportunity to boost returns. More debt means more shareholder returns if everything goes well. However, higher debt burdens are risky when interest rates rise or the business deteriorates in a crisis. If you believe the company's future is market-typical or even better, this could be an argument for a share purchase. 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	51
Growth Rank	65
Safety Rank	35
Combined Rank	45

Country	Taiwan
Industry	Commodity Chemicals
Index	Water Efficiency, FTSE Taiwan
Size class	Large

14-Nov-2024. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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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: TSRC

RESEARCH HISTORY	2021	2022	2023	2024
VALUE
VALUE	81	45	51	51
GROWTH
GROWTH	65	91	9	65
SAFETY
SAFETY	59	12	46	35
SENTIMENT
SENTIMENT	n/a	94	34	^new
360° VIEW
360° VIEW	n/a	75	18	^new

Most recent update of the stock research: 14-Nov-2024. Financial reporting date used for calculating ranks: 30-Jun-2024. Stock research history is based on the Obermatt Method. The higher the rank, the better TSRC is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2021	2022	2023	2024
VALUE
VALUE	81	45	51	51
GROWTH
GROWTH	65	91	9	65
SAFETY
SAFETY	59	12	46	35
COMBINED
COMBINED	84	45	22	45

Last update of combined financial performance: 14-Nov-2024. Stock analysis on combined financial performance: The higher the rank of TSRC the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 51 (better than 51% compared with alternatives), TSRC shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, where the majority of metrics are below, and only one is above average for TSRC. Price-to-Sales (P/S) is 58, which means that the stock price compared with what market professionals expect for future sales is lower than 58% of comparable companies, indicating a good value concerning to TSRC's revenue size. But all other performance indicators point in a different direction. Dividend yields have a Dividend Yield rank of 49, meaning that dividends are expected to be lower than for 51% of comparable investments. Furthermore, Price-to-Book Capital (also referred to as market-to-book ratio) is less favorable than 60% of alternatives (only 40% of peers have an even higher ratio). The same is valid for Price-to-Profit (or Price / Earnings, P/E), which is higher than for 66% of comparable companies, making the stock more expensive compared with the company's expected profit levels. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 51, is a buy recommendation based on TSRC's stock price compared with the company's operational size and dividend yields. Since Price-to-Sales is a stable value indicator even in challenging times, investing in TSRC could be seen as a value investment. However, there must be a good reason for the low market-to-book rank. If the company has a typical capital investment practice, the stock may be overvalued because the profit and dividend-related performance indicators are also low. The stock is only good value if investors can expect profits and dividends to pick up in the future. Else, TSRC looks like an expensive investment today. 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 especially important in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2021	2022	2023	2024
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	71	34	49	58
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	89	46	11	34
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	68	28	44	40
DIVIDEND YIELD
DIVIDEND YIELD	64	91	91	49
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	81	45	51	51

Last update of Value Rank: 14-Nov-2024. Stock analysis on value ratios: The higher the rank, the lower the value ratio of TSRC; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 65 (better than 65% compared with alternatives), TSRC shows an above-average growth dynamic in its industry. Investors also speak of positive momentum. The Growth Rank is based on consolidating four value indicators, with all but one indicator above average for TSRC. Sales Growth has a rank of 57 which means that currently, professionals expect the company to grow more than 57% of its competitors. Capital Growth is also above 41% of competitors with a rank of 81, and Stock Returns with the rank of 63 is also an outperformance. Only Profit Growth is low with a rank of 41 which means that currently, professionals expect the company to grow its profits less than 59% of its competitors. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 65, is a buy recommendation for growth and momentum investors. All three operating growth indicators, namely revenue, profit, and capital growth, are showing improvements. This is a good indication of a company with a positive future. That might, at the same time, be the simple reason why profit growth is low. A growing company needs money and thus can't yet show high profit growth. Look out for signs in corporate communication about extra growth efforts costing time and money. If that is the case, TSRC is a good growth stock. 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. ...read more

GROWTH METRICS	2021	2022	2023	2024
REVENUE GROWTH
REVENUE GROWTH	52	26	4	57
PROFIT GROWTH
PROFIT GROWTH	80	100	23	41
CAPITAL GROWTH
CAPITAL GROWTH	n/a	67	43	81
STOCK RETURNS
STOCK RETURNS	68	93	21	63
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	65	91	9	65

Last update of Growth Rank: 14-Nov-2024. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of TSRC.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 35 (better than 35% compared with alternatives), the company TSRC 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 TSRC 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 all three metrics below average for TSRC. Liquidity is at 41, meaning that the company generates less profit to service its debt than 59% of its competitors. This indicates that the company is on the riskier side when it comes to debt service. Even worse, Leverage is at a rank of 42, meaning the company has an above-average debt-to-equity ratio. It has more debt than 58% of its competitors. Finally, Refinancing is at a rank of 41 which means that the portion of the debt about to be refinanced is above average. It has more debt in the refinancing stage than 59% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 35 (worse than 65% compared with alternatives), TSRC has a financing structure that is riskier than that of its competitors. This combination is rather dangerous in most situations. Only very promising companies with bright future outlooks and stellar reputations can operate with such risky financing. Investors should look at Obermatt’s Value, Growth, and Sentiment Ranks to confirm a very positive outlook or be careful with investing in stocks of TSRC because it may suffer significantly in case of future difficulties. ...read more

SAFETY METRICS	2021	2022	2023	2024
LEVERAGE
LEVERAGE	24	28	34	42
REFINANCING
REFINANCING	88	33	43	41
LIQUIDITY
LIQUIDITY	41	16	58	41
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	59	12	46	35

Last update of Safety Rank: 14-Nov-2024. Stock analysis on safety metrics: The higher the rank, the lower the leverage of TSRC and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2021	2022	2023	2024
ANALYST OPINIONS
ANALYST OPINIONS	n/a	64	13	^new
OPINIONS CHANGE
OPINIONS CHANGE	n/a	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	n/a	96	60	^new
MARKET PULSE
MARKET PULSE	n/a	76	79	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	n/a	94	34	^new

Last update of Sentiment Rank: 2-May-2024. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for TSRC.
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